Comstock Resources, Inc. (CRK) has signed a nonbinding letter of intent with SOCAR for $1.65 billion in cash. Under the agreement, SOCAR would acquire 20% of Comstock's Legacy Haynesville and 15% of its Western Haynesville upstream interests, along with 15% of Comstock's ownership in Pinnacle Gas Services. Comstock estimates the proceeds would reduce its non-GAAP net debt by approximately $1.6 billion, from $3.1 billion to $1.5 billion as of June 30, 2026, significantly improving financial flexibility. The parties aim for a definitive agreement by October 31, 2026, and closing by year-end.