Entity

Caturus Energy LLC is a natural gas-focused independent exploration and production (E&P) company, operating exclusively in South Texas, and the upstream arm of the Caturus integrated natural gas platform. Formerly known as Kimmeridge Texas Gas LLC, it was rebranded as Caturus Energy LLC in August 2025 as part of the broader Caturus platform launch following Mubadala Energy's equity investment. It operates as a sister company to Commonwealth LNG within the Caturus group, both held under Caturus HoldCo LLC, providing the upstream gas supply backbone for the "wellhead-to-water" integrated strategy.

Caturus Energy LLC is rated 'B' (Outlook Stable) by Fitch Ratings as of May 2026, upgraded from 'B-' following the closing of its SM Energy Galvan Ranch acquisition.

Operations & Assets

Caturus Energy LLC manages a ~215,000 net acre position concentrated in the Eagle Ford Shale and Austin Chalk formations in South Texas, among the most prolific dry gas plays in the United States. Key operational highlights:

• Current net production: ~650 MMcfe/d (million cubic feet equivalent per day), with gross production of ~950 MMcfe/d
• Target production: ~1 Bcfe/d net by 2029, placing it among the top 10 private U.S. natural gas producers
• Acreage: 215,000 net acres of Tier 1 acreage in South Texas
• Technical specialization: Long laterals and deep, high-pressure wells in technically complex subsurface environments
• Focus formation: Deep, high-pressure dry gas windows of the Eagle Ford and Austin Chalk formations

SM Energy Galvan Ranch Acquisition (2026)

In February 2026, Caturus Energy announced a $950 million agreement to acquire SM Energy's Galvan Ranch assets in South Texas — approximately 60,000 net acres and ~250 MMcfe/d production from 260 producing wells. The acquisition was expected to close in April–May 2026 and was the primary catalyst for Fitch's May 2026 ratings upgrade. With Galvan Ranch integrated, Caturus Energy's production reaches the ~1 Bcfe/d target.

Strategic Role within Caturus Platform

Caturus Energy LLC is the feedgas origination engine for the Caturus platform. Its South Texas Eagle Ford production is strategically co-located with the Gulf Coast pipeline infrastructure connecting to Commonwealth LNG in Cameron Parish, Louisiana, underpinning the platform's "wellhead-to-water" integrated model — the only such model being pursued by an independent U.S. natural gas and LNG company.