Rich get richer. High gas prices help Dallas Cowboys owner Jerry Jones earn billions
The pain at the pump for most of us has been a pleasure for Jerry Jones.
The Dallas Cowboys owner has seen his stake in Comstock Resources Inc. more than double in worth to $2.6 billion from his $1.1 billion investment in the company in 2018, according to the Wall Street Journal.
Jones also saw a surge in profits when a massive winter storm in February 2021 shut down power in much of Texas.
Frisco-based Comstock Resources has seen a massive surge in its stock price since Russia invaded Ukraine in late February and caused a worldwide oil and gas crisis. The company’s shares are up 81% since then. For every $1 the stock goes up or down, Jones’s 66% stake, a mix of common and convertible preferred shares, adds or loses about $182 million, according to the WSJ.
Jones bought a controlling stake in the company in 2018 when the natural gas market had plummeted. The boom this spring in liquefied natural gas exports, which was exacerbated by the war in Ukraine, and contributed to the surging gas prices, have helped Jones’ gamble pay off.
This story was originally published June 23, 2022 at 4:23 PM.
