Comstock Advances SOCAR Sale and Jerry Jones Drilling Venture to Support Western Haynesville Growth
Key Takeaways
- •Comstock Resources is advancing a $1.65 billion asset sale and a $450 million drilling joint venture.
- •The SOCAR transaction still needs to be finalized.
- •The drilling joint venture has been formed with Jerry Jones.
- •Proceeds from the deals are intended to strengthen Comstock's balance sheet.
- •The funding is aimed at supporting continued development of the Western Haynesville Shale assets in East Texas.
Comstock Resources said Tuesday it is advancing a $1.65 billion asset sale and a $450 million drilling joint venture to strengthen its balance sheet and help close a funding gap for continued development of its emerging Western Haynesville Shale assets in East Texas.
The company said the SOCAR transaction still needs to be finalized. It also said the drilling joint venture has been formed with Jerry Jones.
Comstock said proceeds from the transactions would strengthen its balance sheet as it continues developing its Western Haynesville position. For investors and industry watchers, the update adds more detail on how the company is structuring capital around a shale program that requires sustained investment, while also showing continued interest from outside counterparties in the basin.
At a Glance
- SOCAR deal needs finalized
- JV formed with Jerry Jones
- Proceeds would strengthen balance sheet
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Natural Gas Production
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