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Dallas Cowboys Owner Jerry Jones Scores on Billion-Dollar Natural-Gas Gambit
MARKETS | COMMODITIES | GAS MARKETS
Dallas Cowboys Owner Jerry Jones Scores on Billion-Dollar Natural-Gas Gambit
The football-team owner bought control of Comstock Resources at the depths of the gas bust, and now his stake is worth more than twice what he paid
By Ryan Dezember
https://twitter.com/RyanDezember
ryan.dezember@wsj.com
Updated June 22, 2022 5:37 pm ET
Football season is months away, but Dallas Cowboys owner Jerry Jones already has notched a big win this year betting on natural gas.
Mr. Jones took control of producer Comstock Resources Inc. CRK -6.41%▼ four years ago at the depths of the natural-gas bust with an eye toward the liquefied natural gas export terminals along the Gulf of Mexico, just south of the company’s drilling fields. Now, because of booming LNG exports and the highest gas prices in years, his stake is worth about $2.6 billion, more than twice the roughly $1.1 billion that he invested.
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Dallas Cowboys Owner Jerry Jones Scores on Billion-Dollar Natural-Gas Gambit
The football-team owner bought control of Comstock Resources at the depths of the gas bust, and now his stake is worth more than twice what he paid
By Ryan Dezember
https://twitter.com/RyanDezember
ryan.dezember@wsj.com
Updated June 22, 2022 5:37 pm ET
Football season is months away, but Dallas Cowboys owner Jerry Jones already has notched a big win this year betting on natural gas.
Mr. Jones took control of producer Comstock Resources Inc. CRK -6.41%▼ four years ago at the depths of the natural-gas bust with an eye toward the liquefied natural gas export terminals along the Gulf of Mexico, just south of the company’s drilling fields. Now, because of booming LNG exports and the highest gas prices in years, his stake is worth about $2.6 billion, more than twice the roughly $1.1 billion that he invested.
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But:
MARKETS
Natural-Gas Prices Plunge After Extended Outage at Texas LNG Facility
One of the biggest U.S. LNG exporters says fire damage will prevent it from returning to full capacity until late this year
By Ryan Dezember
https://twitter.com/RyanDezember
ryan.dezember@wsj.com
Updated June 14, 2022 4:34 pm ET
U.S. natural-gas prices plummeted after an LNG shipping facility in Texas said a fire last week would knock out the facility until late this year, greatly reducing export capacity.
Natural-gas futures for July delivery fell more than 16% to end Tuesday at $7.189 per million British thermal units, the latest whipsaw move in the market for the power-generation and heating fuel. Futures prices for deliveries through February shed at least 10% on the day, suggesting greatly diminished fears about shortages this coming winter.
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Natural-Gas Prices Plunge After Extended Outage at Texas LNG Facility
One of the biggest U.S. LNG exporters says fire damage will prevent it from returning to full capacity until late this year
By Ryan Dezember
https://twitter.com/RyanDezember
ryan.dezember@wsj.com
Updated June 14, 2022 4:34 pm ET
U.S. natural-gas prices plummeted after an LNG shipping facility in Texas said a fire last week would knock out the facility until late this year, greatly reducing export capacity.
Natural-gas futures for July delivery fell more than 16% to end Tuesday at $7.189 per million British thermal units, the latest whipsaw move in the market for the power-generation and heating fuel. Futures prices for deliveries through February shed at least 10% on the day, suggesting greatly diminished fears about shortages this coming winter.
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