Jerry Jones' gas company hits 'jackpot' as demand surges amid Texas' winter crisis

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[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I am sure he worked special hard to make these special profits.

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.

"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,

[–]Nemacolin[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Sports Illustrated has a story too.

Jerry Jones is doing what he has always done: trying to cash in. He is damn good at it. He is a billionaire for a lot of reasons: business acumen, luck, fearlessness and the willingness to do things like jack up the price of natural gas at a time when the people of Texas need it the most.

As Texans continue to go days without power or heat, shale-driller Comstock Resources Inc., a publicly traded company of which Jones is the majority stockholder, has, according to NPR, been selling gas at “super-premium prices.” It has been “like hitting the jackpot," Roland Burns, Comstock’s president and CFO, said on a Wednesday earnings call.

This is business to Jones, as defensible to him as—I’m being hypothetical here, of course—another billionaire claiming that not paying taxes “makes me smart.” Jones does not need the money, but need has nothing to do with this. Making more money for himself is one way he keeps score. (Winning Super Bowls is the other, though he hasn’t done that in almost three decades.)

https://www.si.com/nfl/2021/02/19/jerry-jones-gas-company-jacks-prices-during-texas-power-crisis