GLENCORE TO OFFTAKE 2 MTPA OF LNG FROM COMMONWEALTH LNG'S EXPORT FACILITY IN CAMERON PARISH, LOUISIANA

Strategic partnership includes natural gas supply from Kimmeridge Texas Gas under a netback agreement at international prices

Supports Commonwealth's targeted FID in Q3 2025 and first LNG production in 2029

HOUSTON and NEW YORK, May 13, 2025 /PRNewswire/ -- Kimmeridge Texas Gas ("KTG") and Commonwealth LNG ("Commonwealth") have finalized binding agreements with Glencore LTD ("Glencore"), one of the world's largest globally diversified natural resource companies, to form a strategic natural gas and LNG partnership. Under the terms of the agreements, Glencore will purchase 2 million tonnes per annum (Mtpa) of LNG for 20 years from Commonwealth, as well as equivalent natural gas supply from KTG under a netback agreement at international prices.

Inclusive of agreements with Glencore, Commonwealth has 3 Mtpa of offtake under long-term agreement, with line of sight towards finalizing its commercial book ahead of a targeted final investment decision in Q3 2025 and anticipated first LNG production in 2029.

Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth, said: "Following from the initial partnership announcement with Glencore last year, this critical milestone furthers our commitment to developing a state-of-the-art LNG export facility that will prioritize environmental stewardship and create lasting value for local communities. We are pleased with our progress and look forward to hitting the key targets on our commercialization timeline."

David Lawler, KTG CEO, said: "Our partnership with Glencore furthers the transformation of KTG into an integrated natural gas champion that provides reliable, clean energy from wellhead to water. We look forward to reaching critical international gas markets in partnership with Glencore."

Maxim Kolupaev, Glencore Global Head of LNG, Gas and Power, commented: "Finalizing our agreements with Kimmeridge Texas Gas and Commonwealth marks an important step in advancing our global gas strategy. By partnering with two industry leaders in LNG and natural gas, we are expanding our portfolio and reinforcing our commitment to a cleaner, more sustainable energy future."

Giles Jones, Glencore Head of Energy, US, commented: "This partnership represents the further growth of our US energy trading business, an area which continues to be a focus for significant investment. Together, the natural gas and LNG produced by Kimmeridge and Commonwealth respectively will enable Glencore to supply high quality, US molecules to customers around the world."

About Kimmeridge 

Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, proprietary research and data gathering. For more information: www.Kimmeridge.com

About Commonwealth LNG

Commonwealth LNG is a 9.5 mtpa liquefied natural gas (LNG) export terminal project located on the Calcasieu Ship Channel at the Gulf Coast near Cameron, Louisiana. The project's leadership team is committed to building a world-class LNG facility by staying relentlessly focused on managing risk and lowering capital cost. For more information: www.CommonwealthLNG.com

About Kimmeridge Texas Gas

Kimmeridge Texas Gas is a producer of natural gas committed to accelerating carbon neutrality by developing environmentally responsible, low-cost energy assets. With approximately 200,000 net acres in Texas overlaying the dry gas window of the Eagle Ford Shale within Webb, La Salle, McMullen and Karnes counties, the Company produces over 500 million cubic feet equivalent of natural gas and oil per day, selling into the South Texas market with access to Mexican export channels, to LNG terminals for global sales, and into pipelines directly servicing Gulf Coast petrochemical facilities. For more information: www.KTGllc.com

About Glencore LTD

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. Glencore also provides financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. Glencore is an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.

Media Inquiries:

Kimmeridge
Daniel Yunger / Hallie Wolff / Emma Cloyd
Kekst-Kimmeridge@kekstcnc.com 
917-574-8582 / 917-842-1127

Commonwealth LNG                                                                                       
Lyle Hanna Vice President, Corporate Communications  
281-794-9606                       
lhanna@teamcpl.com

View original content:https://www.prnewswire.com/news-releases/glencore-to-offtake-2-mtpa-of-lng-from-commonwealth-lngs-export-facility-in-cameron-parish-louisiana-302453851.html

SOURCE Kimmeridge