SOCAR to acquire stakes in Comstock’s Haynesville assets
- 20% stake in Legacy Haynesville upstream assets.
- 15% stake in Western Haynesville upstream assets, reducible to 7.5% once a 15% return on investment is achieved.
- 15% stake in the 73% participation share owned in Pinnacle Gas Services LLC.
- Transaction valued at $1.65 billion; final purchase agreement targeted by Oct 31, 2026, and completion by Dec 31, 2026, subject to approvals and purchaser financing.
Deal structure
The Letter of Intent sets out acquisition of a 20% interest in Legacy Haynesville upstream assets, a 15% interest in Western Haynesville upstream assets (with a mechanism to reduce that 15% to 7.5% once a 15% return on investment is achieved), and a 15% stake in the 73% participation share currently held in Pinnacle Gas Services LLC. The total transaction value, after standard purchase price adjustments, is $1.65 billion.
Timing and financing
The parties aim to agree and sign the final purchase and sale agreement no later than October 31, 2026, and to complete the transaction by December 31, 2026, subject to satisfying relevant conditions including required state and third-party approvals. Appropriate financing measures for the transaction are planned by the purchaser.
Operations and cooperation
The seller will remain operator of all its upstream assets and will continue to manage and maintain operational control of Pinnacle Gas Services LLC. The purchaser will participate proportionally in future development programs, new leases and acquisitions in areas of mutual interest under separate agreements, and the parties will cooperate to expand access for the marketed natural gas to international markets.
Source: SOCAR
