Jerry Jones is betting big that his gas company has struck a $100B jackpot beneath Texas. (WSJ)
The Dallas Cowboys owner has poured $1B+ into Comstock Resources, giving him a 71% stake and control over a new natural gas frontier dubbed the Western Haynesville—a high-temp, high-pressure region once thought too tough to drill.
Comstock has now drilled about 30 wells, each roughly 19K feet deep at a ~$30M price tag, double typical wells but yielding double the gas. The company says it plans to scale up production to meet surging demand from LNG terminals, data centers, and heavy industry.
The gamble: Comstock’s reinvestment rate tops 100%, bucking Wall Street’s calls for capital restraint. But with natural gas demand rising and rivals consolidating instead of exploring, Jones hopes to make Western Haynesville one of America’s top gas basins.