Comstock Resources Signs $1.65 Billion Letter of Intent With SOCAR to Sell Stakes in Haynesville Assets
Comstock Resources has signed a letter of intent (LoI) with the State Oil Company of Azerbaijan Republic (SOCAR) for the sale of stakes in its Haynesville shale assets and part ownership in Pinnacle Gas Services, valued at $1.65 billion. The deal includes SOCAR acquiring non-operated interests in both upstream properties—20% in legacy areas and 15%, later reducing to 7.5%, in Western Haynesville—and a 15% stake in Comstock’s holding of Pinnacle Gas Services, which operates midstream infrastructure. The transaction is expected to close by the end of 2026 after regulatory approvals are secured. Proceeds from the deal will be used primarily to reduce debt, potentially cutting net debt from $3.1 billion to $1.5 billion as of June 2026 if completed as outlined. Comstock retains operational control over all upstream assets and Pinnacle Gas Services. In a separate development, Comstock has also partnered with Jerry Jones' family entity for drilling support in the Haynesville region, covering most costs for upcoming wells.
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Topics: energy international investment natural gas shale production