COMSTOCK ANNOUNCES SIGNING OF FRAMEWORK AGREEMENT FOR $1.65 BILLION STRATEGIC PARTNERSHIP WITH SOCAR
The $1.65 billion investment has not closed; a definitive purchase and sale agreement remains to be signed.
Sentiment and the balance of points
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Rhea-AI Summary
Comstock Resources (CRK) and SOCAR signed a framework agreement covering their previously announced $1.65 billion Haynesville Shale partnership. The framework records their mutual commitment to negotiate and execute a definitive purchase and sale agreement consistent with an earlier letter of intent. That definitive agreement is anticipated by October 31, 2026, with the transaction expected to close by the end of 2026.
The companies also plan to explore whether SOCAR could market natural gas from the Haynesville assets attributable to Comstock’s interest as LNG outside the United States. They will identify potential buyers and evaluate pricing structures, logistics and regulatory considerations. The partnership is part of a broader U.S.-Azerbaijan relationship under an economic dialogue protocol signed in June 2026.
Positive
- $1.65 billion partnership: Comstock and SOCAR signed a framework agreement memorializing the previously announced investment.
- International LNG marketing: The companies plan to explore sales of Comstock-attributable Haynesville gas outside the United States.
Negative
- Definitive purchase and sale agreement remains unsigned; the parties anticipate signing it by October 31, 2026.
- Transaction closing remains ahead; the parties expect it by the end of 2026.
- LNG marketing arrangements remain exploratory, with potential buyers, pricing, logistics and regulatory considerations under review.
Details
Market move: CRK -3.28% in the Sep 28 session. SOCAR framework partnership
On Sep 28, the day this news came out, CRK closed 3.28% below the previous close. Argus tracked a trough of -2.7% from its starting point during tracking. Our momentum scanner recorded 3 alerts in the available session data.
Data tracked by StockTitan Argus for the Sep 28 session.
Key Figures
- SOCAR investment
- $1.65 billion
- Strategic partnership for the Haynesville Shale
- Definitive agreement deadline
- October 31, 2026
- Anticipated signing no later than this date
- Expected transaction closing
- End of 2026
- Expected closing timeframe
Previous Partnership Reports
-
Letter of intent set SOCAR’s $1.65 billion asset transaction, pending a definitive agreement
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
lng technical
offtake financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FRISCO, TX, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. (NYSE and NYSE Texas: CRK) ("Comstock" or the "Company") announced today that in conjunction with the Azerbaijan International Investment Forum, Comstock and SOCAR entered into a Framework Agreement memorializing the previously announced strategic partnership and SOCAR's
To maximize the value of the Haynesville shale assets, Comstock and SOCAR will work together to explore opportunities for SOCAR to market natural gas produced from the Haynesville Shale assets attributable to Comstock's interest for sale as LNG in international markets outside the United States. The parties will be focused on identifying potential offtake counterparties, evaluating pricing structures and assessing logistical and regulatory considerations associated with such international marketing arrangements.
The strategic partnership is part of a broader relationship between the United States and Azerbaijan under the protocol of the 1st Azerbaijan-United States Economic Dialogue that was signed in June 2026. The Azerbaijan-United States Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths was signed by the Azerbaijan Minister of Economy and the U.S. Assistant Secretary of State for Economic, Energy and Business Affairs. The agreement highlights that the United States and Azerbaijan have a long history of cooperation in the oil and gas sector and share a commitment to affordable, abundant energy.
About Comstock Resources
Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.
About SOCAR
SOCAR is a global integrated energy company headquartered in Azerbaijan. The company operates across the energy value chain, from oil and gas exploration and production to refining, petrochemicals, transportation, trading, and distribution. With a broad international footprint, SOCAR contributes to the energy security of Azerbaijan and its strategic partners while advancing sustainable development.
Forward-Looking Statements
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the expected execution of a definitive agreement, the expected timing and completion of the proposed transaction, the receipt of required regulatory approvals, the anticipated use of proceeds, expected leverage and interest savings and future development plans. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein, including the risk that a definitive agreement is not executed, that required approvals are not obtained or are delayed, or that the transaction is not completed on the terms described or at all. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.
Ron Mills
Vice President of Finance and Investor Relations
Comstock Resources
972-668-8834
rmills@comstockresources.com
Ron Mills VP - Finance and Investor Relations Comstock Resources 972-668-8834 rmills@comstockresources.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is SOCAR’s planned investment in Comstock Resources’ Haynesville partnership?
SOCAR’s previously announced investment is $1.65 billion. The signed framework agreement memorializes the partnership, but the definitive purchase and sale agreement has not yet been signed.
When does Comstock Resources expect to sign its definitive agreement with SOCAR and close the transaction?
The definitive purchase and sale agreement is anticipated to be signed no later than October 31, 2026. The transaction is expected to close by the end of 2026.