The new equity investment boosts Jones’ ownership stake in the natural gas producer to 67%.
Dallas Cowboys owner Jerry Jones bought a majority stake in Comstock Resources in 2018 and has added to that investment several times since then.Wednesday that Jones is acquiring 12.5 million shares of the company’s stock at $8.036 a share. The stock closed at $8.07 on Wednesday. His purchase price represented the average closing prices for the last five trading days.
in Comstock in 2018 when he swapped $620 million in oil-producing properties for a majority stake in the NYSE-listed company. He put up an additional $475 million the following year when ComstockThe Haynesville Shale in East Texas and northwest Louisiana is the third-largest natural gas producer in the U.S., according to the U.S. Energy Information Administration.
Weakened natural gas prices weighed heavily on the company’s financial results for the last three months of 2023. Natural gas tradedComstock’s quarterly sales took a hit, dropping to $354 million versus nearly $558 million for the same period a year earlier. The company closed out 2023 with $1.56 billion in revenue, down from $3.6 billion in 2022. Profits totaled about $212 million., Business Editor.
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