Post Tagged with: "Jerry Jones"

Kudos to Harold Hamm – You sounded like Boone and Aubrey

Kudos to Harold Hamm – You sounded like Boone and Aubrey

Oil and Gas 360 Harold Hamm’s recent defense of America’s oil and natural gas industry sounded a lot like the late Boone Pickens and Aubrey McClendon, both of whom where champions of the industry, it’s workers and the independence the shale revolution provided America. In a letter sent to Elizabeth Warren dated December 18th, Hamm wrote, “Our domestic energy resurgence is making America an energy and economic superpower,” and, “We are keeping hundreds of billions of dollars out of the hands of rogue regimes and corrupt kleptocracies.” It’s been too long since an oil and gas executive has challenged the political and economic theses of the anti-fossil fuel and anti-capitalist mobs that are pushing extreme ideas like the Green New Deal, day-one fracking bans and the criminal prosecution of oil company executives for – according to Bernie Sanders – “destroying the planet” and “criminal activity”. Not to belabor the point,[Read More…]

Source: Reuters/Richard Brian

Cowboys owner Jerry Jones has a long-term game plan for Haynesville gas

Reuters At a time when companies in a U.S. natural gas field have been losing money and exiting Louisiana’s Haynesville shale basin, Dallas Cowboys’ owner Jerry Jones’ Comstock Resources (CRK.N) is picking up cheap assets, betting on the field’s proximity to the growing U.S. Gulf Coast export hub. Reuters on Wednesday reported that Comstock Resources (CRK.N) is in talks to buy Chesapeake Energy Corp’s (CHK.N) Haynesville shale assets in Louisiana. A deal would come just months after Comstock paid $1.1 billion to buy privately held Covey Park Energy to become the largest operator in the region. The U.S. shale boom has helped turn the country into the world’s third-largest exporter of liquefied natural gas (LNG), and it is on track to become the top exporter within five years. But persistent low prices have left a number of major companies, including Chesapeake, in dire financial straits due to oversupply, while others[Read More…]

Source: Houston Chronicle

Billionaires circle distressed assets in U.S. oil and gas patch

Houston Chronicle Billionaires are circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors. Sam Zell has teamed up with Tom Barrack Jr. to buy oil assets in California, Colorado and Texas at fire-sale prices from companies trying to get ahead of a coming credit crunch. Dallas Cowboys owner Jerry Jones said his Comstock Resources Inc. is in talks to acquire natural gas assets in Louisiana from struggling Chesapeake Energy Corp. “I compared it recently to the real estate industry in the early 1990s, where you had empty buildings all over the place, and nobody had cash to play,” Zell said in an interview on Bloomberg TV Thursday. “That’s very much what we’re seeing today.“ Thanks to the shale revolution, the U.S. has become the world’s biggest oil producer. The[Read More…]

Source: Comstock Resources

Ronald Mills Appointed VP of Finance and Investor Relations at Comstock Resources

By Tyler Losier, Energy Reporter, Oil & Gas 360 Comstock Resources appoints Johnson & Rice alum Ronald Mills as its new VP of finance and investor relations Comstock Resources Inc. (stock ticker: CRK), an independent E&P based out of Frisco, Texas, has appointed Ronald Mills as its vice president of finance and investor relations. Mills joins the company in the months following Comstock’s $2.2 billion acquisition of Covey Park Energy LLC, a deal which, at the time, was forecasted to boost Comstock’s production to more than 1.1 Bcfe per day. Mills’ role at Comstock will be to assist the company with corporate planning activities, capital market transactions and investor relations. “I am pleased to announce that Ron … Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Jerry Jones Gives his View of Haynesville’s Comstock Resources on Conference Call

Jerry Jones Gives his View of Haynesville’s Comstock Resources on Conference Call

By Bevo Beaven, Editor, Oil & Gas 360 The Haynesville Shale play drew a lot of attention early this week when Haynesville operator Comstock Resources (stock ticker: CRK) announced it was acquiring privately-held Covey Park Energy for $2.2 billion, making Comstock one of the major players in the Haynesville. But Comstock is no newcomer to the Haynesville.  The company has been acquiring and bolting on acreage for several years. According to Comstock, the big growth in natural gas production it enjoyed in 2017 was driven by the company’s successful Haynesville horizontal drilling program which started in 2015. Comstock said it produced 79 Bcfe in 2017, compared to 62 Bcfe in 2016, and with new acreage and longer laterals the company h… Login or click here to subscribe

Source: Comstock Resources

$2.2-Billion Haynesville Merger Creates New Basin Leader

By Tyler Losier, Energy Reporter, Oil & Gas 360 Comstock acquires Covey Park Energy for $2.2 billion Dallas Cowboys owner Jerry Jones and company made a deal to acquire a young, up-and-coming player last Friday, but the deal had nothing to do with football. Rather, it involved Haynesville producer Comstock Resources (stock ticker: CRK), of which Jones is a majority owner. Comstock is purchasing Covey Park Energy, a private natural gas company operating out of the north Louisiana and east Texas regions of the Haynesville. Source: Comstock Resources Jones will be personally chipping in $475 million to the $2.2 billion deal, bringing his total investment in the company to $1.1 billion. Upon closing, he will remain the larg… Login or click here to subscribe


Analysts Dive into Latest Haynesville Deal

The Jerry Jones effect: the Comstock-Covey Park acquisition Securities analysts had views about today’s announced acquisition of privately held Covey Park Energy by Comstock Resources (stock ticker: CRK) for $2.2 billion. Size matters (From: EnerCom Inc. Managing Director Aaron Vandeford) This deal checks a few important boxes for the market. Post-merger, Comstock will hold approximately 374,000 net acres, 5.4 Tcf of SEC proved reserves, and 7.6 Tcf of SPE proved reserves.  Importantly, pro forma production will exceed a mental market hurtle of 1 Bcf/d allowing a broader set of investors to get comfort on the size of operations and begin to award a ‘premium’ P/CFPS multiple. Figure 1 below highlights the current market relationship between valuation and market capitalization for a group of companies with a market cap less than $11 billion. With an R2 of approximately 71%, there is a clear market bias toward larger companies as investors remain[Read More…]