Rising LNG and power demand, Western Haynesville development and Comstock’s valuable midstream infrastructure could create substantial upside if natural-gas prices strengthen.
Comstock Resources (CRK) has experienced significant volatility in 2026, but the natural-gas producer could have a much larger opportunity ahead if tightening U.S. gas markets and rising electricity demand create a sustained pricing cycle.
The company produced 113.1 Bcfe during the second quarter, up 16% sequentially. Comstock also brought five Western Haynesville wells online with average initial production of 33 MMcf per day, demonstrating the potential of an acreage position that could become increasingly valuable as demand grows.
Another major piece of the bullish thesis is Pinnacle Gas Services. Comstock sold a 27% noncontrolling interest in Pinnacle to Sixth Street for $600 million, implying roughly a $2.2 billion enterprise value for the midstream business. Comstock retains a 73% controlling stake.
The long-term catalyst could be America’s rapidly changing natural-gas demand profile. LNG exports, industrial expansion and massive electricity requirements from AI data centers could create an increasingly attractive environment for producers positioned near Gulf Coast markets.
Comstock’s Western Haynesville acreage could be particularly important. The company announced in March that one of its sites was selected for a planned power-generation hub, potentially connecting its natural-gas resources directly with growing electricity demand.
A move toward $60 per share would require a dramatic revaluation from CRK’s recent roughly $14 level. It would likely require stronger natural-gas prices, continued production growth, successful Western Haynesville development and improving free cash flow.
That makes $60 an aggressive bull-case target—not a base-case forecast. But if U.S. natural gas enters a structural demand boom, Comstock’s combination of reserves, infrastructure and strategic location could give CRK significant long-term upside.
