Jerry Jones ‘hitting the jackpot’ amid fallout from crippling cold weather
The state of Texas, among other regions across the United States, has been besieged by crippling cold weather this past week. The brutal winter storm has caused widespread power outages that have disastrously left millions without heat or electricity.
Despite the tragic nature of what’s transpiring in Texas, which has left many of the state’s residents reeling, it appears billionaire Dallas Cowboys owner Jerry Jones is experiencing a financial windfall as a result of the devastatingly unfortunate circumstances.
Arguably crudely related in a report from the Dallas Morning News on the fallout from the calamitous weather conditions Texas residents are presently enduring, it’s revealed that Jones is “hitting the jackpot” thanks to his investments in Comstock Resources Inc.
The Frisco-based natural gas producer owned by Dallas billionaire Jerry Jones is cashing in on a surge in prices for the fuel as a brutal freeze grips the central U.S. … Comstock Resources Inc. has been able to sell gas from its Haynesville Shale wells in East Texas and northern Louisiana at premium prices since Thursday. As demand jumps amid the cold, gas at some regional hubs has soared past $1,000 per million British thermal units.
“This week is like hitting the jackpot with some of these incredible prices,” Chief Financial Officer Roland Burns said on an earnings call Wednesday, via Bloomberg (by way of Pro Football Talk). “Frankly, we were able to sell at super premium prices for a material amount of production.”
It’s “good news for Jones, who, two years ago, had a total investment of $1.1 billion in Comstock. His oil and gas company has become the leading producer in one of the nation’s largest natural gas basins,” PFT’s Charean Williams writes.
More than 2.5 million Texas homes and businesses remain without power as of Wednesday night and at least 24 deaths have been attributed to the winter storm’s calamitous impact on the state’s power grid.
A report from NJ.com covering Jones’ financial windfall frames the narrative to speculate on how the influx of money may impact whether the Jones and the Cowboys will sign Dak Prescott to a long-term contract.
While Jones should not be condemned for profiting off his savvy investor acumen despite the harrowing circumstances that led to the development, odds are business interests outside his ownership of the Cowboys won’t have much to do with how he operates his NFL organization.