Commonwealth LNG Signs 20-Year Sale and Purchase Agreement with EQT Corporation

Rhea-AI Summary

EQT Corporation (NYSE: EQT) has signed a significant 20-year Sale and Purchase Agreement (SPA) with Commonwealth LNG for 1 million tonnes per annum (Mtpa) of LNG from Commonwealth's upcoming 9.5 Mtpa export facility in Cameron Parish, Louisiana.

The agreement involves EQT purchasing LNG on a free-on-board basis at Henry Hub-indexed prices. Commonwealth LNG has now secured 5 Mtpa of offtake under long-term binding agreements with various partners. The company is progressing toward a final investment decision in 2025, with first LNG production targeted for 2029.

Positive

• Secured long-term 20-year LNG supply agreement for 1 Mtpa
• Total of 5 Mtpa of offtake now under binding long-term agreements
• Strategic partnership with one of the largest U.S. natural gas producers
• Project advances U.S. energy leadership and economic growth

Negative

• Production not expected to start until 2029
• Final investment decision still pending
• Agreement subject to customary conditions before becoming fully effective

HOUSTON, Sept. 8, 2025 /PRNewswire/ -- Commonwealth LNG ("Commonwealth") announced today it has signed a Sale and Purchase Agreement (SPA) with EQT Corporation (NYSE: EQT), one of the largest natural gas producers in the United States. The agreement provides for the sale of 1 million tonnes per annum (Mtpa) of LNG for 20 years from Commonwealth's 9.5 Mtpa export facility currently under development on the Gulf Coast in Cameron Parish, Louisiana. 

Under the terms of the agreement, EQT will purchase LNG on a free-on-board basis at a price indexed to Henry Hub. The definitive agreement marks a significant milestone in both companies' efforts to deliver responsibly sourced, low emission natural gas to international markets.

 "The agreement with EQT is a strong endorsement of our integrated natural gas platform, featuring a unique wellhead-to-water strategy that meets burgeoning demand for LNG across global markets, while advancing U.S. energy leadership and economic growth," said Ben Dell, Managing Partner of Kimmeridge and Chairman of Caturus, the parent company of Commonwealth LNG. "By combining EQT's scale and Commonwealth's efficient modular LNG design, we're delivering a differentiated solution for global energy buyers."

"The signing of this agreement with Commonwealth LNG adds to the incredible momentum we are building in the LNG market and further strengthens EQT's position as a leading force in connecting U.S. natural gas to global demand," said Toby Z. Rice, President and CEO of EQT.

Commonwealth is advancing toward a final investment decision (FID) in 2025, with first LNG production expected in 2029. Inclusive of the agreement with EQT, Commonwealth has 5 Mtpa of offtake under long-term, binding agreement (Glencore, JERA and PETRONAS), with line of sight to subscribe its remaining capacity. These foundational contracts demonstrate international confidence in the project's execution and value proposition.

The SPA will become fully effective upon the satisfaction of customary conditions, including an affirmative final investment decision on the project.

About Commonwealth LNG
Commonwealth LNG is developing a 9.5 mtpa liquefied natural gas (LNG) export terminal project located near Cameron, Louisiana. The project's leadership team is committed to building a world-class LNG facility while relentlessly focusing on safety, managing risk and achieving best in class environmental standards.

Website: www.CommonwealthLNG.com
LinkedIn: https://www.linkedin.com/company/commonwealth-lng/ 

About Caturus
Kimmeridge, an alternative asset manager focused on the energy sector, most recently announced the formation of Caturus. Caturus is building America's leading integrated natural gas and LNG company to deliver responsibly sourced, low-emission fuel to domestic and international markets. The platform comprises Caturus Energy, formerly Kimmeridge Texas Gas, an upstream producer with 600 MMcfe/d across 200,000 acres in Texas, and Commonwealth LNG, a 9.5 Mtpa liquefied natural gas export terminal project located on the U.S. Gulf Coast near Cameron, Louisiana. www.caturus.com 

About Kimmeridge
Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proprietary research, and data gathering. www.kimmeridge.com

Media Inquiries:

Commonwealth LNG
Lyle Hanna
Vice President, Corporate Communications
Email:  lhanna@teamcpl.com
Ph: 281.794.9606

Caturus/Kimmeridge
Daniel Yunger / Hallie Wolff / Emma Cloyd
Email: Kekst-Kimmeridge@kekstcnc.com
Ph: 917.574.8582 / 917.842.1127

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SOURCE Commonwealth LNG

FAQ

What is the size of the LNG agreement between EQT and Commonwealth LNG?

EQT has agreed to purchase 1 million tonnes per annum (Mtpa) of LNG for a period of 20 years from Commonwealth's export facility.

When will Commonwealth LNG's export facility begin production?

The facility is expected to begin LNG production in 2029, following a final investment decision planned for 2025.

How much total offtake capacity has Commonwealth LNG secured?

Commonwealth LNG has secured 5 Mtpa of offtake under long-term binding agreements with partners including Glencore, JERA, PETRONAS, and now EQT.

Where will Commonwealth LNG's export facility be located?

The 9.5 Mtpa export facility will be located in Cameron Parish, Louisiana on the Gulf Coast.

What is the pricing structure for the EQT-Commonwealth LNG agreement?

EQT will purchase LNG on a free-on-board basis with pricing indexed to Henry Hub.