Caturus Expands Gulf Coast Gas Platform With SM Galvan Ranch Acquisition

Scales Caturus to ~950 MMcfe/d production across ~275K net acres, delivering a multi‑year, flexible development runway to meet growing Gulf Coast gas demand

HOUSTON, Feb. 18, 2026 /PRNewswire/ -- 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.

Today's 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.

Combined, these assets uniquely position Caturus to fulfill its wellhead-to-water strategy as the leading fully integrated natural gas producer in North America, delivering reliable, high-quality U.S. natural gas to domestic and global markets via LNG.

The Galvan Ranch transaction is expected to close in Q2 2026, subject to customary conditions and regulatory approvals.

BofA Securities, Inc. is serving as exclusive financial advisor to Caturus and Bank of America is the sole provider of committed debt financing. Kirkland & Ellis LLP is serving as legal counsel to Caturus. Paul Hastings LLP is serving as legal counsel to Bank of America for the committed debt financing.

About Caturus
Caturus is building America's leading integrated natural gas and LNG company, featuring a unique wellhead-to-water strategy that will deliver responsibly sourced, low-emission fuel to domestic and international markets. The platform comprises Caturus Energy, formerly Kimmeridge Texas Gas, an upstream operator with approximately 650 MMcfe/d net and 950 MMcfe/d gross production across ~215,000 net acres in Texas, and Commonwealth LNG, a 9.5 Mtpa liquefied natural gas export terminal project located on the U.S. Gulf Coast near Cameron, Louisiana. https://caturus.com/ 

Media Inquiries:

Caturus
Lyle Hanna
Vice President, Corporate Communications
Email: [email protected]
Ph: 281.794.9606

Caturus / Kimmeridge:
Daniel Yunger / Hallie Wolff / Emma Cloyd
Email: [email protected]
Ph: 917.574.8582 / 917.842.1127

SOURCE Caturus