11/04/2025
Dallas Cowboys owner Jerry Jones has poured more than $1 billion into natural gas driller Comstock Resources, betting it can drill some of the hottest, deepest wells in the U.S.—and unleash a torrent of new gas supplies.
Comstock says it is set to do just that. It has trumped hellish geology and cranked out dozens of gushers. It has also gone on a stealthy land grab and controls a large chunk of a region it calls the Western Haynesville.
As a result, it says it is gearing up to pump enough fuel to help meet the soaring needs of exporters, data centers and heavy industries for years to come.
Now, Jones says, it’s payday. “There’s $100 billion present value with gas out there,” the 83-year-old billionaire said in an interview. “That’s why I’m talking to you on the telephone rather than trying to fix our defense with the Dallas Cowboys.”
Jones is known for zigging when others are zagging. He made a big wager on natural gas when prices were in the gutter, and he has funded Comstock’s exploration at a time when its rivals are sticking with Wall Street’s strict capital edicts. He has kept buying shares and now owns roughly 71% of the company.
Thanks to those risky moves, Comstock finds itself sitting on promising territory at an auspicious time. A wall of new natural gas demand is set to test aging and pipe-constrained basins from Louisiana to Appalachia and drive prices higher. The Western Haynesville is about 100 miles from Dallas, one of the U.S.’s fastest-growing regions, and about 250 miles from Gulf Coast facilities that liquify and ship natural gas.
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