SOCAR signs final $1.65 billion agreement for stakes in Comstock's Haynesville gas assets

Azerbaijan's state oil company SOCAR signed on 4 November a definitive purchase and sale agreement under which it acquires non-operated interests in the natural gas assets of US producer Comstock Resources in the Haynesville shale, for $1.65 billion in cash, subject to customary purchase price adjustments, the Trend and Report agencies reported, citing SOCAR's announcement.

What SOCAR is buying. According to the announcement, SOCAR acquires 20% of Comstock's interest in the Legacy Haynesville assets, 15% of its interest in the Western Haynesville assets and 15% of Comstock's 73% stake in Pinnacle Gas Services LLC. The Western Haynesville interest falls to 7.5% after five years, once SOCAR has achieved a 15% return on its investment. The effective date of the transaction is 1 July 2026.

The figures. Comstock, an independent gas producer focused on North Louisiana and East Texas, reported proved reserves of about 7 trillion cubic feet equivalent (roughly 198 billion cubic metres) as of 31 December 2025, with an estimated PV-10 value of $4.5 billion, according to Trend. The US company says the deal "will substantially enhance" its balance sheet; in September it estimated that pro forma net debt would fall from $3.1 billion to about $1.5 billion. Also on 4 November, Comstock amended its bank credit facility: the maturity was extended to 15 November 2028 and will extend to 15 November 2031 after the transaction closes.

Context. Comstock remains the operator of the producing assets. The two companies had signed a letter of intent on 1 September and a framework agreement on 28 September, which targeted signing the definitive agreement by 31 October. According to Comstock, the parties are also exploring marketing Haynesville gas as LNG on international markets.

What comes next. Completion depends on government approvals and other legal procedures; Comstock expects the transaction to close by the end of the year.