SOCAR and Comstock agree $1.65bn sale of Haynesville and Pinnacle stakes
- Transaction value is $1.65 billion, subject to standard purchase-price adjustments.
- SOCAR will acquire 20% of Legacy Haynesville upstream assets, 15% of Western Haynesville upstream assets, and 15% of Comstock's 73% stake in Pinnacle Gas Services LLC.
- SOCAR will acquire the interests without the right to manage operations.
- The deal is effective 1 July 2026; SOCAR's Western Haynesville interest will reduce to 7.5% after five years and once a 15% return on that investment is achieved.
Deal overview
On 4 November 2026 SOCAR and Comstock signed a final sale and purchase agreement under which SOCAR will acquire minority upstream interests and a partial interest in Pinnacle Gas Services LLC for a total value of 1.65 billion US dollars, subject to standard adjustments to the purchase price. The transaction's effective date is set as 1 July 2026.
Stakes and governance
Under the agreement SOCAR will acquire a 20% participating interest in the upstream assets of the “Legacy Haynesville” project, a 15% participating interest in the upstream assets of the “Western Haynesville” project, and a 15% share of Comstock's 73% stake in Pinnacle Gas Services LLC. The interests are acquired without the right to manage operations.
Contingent reduction
SOCAR's participating interest in the Western Haynesville exploration and production assets will be reduced to 7.5% after five years and once SOCAR has achieved a 15% return on its investment in those assets.
Approvals and completion
Obtaining approvals from the relevant state authorities and carrying out other legal procedures in accordance with legislation are under way to complete the transaction.
Source: SOCAR