Kimmeridge

Kimmeridge: US Oil Reserve Replacement Falls to 95% as Gas Stays Abundant

New York – September 24, 2026 -- U.S. oil producers are replacing only 95 barrels of proved developed reserves for every 100 barrels extracted, according to a new white paper from alternative asset manager Kimmeridge, even as natural gas reserve replacement remains above 120%.

Capital efficiency erodes despite operational gains

The industry's three-year value-weighted recycle ratio dropped to 167% in 2025 from 184% in 2019, Kimmeridge found, despite higher revenue per barrel of oil equivalent and continued improvements in corporate costs and drilling efficiency. The report, titled "Shale's Golden Years, Part II: The Cost of Aging," follows the firm's 2024 publication that argued consolidation could offset an aging shale resource base.

Caturus Doubles Commonwealth LNG Capacity With 7.75 Mtpa Expansion

Houston – September 18, 2026 -- Caturus LLC has unveiled a five-train, 7.75 million tonnes per annum (Mtpa) expansion of its Commonwealth LNG export facility in Cameron Parish, Louisiana, a move that would nearly double the site's planned capacity to approximately 17.25 Mtpa.

Expansion follows a $9.75 billion financing close four months after final investment decision

The expansion comes just four months after Caturus reached final investment decision on the original six-train, 9.5 Mtpa Commonwealth LNG facility, which closed $9.75 billion in base project financing. Construction on that base project is on schedule for 2030 operations, with 8.5 Mtpa of its 9.5 Mtpa capacity already locked under long-term sale and purchase agreements.

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