generic CFO at Jerry Jones' gas company on rising prices due to Texas freeze: 'Like hitting the jackpot'
While millions in Texas are without power due to a deadly winter storm that has brought record low temperatures to the state, the chief financial officer at Jerry Jones' natural gas company can only think about money.
Roland Burns, CFO at Comstock Resources Inc., reportedly bragged that the week has been "like hitting the jackpot," according to the Dallas Morning News.
“This week is like hitting the jackpot with some of these incredible prices,” Burns said. “Frankly, we were able to sell at super premium prices for a material amount of production.”
The storms caused gas production to drop to a four-year low, causing a surge in natural gas prices. Comstock was able to sell gas from its Haynesville Shale wells Thursday, taking advantage of the shortage.
Jones initially made his money in oil investments in the 1970s, allowing him to buy the Dallas Cowboys in 1989. Jones invested heavily in Comstock in 2018, becoming the company's controlling shareholder.
Texas issued state of emergency Monday
As a result of the frigid temperatures, electricity use surged in Texas as residents attempted to stay warm. This caused power plants to go offline, leading to blackouts across the state. Roughly 2 million homes were without power Monday, according to the Wall Street Journal. That evening, power was restored to about 500,000 homes.
On Wednesday, President Joe Biden announced his administration would send emergency generators to the state to help fix the problem. FEMA has also supplied generators, water and blankets to those in need.
At least 11 deaths have been linked to the storms.
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