KIMMERIDGE TEXAS GAS APPOINTS DAVID LAWLER AS CEO; KIMMERIDGE CLOSES FOLLOW-ON CONTROL INVESTMENT IN COMMONWEALTH LNG

Lawler brings 30+ years of experience in the sector with an expansive track record of growing energy platforms, responsibly expanding production and implementing effective emissions reduction strategies

Commonwealth on track to reach final investment decision on best-in-class LNG export facility by the first half of 2025 and to commence deliveries in 2028

HOUSTON and NEW YORK, June 25, 2024 /PRNewswire/ -- Kimmeridge, an alternative asset manager focused on the energy sector, today announced that its affiliate, Kimmeridge Texas Gas ("KTG"), has appointed David Lawler as Chief Executive Officer, effective immediately. Mr. Lawler will advance KTG's efforts to become a fully integrated provider of LNG from well-head to water – providing reliable, secure and clean energy to global markets.

Mr. Lawler brings more than 30 years of experience in the energy sector, with a distinguished track record across each of the positions he has held. Most recently, he served as Chairman and President of BP America, which accounted for nearly 40% of corporate global revenue. While at BP America, Mr. Lawler spearheaded the formation and implementation of an integrated strategy to achieve net-zero production by 2050. In addition, Mr. Lawler served as CEO of BPX Energy, BP's onshore unconventional and midstream business. He led the $10.5 billion acquisition of BHP's onshore assets, BP's largest acquisition in more than 20 years, and built a world class operating team that delivered significant year-on-year improvements, including growing production over 125% while significantly reducing emissions in the Permian Basin.

To further accelerate KTG's growth trajectory, Kimmeridge also announced the closing of a follow-on control investment in Commonwealth LNG ("Commonwealth"). The funding will support a 9.5 million tons per annum (mtpa) LNG export facility in Cameron, Louisiana, through anticipated final investment decision (FID) in 1H 2025, and will raise Kimmeridge's equity ownership in Commonwealth to over 90%.

Ben Dell, Managing Partner of Kimmeridge and Director at KTG, said, "We welcome David to the KTG team as it enters a compelling new era of growth, while accelerating carbon neutrality through the development of environmentally responsible, low-cost energy assets. David has shaped and led large-scale, best-in-class operations that align with Kimmeridge's commitment to enhancing capital efficiency and reaching net-zero operations. Additionally, we would like to thank Mike Wieland for all his contributions as CEO of KTG since September 2022, helping to build it into the high-quality, scaled asset it is today."

Mr. Dell continued, "We are excited to take a controlling interest in Commonwealth LNG as we integrate our business from well-head to water, and look forward to the completion of a best-in-class LNG export facility in Louisiana."

Farhad Ahrabi, Commonwealth CEO and President, said, "We are delighted to integrate into the Kimmeridge team as we work towards FID in 2025. Kimmeridge shares our vision of bringing a differentiated offering to the LNG market, and we look forward to commencing delivery to our customers in 2028."

David Lawler, CEO of KTG, said, "I am very pleased to join the KTG team and look forward to advancing the Company's plans of becoming a fully integrated provider of LNG from well-head to water, including through our expanded partnership with Commonwealth, with an option for net zero cargoes. When produced responsibly, LNG is a reliable, easily accessible energy source. In the future, KTG will export clean energy across the world, helping economies accelerate their transition ambitions."

About David Lawler

In addition to his roles at BP and BPX, Mr. Lawler served as Executive Vice President and Chief Operating Officer at SandRidge Energy, a US-based oil and gas independent. Prior to SandRidge, he was Chief Executive Officer and President of PostRock Energy Corporation. He also worked for Shell E&P Co. as an engineering and operations manager with full P&L and HSE responsibility for the South Tex and Mobile Bay E&P assets. Mr. Lawler began his career as a Production Engineer with Conoco and as a Drilling Engineer with Burlington Resources.

Mr. Lawler graduated from the Colorado School of Mines with a Bachelor of Science in Petroleum Engineering in 1990 before earning an MBA from Tulane University in 2003. He is also a Trustee of the Colorado School of Mines, appointed by Colorado Governor Jared Polis in 2022.

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, proven sustainability track record and proprietary research and data gathering.

About Kimmeridge Texas Gas

Kimmeridge Texas Gas is a conventional producer of natural gas committed to accelerating carbon neutrality by developing environmentally responsible, low-cost energy assets. With approximately 148,000 net acres in Texas overlaying the dry gas window of the Eagle Ford Shale within Webb, La Salle, McMullen and Karnes counties, the Company produces approximately 400 million cubic feet equivalent of natural gas and oil per day, selling into the South Texas market with access to Mexican export channels, to LNG terminals for global sales, and into pipelines directly servicing Gulf Coast petrochemical facilities.

About Commonwealth LNG

Commonwealth LNG is a 9.5 mtpa liquefied natural gas (LNG) export terminal project located on the Calcasieu River at the Gulf of Mexico near Cameron, Louisiana. The project's leadership team is committed to building a world-class LNG facility by staying relentlessly focused on managing risk and lowering capital cost.

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SOURCE Kimmeridge