Mitsubishi Corp has agreed to buy Aethon Energy Management's shale gas production and infrastructure assets in Texas and Louisiana for $7.53 billion, marking its largest deal to strengthen its gas supply chain.
On January 16, 2026, Mitsubishi Corp (8058.T) announced it will acquire shale gas production and infrastructure assets from U.S.-based Aethon Energy Management in Texas and Louisiana for a total of $7.53 billion. The deal comprises $5.2 billion for Aethon's equity interests and $2.33 billion in net interest-bearing debt, with closing expected in the April-June quarter of 2026. Aethon may repurchase up to a 25% stake in the assets within six months of closing.
The assets currently produce 2.1 billion cubic feet per day (Bcf/d), equivalent to 15 million tons of LNG annually, and are projected to peak at 2.6 Bcf/d in fiscal 2028. Mitsubishi forecasts a net profit contribution of 70-80 billion yen ($443-506 million) in fiscal 2027.
CEO Katsuya Nakanishi said at a press conference that the assets include one of the largest reserves in the southern U.S. gas-producing region, offering "high productivity and competitiveness." He added, "While capturing the anticipated growth in U.S. domestic gas demand, we aim to ensure a stable energy supply to overseas consumers, including Japan, amid the expected prolongation of the energy transition."
This acquisition is the latest in a series of Japanese investments in the U.S. energy sector, as Tokyo views gas as a key transition fuel beyond 2050 and prepares for surging power demand from AI-driven data centers. Mitsubishi, a major global LNG player, holds stakes in projects in Australia, Canada, Malaysia, Oman, Russia, and the U.S., with equity LNG output of 15 million metric tons per year. In October, JERA announced a $1.5 billion purchase of U.S. natural gas assets, and in December, Japan Petroleum Exploration (1662.T) agreed to acquire U.S. tight oil and gas assets for $1.3 billion.
Following the announcement, Mitsubishi shares fell 2%, outpacing a 0.3% decline in the broader Nikkei 225 index. Reuters had reported in June that Mitsubishi was in talks to acquire Aethon's assets.
Japanese energy firms are expanding into U.S. oil and gas amid encouragement from the Trump administration to boost investments in North America. With Berkshire Hathaway as a major shareholder, Mitsubishi is doubling down on its profitable natural gas business, including a stake in Louisiana's Cameron LNG export facility.
