Caturus' Wellhead-to-Water Strategy Achieves Major Milestones in Upstream and LNG Development

Commonwealth LNG Project achieves full commerciality

Project financing process imminent for $12.5 billion LNG project

Pre-FID site objectives progressing with EPC partner Technip Energies

Pending $950 million acquisition of SM Energy assets remains on track

HOUSTON, April 7, 2026 /PRNewswire/ -- Caturus announced today its Commonwealth LNG project has finalized customer offtake agreements to underpin financing of its LNG facility in Cameron Parish, Louisiana. With commercialization finalized, the launch of the financing process with lenders is set to begin as the company advances the project toward a Final Investment Decision (FID) anticipated in the coming weeks.

EQT LNG Trading LLC, Glencore Ltd., Mercuria Energy Trading S.A., PETRONAS LNG Ltd., and Aramco Trading Americas LLC have each entered into long-term Sale and Purchase Agreements with Commonwealth for offtake from the facility.

"These commitments from high-quality international partners are a testament to their confidence in the Commonwealth project and our ability to deliver a facility instrumental to their needs in serving the global energy market," said Caturus CEO David Lawler. "Our LNG export capability will be a key component of Caturus' wellhead to-water strategy in building the nation's leading independent integrated natural gas company."

Commonwealth's Phase 1 development is a $12.5 billion project that will generate an estimated $3.5 billion in annual export revenue. The project is expected to begin operations in 2030 with site preparation underway to facilitate early site works.

Caturus has authorized purchase orders via Commonwealth LNG engineering, procurement and construction (EPC) partner Technip Energies to commence manufacturing of long-lead major equipment for the Commonwealth LNG facility. This includes Baker Hughes for six mixed-refrigerant compressors driven by LM9000 gas turbines; Honeywell, to supply six main cryogenic heat exchangers; and Solar Turbines, providing four Titan 350 gas turbine-generators.

The execution phase is now underway with a series of Limited Notices to Proceed that maintain project schedule and project cost. Subcontracts have been awarded for site preparation and surge wall development, as well as marine and material offloading facilities.

In addition to progress made on the Commonwealth LNG project, Caturus expects to close its transaction announced in February for the acquisition of SM Energy Company's Galvan Ranch assets in the near term. The acquisition includes approximately 60,000 high quality net acres in South Texas and ~250 MMcfe/d of production from 260 producing wells. With the addition of these assets, Caturus expects to be producing approximately 1 billion cubic feet equivalent per day net and rank among the top 10 private U.S. gas pure-play producers.

"The acquisition of the SM Energy assets marks a pivotal step in our upstream strategy, enhancing our resource base and production capabilities," said Lawler. "This expansion positions Caturus for sustainable growth and continued leadership in the energy sector."

Caturus' upstream operations and Commonwealth LNG are consolidated under the Caturus platform established by Kimmeridge, an alternative asset manager focused on the energy sector. Mubadala Energy, an international energy company headquartered in Abu Dhabi, holds a 24.1% equity stake in Caturus as part of its international growth strategy.

About Caturus
Caturus is building America's leading independent integrated natural gas and LNG company, featuring a unique wellhead-to-water strategy that will deliver responsibly sourced, low-emission fuel to domestic and international markets. The platform comprises Caturus' upstream operations with approximately 650 MMcfe/d net and 950 MMcfe/d gross production across ~215,000 net acres in Texas; and Commonwealth LNG, a 9.5 Mtpa liquefied natural gas export terminal project located on the U.S. Gulf Coast near Cameron, Louisiana.
www.caturus.com

About Kimmeridge
Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proven sustainability track record and proprietary research and data gathering.
www.kimmeridge.com

About Mubadala Energy
Mubadala Energy is an international energy company, headquartered in Abu Dhabi. The company's portfolio is around 70 percent gas, with an average working interest production of approximately 370,000 barrels of oil equivalent per day. In line with Mubadala Energy's commitment to play an active role in the energy transition, the company is expanding across the gas value chain and actively pursuing opportunities in new energy sectors.
www.mubadalaenergy.com

Media Inquiries:

Caturus
Lyle Hanna
Vice President, Corporate Communications
Email: [email protected]
Ph: 281.794.9606

Caturus / Kimmeridge
Daniel Yunger / Hallie Wolff / Emma Cloyd
Email: [email protected]
Ph: 917.574.8582 / 917.842.1127

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SOURCE Caturus