Mitsubishi Corporation has announced a major strategic move in the US energy market: the full acquisition of Aethon’s natural gas assets in the Haynesville formation, which spans east Texas and northwest Louisiana. The deal was valued at $5.2 billion, and marks its direct entry into the U.S. shale gas business.
Vertical integration in the shale gas chain
With this purchase, Mitsubishi obtains complete control over upstream operations which currently produce about 2.1 billion cubic feet per day of natural gas, equivalent to about 15 million tons per year of liquefied natural gas. Such production has privileged logistical access to export terminals such as Cameron LNG, where Mitsubishi owns liquefaction capacity under a tolling agreement.
The acquisition strengthens Mitsubishi’s presence in North America, where it is involved in upstream initiatives with Ovintiv in British Columbia, midstream through CIMA Energy and power generation with Diamond Generating. By now integrating the gas extraction phase in the United States, the Japanese company consolidates a position that spans the entire energy chain, from extraction to generation and export.
The transaction is part of Mitsubishi’s “Corporate Strategy 2027” plan, which prioritizes value creation through synergies between its different business segments. The company seeks to consolidate a stable revenue base around natural gas and LNG, while accelerating its vertical integration model in sectors such as energy, data centers and industrial chemicals.
The acquired assets supply the growing southern U.S. market, but also position Mitsubishi to enhance its prominence as an exporter to Asia and Europe. Some of the volume produced is also being evaluated for LNG shipments, especially to Japan, cementing Haynesville’s role as a strategic node in the global energy trade.
The sale was agreed with Aethon Energy Management and its partners, including Ontario Teachers’ Pension Plan and RedBird Capital Partners. Final closing of the transaction is expected in the first quarter of the Japanese fiscal year 2026, subject to customary regulatory approvals.
Source and photo: Mitsubishi Corporation