The nation’s burgeoning LNG export industry is proving to be a surprise solution to find more hungry markets for our natural gas—and with winners from all sides. Little more than three years ago, the U.S. shipped its first cargo of seaborne gas from the Lower 48. We’ve since become the world’s third-largest exporter of LNG on our way to cinching the title Largest LNG Supplier by 2024. And oil and gas producers like Comstock Resources are banking on that prediction in a big way.
Comstock Resources
Comstock Resources is based in Frisco, Texas and is engaged in the acquisition, development, production and exploration of oil and natural gas with operations concentrated in Texas and Louisiana.
RMR today is following the latest news from Frisco, Texas-based Comstock, which announced the company is in talks to purchase 339,000 acres in Haynesville shale assets from Okla. City-based Chesapeake Energy. Comstock and the company’s largest investor, billionaire Dallas Cowboys’ owner Jerry Jones, already claim the largest footprint in the Haynesville with more than 300,000 net acres.
At a time when producers are ditching their efforts in the region, Comstock is doubling down on the Haynesville with a singular focus on LNG exports. If and when completed, the Chesapeake acquisition will mark the company’s third this year. Comstock in June acquired Texas-based Covey Park Energy for $2.2 billion, which included 293,000 acres, 2,000 drilling locations, and 500 miles of gas gathering infrastructure. In a bolt-on acquisition this month, Comstock purchased an undisclosed, privately held company with Haynesville properties that added another 3,000 net acres and 75 producing wells.
The company says it will allocate most of its 2020 Capex budget to the Haynesville with the majority of natural gas output there committed to LNG production.
Players, place your bets.
What do you think?
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