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Comstock in Talks to Buy Chesapeake's Haynesville Asset
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Reuters is reporting that Comstock Resources is in talks to buy Chesapeake Energy's Haynesville asset for around $1 billion.
Comstock has been ramping up acquisitions in the Haynesville in 2019 - acquiring Covey Park in July 2019 for $2.2 billion as well as acquiring an unnamed private E&P with assets in the Haynesville during Q3.
But what is Comstock considering buying?
Chesapeake Haynesville asset:
- Land/Leasehold: 401,000 Gross (337 net) acres - 89% developed
- Production: 694 MMcf/d (as of 3q/19)
The acreage offset's Comstocks acreage in the core of the basin. See the map below from Shale Experts Lower 48 Map database.
If a sale were to materialize, Comstock would become one of the top 5 US gas producers, with a total production of 1.69 Bcfe/d and 737,000 net acres under lease. While the deal would give Chesapeake the much needed cash, it would reduce the company's quarterly revenue by 10%
| Category | 2023 | 2024Est. Initial | Updated 2024 Guidance | %Difference (2023 vs 2024) |
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