What Kimmeridge Texas Gas does

Kimmeridge Texas Gas, now operating under the Caturus brand, is a Houston-headquartered, vertically integrated natural gas business controlled by private equity sponsor Kimmeridge. The company combines an upstream production platform centered on the Eagle Ford and Austin Chalk — 1 Bcfe/d of production, 280,000 Tier 1 net acres, 810 wells, and four active rigs as of the input period — with a downstream LNG export terminal (Commonwealth LNG) in Cameron, Louisiana, in which it acquired a 90% stake in June 2024.

The integrated model is designed to route dedicated upstream molecules from the South Texas play into a 9.5 Mtpa Gulf Coast export facility, with first LNG cargoes targeted for 2029. Pre-FID commercial activity had already contracted 7 Mtpa of the 9.5 Mtpa permitted capacity (74%), anchored by a 20-year offtake agreement with Mercuria signed in February 2026 for 133 MMcf/d (~1 Mtpa). The integrated platform is intended to capture the US-to-international gas price arbitrage while securing long-dated offtake against long-dated reserves.

The business model monetizes two revenue streams that are not yet simultaneous: (1) current upstream natural gas and NGL sales from existing wells, and (2) future LNG export tolls and netbacks once Commonwealth LNG commences commercial operations. Funding to date includes a $500M Senior Unsecured Note issuance at 8.50% in January 2025, indicating pre-revenue, high-coupon financing typical of pre-FID energy infrastructure. The rebrand to Caturus in 2025 and the appointment of a former BP executive as CEO of Commonwealth LNG signal intent to position the LNG platform for a future standalone capital markets event.

Name

Kimmeridge Texas Gas

Legal name

Caturus

Website

https://ktgllc.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Caturus (formerly Kimmeridge Texas Gas) is a Kimmeridge-controlled, vertically integrated natural gas producer and LNG developer combining 1 Bcfe/d of Eagle Ford and Austin Chalk production with the 9.5 Mtpa Commonwealth LNG export project in Cameron, Louisiana, targeting first cargoes in 2029.

Ownership category

akta.pro rank

Product category

Natural Gas Production & LNG Export

NAICS

Natural Gas Extraction (211130), Pipeline Transportation of Natural Gas (48621)

SIC

Crude Petroleum & Natural Gas (1311), Natural Gas Transmission (4922)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industries

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA), LNG Import/Export Terminals & Storage (Regas, Peak Shaving, Small-Scale LNG) (EUALAEAD)

Keywords

• Natural gas production
• LNG export
• Upstream operations
• Natural gas exploration
• Integrated gas company

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel

Revenue model

1. LNG Export Sales: Revenue generated from exporting liquefied natural gas through the Commonwealth LNG terminal. The facility has 9.5 Mtpa export capacity with contracted capacity at 7 million tonnes annually (74% of permitted capacity) following the Mercuria supply partnership.

Distribution channels1 record

Marketing channels1 record

Core offering

Kimmeridge Texas Gas (now unified under the Caturus platform) is an integrated natural gas and LNG company that explores for and produces natural gas from the Eagle Ford and Austin Chalk formations in Texas and exports liquefied natural gas through the Commonwealth LNG terminal in Cameron, Louisiana. Upstream operations currently produce 1 Bcfe/d from 280,000 Tier 1 net acres across 810 producing wells, while the 9.5 Mtpa Commonwealth LNG export facility (requiring ~$13 billion in capital investment) links American natural gas resources to international markets.

Product overview

Caturus is a unified platform combining upstream natural gas exploration and production with downstream LNG export capabilities. The platform comprises two core products: (1) Upstream Operations — producing 1 Bcfe/d from 280,000 Tier 1 net acres in Texas (Eagle Ford and Austin Chalk formations), with 810 producing wells and 20-year drilling inventory; and (2) Commonwealth LNG — a 9.5 Mtpa LNG export facility in Cameron, Louisiana requiring ~$13 billion capital investment. Both operations are designed to integrate, with upstream gas production fueling LNG export demand, supporting the company's goal of providing low-cost energy with minimal carbon footprint.

Differentiator

Problem solved

Functional benefit

Products and services

• Commonwealth LNG Export Facility A 9.5 million tons per annum (Mtpa) LNG export terminal under development in Cameron, Louisiana, serving as a link between abundant American natural gas resources and international markets, with approximately $13 billion capital investment planned and 74% (7 million tonnes annually) of permitted capacity contracted.
• Upstream Natural Gas Operations Natural gas exploration and production operations in Texas focused on the Eagle Ford and Austin Chalk formations, currently producing 1 Bcfe/d from 280,000 Tier 1 net acres, with 810 producing wells, 4 active rigs, and a 20-year inventory at two-rig development pace.

Quantifiable outcome

• 9.5 Mtpa LNG export capacity
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• MercuriacoreStrategic or Co-development Partner · 4 February 202620-year supply partnership where Mercuria provides 133 million cubic feet per day of natural gas feedstock to Commonwealth's export facility, equivalent to approximately 1 million metric tons of annual LNG production capacity. The deal brings total contracted capacity to 7 million tonnes annually (74% of permitted capacity), positioning the project near the threshold required for final investment decision approval.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Range Resources: Appalachian-focused natural gas E&P with liquids exposure, similar in operating philosophy to Caturus's upstream platform supplying Gulf Coast demand.
• Comstock Resources: Pure-play Haynesville Shale natural gas producer strategically positioned to serve Gulf Coast LNG export demand. Direct comparable to Caturus's gas-supply-for-LNG upstream strategy.
• Venture Global LNG: Develops multiple large-scale US LNG export terminals (Calcasieu Pass, Plaquemines, CP2) with long-term SPAs. Closely comparable to Caturus in scaling from FID through construction into first cargoes.
• Tellurian: Was developing the Driftwood LNG terminal in Louisiana with integrated upstream production (Haynesville). Closely comparable vertically integrated gas-to-LNG model, illustrating both the promise and execution pitfalls of the strategy.
• EQT Corporation: Largest US natural gas producer, focused on Appalachia, with growing LNG export exposure via offtake contracts. Comparable in scale of Tier 1 acreage and LNG-linked strategy.
• NextDecade: Developer of the Rio Grande LNG export facility at the Port of Brownsville, Texas. A direct peer in FID-stage US Gulf Coast LNG development with comparable contracted capacity and financing dynamics.
• Antero Resources: Large-scale Appalachian natural gas producer with significant firm LNG export commitments via major US terminals. Comparable to Caturus's upstream E&P focus on dedicated LNG-feedstock supply.
• Cheniere Energy: The largest US LNG exporter, operating the Sabine Pass and Corpus Christi terminals. Directly comparable to Caturus as a vertically integrated LNG developer with long-term offtake contracts and FID-approved capacity expansions.

Emerging players

• New Fortress Energy: Develops LNG infrastructure including floating LNG and regasification terminals with global reach. Comparable to Caturus in building flexible LNG supply chains, though more focused on downstream/midstream than upstream.
• Glenfarne Energy Transition: Developer of LNG export projects (e.g., Magnolia LNG) and midstream gas infrastructure in the Gulf Coast. Emerging peer overlapping with Commonwealth LNG's project profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/caturus

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kimmeridge Texas Gas