Mergers & Acquisitions ·
Comstock Resources announced a letter of intent to sell partial working interests in its Legacy and Western…
CRKComstock Resources Inc
Comstock Resources announced a letter of intent to sell partial working interests in its Legacy and Western Haynesville upstream assets, plus a stake in midstream subsidiary Pinnacle Gas Services, to SOCAR for $1.65 billion. The transaction targets closing by year-end 2026 with an effective date of July 1, 2026. Proceeds will reduce net debt from $3.1 billion to $1.5 billion. Additionally, majority shareholder Jerry Jones agreed to fund approximately $450 million in drilling costs for 27 wells over the next twelve months, with interest reverting to Comstock after a 15% return is achieved. Comstock Resources Inc. operates as an independent natural gas producer focused on the Haynesville shale.