Later: see this note from a reader.
Don't you just love it when someone can get "deadly," "Jerry Jones," and "shale" all in one tweet!
Cofveve.
Only one more word would have made that sentence "quadrupaly" perfect: fracking!
So, let's do it:
Fracking insanity: a shale-drilling company in which Jerry Jones is the majority shareholder is profiting massively off of the deadly winter storm in Texas.
Whoo-hoo!
Now, guess which company we're talking about?
One might want to mention it hasn't always been this way:
Earlier this month [November, 2019], Jones confirmed that his Comstock Resources Inc. is in talks to acquire shale gas assets in Louisiana from financially strapped Chesapeake Energy Corp. in a deal that could be valued at more than $1 billion. And in June, in another billion dollar deal, Comstock announced plans to acquire Covey Park Energy LLC, a closely held natural gas company with operations in the Haynesville area.
Jones said his long-term plans are to buy up oil and gas assets through Comstock, in which he owns a 73% stake,.
Haynesville, which mostly produces natural gas, has been forlorn due to a nationwide glut of the heating and power plant fuel. The number of rigs drilling wells has steadily dropped over the past decade. The 53 rigs working there is down by more than two-thirds from early 2011, according to Baker Hughes Co.
Comstock shares have plunged 95% since July 2014, when crude prices first began to tumble.
While rival gas drillers such as Chesapeake have sought to pump more oil, Comstock has pursued a different course, shifting deeper into gas by reducing crude to just 9% of output last year from 39% in 2014.
When Comstock announced plans to buy Covey Park, Jones likened the deal to his historic acquisition of the Cowboys, saying he bought when “everything was down and out.”
And so it goes. But let's concentrate on Jerry Jones profiting massively off this Texas deep freeze.
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