Key Highlights

  • CNX Resources (NYSE:CNX) generated USD 138 million of second quarter free cash flow, guided about USD 525 million for 2026 at USD 3.55 gas, and bought back 5.6 million shares for USD 199 million.
  • Comstock Resources (NYSE:CRK) produced 113.1 billion cubic feet equivalent in the second quarter, up 16% from the first quarter, at a realized price of USD 2.93 per thousand cubic feet after hedges.
  • Gulfport Energy (NYSE:GPOR) repurchased USD 242.8 million of shares in the first half and produced 962.8 million cubic feet equivalent per day, about 91% natural gas, with a 6.52 P/E.
  • Golar LNG (NASDAQ:GLNG) reported second quarter adjusted EBITDA of USD 127.4 million, FLNG Backlog of USD 5.7 billion on Hilli, and total cash of USD 908 million at June 30, 2026.

CNX Resources (NYSE:CNX): Free Cash Flow and a Shrinking Share Count

CNX Resources reported free cash flow for the 26th straight quarter and guides about USD 525 million for 2026 using NYMEX gas at USD 3.55, which is roughly 9.6% of its USD 5.44 billion market value, simple arithmetic. It has retired about 34% of shares outstanding since 2020, buying about 106 million shares for USD 2.2 billion, and USD 40 million more after the quarter at USD 33.03. Production guidance is 605 to 620 billion cubic feet equivalent. At USD 36.77 the P/E is 6.15, but trailing EPS of USD 5.98 is inflated by derivative gains. The stock pays no dividend, and a mild winter would cut the gas price assumption that underpins free cash flow for CNX Resources (NYSE:CNX). Third quarter results are expected in the coming weeks. After quarter end the company sold 45Z tax credits for about USD 30 million of net cash, USD 10 million above guidance, and remediated mine gas should add about 17 billion cubic feet this year. Those side revenues give CNX Resources (NYSE:CNX) a little cushion against weak gas prices, though they are small next to the USD 540 million to USD 570 million base Capital program.

Comstock Resources (NYSE:CRK): Western Haynesville Wells and Debt

Comstock Resources turned five Western Haynesville wells to sales in the second quarter at an average initial rate of 33 million cubic feet per day, with five more at 30 to 35 million. Adjusted EBITDAX was USD 244.8 million, but Net Income was only USD 15.0 million, and long-term Debt rose to USD 3.099 billion from USD 2.809 billion at year end. It sold a 27% stake in Pinnacle Gas Services for USD 600 million to redeem preferred Equity and retire debt. The stock was USD 14.24 on an 8.27 P/E with no dividend, and trailing EPS of USD 1.72 looks high against second quarter Earnings of USD 0.03. Weak realized gas prices and Leverage are the main risks for Comstock Resources (NYSE:CRK), and no 2026 guidance was in the release. Hedges added USD 43.3 million of gains in the quarter after first-half losses of USD 37.1 million, and exploration and development spending was USD 390.4 million in the quarter. Quarterly interest expense was USD 55.0 million, which is a heavy burden at USD 2.93 realized, so Comstock Resources (NYSE:CRK) depends on well performance and on Henry Hub rising into winter.

Gulfport Energy (NYSE:GPOR): Buybacks Meet Thin Free Cash Flow

Gulfport Energy repurchased 392.2 thousand shares for USD 70.0 million in the second quarter, an average near USD 178 per share by simple arithmetic, and has USD 336.8 million of authorization left. Adjusted free cash flow was only USD 6.4 million because it began a USD 140 million discretionary acreage program, spending USD 40.3 million, aimed at about 40 net low-breakeven locations. Utica inventory should rise more than 20% with the Ohio land purchase. The stock was USD 162.96 on a 6.52 P/E with no dividend. Realized gas was USD 2.48 per thousand cubic feet before Derivatives and USD 3.00 after. Revolver borrowings were USD 280.0 million, cash was USD 1.1 million, and Gulfport Energy (NYSE:GPOR) gave no leverage ratio. Base capital spending is about USD 430 million for 2026, and Liquidity was about USD 772.4 million. Settled derivatives added USD 0.40 per thousand cubic feet equivalent, so hedging mattered, and a warm winter could squeeze realized prices. Net income was USD 87.1 million on about 17.7 million shares, which keeps each quarterly swing large for Gulfport Energy (NYSE:GPOR) shareholders.

Golar LNG (NASDAQ:GLNG): Floating LNG With a 2022-High Gas Backdrop

Golar LNG converts gas to LNG on floating vessels under long contracts, so European gas at 95.73 euro per megawatt hour on October 26, 2026, its highest since 2022, is a favorable backdrop. Backlog includes USD 5.7 billion on Hilli, about USD 8 billion over 20 years on Esperanza and about USD 2.9 billion for Gimi, and Gimi earned a day rate 15% above contract. A fourth unit is ordered for about USD 2.45 billion, delivered by 2029 without a charter yet, and a strategic review advised by Goldman Sachs is open. The stock was USD 45.47 with a 2.19% yield. Capital needs, unrealized losses on TTF and Brent derivatives of USD 38 million and a price fall after a Gulf settlement are the risks for Golar LNG (NASDAQ:GLNG). Hilli left Cameroon on August 4, 2026 after 156 cargoes and starts a 20-year Argentina contract in the second half of 2027, worth about USD 285 million a year of adjusted EBITDA. Net debt was about USD 1.8 billion, a new USD 600 million revolver starts October 1, and Golar paid a USD 0.25 Dividend on September 2, 2026.

Where Things Stand

Tight global gas helps these four unevenly. CNX Resources (NYSE:CNX) is driven by Henry Hub and buybacks. Gulfport Energy (NYSE:GPOR) adds acreage spending to that mix. Comstock Resources (NYSE:CRK) depends on well results against debt. Golar LNG (NASDAQ:GLNG) is driven by long LNG contracts rather than spot prices. European gas at its highest since 2022 and oil near USD 100 support sentiment, but realized United States prices stayed near USD 2.50 in the second quarter, and the next reports will test the link.