SOCAR Expands into US Gas Market with $1.65B Stake Acquisition from Comstock

The State Oil Company of Azerbaijan Republic (SOCAR) has finalized a definitive purchase and sale agreement with US-based independent energy company Comstock Resources to acquire non-operating stakes across exploration, production, and gas midstream assets in the United States.

Under the transaction executed on November 4, 2026, SOCAR will acquire a 20% non-operating working interest in the upstream assets of the Legacy Haynesville project, a 15% non-operating interest in the Western Haynesville project, and a 15% stake in Pinnacle Gas Services LLC (out of Comstock's 73% holding). The headline transaction value is set at $1.65 billion, subject to customary purchase price adjustments.

The agreement stipulates that SOCAR’s interest in the Western Haynesville exploration and production assets will revert to 7.5% after a five-year period and upon SOCAR realizing a 15% rate of return on its invested capital. With an effective transaction date set for July 1, 2026, closing remains contingent upon mandatory regulatory clearances and customary statutory requirements.