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Aethon leaving Haynesville Shale, selling northwest Louisiana assets to Japanese company
Aethon leaving Haynesville Shale, selling northwest Louisiana assets to Japanese company
- BY LIZ SWAINE | Staff writer shreveportbossieradvocate.com
https://www.shreveportbossieradvocate.com/business/mitsubishi-purch...
A company that has been part of the Haynesville Shale since 2017 is in the process of selling out to Japan-based Mitsubishi Corporation.
MC said subject to regulatory approval, they plan to purchase all the upstream and other assets and interests of Aethon Energy Management for $5.2 billion. The company is reportedly also taking on $2.33 billion of Aethon debt. Mitsubishi said the transaction “marks MC’s entry into the U.S. shale gas business across the value chain.”
Aethon has had a presence in northwest Louisiana.
“Aethon has probably done more refracking of old wells than any other major player in the Haynesville Shale,” said Shreveport mineral consultant Skip Peel.
“There’s also midstream assets, pipelines and treating facilities. Aethon has been trying to sell their Haynesville assets for at least four years, maybe five, and haven’t been successful up until now.”
Aethon’s holdings may have become more valuable to MC because of a couple of things, said Peel.
“The Japanese need a lot of LNG (liquified natural gas) and want to lock down supply for pricing reasons.” Mitsubishi is a key partner in the Cameron LNG plant on the Calcasieu ship channel.
Also, “The Louisiana Haynesville is getting old, it doesn’t have a long future. But the western Haynesville does, and the western Haynesville has become a priority for a lot of companies just in the last couple of years.”
The western Haynesville is located in the area around Freestone, Leon, Limestone and Robertson counties, which are to the south and east of Dallas. Hearne, which is north of Bryan and College Station, is the largest town in the region. Operators began to lease mineral rights in that region in 2020.
“Now that Mitsubishi, who has plenty of money to pursue the Western Haynesville, has that footprint, you can bet that they're going to start trying to lease more land and be competitive.”
He said Japanese companies such as TGNR (Tokyo Gas), Mitsui and now, Mitsubishi, were a bit late to the game, but are aggressive and have the financial ability to expand existing footprints.
“The western Haynesville is getting really competitive for leasing,” Peel said, “and when competition ramps up, that means good things for mineral owners.”
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Replies to This Discussion
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Permalink Reply by Hale Yayuh on
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Any opinion on potential natural gas price paid to mineral owners by this buyer relative to other operators in legacy Haynesville of NW LA and east Texas?
I also note that Aethon has some completed HA wells that have never been turned to sales, in east Texas anyway, that were completed months ago. I figure they might have known a deal was working along and maybe the buyer wanted them to hold off producing? And makes me wonder when the buyer will turn to sales. Another wrinkle to that, though, is that I heard that Aethon was going to turn to sales this winter due to normally boosted prices but those much better prices have not come about. They've elevated the past few days but who knows if that will hold until the next settlement price in a couple weeks.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Mitsubishi is a blank slate at this point. Considering that the sale can not close until the late second quarter (June) at the earliest we will have to wait a while. As to shut in wells and TIL (turn to sales) plans, Aethon being a privately held company never announces development plans as the publicly traded operators do. So, a blank slate buying a black box. While we all wait to see if things change. It is quite possible that the first change may be Mitsubishi prioritizing investment in the Western Haynesville - leasing and drilling.
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Permalink Reply by Mike Wilson -
This professor has a very interesting take on the Mitsubishi purchase of Aethon. His video channel only has 4 subscribers (I am one of them after finding this video) but he sounds like he knows what he is talking about and you definitely want to watch:
Why Mitsubishi Just Bet $7.53 Billion on U.S. Shale Gas (BRUTAL Ene...
Warning: I suspect it was generated by AI but the content sounds valid.
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Permalink Reply by Skip Peel - Mineral Consultant
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Thanks, Mike. It will be interesting to dissect Professor O'Brien's take on Mitsubishi's entry into the Haynesvillle Play. You appear correct about the AI possibility. The You tube channel has twelve videos including this one, all created in the last two weeks. Looks somewhat suspicious to me but it will take time to review fully. A Google search does not return any Professor O'Brien that appears to be a match.
Geopolitics with David
I am running across a lot of AI generated videos and search results. The ones that delve into the O&G space have a high rate of inaccuracy likely owing to their LLM basis. It is a challenge to create an AI version of something as technical and science driven as the O&G space.
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Permalink Reply by Mike Wilson
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My google search thinks this is him:
The "David O'Brien" behind the YouTube channel Geopolitics with David isDr. David O'Brien, a scholar and educator with expertise in international relations, particularly focusing on China and Central Asia.Background and Expertise- Academic Role: He is a researcher and lecturer who has held positions at institutions like the Jagiellonian University in Poland and the University of Nottingham Ningbo China.
- Specializations: His work focuses on Chinese national identity, discourse power, and the Belt and Road Initiative. He has lived and worked in China for nearly a decade, providing a firsthand perspective on its internal politics and global strategy.
- Media Presence: Outside of YouTube, he is a frequent commentator for international media outlets such as The Diplomat, Financial Times, and Reuters.
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