Comstock Resources Jumps 11% on $2.1B Deals

M&A · PartnershipEarnings
โดย Insider Monkey·US·Read original
Summary · why it matters

Comstock Resources finished 11 percent higher on Tuesday after clinching $2.1 billion worth of investment and partnership deals with two companies. The first deal involved raising $1.65 billion from the sale of a portion of its natural gas assets to the State Oil Company of the Azerbaijan Republic, including 20 percent of its interest in Legacy Haynesville assets, 15 percent of its interest in Western Haynesville assets, and 15 percent of its 73 percent stake in Pinnacle Gas Services. Proceeds will be used to cut debt to $1.5 billion from $3.1 billion as of the second quarter. The company also signed a $450 million joint drilling venture with Jerry Jones, its majority stakeholder, to drill 27 wells in Western Haynesville and Legacy Haynesville, with the Jones family funding 85 percent of 18 Western Haynesville wells and 80 percent of nine Legacy Haynesville wells. These moves follow weak second-quarter earnings, with attributable net income down 92 percent to $8.766 million from $124.8 million a year earlier.

Impact on stocks 2

Energy▲ · 2 stocks
Comstock Resources Inc
CRK
▲ PositiveCapitalrelevance

Comstock clinched $2.1B in investment and partnership deals, including $1.65B asset sale to SOCAR and a $450M joint drilling venture, cutting debt to $1.5B from $3.1B.

Off-coverage companies 1

State Oil Company of Azerbaijan RepublicPrivate▲ Positive
Capitalrelevance

SOCAR is buying a portion of Comstock's natural gas assets for $1.65B, including stakes in Haynesville and Pinnacle Gas Services.

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