Unprecedented winter weather and low temperatures slammed Texas this week as 4 million residents were left with no power and 7 million with water issues. Damage has been dealt across the state, leading to what could be the costliest natural disaster to ever strike the region.
Meanwhile, a company owned by billionaire Dallas Cowboys owner Jerry Jones seems to be profiting amidst the chaos.
According to Bloomberg news, Comstock Resources Inc., a natural gas producer based in Frisco, has cashed in on fuel surges this week. Because the demand for gas has increased during the historically low temperatures, prices have soared, allowing the company to cash in on a hefty profit.
“This week is like hitting the jackpot with some of these incredible prices,” Chief Financial Officer Roland Burns said on an earnings call Wednesday, per Bloomberg. “Frankly, we were able to sell at super premium prices for a material amount of production.”
Jones invested over $1.1 billion into Comstock two years ago which has clearly paid dividends. The company has risen to become one of the leading natural gas producers in the area.
Texas freeze allows Jerry Jones' natural gas company to "hit jackpot" https://t.co/4vMq1UA7mX
— ProFootballTalk (@ProFootballTalk) February 18, 2021
The 27-year-old quarterback played under the franchise tag in 2020 before going down with a season-ending injury. Now, Jones must determine whether to use the tag on Prescott again, sign him to a long term deal, or let him explore the market for a new team.
Apart from Prescott, Jones and the Cowboys have plenty to address before the season gets underway next fall. Dallas went 6-10 in 2020 in Mike McCarthy’s first year at the helm.