Comstock surges on $1.65 billion Haynesville asset sale to Azerbaijan's SOCAR

Comstock Resources

01/09/2026 14:47

** Shares of U.S. natural gas service provider Comstock Resources CRK.N jumps more than 10% to nearly $16 
** Co to sell stakes in its Haynesville shale assets and related midstream business to Azerbaijan's state-owned oil and gas company SOCAR for $1.65 billion in cash
** Sale will help bring down Comstock's pro forma net debt to about $1.5 billion from $3.1 billion as of June 30, co says
** SOCAR to gain 20% interest in Co's legacy Haynesville assets and a 15% stake in subsidiary Pinnacle Gas Services
** Sale is expected to close by year-end
** Separately, CRK adds it has entered into a $450 million Haynesville drilling venture with its majority shareholder Jerry Jones
** 3 of 15 brokerages rate the stock "buy" or above, 10 "hold" and 2 "sell" - data compiled by LSEG
** Including session's moves, stock down more than 37% YTD

(Reporting by Miraanta Lowrance in Bengaluru)
((miraanta.lowrance@thomsonreuters.com))