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SOCAR and the U.S. company Comstock Resources, Inc. have signed a Letter of Intent to establish a strategic partnership.
Under the document, SOCAR will acquire 20% of Comstock’s interest in the Legacy Haynesville upstream assets, 15% of Comstock’s interest in the Western Haynesville upstream assets, and 15% of Comstock’s 73% interest in Pinnacle Gas Services LLC. SOCAR’s 15% interest in the Western Haynesville assets is expected to be reduced to 7.5% once a 15% return on the investment in those assets is achieved, in accordance with the relevant terms.
The total value of the transaction is $1.65 billion, taking into account customary purchase price adjustments. The financing arrangements required to fund the acquisition have already been secured by SOCAR. The parties are targeting agreement and execution of the definitive purchase and sale agreement no later than October 31, 2026, and completion of the transaction by December 31, 2026, following satisfaction of the applicable conditions, including receipt of the required governmental and third-party approvals.
Under the strategic partnership, SOCAR is expected to participate, in line with its respective ownership interests, in new opportunities that Comstock develops in the future in the Legacy Haynesville and the Western Haynesville. The parties will also work together to expand access for Comstock’s natural gas to international markets.
SOCAR President Rovshan Najaf said: “This partnership brings together the deep experience and broad capabilities of SOCAR and Comstock, creating a firm foundation for the further expansion of our strategic cooperation. We are pleased to invest alongside a team with extensive experience in developing the Haynesville and Western Haynesville fields, and we believe our long-term partnership will develop successfully.”
M. Jay Allison, Chairman of the Board and Chief Executive Officer of Comstock, said: “We are pleased to announce our strategic partnership with SOCAR. This partnership will bring in a reputable international strategic partner that will help accelerate value creation for our investors, while allowing us to materially reduce our debt burden and fully fund the planned development of the Western Haynesville area. At the same time, Comstock will retain operatorship and control of its upstream and midstream assets, and will also preserve future value creation potential through the mechanism providing for the phased reduction of its ownership interest.”
Comstock will remain the operator of all upstream assets and will continue to manage and exercise operational control over Pinnacle Gas Services LLC. SOCAR’s proportional participation in future development programs, as well as in new leases and acquisitions within the area of mutual interest, will be governed by separate agreements within the framework of the final transaction.
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