Venture Global, Inc. (VG)

Venture Global announced on 7 October 2026 that it sold and recognized in revenue 465.8 TBtu of LNG in the third quarter, shipped in 124 cargos 3. LNG is natural gas cooled into a liquid so ships can carry it 1.

Plaquemines, its second plant, supplied 328.1 TBtu of that, and Calcasieu Pass, its first, supplied 137.7 TBtu 3.

The quarter before, revenue was $4.6 billion, up 48 percent from a year earlier, mainly because Plaquemines sold more LNG as it ramped up 2.

On the same 7 October, an arbitration panel told its Calcasieu Pass subsidiary that it had breached a Galp Trading contract by declaring the start of commercial operations late 4. The company said it is disappointed and is weighing its options 4.

Remedies are not set 4. A damages hearing is anticipated in 2027 or 2028, and the final award would be capped at $170 million under the contract 4.

On 9 October it also signed frame agreements with GE Vernova, Baker Hughes and GE Grid for power equipment, about $17.2 billion in all if every order goes ahead 5.

Venture Global builds plants that cool gas into LNG 1. It uses many mid-size units, called liquefaction trains, in place of a few giant ones 1.

Its first plant, Calcasieu Pass in Louisiana, sold test LNG from the first quarter of 2022 until it declared commercial operations on 15 April 2025 12.

It sold shares to the public in an initial public offering completed on 27 January 2025 2.

Revenue was $13.8 billion in 2025, up from $5.0 billion in 2024 1. Most of the rise came from Plaquemines, which began producing LNG in December 2024 and ramped up through 2025 1.

Lower sales prices at Calcasieu Pass after it began long-term contracts in April 2025 cut revenue by $1.3 billion, partly offsetting that rise 1.

By 31 December 2025 all 36 liquefaction trains at Plaquemines were running, though still in testing 1.

Calcasieu Pass has also been the center of disputes 1. In May 2023 Shell asked for arbitration, saying the plant was late to start commercial operations, and sought about $1.7 billion 1.

On 12 August 2025 the panel found no breach and no liability to Shell 1. Shell then asked a New York court to vacate that award, and the petition is pending 1.

In March 2026 the second phase of the third plant, CP2, reached a final investment decision and the company obtained $8.6 billion of added project financing 2.

It also swapped older debt for newer 2. It redeemed notes that carried 8.125 percent interest using new notes at 6.375 and 6.625 percent 2.

On 2 September 2026 its main financing subsidiary signed a 364-day revolving credit facility allowing up to $3 billion of borrowing, maturing on 1 September 2027 6.

LNG plants

The company sells LNG made at plants in Louisiana, and counts capacity in mtpa, million tonnes a year 1.

Calcasieu Pass has 18 liquefaction trains and is operating, with 12.4 mtpa permitted 1. Plaquemines has 36 trains and is in construction and commissioning, with 24.0 mtpa permitted at the annual report 1.

In March 2026 the Department of Energy approved raising its non-free-trade export limit for Plaquemines from 24.0 to 27.2 mtpa 2.

CP2, the third plant, is under construction 1. It has 36 trains planned and 28.0 mtpa permitted 1.

How it sells

At 31 December 2025 it had signed 47.0 mtpa of long-term sales agreements, about 96 percent of them 20-year, fixed price contracts 1.

Those contracts charge a fixed fee to turn gas into LNG plus a commodity fee of at least 115 percent of the Henry Hub gas price 1.

Its trading arm, VG Commodities, also sells cargos on short and medium terms 2. In 2026 it signed several five-year agreements totaling about 3.8 mtpa 2.

VG Commodities runs the shipping, with owned and chartered tankers, and has booked import capacity at Alexandroupolis in Greece and at Grain in the United Kingdom 1.

People and rivals

Michael Sabel is chief executive and a founder, Robert Pender is executive co-chairman and a founder, and Jonathan Thayer is chief financial officer 1. At 31 December 2025 it had over 2,000 full-time employees 1.

Its filing names rivals including Cheniere and Freeport LNG and the large energy companies, many of which are also its customers 1.

Disputes

Customers have taken Calcasieu Pass to arbitration over its start date 1. One in London seeks about $1.5 billion and another seeks more than $400 million, with awards anticipated in 2026 1.

The Galp ruling of 7 October went against the company, which says it contradicts the earlier Shell and Repsol findings 4.

The umbrella, in words

Venture Global, Inc. is the parent 5. Venture Global LNG, Inc. is a direct wholly-owned subsidiary that signs the big equipment and financing deals 5.

Each plant sits in its own project company, such as Venture Global Calcasieu Pass, LLC, and Venture Global Commodities, LLC handles sales 2.

The Blackfin Pipeline, a joint venture with WhiteWater Development, links Colorado County to Jasper County in Texas 2. The company holds it through a wholly-owned subsidiary, and its share is not stated in the passage read 2.

Venture Global Partners II, LLC is the controlling shareholder and holds about 97.6 percent of the combined voting power of the Class A and Class B common stock 1. Founders control it 1.

Its sites are on leased land 1. The annual report lists ground leases, for example between its CP2 subsidiary and the Cameron Parish Port, Harbor and Terminal District 1.

The company targets commercial operations for Plaquemines in the fourth quarter of 2026 for the first phase and mid-2027 for the second 1.

It targets late 2029 for the first phase of CP2 and mid-2030 for the second 1.

In May 2026 it filed with FERC for an 11.7 mtpa expansion of CP2, and in July 2026 it applied to the Department of Energy for the matching export permit 2.

It is targeting a construction start for a Plaquemines expansion by the second half of 2027, subject to approvals and enough sales agreements to support financing 1.

On the power deal, it said it expects a first purchase order for a power island by the end of 2026 and more from early 2027, with deliveries scheduled through 2034 at the latest 5.

It also said the equipment can serve LNG-adjacent data center projects it intends to pursue 5.

The damages hearing in the Galp case is anticipated in 2027 or 2028 4.