This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Comstock Resources, Inc. is an independent natural gas exploration and production company whose entire business model is based on the extraction of fossil fuels. The company’s operations are concentrated in the Haynesville and Bossier shale formations, where it held approximately 3.8 trillion cubic feet equivalent (Tcfe) of proved natural gas reserves as of December 31, 2024. Its financial results are directly tied to the production and sale of natural gas, with revenues increasing 47.7% year-over-year in its most recent quarter due to higher production volumes.
The company’s SEC filings detail a business strategy focused on the development of these reserves, listing hundreds of proved undeveloped drilling locations. There is no evidence of a strategic transition away from fossil fuel extraction; Comstock’s capital allocation, operational focus, and reserve base are entirely dedicated to natural gas exploration and production. This places the company’s core activity in direct conflict with climate stabilization goals, as its business depends on the continued expansion and monetization of fossil fuel reserves.
Comstock Resources is an independent natural gas producer whose operations are focused on the development of the Haynesville Shale in North Louisiana and East Texas. The company derives substantially all of its revenue from the exploration and production of natural gas and oil.
The company has been involved in litigation concerning its operations. In *Don Kennard, et al v. Comstock Resources, Inc., et al*, the U.S. Court of Appeals for the Fifth Circuit in 2011 addressed allegations that Comstock used false records to avoid paying royalties due on natural gas. Separately, the Texas Court of Appeals issued an opinion in *CONLEY v. COMSTOCK OIL & GAS LP* in 2011. These cases indicate a pattern of legal disputes related to its core business activities.
Comstock Resources continues to actively expand its production footprint. In August 2025, the company announced a $62.5 million acquisition of substantially all the assets of Ovation Energy, LP. Its fourth quarter 2025 financial results reported natural gas and oil sales of $364.0 million.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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