Kimmeridge-Mubadala JV Hits 1Bcfd, OKEA Profits, Court Blocks Trump Permitting Rule

A federal judge has blocked a Trump administration policy that required Interior Secretary Doug Burgum to personally approve all solar and wind projects on federal lands and waters, according to a report from OilPrice.com. Judge Denise J. Casper in Massachusetts issued a preliminary injunction in April, ruling the policy unlawful and likely violating federal statute. The policy was challenged by a coalition of renewable energy developers who argued it relegated wind and solar to "second-class status" and aimed to delay their development. The report states the administration's actions over the last year have delayed or canceled approximately 57.2 GW of renewable capacity.

In major natural gas sector news, Caturus HoldCo LLC—the joint venture between Kimmeridge Energy Management Co LLC and Mubadala Investment Co—has increased its net production to over 1 billion cubic feet per day (Bcfd) following a major acquisition, Rigzone reported. The company completed the purchase of the Galvan Ranch asset in South Texas from SM Energy Co for $950 million on May 1. The transaction adds approximately 60,000 net acres and about 250 MMcfe/d of production from 260 wells, positioning the JV among the top 10 private pure-play gas producers in the U.S. Caturus CEO David Lawler said the assets enhance the company's ability to reliably produce gas for Gulf Coast demand.

Caturus also owns the Commonwealth LNG export project in Louisiana, permitted to export up to 9.5 million metric tons per year, equivalent to around 1.21 Bcfd. The company reported it has finalized long-term supply agreements with buyers including Aramco Trading, EQT LNG Trading, Glencore, Mercuria, and Petronas. Caturus expects to invest $12.5 billion in the first phase.

Separately, Norwegian operator OKEA ASA reported a return to profitability in the first quarter of 2026, according to Rigzone. The company posted a net income of $36 million, bouncing back from prior-quarter losses. Earnings per share were $0.35. OKEA's production averaged 34,888 barrels of oil equivalent per day (boed), an increase from both the previous quarter and Q1 2025, driven by the start-up of the Talisker East well at the Brage field. The company realized an average crude price of $79.5 per boe.

Despite the profit, OKEA said dividends remain "on hold" as the company is in a period of high spending on organic investments. Dividends have not been paid since 2024. The company cited higher market prices and progress on its Bestla project as positives for future dividend assessments.

For Bakken operators, the court's injunction on federal renewable project permitting underscores ongoing regulatory uncertainty for all energy development on federal lands. The significant expansion of the Kimmeridge-Mubadala JV highlights continued major investment and consolidation in the natural gas sector, which is closely linked to Bakken gas production and regional pipeline capacity. OKEA's results, driven by well start-ups and higher prices, reflect operational and market dynamics also relevant to North Dakota's producers.