Cowboys owner Jerry Jones seems to be benefiting from the record frigid weather causing power problems in Texas.
Comstock Resources, a drilling company for which Jones owns the majority of public shares, told investors this week that it has seen a significant financial boost as the demand for natural gas has far exceeded supply amid the winter storm conditions in Texas and elsewhere, Bloomberg News reported.
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"This week is like hitting the jackpot with some of these incredible prices," Roland Burns, the company's president and chief financial officer, said Wednesday, according to Bloomberg. "Frankly, we were able to sell at super premium prices for a material amount of production."
According to an NPR report, Comstock had already ramped up production ahead of expected price increases. The company is now benefiting from prices that have been between $15 per thousand cubic feet and $179 per thousand cubic feet, reports say. Last quarter, NPR reported, the gas was priced at $2.40 per thousand cubic feet.
Jones, who has owned the Cowboys since 1989, owns a 73 percent share in Comstock, according to Newsweek. He has a net worth of $8.7 billion, according to Forbes.
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February 20, 2021 at 01:54AM
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Jerry Jones' gas company hits 'jackpot' as demand surges amid Texas' winter crisis - Sporting News
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