North American Energy Infrastructure: Commonwealth LNG: Views from the Private Side

Research evidence excerpt

North American Energy Infrastructure: Commonwealth LNG: Views from the Private Side

J P M O R G A N North America Equity Research

16 June 2026

North American Energy

Infrastructure

Commonwealth LNG: Views from the Private Side

Fresh off of a positive Final Investment Decision, we hosted Kimmeridge Head of North America Power,

Managing Partner and Chairman of Commonwealth LNG Benjamin Dell for a Utilities, Midstream, LNG, and

fireside chat to discuss Commonwealth and broader LNG industry dynamics. Nuclear

Backed by a view that full value chain integration drives clear competitive Jeremy Tonet, CFA AC

advantages in a crowded LNG development landscape, Commonwealth leverages (1-212) 622-4915

Caturus's upstream platform to offer unique commercial contracting flexibility jeremy.b.tonet@jpmorgan.com

(pricing exposure and duration). The $13bn 9.5 mtpa facility in Cameron Parish, Vrathan Reddy

Louisiana, with line-of-sight to first cargoes in 2030, includes 8.5mtpa of (1-212) 622-4692

vrathan.reddy@jpmchase.com

contracted capacity and could expand up to 16mtpa. Our discussion framed pricing

Eli Jossen, CFA

in the middle of a $2.30-$2.75/mmbtu LT SPA market range, with a targeted 15%

(1-212) 622-4113

levered IRR, though execution and expansions could drive further upside. On the eli.jossen@jpmchase.com

macro, a tightening LNG supply/demand backdrop coupled with limited demand Francina Kolluri

elasticity presents general pricing upside and volatility risk to the long-term (1-212) 270-5796

outlook. Here, Commonwealth feels well positioned to capture outsized earnings, francina.kolluri@jpmchase.com

complementing a highly contracted earnings base. J.P. Morgan Securities LLC

• All eyes on execution; expansion potential offers longer-dated upside.