In advance of its third-quarter earnings meeting Oct. 31, Comstock Resources Inc. announced that the company will partner with Quantum Capital Solutions to develop its Western Haynesville midstream operations.
Comstock’s Pinnacle gathering and treating system, a 145-mile pipeline and Bethel natural gas processing plant will go to the partnership in exchange for a capital commitment from Quantum of $300 million. The funds will go toward future projects in the area, which will be controlled and operated by Comstock.
"The new partnership with [Quantum Capital Solutions] is expected to fund the needed expansion for our Western Haynesville midstream development program over the next five years," said Comstock CEO M. Jay Allison in the company’s third quarter earnings press release.
On Oct. 30, Comstock reported $376 million in total revenues in the third quarter, compared to $1.19 billion in the same period in 2022, following a drop in commodity prices over the same period.
Recommended Reading
ProPetro Adds Exxon Designee Volkov to Board
2024-05-14 - Alex Volkov is currently the transition executive tasked with planning the integration of Pioneer Natural Resources and Exxon Mobil.
MidOcean Appoints Lumens to CFO
2024-05-14 - Armand Lumens most recently served as the group CFO of Neptune Energy, where he helped develop the company’s financial and IT strategies.
Canada’s Pembina Pipeline in No Rush to Invest in TMX
2024-05-14 - Too much ‘uncertainty’ on the Trans Mountain Pipeline’s toll structure, says Pembina CFO.
Repsol in Talks to Sell a Slice of its Renewable Business, Sources Say
2024-05-14 - Repsol would keep more than 50% of the unit in a transaction that could involve the investor injecting new money into the business, the sources said.
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.