SOCAR prepares for a deal in the U.S.

Azerbaijan's state oil company SOCAR and the American Comstock Resources, Inc. have signed a Letter of Intent to establish a strategic partnership.

This was reported on SOCAR's website.

According to the document, SOCAR will acquire a 20% share of Comstock in the Legacy Haynesville assets, 15% of its share in the Western Haynesville assets, as well as 15% of the company's 73% stake in Pinnacle Gas Services LLC.

At the same time, after achieving a 15% return on investment, SOCAR's share in Western Haynesville will be reduced from 15% to 7.5% in accordance with the established terms.

The total value of the deal, taking into account standard purchase price adjustments, will amount to $1.65 billion. SOCAR intends to take the necessary measures to finance it.

The parties plan to sign the final agreement no later than October 31, 2026, and to close the deal by December 31, provided that the necessary governmental and other approvals are obtained.