Cameron and the Marcellus: The American Gas LinkNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsui's American LNG link is gas it owns, a plant it co-owns and a price set in the United States.

Mitsui joined the Cameron LNG project in the United States in October 20141 and owns 16.6% of its 12.0 million tonnes a year of capacity, with Sempra holding 50.2%2. Its holding company for the stake contributed ¥20.0 billion, ¥23.1 billion and ¥24.0 billion over the last three years3.

Contribution (¥ bn, years to March)20.0Cameron 202424.0Cameron 202611.2E&P USA 202436.4E&P USA 2026Mitsui Integrated Report 2026
Both the plant and the gas earned more.

Upstream, it owns 11% of a Marcellus shale gas development it joined in February 201045, and Mitsui E&P USA contributed ¥36.4 billion in the latest year, up from ¥9.8 billion6. Its net profit changes by ¥1.2 billion for every ten cents per million British thermal units of US gas7.

The American business gives Mitsui gas priced on Henry Hub rather than on oil, and an export route to Asia and Europe that does not depend on Russia or the Middle East.

Mitsui also owns 12.5% of Eagle Ford production in Texas, and its Texas business, Mitsui E&P Texas, contributed ¥8.1 billion in the latest year89. Mitsui E&P USA's contribution more than tripled in the latest year10.

The measure is Cameron's contribution. A steady ¥20-24 billion a year shows a tolling-style asset working as intended.

Moat trajectory: Widening

The contribution rose for two years and US gas earned more.

The number that tests this moat
Reported
Cameron LNG holding contribution, latest year
¥24.0bn against ¥20.0bn two years earlier

The US export stake's steady earnings; a fall would show tolling income under pressure.

Source: Mitsui & Co. Integrated Report 2026, data ↗
⚠ Threats to the moat
⚠ THREAT 01
Henry Hub Moves Both Ways
Mitsui's American gas earnings nearly quadrupled in a year and could fall as fast.
References
  1. ReportedMitsui joined the Cameron LNG project in the United States in October 2014 and owns 16.6% of its 12.0 million tonnes a year of capacity, with Sempra holding 50.2%.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  2. ReportedMitsui joined the Cameron LNG project in the United States in October 2014 and owns 16.6% of its 12.0 million tonnes a year of capacity, with Sempra holding 50.2%.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIts holding company for the stake contributed ¥20.0 billion, ¥23.1 billion and ¥24.0 billion over the last three years.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  4. ReportedUpstream, it owns 11% of a Marcellus shale gas development it joined in February 2010, and Mitsui E&P USA contributed ¥36.4 billion in the latest year, up from ¥9.8 billion.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  5. ReportedUpstream, it owns 11% of a Marcellus shale gas development it joined in February 2010, and Mitsui E&P USA contributed ¥36.4 billion in the latest year, up from ¥9.8 billion.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedUpstream, it owns 11% of a Marcellus shale gas development it joined in February 2010, and Mitsui E&P USA contributed ¥36.4 billion in the latest year, up from ¥9.8 billion.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
  7. ReportedIts net profit changes by ¥1.2 billion for every ten cents per million British thermal units of US gas.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedMitsui also owns 12.5% of Eagle Ford production in Texas, and its Texas business, Mitsui E&P Texas, contributed ¥8.1 billion in the latest year.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedMitsui also owns 12.5% of Eagle Ford production in Texas, and its Texas business, Mitsui E&P Texas, contributed ¥8.1 billion in the latest year.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
  10. ReportedMitsui E&P USA's contribution more than tripled in the latest year.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026