The Haynesville shale producer is also forming a separate $450 million joint venture with Dallas Cowboys owner Jerry Jones, sending its stock up 11%.
Comstock Resources announced a $1.65 billion strategic partnership with Azerbaijan's state oil company, SOCAR, alongside a separate $450 million Haynesville shale joint venture with Jerry Jones, the Dallas Cowboys owner and a longtime Comstock backer. Shares rose about 11% on the announcements.
Comstock hasn't yet disclosed whether the SOCAR partnership is structured as an equity investment, a debt arrangement, or a royalty-style agreement, nor has it specified production or reserve commitments tied to either deal. Those structural details will determine how much of the announced dollar figures translate into near-term cash flow versus longer-term development commitments.