Comstock Resources, Inc. (NYSE:CRK) signed a nonbinding letter of intent under which SOCAR would pay $1.65 billion in cash, subject to customary adjustments. SOCAR would acquire non-operated working interests representing 20% of the Legacy Haynesville and 15% of the Western Haynesville upstream interests held by Comstock Resources, Inc. (NYSE:CRK). SOCAR would also acquire 15% of the 73% ownership interest held by Comstock Resources, Inc. (NYSE:CRK) in Pinnacle Gas Services.
The letter of intent requires good-faith negotiations but does not obligate completion. The parties are targeting a definitive agreement by October 31, 2026, and closing by year-end, subject to negotiations, approvals, and customary conditions.
Separately, a Jerry Jones family partnership will fund 85% of the drilling and completion costs for 18 Western Haynesville wells and 80% for nine Legacy Haynesville wells. The total 27-well program is expected to cost approximately $450 million over 12 months. After a 15% return on investment, 50% of the interest covered by the venture will revert to Comstock Resources, Inc. (NYSE:CRK).
If the SOCAR transaction closes, Comstock Resources, Inc. (NYSE:CRK) estimates that the proceeds would reduce company-defined non-GAAP net debt from $3.1 billion to $1.5 billion as of June 30, 2026. Net debt is calculated as total debt less cash and cash equivalents. The approximately $1.6 billion reduction would nearly halve the measure and could improve financial flexibility.
The drilling venture allows development to continue without equivalent near-term cash funding. Following completion of the SOCAR transaction, Comstock Resources, Inc. (NYSE:CRK) would retain operatorship of the upstream ****** ets and control of Pinnacle Gas Services. Drilling should provide volumes to Pinnacle and help delineate the 545,000 net acres in the Western Haynesville.

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Williams has closed its approximately $5.5 billion acquisition of Momentum Midstream, giving the U.S. pipeline operator a substantially larger position in the Haynesville natural gas basin as Gulf Coast LNG and power demand continue to rise.
The transaction consists of approximately $3.5 billion in cash and debt consideration and around $2 billion in Williams equity.
Momentum brings more than 4,000 miles of pipeline, over 1 million dedicated acres and 6 billion cubic feet per day of gas gathering capacity. The ******* ets also include processing and treating facilities and three pipelines backed by take-or-pay contracts with a combined 4.05 Bcf/d of transportation capacity.
Williams initially announced the acquisition on August 3, valuing the transaction at up to $5.5 billion. At the time, the company said the deal carried an implied valuation of approximately 8.5 times projected 2027 EBITDA and was expected to increase both earnings per share and available funds from operations per share. Williams also raised the midpoint of its 2026 adjusted EBITDA guidance by $200 million to $8.4 billion to reflect the transaction.
The acquisition gives Williams a larger role in moving Haynesville gas toward some of the fastest-growing sources of U.S. gas demand, particularly LNG export facilities and industrial consumers along the Gulf Coast.

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Comstock Resources (NYSE:CRK) finished 11 percent higher on Tuesday after clinching $2.1 billion worth of investment and partnership deals with two companies.
The first deal involved the raising of $1.65 billion in fresh funds from the sale of a portion of its natural gas ***** ets to the State Oil Company of the Azerbaijan Republic (SOCAR).
The ***** ets include 20 percent of Comstock's interest in Legacy Haynesville ***** ets; 15 percent of its interest in Western Haynesville ***** ets; and another 15 percent of Comstock's 73 percent stake in Pinnacle Gas Services.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
Signing of a definitive purchase and sale agreement is expected by October 31, with closing targeted by the end of the year.

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Interested in Williams Companies, Inc. (The)? Here are five stocks we like better.
Strong Q2 performance: Williams' second-quarter EBITDA rose 6% year over year to $1.92 billion, prompting the company to raise full-year adjusted EBITDA guidance to $8.3 billion–$8.5 billion.
Power growth accelerates: Phase 1 of the Socrates Power Innovation project entered service, delivering 200 megawatts, while a Blackstone joint venture provides $5.34 billion in committed capital to expand behind-the-meter power projects for data centers and other customers.
Haynesville expansion: The $5.5 billion Momentum Midstream acquisition adds major gathering and pipeline capacity, while the Shelby Connector and Delta Access projects support future growth. Williams also raised its long-term EBITDA growth target to more than 11% annually through 2030.
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Achieved first utility-scale power in-service for Socrates Phase 1 in under 18 months, validating the speed-to-market capability of the Power Innovation platform.
Acquired Momentum Midstream for $5.5 billion to solidify the company's position as the largest Haynesville gas gatherer connected to the Transco pipeline system.
Performance beat driven by strong results in the Gulf and Transmission and Gulf segment, which improved about 6%, led by the Gulf business which grew 23%. due to recent expansion projects.
Strategic financing JV with Blackstone provides $5.34 billion in committed capital at a capped 6.35% cost of equity, preserving balance sheet capacity for rapid power scaling.

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Expand Energy Corporation (EXE) is an independent energy company focused on the exploration, production, and marketing of natural gas, oil, and natural gas liquids. Headquartered in Oklahoma City, Oklahoma, the company's operations are concentrated in several prolific shale basins, including the Haynesville and Appalachia regions.
Companies with market capitalizations of $10 billion or more are generally classified as "large-cap stocks," and with a valuation of roughly $21.2 billion, Expand Energy easily clears that bar. Leveraging a large inventory of high-quality drilling locations and a diversified ****** et base, Expand Energy aims to deliver sustainable production growth while maintaining capital discipline and generating strong cash flows. The company also emphasizes operational efficiency and responsible resource development as it seeks to capitalize on the increasing role of natural gas in the global energy transition.
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