Mitsubishi to enter US shale gas business through Haynesville asset acquisition

Mitsubishi Corp. (MC) has agreed to acquire all equity interests in Aethon III LLC, Aethon United LP, and related entities and interests, marking MC’s entry into the US shale gas business.

The $5.2-billion equity deal is aimed at strengthening MC’s integrated energy and power business, the company said in a release Jan. 15, 2026. MC’s North American energy assets include upstream shale gas development with Ovintiv in British Columbia, midstream marketing and logistics through CIMA Energy in Houston, LNG exports via LNG Canada and Cameron LNG, and power generation through Diamond Generating Corp.

Aethon’s shale gas assets primarily lie in the Haynesville shale formation, spanning Texas and Louisiana, and currently produce about 2.1 bcfd of natural gas.

Haynesville is a supply source of natural gas for the southern US market and offers access to multiple LNG export plants, including Cameron LNG.

Aethon’s natural gas is currently sold in the US southern market, and part of this volume is being considered for export as LNG to Asia, including Japan, as well as to Europe, the company continued.

The acquisition is expected to close in the first quarter of Japan's fiscal year (April-June 2026), subject to regulatory approvals.