Comstock Resources is pursuing a $1.65 billion cash transaction that would sell SOCAR non-operated interests in its Haynesville Assets and part of Pinnacle Gas Services. Comstock says proceeds would reduce net Debt from $3.1 billion to $1.5 billion, while a separate $450 million drilling venture is intended to fund development and strengthen its balance sheet.

Key Highlights

  • A definitive purchase and sale agreement with SOCAR is targeted by October 31, 2026, with closing planned by year end.
  • A Jones family Partnership will fund 85% of drilling and completion costs for Western Haynesville wells and 80% for Legacy Haynesville wells.
  • Comstock Resources is pursuing a $1.65 billion cash partnership with SOCAR involving non-operated interests in its Legacy and Western Haynesville assets and a stake in Pinnacle Gas Services LLC.
  • Proceeds are intended to reduce net debt from $3.1 billion to $1.5 billion as of June 30, 2026.

Comstock Resources (NYSE: CRK) is pursuing a $1.65 billion cash partnership that would transfer non-operated interests in its Legacy and Western Haynesville assets, along with a stake in Pinnacle Gas Services LLC. The transaction also gives Comstock a stated route to reduce net debt from $3.1 billion to $1.5 billion as of June 30, 2026, subject to a definitive agreement and closing conditions.

$1.65 Billion Haynesville Partnership Under

the proposed structure, SOCAR or its Wholly Owned Subsidiary would acquire a non-operated working interest representing 20% of Comstock’s Legacy Haynesville interest and 15% of its Western Haynesville interest. The Western Haynesville portion would reduce to 7.5% once SOCAR achieves a 15% return on investment, while SOCAR would also acquire 15% of Comstock’s 73% ownership in Pinnacle Gas Services LLC. The parties are targeting a definitive agreement by October 31, 2026 and closing by year end, subject to negotiations, customary conditions and required government and third-party approvals. SOCAR would have rights to participate in future opportunities in both Haynesville areas, while Comstock would receive opportunities to market Natural Gas to international customers.

Debt Reduction

and Drilling Funding Comstock intends to use the transaction proceeds to reduce total indebtedness, which it says would substantially lower financial Leverage and improve financial liquidity. Beginning September 1, 2026, a Jones family partnership will fund 85% of drilling and completion costs for Western Haynesville wells and 80% for Legacy Haynesville wells developed over twelve months, at an expected cost of approximately $450 million.

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