SOCAR to invest $1.65 billion in Comstock's Haynesville shale gas assetsAnalysis

SOCAR and Comstock Resources, Inc. signed a framework agreement on Sept. 28, 2026, that locks in SOCAR's planned $1.65 billion investment in Comstock's Haynesville shale gas assets. The agreement memorializes the partnership the two companies had already announced and sets a clock on the next steps.

Timeline to a final deal

The framework agreement commits both sides to negotiate and sign a definitive purchase and sale agreement consistent with the letter of intent behind the $1.65 billion partnership. That definitive agreement is expected no later than Oct. 31, 2026, and the companies expect the transaction itself to close by the end of 2026.

An LNG export angle

Comstock and SOCAR also plan to work together on marketing natural gas produced from the Haynesville assets tied to Comstock's interest, with an eye toward selling that gas as LNG in international markets outside the United States. The two companies described the Haynesville as North America's premier natural gas basin, close to Gulf of America LNG export facilities. They will look at potential offtake buyers, pricing structures, and the logistics and regulatory steps that international sales would require.

Part of a wider US-Azerbaijan push

The partnership sits inside a broader relationship between the United States and Azerbaijan, set out under the protocol of the 1st Azerbaijan-United States Economic Dialogue signed in June 2026. Under that same framework, Azerbaijan's Minister of Economy and the U.S. Assistant Secretary of State for Economic, Energy and Business Affairs signed the Azerbaijan-United States Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths.

The companies

Comstock is an Upstream natural gas producer focused on the Haynesville shale in North Louisiana and East Texas, trading on the NYSE and NYSE Texas under the ticker CRK. SOCAR is a global integrated energy company headquartered in Azerbaijan, with operations spanning oil and gas exploration and production, refining, petrochemicals, transportation, trading and distribution.