Comstock Relies on Asset Sale as Gas Prices Hit Breakeven
Comstock Resources is depending on a $1.65 billion-asset sale and a Jerry Jones-backed venture to keep nine rigs running.
Comstock Resources is relying on a $1.65 billion-asset sale to Azerbaijan’s state oil company and a Jerry Jones-backed drilling venture to keep nine rigs operating, according to NGINaturalGas. The operational pivot comes as natural gas prices hover near $3/MMBtu, leaving the company's Western Haynesville Shale wells at breakeven.
Asset Sale and Drilling Venture
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The natural gas producer is utilizing the $1.65 billion-asset transaction with Azerbaijan’s state oil company alongside the backing of the Jerry Jones-backed drilling venture to maintain its rig count despite compressed margins in the Western Haynesville region.
Key facts
- Comstock Resources is maintaining nine active rigs.
- Natural gas prices are trading near $3/MMBtu.
- Western Haynesville Shale wells are currently at breakeven levels.
- The company is utilizing a $1.65 billion-asset sale to Azerbaijan’s state oil company and a Jerry Jones-backed drilling venture.
Source: naturalgasintel.com
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