Caturus Expands Gulf Coast Gas Footprint via SM Galvan Deal

Caturus (the “Company”) today announced it has entered into a definitive agreement with SM Energy Company (“SM”) to acquire SM’s Galvan Ranch assets. The acquisition includes approximately 60,000 high-quality net acres in South Texas and ~250 MMcfe/d of production from 260 producing wells (as of December 2025), with total proforma net production of ~950 MMcfe/d at the time of closing. Caturus continues its growth trajectory towards becoming one of the largest independent natural gas producers in the United States.

“The acquisition of these high-quality, well-positioned assets is a transformational step for Caturus and further strengthens our operational scale across the Gulf Coast,” said David Lawler, Chief Executive Officer of Caturus. “Galvan Ranch significantly expands our footprint in the Eagle Ford and Austin Chalk and comes with existing infrastructure that supports long-term, capital-efficient development. Adjacent to Caturus’ westernmost operations, the assets, including a largely contiguous position in the Webb County Core, offer more than a decade of high-quality drilling inventory across both the wet and dry gas windows, with additional upside beyond that horizon.”

With Caturus’ acquisition of the Galvan Ranch assets, the Company will hold more than 275,000 net acres across the Gulf Coast, and more than 15 years of premium inventory sitting at the front end of the North American cost curve. The combination of these assets, along with Caturus’ recent entry into the Haynesville through a development agreement with Black Stone Minerals, makes the Company uniquely positioned to deliver low‑nitrogen natural gas to key LNG hubs at Gillis and Agua Dulce.

This announcement follows continued progress at Commonwealth LNG, Caturus’ wholly owned 9.5 Mtpa export facility near Cameron, Louisiana. Commonwealth, as previously announced, has collectively executed 7 Mtpa of long-term natural gas offtake agreements with Mercuria, Aramco Trading, Glencore, JERA, PETRONAS and EQT. Caturus has issued a Limited Notice to Proceed (LNTP3) to its EPC partner, Technip, as the Commonwealth project progresses toward Final Investment Decision in Q1 2026.

Why this is important for Mubadala Energy:

- In 2025, Mubadala Energy entered the U.S. via an equity stake in Caturus with 24.1% stakes, gaining exposure to an integrated upstream-to-LNG platform delivering reliable, high-quality U.S. natural gas to domestic and global markets via LNG.

- This development supports Mubadala Energy’s broader strategy to grow and diversify its portfolio, particularly in the U.S. market.

- Caturus owns and operates two core assets Caturus Energy, a producing gas asset in Texas and Commonwealth LNG a pre-FID LNG export facility in Louisiana.

- The agreement further expands Caturus Energy’s natural gas portfolio and advances its ambitions to become one of the largest independent U.S. natural gas producers and a leading Gulf Coast LNG player.

- This announcement is one of several strategic developments in the pipeline for Caturus, with further updates expected in due course as the company continues to execute its growth plans.