Notice Concerning Change in Specified Subsidiaries(Specified Subsidiaries Relating to the Shale Gas Business in Texas and Louisiana)
July 15, 2026
Mitsubishi Corporation
Mitsubishi Corporation (the “Company”) hereby announces that, further to its January 16, 2026 announcement, “Notice Concerning Acquisition of Equity Interests in Shale Gas Business in Texas and Louisiana (to Make Them Specified Subsidiaries),” certain subsidiaries have become specified subsidiaries of the Company following the completion of the acquisition on July 14, 2026 (U.S. Time) of equity interests in Aethon III LLC, Aethon United LP, and related entities, as well as the implementation of certain organizational restructuring transactions. These entities qualify as specified subsidiaries because their stated capital represents 10% or more of the Company’s stated capital. Details are set forth below.
In addition, Adamas Bridge Capital LLC became a specified subsidiary of the Company as of the date hereof. However, as part of an organizational restructuring expected to be completed during the current fiscal year, its functions and assets are expected to be transferred to Adamas Energy LLC, a wholly owned subsidiary of the Company. As a result, Adamas Bridge Capital LLC is expected to cease to be a specified subsidiary, while Adamas Energy LLC is expected to become a specified subsidiary, as its stated capital is expected to represent 10% or more of the Company’s stated capital.
1． Overview of the subsidiaries subject to change
Diamond Resource Corporation
| (1) | Name | Diamond Resource Corporation (“DRC”) | |||
| (2) | Location | 1221 McKinney Street, Suite 3500, Houston, TX 77010, USA | |||
| (3) | Job title and name of representative | Taro Yanagidate, President | |||
| (4) | Description of business | Special purpose company (SPC) established for investment in the U.S. shale gas business | |||
| (5) | Share capital | USD 2,203.7 million | |||
| (6) | Date of establishment | November 5, 2025 | |||
| (7) | Major shareholder and ownership ratio | The Company: 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Three officers/employees of the Company concurrently serve as directors of the company. | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2024 | December 31, 2023 | December 31, 2022 | ||
| Consolidated net assets | - | - | - | ||
| Consolidated total assets | - | - | - | ||
| Consolidated net assets per share | - | - | - | ||
| Consolidated net sales | - | - | - | ||
| Consolidated operating profit | - | - | - | ||
| Consolidated ordinary profit | - | - | - | ||
| Profit attributable to owners of parent | - | - | - | ||
| Consolidated earnings per share | - | - | - | ||
| Dividend per share | - | - | - | ||
- Note:As the company was established in 2025, no operating results or financial position data are available for prior fiscal years.
Aethon III BR LLC (to be renamed DR III BR LLC)
| (1) | Name | Aethon III BR LLC (to be renamed DR III BR LLC) | |||
| (2) | Location | 12377 Merit Drive, Suite 1200, Dallas, TX 75251, USA | |||
| (3) | Job title and name of representative | Chris Washburn, Chief Financial Officer | |||
| (4) | Description of business | Holding company that owns oil and natural gas-related assets and affiliated subsidiaries under Aethon III LLC | |||
| (5) | Share capital | USD 591.1 million | |||
| (6) | Date of establishment | November 7, 2018 | |||
| (7) | Major shareholder and ownership ratio | Aethon III LLC: 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Not applicable | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||
| Consolidated net assets | USD 1,482,011,000 | USD 1,220,979,000 | USD 1,330,950,000 | ||
| Consolidated total assets | USD 2,746,327,000 | USD 2,678,036,000 | USD 2,351,711,000 | ||
| Consolidated net assets per share | - | - | - | ||
| Consolidated net sales | USD 1,216,748,000 | USD 679,163,000 | USD 1,622,010,000 | ||
| Consolidated operating profit | USD 328,468,000 | (USD 49,367,000) | USD 733,940,000 | ||
| Consolidated ordinary profit | USD 264,950,000 | (USD 124,936,000) | USD 679,519,000 | ||
| Profit attributable to owners of parent | USD 254,851,000 | (USD 129,749,000) | USD 669,731,000 | ||
| Consolidated earnings per share | - | - | - | ||
| Dividend per share | - | - | - | ||
Aethon United BR LP (to be renamed DR United BR LP)
| (1) | Name | Aethon United BR LP (to be renamed DR United BR LP) | |||
| (2) | Location | 12377 Merit Drive, Suite 1200, Dallas, TX 75251, USA | |||
| (3) | Job title and name of representative | Chris Washburn, Chief Financial Officer | |||
| (4) | Description of business | Holding company that owns oil and natural gas-related assets and affiliated subsidiaries within the Aethon United LP group | |||
| (5) | Share capital | USD 544.1 million | |||
| (6) | Date of establishment | April 18, 2016 | |||
| (7) | Major shareholders and ownership ratio | Aethon United LP: 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Not applicable | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||
| Consolidated net assets | USD 1,473,837,000 | USD 1,251,235,000 | USD 1,359,276,000 | ||
| Consolidated total assets | USD 3,949,679,000 | USD 3,852,022,000 | USD 3,566,403,000 | ||
| Consolidated net assets per share | - | - | - | ||
| Consolidated net sales | USD 4,843,368,000 | USD 2,833,756,000 | USD 3,843,593,000 | ||
| Consolidated operating profit | USD 341,051,000 | USD 37,964,000 | USD 844,936,000 | ||
| Consolidated ordinary profit | USD 222,602,000 | (USD 108,041,000) | USD 735,141,000 | ||
| Profit attributable to owners of parent | USD 222,604,000 | (USD 108,027,000) | USD 735,142,000 | ||
| Consolidated earnings per share | - | - | - | ||
| Dividend per share | - | - | - | ||
EM Holdco LLC
| (1) | Name | EM Holdco LLC | |||
| (2) | Location | 160 Front Street West, Suite 3200, Toronto, Ontario, M5J 0G4, Canada | |||
| (3) | Job title and name of representative | Blake Sumler, Authorized Signatory | |||
| (4) | Description of business | Special purpose company (SPC) holding partnership interests in Aethon United LP | |||
| (5) | Share capital | USD 507.9 million | |||
| (6) | Date of establishment | September 18, 2015 | |||
| (7) | Major shareholders and ownership ratio | The Company / 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Not applicable | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||
| Consolidated net assets | USD 389,982,627 | USD 456,220,735 | USD 496,597,669 | ||
| Consolidated total assets | USD 831,397,080 | USD 857,000,566 | USD 860,391,767 | ||
| Consolidated net assets per share | USD 2.06 | USD 2.41 | USD 2.63 | ||
| Consolidated net sales | USD 3,491 | USD 23 | - | ||
| Consolidated operating profit | (USD 66,463,974) | (USD 40,376,957) | USD 5,100,487 | ||
| Consolidated ordinary profit | (USD 66,487,047) | (USD 40,389,157) | USD 4,592,601 | ||
| Profit attributable to owners of parent | (USD 66,487,047) | (USD 40,389,167) | USD 4,592,601 | ||
| Consolidated earnings per share | (USD 0.35) | (USD 0.21) | USD 0.02 | ||
| Dividend per share | - | - | - | ||
RBCP Platform FD Blocker I, LLC
| (1) | Name | RBCP Platform FD Blocker I, LLC | |||
| (2) | Location | 440 Royal Palm Way, Palm Beach, FL 33480, USA | |||
| (3) | Job title and name of representative | David S Grochow, Chief Financial Officer | |||
| (4) | Description of business | Special purpose company (SPC) holding partnership interests in Aethon United LP | |||
| (5) | Share capital | USD 168.4 million | |||
| (6) | Date of establishment | April 29, 2015 | |||
| (7) | Major shareholders and ownership ratio | The Company / 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Not applicable | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||
| Consolidated net assets | USD 278,624,273 | USD 302,159,027 | USD 232,058,091 | ||
| Consolidated total assets | USD 412,475,534 | USD 429,634,803 | USD 352,194,889 | ||
| Consolidated net assets per share | - | - | - | ||
| Consolidated net sales | USD 17,159,269 | USD 77,439,914 | USD 4,897,186 | ||
| Consolidated operating profit | USD 25,876,731 | USD 70,100,936 | (USD 2,421,771) | ||
| Consolidated ordinary profit | USD 25,876,731 | USD 70,100,936 | (USD 2,421,771) | ||
| Profit attributable to owners of parent | USD 25,876,731 | USD 70,100,936 | (USD 2,421,771) | ||
| Consolidated earnings per share | - | - | - | ||
| Dividend per share | - | - | - | ||
Adamas Bridge Capital LLC
| (1) | Name | Adamas Bridge Capital LLC | |||
| (2) | Location | 251 Little Falls Drive, Wilmington, DE 19808, USA | |||
| (3) | Job title and name of representative | Gordon Huddleston, President | |||
| (4) | Description of business | Holding company for operating-function-related assets | |||
| (5) | Share capital | USD 142.1 million | |||
| (6) | Date of establishment | November 19, 2025 | |||
| (7) | Major shareholders and ownership ratio | DRC / 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Not applicable | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||
| Consolidated net assets | - | - | - | ||
| Consolidated total assets | - | - | - | ||
| Consolidated net assets per share | - | - | - | ||
| Consolidated net sales | - | - | - | ||
| Consolidated operating profit | - | - | - | ||
| Consolidated ordinary profit | - | - | - | ||
| Profit attributable to owners of parent | - | - | - | ||
| Consolidated earnings per share | - | - | - | ||
| Dividend per share | - | - | - | ||
- Note:As the company was established in 2025, no operating results or financial position data are available for prior fiscal years. In addition, as part of an organizational restructuring expected to be completed during the current fiscal year, the functions and assets of the company are expected to be transferred to Adamas Energy LLC (see below), a wholly owned subsidiary of the Company. As a result, the company is expected to cease being a specified subsidiary of the Company, while Adamas Energy LLC is expected to become a specified subsidiary, as its stated capital is expected to represent 10 percent or more of the Company’s stated capital.
2． Overview of the subsidiary expected to become a specified subsidiary within this FY
Adamas Energy LLC
| (1) | Name | Adamas Energy LLC | |||
| (2) | Location | 12377 Merit Drive, Suite 1200, Dallas, TX 75251, USA | |||
| (3) | Job title and name of representative | Gordon Huddleston, President | |||
| (4) | Description of business | Holding company for operating-function-related assets | |||
| (5) | Share capital | USD 142.1 million | |||
| (6) | Date of establishment | November 3, 2025 | |||
| (7) | Major shareholders and ownership ratio | DRC / 100.0% | |||
| (8) | Relationship between the Company and the subsidiary | Capital relationship | The Company: 100.0% | ||
| Personnel relationship | Four officers/employees of the Company concurrently serve as directors of the company. | ||||
| Business relationship | Not applicable | ||||
| (9) | Consolidated operating results and consolidated financial positions of the subsidiary for the last three years | ||||
| As of / Fiscal year ended | December 31, 2025 | December 31, 2024 | December 31, 2023 | ||
| Consolidated net assets | - | - | - | ||
| Consolidated total assets | - | - | - | ||
| Consolidated net assets per share | - | - | - | ||
| Consolidated net sales | - | - | - | ||
| Consolidated operating profit | - | - | - | ||
| Consolidated ordinary profit | - | - | - | ||
| Profit attributable to owners of parent | - | - | - | ||
| Consolidated earnings per share | - | - | - | ||
| Dividend per share | - | - | - | ||
- Note:As the company was established in 2025, no operating results or financial position data are available for prior fiscal years.
3．Impact on the Company’s Financial Results
The change in specified subsidiaries described above is not expected to have material impact on the Company’s consolidated operating results or financial position.
Inquiry Recipient
Mitsubishi CorporationTelephone:+81-3-3210-2171
