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Dallas Cowboys proprietor Jerry Jones is injecting one other $100 million into the Frisco-based pure fuel firm he controls.
Comstock Sources Inc. said after trading markets closed Wednesday that Jones is buying 12.5 million shares of the corporate’s inventory at $8.036 a share. The inventory closed at $8.07 on Wednesday. His buy worth represented the common closing costs for the final 5 buying and selling days.
His funding of $100.45 million boosts his possession stake to 67% of the corporate.
Comstock stated it can use the cash to pay down financial institution debt partially incurred when it bought 200,000 undeveloped acres within the Western Haynesville shale play for $58.7 million.
Jones, whose internet price is estimated at $13.7 billion, bought a majority stake in Comstock in 2018 when he swapped $620 million in oil-producing properties for a majority stake within the NYSE-listed firm. He put up an extra $475 million the next 12 months when Comstock bought rival Covey Park Energy in a $2.2 billion deal.
The Haynesville Shale in East Texas and northwest Louisiana is the third-largest pure fuel producer within the U.S., in keeping with the U.S. Vitality Data Administration.
Weakened pure fuel costs weighed closely on the corporate’s monetary outcomes for the final three months of 2023. Pure fuel traded as high as $3.57 in October earlier than falling to $1.70 on Wednesday.
Comstock’s quarterly gross sales took a success, dropping to $354 million versus practically $558 million for a similar interval a 12 months earlier. The corporate closed out 2023 with $1.56 billion in income, down from $3.6 billion in 2022. Earnings totaled about $212 million.