Mitsubishi has reached an agreement to acquire Aethon III, Aethon United, and related entities in a transaction valued at approximately $5.2 billion. The deal marks the Japanese group's entry into the upstream shale gas sector in the United States.
Negotiations were conducted with Aethon Energy Management and stakeholders including the Ontario Teachers’ Pension Plan and RedBird Capital Partners. Market speculation about Mitsubishi's interest in Aethon had circulated since mid-2025.
Through this acquisition, Mitsubishi aims to expand its US shale gas operations across the value chain. The company will add upstream ownership to its existing activities in domestic sales and gas exports.
Mitsubishi's current North American energy portfolio includes partnerships in Canadian shale gas with Ovintiv, midstream operations through CIMA Energy in Houston, liquefied natural gas exports via LNG Canada and Cameron LNG, and power generation through Diamond Generating.
The acquired assets are located in the Haynesville Shale, a major natural gas-producing region spanning Texas and Louisiana. These assets currently produce about 2.1 billion cubic feet of natural gas per day.
Haynesville serves as a key source of natural gas for southern US markets and provides access to multiple LNG export facilities. Mitsubishi holds liquefaction capacity rights at Cameron LNG under a tolling agreement.
A portion of Aethon's natural gas output is being considered for export as LNG to markets in Asia and Europe.
The acquisition aligns with Mitsubishi's 'Corporate Strategy 2027, Leveraging Our Integrated Strength for the Future'. This strategy focuses on expanding the company's earnings base in natural gas and LNG while developing a comprehensive value chain from upstream development to power generation.
Pending regulatory approvals, the transaction is expected to be finalized in the first quarter of Japan's 2026 fiscal year.
Concurrently with the acquisition, Mitsubishi has formed a global alliance with Aethon Energy Management. This non-binding, non-exclusive alliance will explore commercial opportunities worldwide in areas such as LNG, carbon capture and storage, geothermal energy, low-carbon solutions, and digital infrastructure development.
Under the alliance terms, Mitsubishi plans to use its global relationships with capital providers to help Aethon Energy Management evaluate potential financing options for qualifying projects. Both parties retain the ability to pursue strategic projects independently outside the collaboration.