Comstock surges on $1.65 billion Haynesville asset sale to Azerbaijan's SOCAR
CRK•Separate drilling venture with Jerry Jones
Separately, CRK said it has entered into a $450 million Haynesville drilling venture with its majority shareholder Jerry Jones.
Three of 15 brokerages rate the stock "buy" or above, 10 rate it "hold" and 2 rate it "sell," according to data compiled by LSEG.
Including the session's moves, the stock is down more than 37% year to date.
Comstock shares jump on Haynesville asset sale
Shares of U.S. natural gas service provider Comstock Resources CRK.N jumped more than 10% to nearly $16 after the company said it will sell stakes in its Haynesville shale assets and related midstream business to Azerbaijan's state-owned oil and gas company SOCAR for $1.65 billion in cash.
The sale will help bring down Comstock's pro forma net debt to about $1.5 billion from $3.1 billion as of June 30, the company said.
SOCAR will gain a 20% interest in Comstock's legacy Haynesville assets and a 15% stake in subsidiary Pinnacle Gas Services. The sale is expected to close by year-end.
