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.

Comstock Resources reported second quarter 2026 financial results on July 29, 2026. The company sold a 27% noncontrolling equity interest in Pinnacle Gas Services for $600 million, using proceeds to retire all preferred equity and outstanding indebtedness of the subsidiary. Production increased 16% sequentially to 113.1 Bcfe, with natural gas and oil sales reaching $332 million including hedging gains. Operating cash flow was $170 million, while net income available to the Company was $9 million ($0.03 per share). Comstock is an independent natural gas producer focused on the Haynesville shale in North Louisiana and East Texas.

Comstock Resources, Inc. sold a 27% non-controlling common equity interest in its midstream subsidiary, Pinnacle Gas Services LLC, to funds managed by Sixth Street for $600 million. The company used the proceeds to extinguish Pinnacle's preferred equity securities for $445 million plus accrued dividends and retire all outstanding indebtedness, transaction costs, and working capital needs. Comstock retains a 73% controlling interest and will continue to manage and operate Pinnacle. Comstock Resources, Inc. is an energy company focused on the development and production of natural gas.