BATON ROUGE, LOUISIANA (By Steve Stewart, Energy Analytics Institute, 18.Feb.2026, Words: 480) — Caturus continues its growth trajectory towards becoming one of the largest independent natural gas producers in the US. To this end, Caturus entered into a definitive agreement with SM Energy Company for the acquisition of 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 Dec. 2025), with total proforma net production of ~950 MMcfe/d at the time of closing.
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The Galvan Ranch transaction is expected to close in the second-quarter 2026, subject to customary conditions and regulatory approvals, Caturus said on 18 Feb. 2026 in an official company statement.
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.
“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,” Caturus CEO David Lawler said in the statement.
“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,” Lawler said.
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With Caturus’ acquisition of the Galvan Ranch assets, the company will hold over 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 liquefied natural gas (LNG )hubs at Gillis and Agua Dulce, according to Caturus.
Commonwealth LNG
Today’s announcement follows continued progress at Commonwealth LNG, Caturus’ wholly owned 9.5 million tonnes per annum (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.
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Caturus has issued a Limited Notice to Proceed (LNTP3) to its EPC partner, Technip, as the Commonwealth project progresses toward final investment decision sometime during the first-quarter 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 US natural gas to domestic and global markets via LNG,” the company said in the statement.
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By Steve Stewart reporting from Baton Rouge. © 1999-2025 Energy Analytics Institute (EAI). All Rights Reserved.
