Comstock Resources shares drop 13% after capital overspending and production decline

Comstock Resources (CRK) saw its shares fall 13% following a report of capital spending exceeding budget alongside a decline in production. The company is investing in new Western Haynesville acreage and expects delays in legacy Haynesville wells to resolve by Q2. Despite short-term market skepticism and volatile pricing, major shareholder Jerry Jones supports a long-term strategy. Management is also implementing cost reductions and operational improvements to address investor concerns.