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
‘Unexpected’ JV to Move Permian NatGas to Gulf Coast LNG Terminals
2024-03-26 - A trio of midstream companies—Enbridge, Whitewater and MPLX—will work together to build infrastructure to transport Permian Basin natural gas to Gulf Coast LNG terminals.
As ONEOK Digests Magellan, Sets Stage for More NGL Growth in 2024
2024-02-28 - ONEOK is continuing the integration of its newly acquired Magellan assets in 2024 as the company keeps an eye out for M&A opportunities and awaits regulatory approvals for certain projects.
EQT Deal to ‘Vertically Integrate’ Equitrans Faces Steep Challenges
2024-03-11 - EQT Corp. plans to acquire Equitrans Midstream with $5.5 billion equity, but will assume debt of $7.6 billion or more in the process, while likely facing intense regulatory scrutiny.
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.