Comstock Resources signs $1.65 billion SOCAR deal

• Comstock Resources agreed to sell non-operated Haynesville assets to SOCAR for $1.65 billion.
• The company plans to reduce net debt from $3.1 billion to $1.5 billion.
• SOCAR may participate in future Haynesville projects and international gas marketing activities.

Comstock Resources (NYSE:CRK) signed a binding letter of intent with SOCAR for the sale of non-operated working interests in its Legacy and Western Haynesville upstream assets and a 15% stake in Pinnacle Gas Services for $1.65 billion in cash.

The transaction is subject to a definitive agreement, regulatory approvals, and closing targeted for year-end 2026, with an effective date of July 1, 2026.

Comstock said proceeds from the transaction will be used to reduce net debt from $3.1 billion as of June 30, 2026, to approximately $1.5 billion, while retaining operatorship of its upstream and midstream assets.

The company said SOCAR may participate in future Haynesville opportunities and support international gas marketing activities.

Comstock Resources develops and produces natural gas assets, with operations focused on the Haynesville shale region.

Separately, Comstock announced a $450 million Haynesville drilling venture with majority shareholder Jerry Jones that will fund most drilling costs for 27 wells over 12 months, with a 50% interest reverting to Comstock after a 15% return on investment.