Caturus JV Hits 1Bcfd, OKEA Profits Rise, Global LNG Deals Advance

A joint venture between Kimmeridge Energy Management and Mubadala Investment Co has boosted its net production to over 1 billion cubic feet per day (Bcfd) following a major acquisition, positioning it among the top U.S. private gas producers. According to Rigzone, Caturus HoldCo LLC completed the purchase of the Galvan Ranch asset in South Texas from SM Energy Co for $950 million on Thursday, April 30, 2026. The transaction adds approximately 60,000 net acres and about 250 million cubic feet equivalent per day (MMcfe/d) of production from 260 wells, as of December 2025.

Caturus CEO David Lawler stated the asset is complementary to their existing portfolio, enhancing reliability for Gulf Coast gas demand. The venture, originally Kimmeridge's SoTex HoldCo, was rebranded as Caturus in 2025 after Mubadala acquired a 24.1 percent stake. Its strategy integrates upstream production with its downstream asset, Commonwealth LNG in Louisiana, which is permitted to export up to 9.5 million metric tons per year. Caturus reported it has finalized long-term supply agreements with several major buyers for that project.

Separately, Norwegian operator OKEA ASA reported a return to profitability in the first quarter of 2026, according to Rigzone. The company posted net income of $36 million, or $0.35 per share, rebounding from a loss in the prior quarter and increasing year-on-year due to higher sales volumes and realized oil prices. OKEA's production averaged 34,888 barrels of oil equivalent per day (boed) in Q1 2026, up from 30,848 boed in Q4 2025. The increase was mainly attributed to the start-up of the Talisker East well at the Brage field in January.

Despite the positive earnings, OKEA said dividends remain "on hold" as the company continues a period of high spending on organic investments. Dividends have not been paid since 2024. The company realized an average crude price of $79.5 per boe for the quarter, its highest since early 2025, though it also reported an unrealized hedging loss of $29 million related to crude collar hedges.

In global LNG markets, Japanese energy company ENEOS Group has re-entered a key Malaysian liquefaction project, Rigzone reported. Petroliam Nasional Bhd (Petronas) signed a deal giving ENEOS a 10 percent stake in Malaysia LNG (MLNG) Tiga Sdn Bhd for a 10-year term, following the expiration of its previous participation in 2023. ENEOS operates the SK-10 Block, which supplies feed gas to the project. Petronas CEO Tengku Muhammad Taufik cited the collaboration, spanning three decades, as fundamental to economic resilience in Asia.

Bakken Context: While these developments are centered on the Gulf Coast, Norway, and Southeast Asia, they underscore broader industry trends relevant to Bakken operators. The Kimmeridge-Mubadala venture's growth highlights the continued strategic value of scalable, low-cost gas supply paired with LNG export capacity, a model that could influence future Bakken gas monetization strategies. OKEA's strong quarterly performance, driven by well start-ups and high production efficiency, mirrors the operational focus Bakken producers maintain to optimize output from mature assets. Finally, the strengthening of long-term LNG partnerships in Asia signals sustained global demand for natural gas, supporting the long-term market for U.S. exports, including those sourced from associated gas production in regions like the Bakken.