Man it's gotta be just a brutal day to be Jerry Jones. Just checking in on the worst play of all time. Holy crap these wells are bad, and the timing of the play arguably even worse. Comstock Western Haynesville expansion probably one of the worst timed bets in the last 10 years natural gas? That's saying a lot. So first, Jerry moves capital out of Louisiana, which is pretty much a different country than Texas. Cause the "easy approval" pipelines are all intrastate (i.e. don't cross state lines), the Louisiana gas supply market is radically different than Texas. Permian is puking gas into Texas, but not so much Louisiana (eventually though). So Jerry has built one of the highest cost gas assets (deep, dry gas with massive capital cost per well) and is competing with one of the lowest cost gas assets (associated Permian natural gas/liquids rich gas). Literally the cost of supply is ~$10/MMBtu difference. Permian cost is -$5/MMBtu and Western HSVL is +$5/MMBtu. Lmao. So, by the time he'd done HBP-ing the Western Haynesville and ready to grow, there's about 10 Bcf/d of $0-cost Permian gas coming to absolutely destroy the central Texas gas market. Their top quartile wells don't clear a cost of capital/make money until ~$4.50/MMBtu which is obviously never going to happen, and the average well doesn't tick until near $6/MMBtu. I dunno man. I am/was a fan of the Western Haynesville but this seems like a very notably awful spot for Comstock to be in. Compare the deep Haynesville to the Deep Woodford/Wolfcamp/Barnett in the Delaware (last picture) and where the Western Haynesville starts to break even, the Woodford is printing 0.5x P/I10% which is more than enough to incentivize drilling. Especially at scale, if you can get enough FT to get $0.90 tolls and lower cost processing you're laughing. Not really sure how this doesn't end in pain.