Millions of Texans went without electricity for days in the cold. Winter Storm Uri left 111 dead. Property damage totaled $130 billion. Yet, many natural gas producers reaped tens of billions in windfall profits in four freezing February days.
“Obviously, this week is like hitting the jackpot,” said Roland Burns, chief financial officer of Comstock Resources, on the final day of the storm. Gas prices soared two hundredfold as power generators struggled to keep their gas-fueled power plants running.