Comstock Resources inks a $1.65 billion deal with SOCAR, offloading minority stakes in its Haynesville shale operations and Pinnacle Gas Services to capitalize on rising global natural gas demand.
SOCAR agreed to pay $1.65 billion for minority stakes in Comstock's Haynesville assets and Pinnacle Gas Services. For Comstock, that is a large asset monetization and external validation of its shale position, likely supporting the shares near term; the deal covers only 20%/15%/15% stakes, so upside is limited by retained exposure and undisclosed terms.
A 20% stake in legacy Haynesville assets, a 15% stake in Western Haynesville, and 15% of Comstock's majority interest in Pinnacle Gas Services.
$1.65 billion.
Azerbaijan’s state-owned energy firm SOCAR has agreed to pay $1.65 billion for minority stakes in Comstock Resources' Haynesville shale assets and Pinnacle Gas Services. The transaction provides Comstock with significant capital while validating the long-term value of its U.S. natural gas infrastructure.
Comstock is selling a 20% stake in legacy Haynesville assets, a 15% stake in Western Haynesville, and a 15% interest in its Pinnacle Gas Services subsidiary.
The deal is valued at $1.65 billion.