The Haynesville Supply Chain at $3.15 Henry Hub: CRK Has the Molecules, WMB Has the Highway

CRK | NYSE | WMB | NYSE | Source data: CRK Q1 2026 10-Q (SEC filed May 6, 2026); WMB Q1 2026 10-Q (SEC filed May 4, 2026); Yahoo Finance intraday, June 10, 2026

The AI/natural gas demand thesis has been written from the producer side: EQT's Marcellus scale, Expand Energy's Haynesville cost structure. What hasn't been written is the supply chain itself, who owns the molecules, who moves them, and whether the infrastructure can actually deliver on the demand promise at current prices. That story runs through Comstock Resources (CRK) and Williams Companies (WMB).

Henry Hub trades at $3.18/MMBtu as of June 10, 2026. WTI holds at $90.30/bbl. The oil-gas divergence that has defined 2026 keeps widening, and the beneficiaries are the gas-weighted names that the oil-price selloff cannot touch.

CRK: The Wellhead

Comstock Resources is the largest dedicated Haynesville E&P in the United States. No Permian optionality, no diversification story. Pure Haynesville natural gas, with a Western Haynesville position developed through its Pinnacle Gas Services (PGS) gathering and treating subsidiary.

The Q1 2026 numbers tell a disciplined story. Natural gas production came in at 97.9 Bcf (1.1 Bcf per day), down 15% from 115.0 Bcf in Q1 2025. That production decline is deliberate, not a signal of distress. Comstock curtailed volumes in late 2025 during the sub-$3.00/MMBtu trough and has been bringing them back online as prices recovered. The realized price tells that story: $4.27/Mcf in Q1 2026, up 19% from the $3.58/Mcf Comstock averaged in Q1 2025. Higher price, lower volume, similar revenue.

Total natural gas and oil revenues landed at $419.0 million for the quarter, essentially flat with Q1 2025's $413.0 million despite the volume drop. The price recovery absorbed the curtailment.

The cost structure is what makes CRK interesting for the AI/LNG thesis. Per-unit lifting costs remain lean: lease operating at $0.29/Mcfe, production and ad valorem taxes at $0.10/Mcfe, gathering and transportation at $0.43/Mcfe. Total cash production costs below $0.85/Mcfe, against a realized price of $4.27/Mcf. CIR Analysis: At current Henry Hub pricing, Comstock's Haynesville wells are generating margins that bear no resemblance to the distress conditions the company navigated in 2023-2024. The Western Haynesville, where CRK controls its own gathering through PGS, is producing at structural advantage.

The balance sheet carries the leverage risk. Long-term debt stands at $2.95 billion as of March 31, 2026, up from $2.81 billion at year-end. The company carries $6.49 billion in net property and equipment against that debt load, and PGS has added $412.5 million in net PP&E as CRK built out the Western Haynesville gathering system. CIR Analysis: The debt load is manageable at $4.00+ realizations but limits CRK's capital allocation flexibility if gas falls back below $3.00 for an extended period. It is the single structural risk in an otherwise compelling positioning story.

WMB: The Highway

Williams Companies is the midstream operator best positioned to benefit from Haynesville-to-Gulf Coast gas demand growth. The Transco pipeline system, North America's highest-capacity natural gas pipeline, runs from South Texas to New York. The segment that matters for the AI/LNG thesis is the Southern end: Louisiana Gulf Coast terminal deliveries.

Q1 2026 results were strong across the board. Total service revenues came in at $2.206 billion, up from $2.003 billion in Q1 2025, a 10% year-over-year gain driven by volume growth and rate increases. Operating income hit $1.321 billion, up 21% from $1.094 billion in Q1 2025. Total Modified EBITDA across WMB's reportable segments reached $1.981 billion for the quarter.

The Transmission, Power & Gulf segment generated $1.010 billion in Modified EBITDA, the dominant contributor. That segment's external service revenues were $1.262 billion in Q1 2026. It encompasses Transco's backbone interstate pipeline, gathering assets in the Gulf of America, and the company's Power Innovation projects targeting data center and AI power demand.

Two capacity additions are directly relevant to this supply chain analysis. Louisiana Energy Gateway, providing incremental gathering capacity in the Haynesville Shale basin, came online in 2025. WMB expects a full-year contribution in 2026 and explicitly cited "expected increases in Haynesville Shale volumes" as a 2026 growth driver in its MD&A. Southeast Supply Enhancement received FERC approval in January 2026 and will add 1,597 Mdth/d of incremental Transco capacity from Virginia to Alabama, targeting the Southeast power demand corridor where data center growth is concentrated. Expected in-service: third quarter of 2027.

WMB's 2026 growth capital budget runs $7.0-$7.6 billion, explicitly directed at "Power Innovation projects, Transco expansions — all of which are fully contracted with firm transportation agreements — projects supporting growth in the Haynesville Shale basin." The phrase "fully contracted" is the critical qualifier. WMB is not speculating on demand. It is building to signed agreements with creditworthy counterparties. CIR Analysis: The capital program is funded by current free cash flow and supported by contracted revenue. Williams is the midstream operator executing the Haynesville growth thesis in concrete rather than in analyst presentations.

One notable transaction: WMB sold its interests in certain upstream Haynesville ventures in the South Mansfield area for $398 million, closing January 30, 2026, recognizing a $182 million gain. The divestiture is clean signal of strategy: Williams is exiting upstream risk and doubling down on pure-play midstream infrastructure.

The Physical Supply Chain

Draw the physical chain: CRK wellhead (1.1 Bcf/d from Western Haynesville) to PGS gathering and treating (CRK-controlled, $412.5 million of dedicated assets) to Louisiana Energy Gateway (WMB, online) to Transco mainline to Gulf Coast LNG terminals for export or power delivery. The Southeast Supply Enhancement extends that same Transco spine toward data center power markets in the Southeast corridor.

Both legs of this supply chain are in place today, not projected. CRK controls its wellhead economics at sub-$0.85/Mcfe total cash costs. WMB carries $1.981 billion in quarterly EBITDA and a contracted capital program specifically targeting Haynesville volumes and power demand growth. The infrastructure bet is not hypothetical.

What To Watch

• CRK production guidance: Comstock has been managing volumes against the price deck. Watch for any Q2 guidance update that signals acceleration. A sustained $3.15+ Henry Hub environment should drive volume recovery through second-half 2026.
• Southeast Supply Enhancement permitting: FERC approved in January; construction permitting and contractor commitments are next. A Q3 2027 in-service date assumes no major delays. The capacity addition (+1,597 Mdth/d) is large enough to materially shift Southeast power market gas access.
• CRK debt management: $2.95 billion in long-term debt at $4.27 realizations is sustainable. But the company has limited free cash flow generation until second-half 2026 production volumes recover. Watch Q2 capex and production guidance for the pace of that recovery.
• WMB Power Innovation projects: Management flagged these explicitly in growth capex. The projects are backed by customer reimbursement clauses on long-lead equipment. When the counterparties are named, it will clarify the data center demand signal embedded in WMB's 2026 capital program.

Crude Intelligence Report is an independent upstream oil and gas intelligence publication. The content in this article is for informational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. Always conduct your own due diligence before making investment decisions. CIR and its contributors may hold positions in companies mentioned; any such positions will be disclosed when known. © 2026 Crude Intelligence Report. All rights reserved.

This article contains forward-looking statements and analytical opinions. Actual results may differ materially.