$13 billion project realizes Caturus' ambitions to build the nation's leading independent integrated natural gas and LNG company, featuring a wellhead-to-water strategy

Commonwealth LNG to deliver abundant, lower-emission fuel to global markets, generating local economic benefits and more than $3 billion in annual export revenue; operations to commence by 2030 

 Kimmeridge, Mubadala Energy and CPP Investments provide new financing for Commonwealth LNG and continue as equity investors in Caturus

HOUSTON, May 15, 2026 /PRNewswire/ -- Caturus LLC ("Caturus" or "The Company") today announced it has made a positive Final Investment Decision (FID) for its Commonwealth LNG project that includes successful closing of $9.75 billion in project financing for construction of the 9.5 million tonnes per annum (Mtpa) liquefied natural gas (LNG) export facility in Cameron Parish, Louisiana.

FID marks the start of full construction and advances one of the most cost‑competitive and efficient LNG projects in the United States. The transaction garnered strong interest from both equity and debt investors, resulting in total commitments of $21.25 billion.

"This landmark occasion, in parallel with continued growth of Caturus' upstream platform, is the culmination of years of strategic planning, strong partnerships and commitment to delivering a fully integrated 'wellhead-to-water' project," said Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth LNG.

Long‑term offtake agreements have been secured with a diversified group of global energy and industrial counterparties, including EQT, Glencore, Mercuria, PETRONAS and Aramco Trading. Phase 1 development is expected to generate more than $3 billion in annual export revenue when operations commence in 2030.

Mubadala Energy, which already holds a 24.1% stake in the Caturus platform that includes Commonwealth LNG and Caturus' upstream operations, is also an equity participant in the project's financing.

Mansoor Mohamed Al Hamed, Managing Director and Chief Executive Officer, Mubadala Energy, commented, "This FID announcement is a major milestone for Commonwealth LNG and is a critical step in realizing its strategy for a fully integrated 'wellhead-to-water' operation. For Mubadala Energy, we have been delighted to play an active role in helping achieve this vision while building further momentum to our international growth strategy. The investment adds to our existing global gas-weighted portfolio and expands our exposure across the full gas value chain – an important driver of our longstanding growth plans."

Canada Pension Plan Investment Board (CPP Investments) will contribute $1.2 billion in financing to increase its total stake in the Caturus platform to 31%, including previous investments.

"Caturus stands out for its integrated approach across natural gas production and LNG export, and the platform is well placed to support energy reliability and resilience in its core markets over time. This increased investment in Caturus alongside our partners represents a compelling opportunity to extend our commitment to a differentiated energy platform in pursuit of delivering long-term value for the CPP Fund," said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments.

In addition, major financial partners in the project include EOC Partners, funds and accounts managed by BlackRock, and an Ares Infrastructure Opportunities fund.  

Caturus previously authorized Technip Energies, Commonwealth LNG's EPC partner, to order major long-lead equipment for the facility. The partnership will leverage Technip Energies' global LNG expertise and a modular approach to improve safety and efficiency across the site. The facility will include six Baker Hughes mixed-refrigerant compressors powered by LM9000 gas turbines, six Honeywell main cryogenic heat exchangers and four Titan 350 gas turbine-generators from Solar Turbines. The Commonwealth LNG project will also be capable of loading LNG carriers up to 216,000 cubic meters.

"Global gas demand is unquestionably accelerating and Caturus is positioned to be a differentiated leader across the value chain from upstream production to LNG export," said Caturus Chief Executive Officer David Lawler. "In partnership with our best-in-class team, blue chip investors and Kimmeridge, Caturus will continue to exemplify the value of being the nation's leading independent and integrated natural gas company."

The Commonwealth LNG facility is a central component of Caturus' integrated natural gas strategy to meet an expanding global energy market seeking reliable power on demand with a lower-carbon footprint. This pragmatic approach allows the company to have direct oversight and accountability for exploration and production of natural gas, as well as liquefaction capabilities to market LNG for export.

In the weeks leading up to the Commonwealth FID, Caturus significantly expanded its upstream holdings with the acquisition of Galvan Ranch natural gas assets from SM Energy.  Caturus is now producing more than 1 billion cubic feet equivalent per day on a net basis and ranks among the top 10 private U.S. natural gas pure-play producers. 

 "Caturus is focused on being best-in-class across its entire platform, setting new standards that will guide the industry," said Dell.  "We wish to thank the Trump Administration, Secretary Wright and the Department of Energy, Governor Jeff Landry and the State of Louisiana, U.S. House Speaker Mike Johnson and all those who have recognized just how impactful Commonwealth will be for advancing U.S. energy leadership into the future while generating tremendous value for local communities in Louisiana."

Notably, the Commonwealth LNG project is also the $100 billionth dollar of invested capital in the State of Louisiana during Governor Jeff Landry's tenure leading the state.

About Caturus

Caturus is building America's leading integrated natural gas and LNG company, featuring a unique wellhead-to-water strategy that will deliver responsibly sourced, lower-emission fuel to domestic and international markets. The platform comprises Caturus Energy, formerly Kimmeridge Texas Gas, an upstream operator with more than 1 Bcfe/d net production across ~280,000 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 with operations in 10 countries. The company's portfolio is around 70 percent gas, with an average working interest production of approximately 450,000 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

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2025, the Fund totaled C$780.7 billion. www.cppinvestments.com

Media Inquiries:

Caturus
Lyle Hanna   
Vice President, Corporate Communications
Email: lyle.hanna@caturus.com
Ph: 281.794.9606

Kimmeridge
Daniel Yunger / Hallie Wolff / Emma Cloyd
Kekst CNC
Email: Kekst-Caturus@kekstcnc.com
Ph: 917.574.8582 / 917.842.1127

Mubadala Energy
Paul Slinger
Head of Communications
Email: paul.slinger@mubadalaenergy.com
Ph: +44 7365 364 406

CPP Investments
Frank Switzer
Public Affairs & Communications
Email: fswitzer@cppib.com
T: +1 416-523-8039

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SOURCE Caturus