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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.
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