Azerbaijan’s state oil company SOCAR has signed a definitive agreement to acquire noncontrolling stakes in U.S. natural gas assets owned by Comstock Resources for $1.65 billion in cash.
The transaction covers shale-gas production interests in the Haynesville region and a stake in Pinnacle Gas Services. It remains subject to customary closing conditions, including required government approvals, and is expected to close by the end of 2026.
Three Stakes Included
Under the agreement, SOCAR will acquire a non-operated interest representing 20% of Comstock’s Legacy Haynesville upstream assets and a 15% interest in its Western Haynesville assets.
SOCAR will also receive 15% of Comstock’s interest in Pinnacle Gas Services LLC, which provides midstream services to the Western Haynesville region. Comstock will retain operational control over the producing and infrastructure assets.
The Western Haynesville interest will decline from 15% to 7.5% after five years and after SOCAR achieves a 15% return on its investment in those assets. The transaction has an effective date of July 1, 2026.
Definitive Agreement Replaces Earlier Letter of Intent
The companies previously announced a letter of intent. Comstock said in its third-quarter results that the parties entered a definitive purchase and sale agreement on Nov. 4.
Comstock plans to use the proceeds to reduce debt and develop its Haynesville assets, which are located near liquefied natural gas export infrastructure on the U.S. Gulf Coast.
The signed agreement fixes the principal commercial terms, but ownership will not transfer until the transaction closes and the required conditions are satisfied.
The development was first reported in Russian by Vesti Baku.