Comstock and Range post strong reserves growth - US upstream week in brief
Comstock and Range reported large year-over-year proved reserves increases of 47% and 22%, respectively. Improved financial strength, better drilling execution and M&A all contributed on varying levels. Range also released early test well results for its North Louisiana position that suggest a potential shift in drilling priorities. New north Louisiana data may have implications for growth-oriented private companies leveraged to the ArkLaTex. Jagged Peak goes public in a deal that fails to meet expectations, but why was the ultimate Permian valuation below some expectation? Is it a sign of peak metrics, or something more specific to their portfolio? New Permian pipe expansion projects are announced for the Cactus and BridgeTex systems, but we think they're not enough.