Kimmeridge Assumes 90% Ownership of Louisiana’s Commonwealth LNG Export Project

Kimmeridge, an alternative asset manager specializing in the energy sector, has disclosed today that its subsidiary, Kimmeridge Texas Gas ("KTG"), has appointed David Lawler as Chief Executive Officer with immediate effect. In this role, Mr. Lawler will drive KTG's strategic initiatives aimed at establishing a fully integrated LNG provider, spanning from production sites to international markets, ensuring consistent, secure, and environmentally sustainable energy supply.

David Lawler brings over three decades of expertise in the energy industry, distinguished by his leadership across various pivotal roles. Most notably, he recently served as Chairman and President of BP America, overseeing nearly 40% of the company's global revenue. During his tenure, Mr. Lawler orchestrated a comprehensive strategy to achieve net-zero production by 2050 and led BPX Energy as CEO, orchestrating the landmark USD 10.5 billion acquisition of BHP's onshore assets. Under his guidance, BPX Energy achieved remarkable growth, increasing production by over 125% while significantly reducing emissions in the Permian Basin.

In a move to accelerate KTG's expansion, Kimmeridge also announced a substantial follow-on investment in Commonwealth LNG ("Commonwealth"). This investment aims to support the development of a 9.5 million tons per annum LNG export facility in Cameron, Louisiana, with an expected final investment decision (FID) in the first half of 2025. The additional funding will enhance Kimmeridge's equity stake in Commonwealth to over 90%, reinforcing its commitment to driving growth and innovation in the LNG sector.

Ben Dell, Managing Partner of Kimmeridge and Director at KTG, expressed enthusiasm for David Lawler joining the KTG team, heralding a new phase of growth focused on environmentally responsible, cost-effective energy assets. He highlighted Lawler's track record in leading large-scale operations, which aligns with Kimmeridge's commitment to capital efficiency and achieving net-zero operations. Dell also acknowledged Mike Wieland's contributions as CEO of KTG in building the company into a robust, high-quality asset.

Furthermore, Dell emphasized Kimmeridge's strategic move to acquire a controlling interest in Commonwealth LNG, aiming to integrate operations seamlessly from production to international markets. He anticipates the development of a state-of-the-art LNG export facility in Louisiana, underscoring Kimmeridge's dedication to advancing its presence in the energy sector.

Farhad Ahrabi, CEO and President of Commonwealth, expressed enthusiasm about integrating into the Kimmeridge team as they progress towards a Final Investment Decision (FID) in 2025. Ahrabi emphasized Kimmeridge's shared vision of delivering a unique offering in the LNG market, with plans to commence customer deliveries by 2028.

David Lawler, CEO of KTG, conveyed his satisfaction in joining the KTG team and outlined his commitment to advancing the company's goal of becoming a fully integrated LNG provider, from production sites to international distribution, bolstered by their expanded partnership with Commonwealth. He highlighted the potential for producing net-zero cargoes, underscoring LNG's role as a dependable and accessible energy source. Lawler affirmed KTG's future role in exporting clean energy globally, supporting economic transitions towards sustainability goals.