Comstock Resources strikes USD 1.65 billion strategic partnership with SOCAR on Haynesville assets
CRK•SOCAR to buy interests in Comstock Haynesville assets
Comstock Resources said it signed a letter of intent for SOCAR to buy upstream and midstream interests for USD 1.65 billion in cash.
The deal covers:
- 20% of Comstock’s Legacy Haynesville interest
- 15% of Western Haynesville interest
- 15% of its 73% stake in Pinnacle Gas Services
Comstock said the Western Haynesville interest will step down to 7.5% after five years once SOCAR reaches a 15% return.
Proceeds to reduce debt; separate drilling venture announced
Comstock said the proceeds are earmarked for debt reduction, and pro forma net debt would fall to USD 1.5 billion from USD 3.1 billion at June 30, 2026.
The company also announced a separate drilling venture in which a Jones family partnership will fund most costs for 27 Haynesville wells, expected to total about USD 450 million.
