Caturus

What Caturus does

Caturus is a privately held, integrated natural gas and LNG platform founded by Kimmeridge in August 2025 through the rebranding of SoTex HoldCo, with Mubadala Energy taking a 24.1% strategic stake and CPP Investments subsequently lifting its stake to 31%. The company operates a "wellhead-to-water" model that combines upstream natural gas production through Caturus Energy (formerly Kimmeridge Texas Gas) with downstream LNG export through Commonwealth LNG, unified by a single value chain and a Texas-based management team. Caturus Energy produces more than 1 Bcfe/d of natural gas net across approximately 280,000 Tier 1 net acres in the Eagle Ford, Austin Chalk, and Haynesville formations, running 4 active rigs across 810 producing wells with roughly 20 years of drilling inventory. Caturus is led by former BP America Chairman David Lawler as CEO, with former Cheniere SVP Tim Wyatt as President of LNG and Gas Marketing.

The core technology base spans upstream drilling and gathering — the PACE-X Ultra™ X33 rig co-developed with Nabors Industries (the most powerful onshore rig in the U.S.), 150 miles of installed gathering line, and 1 Bcfe/d of contracted midstream capacity — and the Commonwealth LNG export facility, a 9.5 Mtpa liquefaction terminal under construction in Cameron Parish, Louisiana. Commonwealth is being built using Technip Energies' SnapLNG by T.EN™ fully modular approach, with Baker Hughes LM9000 aeroderivative compressors, Honeywell main cryogenic heat exchangers, and Solar Turbines Titan 350 generators, targeting a $13 billion project cost, FID achieved May 15, 2026, and operations from 2030.

Caturus monetizes through two primary streams: long-term Henry Hub-indexed LNG offtake (15–20 year Sale and Purchase Agreements, FOB basis) with EQT, Glencore, Mercuria, PETRONAS, Aramco Trading, and JERA at 100% of the 9.5 Mtpa capacity (projected $3+ billion in annual U.S. export revenue from 2030), and upstream gas production sold to midstream and pipeline counterparties (including a Mercuria Americas Gas Supply Agreement that feeds Commonwealth LNG). The capital stack is anchored by $9.75 billion in project debt from a 20-bank syndicate, $1.2 billion in additional CPP equity at FID, $600 million of 7.125% senior unsecured notes due 2031, and broader $21.25 billion in total commitments, with the project targeted to begin operations in 2030 and deliver first cargo in 2031.

Name

Caturus

Legal name

Caturus, LLC

Website

https://caturus.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

51–100 employees

Short description

Caturus is an integrated natural gas and LNG platform combining 1 Bcfe/d of upstream production across ~280,000 net acres in Texas with a 9.5 Mtpa LNG export facility under construction in Cameron, Louisiana, supplying global utilities, NOCs, and trading houses under 15–20 year Henry Hub-indexed offtake contracts.

Ownership category

akta.pro rank

Product category

Integrated Natural Gas and LNG

NAICS

Natural Gas Extraction (21113), Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

LNG Contracting & Commercial (SPAs, Tolling, Offtake, Pricing) (EUALAFAF)

akta.pro secondary industries

Spot & Short-Term LNG Trading (DES/FOB, Prompt Cargoes) (EUAGAHAA), Operations, Scheduling & Post-Trade for LNG (Nomination, Settlement, Claims) (EUAGAHAK)

Keywords

• Natural gas production
• LNG export services
• Upstream exploration
• Gas liquefaction services
• Midstream gathering

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, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Long-term LNG Offtake Sales: Commonwealth LNG sells 9.5 Mtpa of LNG under long-term Sale and Purchase Agreements (15–20 years) with global energy and industrial counterparties at prices indexed to Henry Hub. Phase 1 expected to generate more than $3 billion in annual export revenue from 2030. Offtakers include EQT (1 Mtpa), Glencore (2 Mtpa), Mercuria (1 Mtpa), PETRONAS, Aramco Trading (1 Mtpa), and JERA.
2. Upstream Natural Gas Production: Caturus Energy produces more than 1 Bcfe/d of natural gas across ~280,000 net acres in the Eagle Ford and Austin Chalk formations of South Texas, ranking among the top 10 private U.S. natural gas pure-play producers. Revenue derives from gas sales to midstream partners and direct gas supply agreements (e.g., Mercuria Americas Gas Supply Agreement).
3. Pipeline Natural Gas Supply to LNG Facility: Commonwealth LNG secures natural gas feedstock through gas supply agreements (e.g., Mercuria Americas GSA) at corresponding volumes to its LNG SPA commitments, sourced from Caturus upstream production and third-party supply, supporting both feedstock security and merchant optimization.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Caturus is an integrated natural gas and LNG company that combines upstream exploration and production (1 Bcfe/d net across ~280,000 Tier 1 net acres in the Eagle Ford, Austin Chalk, and Haynesville formations) with a 9.5 Mtpa LNG export terminal (Commonwealth LNG) under construction in Cameron Parish, Louisiana. The company sells Henry Hub-indexed LNG under 15–20 year Sale and Purchase Agreements to global energy companies, state-owned oil and gas firms, and commodities traders, with operations targeted to commence in 2030.

Product overview

Caturus is a single, integrated natural gas and LNG platform — not a multi-product SaaS suite — composed of two core operational businesses: Caturus Energy (the upstream exploration and production arm formerly known as Kimmeridge Texas Gas) and Commonwealth LNG (the 9.5 Mtpa LNG export terminal project near Cameron, Louisiana). The platform is unified by Caturus' "wellhead-to-water" strategy, which coordinates upstream gas production, midstream gathering, and downstream liquefaction and export into a single value chain. Layered on top of the platform is ANZLNG™ (American Net Zero LNG™), Caturus' branded program that packages natural gas processing, distribution, and liquefaction offerings with optionality for advanced carbon capture and sequestration, and operational technology assets such as the Nabors PACE-X Ultra™ X33 onshore drilling rig.

Differentiator

Problem solved

Functional benefit

Brands

• Caturus Energy: Upstream exploration and production subsidiary producing more than 1 Bcfe/d net across ~280,000 net acres in South Texas (Eagle Ford, Austin Chalk) and East Texas; formerly Kimmeridge Texas Gas.
• Commonwealth LNG

Products and services

• Caturus (Integrated Wellhead-to-Water Platform) Integrated natural gas and LNG platform that combines upstream exploration and production with a 9.5 Mtpa LNG export terminal to deliver responsibly sourced, low-emission fuel to domestic and international markets. Unifies Caturus Energy's upstream production with Commonwealth LNG's export operations under a wellhead-to-water strategy.
• Caturus Energy (Upstream Natural Gas Production) Upstream exploration and production business operating across the Eagle Ford, Austin Chalk, and Haynesville formations in Texas, producing more than 1 Bcfe/d net across ~280,000 net acres with 810 producing wells; ranks among the top 10 private U.S. natural gas pure-play producers and holds MiQ certification for responsibly sourced gas.
• Commonwealth LNG Export Terminal 9.5 Mtpa liquefaction and export facility on the west bank of the Calcasieu Ship Channel near Cameron, Louisiana, featuring five 50,000 m³ storage tanks and accommodating LNG carriers up to 216,000 m³. Developed via the modular SnapLNG by T.EN™ approach with Technip Energies as EPC partner. 100% of capacity contracted under 15–20 year SPAs; operations targeted to commence in 2030.
• ANZLNG™ (American Net Zero LNG™) Program Trademarked program offering natural gas processing, distribution, and liquefaction services with optionality to integrate third-party advanced carbon capture and sequestration, supported by nature-based carbon credit offsets. Delivers lower-emission, responsibly sourced LNG to global markets.
• PACE-X Ultra™ X33 Drilling Rig Drilling rig co-developed with Nabors Industries. Described as the most powerful onshore drilling system in the United States, featuring a one million-pound mast rating, 35,000-foot racking capacity, three 2,000-horsepower mud pumps capable of 10,000 psi mud pressure, and Cat® Dynamic Gas Blending (DGB) technology for fuel efficiency and emissions reduction.

Quantifiable outcome

• Commonwealth LNG Phase 1 expected to generate more than $3 billion in annual export revenue from 2030
• +6 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

15 partnerships are on record, tiered major subcontractor, flagship offtake partner, major transaction counterparty, core equipment partner, major development partner, core operations partner, major offtake partner, founding strategic partner and flagship / core epc partner.

• CB&I (Chicago Bridge & Iron)major subcontractorImplementation/ SI/ Consulting Partner · 27 May 2026CB&I awarded a significant lump sum contract (USD $250–500 million) by Technip Energies on behalf of Caturus for engineering, procurement, fabrication, construction, and pre-commissioning of five 50,000 cubic meter full containment concrete LNG storage tanks at Commonwealth LNG. Construction begins Q3 2026 with mechanical completion targeted 2029. CB&I CEO Mark Butts noted the company's track record of over 250 LNG tanks designed and built worldwide.
• Saudi Aramco / Aramco Trading Americas LLCflagship offtake partnerChannel Partner/ Reseller/ Distributor · 23 February 2026Commonwealth LNG (Caturus subsidiary) signed a 20-year Sale and Purchase Agreement with Aramco Trading Americas LLC for the purchase of 1 million tonnes per annum (Mtpa) of LNG, contingent on FID. Saudi Aramco (parent of Aramco Trading) also signed a separately reported 20-year agreement with Commonwealth LNG for 1 Mtpa of LNG beginning 2030. Mohammed K. Al Mulhim is President & CEO of Aramco Trading.
• SM Energy Companymajor transaction counterpartyStrategic or Co-development Partner · 18 February 2026SM Energy Company agreed to sell its Galvan Ranch assets in South Texas (approximately 60,000 net acres, ~250 MMcfe/d production from 260 producing wells in Webb County, Maverick Basin) to Caturus Energy for $950 million in cash. Deal closed April 30, 2026 with effective date February 1, 2026. Proceeds to SM used primarily for debt reduction following SM's merger with Civitas Resources. BofA Securities served as exclusive financial advisor to Caturus; Bank of America was sole provider of committed debt financing.
• Mercuria Energy Trading / Mercuria Americasflagship offtake partnerChannel Partner/ Reseller/ Distributor · 3 February 2026Commonwealth LNG signed a 20-year LNG Sale and Purchase Agreement with Mercuria Energy Trading for 1 Mtpa and a corresponding Gas Supply Agreement with Mercuria Americas for feedstock supply. Brian Falik is President of Mercuria Americas. With this agreement, Commonwealth had secured 7 Mtpa of long-term binding offtake covering the 9.5 Mtpa permitted capacity.
• Honeywellcore equipment partnerTechnology or Integration · 22 December 2025Honeywell signed a partnership agreement with Technip Energies to provide LNG pretreatment and liquefaction solutions for Commonwealth LNG, including six main cryogenic heat exchangers. The partnership aims to accelerate project timelines, improve efficiency, and enhance safety with modular LNG technology and advanced pretreatment processes.
• Solar Turbines (Caterpillar company)core equipment partnerTechnology or Integration · 22 December 2025Solar Turbines is supplying four Titan 350 gas turbine-generators to power Commonwealth LNG facility operations. Orders placed via Technip Energies as EPC partner.
• Black Stone Minerals, L.P.major development partnerStrategic or Co-development Partner · 3 December 2025Caturus Energy entered a 220,000 gross acre development agreement with Black Stone Minerals in the Shelby Trough and Haynesville Expansion. The agreement creates a multi-year drilling program with activity beginning at approximately 2 gross (0.2 net) wells in 2026 and ramping to approximately 12 gross (0.8 net) wells annually by end of the six-year term, supported by minimum annual lateral-foot requirements net to BSM's interest.
• Nabors Industriescore operations partnerStrategic or Co-development Partner · 29 September 2025Caturus Energy and Nabors Industries have a multi-year contract for the PACE-X Ultra™ X33 rig, the most powerful onshore drilling system in the U.S., which the two companies co-developed. The rig features a one million-pound mast rating, racking capacity up to 35,000 feet, three 2,000-horsepower mud pumps capable of 10,000 psi mud pressure, and Cat® Dynamic Gas Blending technology substituting natural gas for diesel to lower cost and carbon intensity.
• EQT Corporationflagship offtake partnerChannel Partner/ Reseller/ Distributor · 8 September 2025Commonwealth LNG signed a 20-year Sale and Purchase Agreement with EQT Corporation for the sale of 1 Mtpa of LNG on a free-on-board basis at a price indexed to Henry Hub. EQT is one of the largest natural gas producers in the United States. Toby Z. Rice is President and CEO of EQT.
• Baker Hughescore equipment partnerTechnology or Integration · 26 August 2025Baker Hughes is supplying six mixed-refrigerant turbo compressors powered by LM9000 gas turbines for the Commonwealth LNG liquefaction process. The LM9000 is Baker Hughes' most efficient and powerful aeroderivative gas turbine driver, delivering over 73 MW of power with 44% efficiency, providing high reliability and lower carbon intensity. Orders placed via Technip Energies as EPC partner.
• JERAmajor offtake partnerChannel Partner/ Reseller/ Distributor · 25 August 2025JERA signed a 20-year Sale and Purchase Agreement with Commonwealth LNG for long-term LNG offtake. JERA is one of the largest LNG buyers globally and is part of the consortium offtaking 7 Mtpa of binding capacity.
• Kimmeridge (Energy)founding strategic partnerStrategic or Co-development Partner · 7 August 2025Kimmeridge is the founder of Caturus (formerly SoTex HoldCo), an alternative asset manager focused on the energy sector founded in 2012 by Ben Dell, Dr. Neil McMahon, and Henry Makansi. Kimmeridge provides deep technical knowledge, active portfolio management, and proprietary research supporting Caturus' wellhead-to-water strategy. Ben Dell serves as Founder & Managing Partner of Kimmeridge and Chairman of Commonwealth LNG.
• Technip Energiesflagship / core epc partnerStrategic or Co-development Partner · 4 August 2025Technip Energies is the EPC partner for the 9.5 Mtpa Commonwealth LNG export facility in Cameron Parish, Louisiana. Previously completed front-end engineering and design (FEED) activities for the project and undertook significant effort to optimize construction schedule, cost, and procurement plan. Technip will deploy its SnapLNG by T.EN™ fully modular approach to construction, enabling more than 10 million workhours to be moved from field into fabrication shops and reducing peak on-site labor to under 2,000 personnel. Led by CEO Arnaud Pieton.
• PETRONAS (PETRONAS LNG Ltd.)flagship offtake partnerChannel Partner/ Reseller/ Distributor · 1 July 2025PETRONAS LNG Ltd. confirmed a 20-year Sale and Purchase Agreement with Commonwealth LNG for LNG offtake from the Cameron Parish, Louisiana facility. Part of the consortium offtaking 7 Mtpa of binding capacity prior to FID.
• Glencoreflagship offtake partnerChannel Partner/ Reseller/ Distributor · 18 February 2025Glencore entered into a long-term Sale and Purchase Agreement with Commonwealth LNG for 2 Mtpa of LNG offtake from the 9.5 Mtpa Cameron Parish, Louisiana export facility. Part of the diversified international offtaker group supporting Commonwealth LNG's commercialization.

Scale indicators17 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Comstock Resources: Pure-play Haynesville Shale natural gas producer in East Texas/North Louisiana. Closely comparable to Caturus Energy's Haynesville/Shelby Trough exposure as a Tier 1 dry-gas producer supplying Gulf Coast LNG demand hubs.
• Venture Global LNG: U.S. LNG developer and exporter with Calcasieu Pass, Plaquemines, and CP2 projects. Direct comparable as a greenfield LNG developer pursuing modular construction approaches and long-term offtake with international utilities and traders.
• Tellurian: Developer of the Driftwood LNG project in Louisiana with proposed ~27.5 Mtpa capacity. Direct U.S. LNG developer peer, though Tellurian has experienced significant commercial and financial setbacks that contrast with Caturus's successful commercialization.
• Cheniere Energy: Largest U.S. LNG exporter with Sabine Pass and Corpus Christi terminals. Most directly comparable to Commonwealth LNG as a U.S. LNG pure-play with long-term SPAs to international buyers and integrated gas supply; Caturus's President Tim Wyatt spent 12 years at Cheniere.
• Antero Resources: Large independent Marcellus/Utica natural gas and NGL producer with LNG-export-linked exposure and existing long-term SPAs to U.S. Gulf Coast LNG terminals. Direct upstream comparable to Caturus Energy's Haynesville/Eagle Ford portfolio.
• Freeport LNG: Operating U.S. LNG export terminal in Quintana Island, Texas, with three trains and long-term offtake to Japanese and European buyers. Direct operating LNG export comparable; Caturus's CHRO Mary Kenner previously served as CHRO of Freeport LNG.
• NextDecade: Developer of Rio Grande LNG in South Texas with planned FID-stage capacity and long-term offtake to buyers including Shell and ENN. Closely comparable mid-stage LNG pure-play; Caturus's SVP HSSE previously led HSSE at NextDecade.
• Sempra Infrastructure: Developer and operator of Cameron LNG (Hackberry, Louisiana) and Energía Costa Azul (Mexico) LNG export facilities. Directly comparable Gulf Coast LNG peer; Caturus's Commonwealth LNG site is adjacent in Cameron Parish, Louisiana.

Broad incumbents

• EQT Corporation: Largest U.S. natural gas producer focused on the Appalachian Basin and a 20-year 1 Mtpa offtaker from Commonwealth LNG. Overlaps with Caturus Energy as a major dry-gas producer feeding LNG demand and as both customer and competitive supplier.

Regional players

• Range Resources: Independent natural gas and NGL producer focused on the Appalachian Basin (Marcellus/Utica). Operates in a different U.S. basin than Caturus but serves as a comparable Tier 1 dry-gas producer with growing LNG-linked offtake exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/caturusenergy

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors6 records

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 Caturus