Comstock Resources Stock Rises 8% After $1.65 Bln Asset Sale Agreement

Comstock Resources signed a $1.65bn letter of intent with SOCAR for stakes in its Haynesville assets and midstream subsidiary. SOCAR will acquire interests in upstream assets and Pinnacle Gas Services, with the deal expected to close by the end of 2026. Comstock plans to use proceeds to reduce debt from $3.1bn to $1.5bn. Additionally, Comstock announced a separate drilling initiative with Jerry Jones, covering 85% of costs for 18 Western Haynesville wells and 80% for nine Legacy Haynesville well

Comstock Resources (CRK) rose 11% after securing $2.1B in deals, including a $1.65B asset sale to SOCAR and a $450M drilling venture with Jerry Jones. Proceeds aim to reduce debt to $1.5B. Q2 earnings showed a 92% net income drop and 15% revenue decline.

Comstock Resources (CRK) announced a $1.65 billion strategic partnership with SOCAR, involving a 20% stake in Legacy Haynesville assets and 15% in Western Haynesville assets. The deal aims to reduce Comstock's debt and strengthen its balance sheet. CRK stock rose 9.62% to $15.82 on high volume. Additionally, Comstock entered a $450 million drilling venture with majority shareholder Jerry Jones.

Comstock Resources (CRK) shares rose 9.9% after announcing a $1.65B partnership with SOCAR and a $450M drilling joint venture with Jerry Jones. The company plans to use proceeds to reduce debt and accelerate development. CRK is down 33.2% YTD, trading at $15.76.

Comstock Resources (CRK) shares rose 8.6% after announcing a $1.65B deal with SOCAR and a $450M drilling venture with the Jones family. The SOCAR deal includes asset sales and is expected to reduce net debt to $1.5B by mid-2026. The company will retain control of key assets, which may have reassured investors.

SOCAR and Comstock Resources signed a $1.65B deal for SOCAR to acquire stakes in Comstock's Haynesville assets. SOCAR will get 20% of Legacy Haynesville, 15% of Western Haynesville (reducing to 7.5% after a 15% ROI), and 15% of Pinnacle Gas Services. The transaction is expected to close by December 31, 2026, pending approvals. Both companies aim to expand natural gas access to international markets.