Venture Global, Inc.

What they do

Venture Global develops, constructs, and operates LNG export facilities on the U.S. Gulf Coast. Its first project, Calcasieu Pass, declared commercial operations on April 15, 2025, and its second, Plaquemines, continues to ramp up production and sales. A third project, CP2, is under construction, with Phase 2 reaching FID in March 2026. The company sells LNG under long-term contracts and also sells commissioning cargos and excess LNG prior to and outside of those agreements.

Revenue drivers

• Long-term LNG sales agreements — Post-COD SPAs generate fixed liquefaction fees and commodity-linked fees after a project reaches commercial operations; total expected post-COD contracted capacity rose from 26.0 mtpa to 28.0 mtpa in 2026 with two new 20-year Phase 2 SPAs.
• Commissioning cargos and excess LNG — Prior to COD, LNG produced during commissioning is sold and proceeds are recognized as a reduction to construction in progress; after assets are placed in service, proceeds flow through revenue.
• Short- and medium-term sales agreements — In 2026, VG Commodities executed several new five-year LNG sales agreements totaling approximately 3.8 mtpa, contributing to a diversified portfolio that includes deals with TotalEnergies, EnBW, and Vitol.

Recent performance

Second quarter 2026 revenue was $4.6 billion, up 48% from Q2 2025, with income from operations of $2.2 billion and net income of $1.3 billion. LNG volumes sold were 466.4 TBtu, up 42% year over year, and the weighted average price of LNG sold was $9.77 per MMBtu. For the first half of 2026, revenue was $9.2 billion and net income was $1.8 billion. Total assets grew to $61.5 billion as of June 30, 2026, from $46.5 billion a year earlier.

Strategy

Management is focused on ramping up the Plaquemines Project, advancing construction of CP2, and expanding contracted capacity. The company raised its 2026 Consolidated Adjusted EBITDA guidance to $8.7–$9.1 billion and tightened its expected cargo range to 500–518. It is pursuing additional export authorizations, including a DOE application to increase Plaquemines authorized exports to 35.0 mtpa and an 11.7 mtpa FERC expansion application for CP2. Recent financing transactions include redeeming the CP Funding Redeemable Preferred Units, repaying the Calcasieu Pass Construction Term Loan, and issuing new senior secured notes and term loans.

Risks

• Dependence on commissioning cargo sales — For projects that have not achieved COD, proceeds from commissioning cargo sales are limited in duration and subject to material uncertainties, and the company is obligated to cease such sales once COD occurs.
• Significant capital expenditures — The company will continue to incur significant capital and operating expenditures while developing, constructing, and commissioning projects, which could pressure profitability and cash flows if projects are delayed or over budget.
• Commodity price exposure — Revenue from commodity fees is indexed to Henry Hub, and the company's results are sensitive to changes in natural gas prices and foreign gas markets.
• Project execution and regulatory risks — Construction of CP2 remains ongoing, and expansion plans depend on obtaining FERC and DOE approvals, which may not be granted on the expected timeline or at all.

Outlook

Management increased 2026 Consolidated Adjusted EBITDA guidance to $8.7–$9.1 billion and tightened the expected cargo range to 500–518, with 91% of available cargos contracted at a weighted average liquefaction fee of $5.05 per MMBtu. The company expects continued ramp-up at Plaquemines and progress on CP2 construction. It also declared a third-quarter dividend of $0.04 per share, an increase of 122% from the prior level.