Mitsubishi Corp has agreed to acquire Aethon Energy Management LLC’s US natural gas and pipeline assets in a US$5.2 billion (RM21.1 billion) deal, marking the largest investment by a Japanese firm in the American shale sector.
The acquisition covers Aethon III LLC, Aethon United LP, and associated entities and interests, the company said on Friday. Negotiations for the deal have been ongoing since mid-2025. Including Aethon’s US$2.33 billion debt, the total enterprise value of the transaction reaches US$7.5 billion. Under the agreement, Aethon retains the right to repurchase up to 25% of its upstream and midstream assets.
The move reflects Japanese energy firms’ growing interest in the US oil and gas sector, supported by incentives from the Trump administration to boost investment in North America. Mitsubishi, which counts Berkshire Hathaway as a major shareholder, is strengthening its position in one of its most profitable sectors—natural gas.
“The US gas market is the world’s largest in terms of domestic demand, production, and exports, and demand is expected to rise further due to increasing power needs from AI and data centres,” Mitsubishi said.
Aethon, based in Dallas, operates extensively in the Haynesville shale basin across eastern Texas and northern Louisiana, near key LNG export terminals. Founder Albert Huddleston and his family stand to gain substantially from the deal.
Mitsubishi already holds stakes in US LNG export facilities, and the acquisition aligns with Japan’s push to secure energy supply amid expected growth in electricity demand driven by AI and digital infrastructure. Other Japanese energy companies have made similar moves in recent years, including Tokyo Gas Co’s US$2.7 billion purchase of Rockcliff Energy II LLC in 2023 and Jera Co’s recent shale gas investment in western Louisiana.
