Venture Global (VG)
Builds modular U.S. LNG export projects and delivers cargoes to international buyers.
Something off on this page? Send us feedback.
Venture Global chills natural gas until it turns to liquid, then ships it from the Louisiana coast to utilities and traders abroad. Two plants are running and a bigger one is going up beside them. Most of the money comes from the newest plant, and much of what it sells still goes at whatever the market pays that day, until twenty-year contracts take over.
Item facts: H1 2026 · six months ended Jun 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 9 more below
Plaquemines LNG Project
The plant south of New Orleans that carries the company: 234 cargoes shipped in 2025, most of them still sold at whatever the market pays rather than under its twenty-year contracts. Watch the switch to contract pricing, guided for late 2026.
Competes with Sabine Pass LNG (Cheniere) · Corpus Christi Stage 3 (Cheniere) · Rio Grande LNG Phase 1 (NextDecade)
In plain English
Thirty-six identical factory units, made off-site and assembled on a stretch of ground about twenty miles south of New Orleans. Each one takes in pipeline gas and cools it until it pours like water, because liquid fits on a ship and gas does not.
Buyers — utilities and trading houses — pay for the gas itself plus a fee for the chilling. Because the plant has not yet declared itself officially open, nearly all of what it loads still sells at the day's market price, and the company pockets the whole gap between what the gas cost and what the cargo fetched. Once it declares, those same cargoes move onto twenty-year contracts at a far smaller fee.
Calcasieu Pass
Venture Global's first plant, now running on its twenty-year contracts: roughly 150 cargoes a year at a fixed fee worth a fraction of the market prices it earned while starting up. Customer arbitrations over the late switch are still open.
Competes with Corpus Christi LNG (Cheniere) · Port Arthur LNG Phase 1 (Sempra) · Rio Grande LNG Phase 1 (NextDecade)
In plain English
The one that started it all, and the one that now behaves like a utility bill. It sits on a shipping channel in Cameron Parish, Louisiana, and its output is spoken for two decades ahead.
For three years it sold its test cargoes at market prices and made a great deal of money doing it. In April 2025 it flipped to the contracts it had signed long before, where buyers pay for the gas and hand over a modest fixed fee per shipment. Steady, dull, financeable — and the reason several of those buyers took the company to arbitration for flipping later than promised.
Twenty-Year Sales Contracts
The book of twenty-year supply deals that makes the plants financeable: more than 52 million tonnes a year signed, roughly $137 billion of contracted sales, covering about 91% of this year's output. Watch pricing on new deals as rival supply lands by 2030.
Competes with Twenty-year contract book (Cheniere) · Long-term supply contracts (QatarEnergy)
In plain English
Banks will not lend tens of billions against a plant that merely hopes to find buyers. So long before the plants are finished, Venture Global signs utilities and traders up for twenty years at a time — the fuel version of locking in a two-decade magazine subscription, cheap per issue but guaranteed.
The buyer pays for the gas plus a fixed chilling fee, so the company earns less per cargo than it would selling on the open market, and earns it whatever the weather does. Three customers alone were about half of last year's revenue; the company does not say publicly which three.
CP2 LNG Project
The third and largest plant, rising next to Calcasieu Pass and due to load its first cargo in 2027. It earns nothing yet; $15.1 billion of project borrowing is paying for it, and five million tonnes a year are already sold.
Competes with Port Arthur LNG Phase 2 (Sempra) · Rio Grande LNG Trains 4 and 5 (NextDecade) · North Field expansion (QatarEnergy)
In plain English
Bigger than either plant already running — thirty-six of the same factory units, expected to turn out about twenty-nine million tonnes a year against twenty-eight at Plaquemines.
Right now it is a construction site: roofs on four storage tanks, sixteen chilling units delivered, boilers arriving by barge from the company's own Louisiana yard. Money only travels one way here. Contractors, steel and interest go out; nothing comes back until the first ship loads, targeted for 2027. What makes that bearable is that the lenders have already committed and some of the output already has buyers signed for twenty years — so it is being built against promises rather than hopes.
Bolt-on Expansions
Roughly thirteen million tonnes a year of extra capacity squeezed inside fences the company already owns, at costs management says beat even its own low build prices. Go-ahead decisions due in 2027, first output guided 2028 and 2029.
Competes with Rio Grande LNG Trains 6–8 (NextDecade) · Port Arthur LNG North (Sempra)
In plain English
Adding a room to a house you already own is cheaper than building a second house. That is the whole idea: eight more of the standard factory units at Plaquemines, a further batch at CP2, dropped into sites that already have the jetties and the gas lines.
Nothing is sold yet and no final go-ahead has been given — the decisions are pencilled in for 2027. Management says these would be paid for out of profits and construction loans rather than by asking shareholders for more money, and calls them the cheapest capacity it can build.
Sales and Shipping
The in-house selling and shipping arm: nine gas tankers plus a marketing desk that carries cargoes to the buyer's port instead of handing them over at the jetty. Its money is already counted in the plants' sales; owning ships pays off when hire rates spike.
Competes with Cheniere Marketing (Cheniere) · LNG portfolio trading (Shell) · LNG portfolio trading (TotalEnergies)
In plain English
Two ways to sell a shipload of fuel: hand it over at your own dock and let the buyer worry about the voyage, or deliver it to the buyer's port yourself. Venture Global owns tankers so it can do the second.
That choice matters when hiring ships gets expensive — a fleet you already own costs the same whether the charter market is calm or frantic, and the company credited its own and chartered ships with softening cost pressure late in 2025. This is also the arm through which it is hunting for import-terminal space abroad, so it can unload closer to the people who burn the gas.
Plaquemines LNG ProjectThe plant south of New Orleans that carries the company: 234 cargoes shipped in 2025, most of them still sold at whatever the market pays rather than under its twenty-year contracts. Watch the switch to contract pricing, guided for late 2026.The plant south of New Orleans that carries the company: 234 cargoes shipped in 2025, most of them still sold at whatever the market pays rather than under its twenty-year contracts. Watch the switch to contract pricing, guided for late 2026.
In plain English
Thirty-six identical factory units, made off-site and assembled on a stretch of ground about twenty miles south of New Orleans. Each one takes in pipeline gas and cools it until it pours like water, because liquid fits on a ship and gas does not.
Buyers — utilities and trading houses — pay for the gas itself plus a fee for the chilling. Because the plant has not yet declared itself officially open, nearly all of what it loads still sells at the day's market price, and the company pockets the whole gap between what the gas cost and what the cargo fetched. Once it declares, those same cargoes move onto twenty-year contracts at a far smaller fee.
Competes with Sabine Pass LNG (Cheniere) · Corpus Christi Stage 3 (Cheniere) · Rio Grande LNG Phase 1 (NextDecade)
Calcasieu PassVenture Global's first plant, now running on its twenty-year contracts: roughly 150 cargoes a year at a fixed fee worth a fraction of the market prices it earned while starting up. Customer arbitrations over the late switch are still open.Venture Global's first plant, now running on its twenty-year contracts: roughly 150 cargoes a year at a fixed fee worth a fraction of the market prices it earned while starting up. Customer arbitrations over the late switch are still open.
In plain English
The one that started it all, and the one that now behaves like a utility bill. It sits on a shipping channel in Cameron Parish, Louisiana, and its output is spoken for two decades ahead.
For three years it sold its test cargoes at market prices and made a great deal of money doing it. In April 2025 it flipped to the contracts it had signed long before, where buyers pay for the gas and hand over a modest fixed fee per shipment. Steady, dull, financeable — and the reason several of those buyers took the company to arbitration for flipping later than promised.
Competes with Corpus Christi LNG (Cheniere) · Port Arthur LNG Phase 1 (Sempra) · Rio Grande LNG Phase 1 (NextDecade)
Twenty-Year Sales ContractsThe book of twenty-year supply deals that makes the plants financeable: more than 52 million tonnes a year signed, roughly $137 billion of contracted sales, covering about 91% of this year's output. Watch pricing on new deals as rival supply lands by 2030.The book of twenty-year supply deals that makes the plants financeable: more than 52 million tonnes a year signed, roughly $137 billion of contracted sales, covering about 91% of this year's output. Watch pricing on new deals as rival supply lands by 2030.
In plain English
Banks will not lend tens of billions against a plant that merely hopes to find buyers. So long before the plants are finished, Venture Global signs utilities and traders up for twenty years at a time — the fuel version of locking in a two-decade magazine subscription, cheap per issue but guaranteed.
The buyer pays for the gas plus a fixed chilling fee, so the company earns less per cargo than it would selling on the open market, and earns it whatever the weather does. Three customers alone were about half of last year's revenue; the company does not say publicly which three.
Competes with Twenty-year contract book (Cheniere) · Long-term supply contracts (QatarEnergy)
CP2 LNG ProjectThe third and largest plant, rising next to Calcasieu Pass and due to load its first cargo in 2027. It earns nothing yet; $15.1 billion of project borrowing is paying for it, and five million tonnes a year are already sold.The third and largest plant, rising next to Calcasieu Pass and due to load its first cargo in 2027. It earns nothing yet; $15.1 billion of project borrowing is paying for it, and five million tonnes a year are already sold.
In plain English
Bigger than either plant already running — thirty-six of the same factory units, expected to turn out about twenty-nine million tonnes a year against twenty-eight at Plaquemines.
Right now it is a construction site: roofs on four storage tanks, sixteen chilling units delivered, boilers arriving by barge from the company's own Louisiana yard. Money only travels one way here. Contractors, steel and interest go out; nothing comes back until the first ship loads, targeted for 2027. What makes that bearable is that the lenders have already committed and some of the output already has buyers signed for twenty years — so it is being built against promises rather than hopes.
Competes with Port Arthur LNG Phase 2 (Sempra) · Rio Grande LNG Trains 4 and 5 (NextDecade) · North Field expansion (QatarEnergy)
Bolt-on ExpansionsRoughly thirteen million tonnes a year of extra capacity squeezed inside fences the company already owns, at costs management says beat even its own low build prices. Go-ahead decisions due in 2027, first output guided 2028 and 2029.Roughly thirteen million tonnes a year of extra capacity squeezed inside fences the company already owns, at costs management says beat even its own low build prices. Go-ahead decisions due in 2027, first output guided 2028 and 2029.
In plain English
Adding a room to a house you already own is cheaper than building a second house. That is the whole idea: eight more of the standard factory units at Plaquemines, a further batch at CP2, dropped into sites that already have the jetties and the gas lines.
Nothing is sold yet and no final go-ahead has been given — the decisions are pencilled in for 2027. Management says these would be paid for out of profits and construction loans rather than by asking shareholders for more money, and calls them the cheapest capacity it can build.
Competes with Rio Grande LNG Trains 6–8 (NextDecade) · Port Arthur LNG North (Sempra)
Sales and ShippingThe in-house selling and shipping arm: nine gas tankers plus a marketing desk that carries cargoes to the buyer's port instead of handing them over at the jetty. Its money is already counted in the plants' sales; owning ships pays off when hire rates spike.The in-house selling and shipping arm: nine gas tankers plus a marketing desk that carries cargoes to the buyer's port instead of handing them over at the jetty. Its money is already counted in the plants' sales; owning ships pays off when hire rates spike.
In plain English
Two ways to sell a shipload of fuel: hand it over at your own dock and let the buyer worry about the voyage, or deliver it to the buyer's port yourself. Venture Global owns tankers so it can do the second.
That choice matters when hiring ships gets expensive — a fleet you already own costs the same whether the charter market is calm or frantic, and the company credited its own and chartered ships with softening cost pressure late in 2025. This is also the arm through which it is hunting for import-terminal space abroad, so it can unload closer to the people who burn the gas.
Competes with Cheniere Marketing (Cheniere) · LNG portfolio trading (Shell) · LNG portfolio trading (TotalEnergies)
Named in filings, launches and programs
- CP3 LNGSegment · AnnouncedA fourth site penciled in at Cameron Parish, roughly 840 acres and at least 30 million tonnes a year — behind the cheaper expansions in the queue.
- Delta LNG ProjectSegment · AnnouncedA fifth project named only in legal boilerplate; management put it behind the expansions in 2025 and has said little since.
- Venture Global CommoditiesServiceThe shorter-dated trading arm; its first deal was a five-year, roughly half-million-tonne-a-year supply agreement with Trafigura, announced March 2026.
- Blackfin PipelineBrandA gas pipeline joint venture with WhiteWater heading toward Katy; its 2025 fundraise returned $889 million of cash to Venture Global.
- Project feedgas pipelinesServiceWholly owned lines feeding each plant — TransCameron at Calcasieu Pass, Gator Express at Plaquemines, CP Express at CP2. The gas has to get there somehow.
- Cloud ConnectorService · AnnouncedA planned North Louisiana pipeline that would carry gas toward the Plaquemines expansion — announced, not yet built.
- Morgan City fabrication facilityBrandA Louisiana yard where the company builds its own heat-recovery boilers; five had been barged to CP2 by August 2026, keeping that work in-house.
- Carbon capture and storageProduct · Pre-revenueThe company says it is developing carbon capture at each facility; it has published no size, cost or date.
- Alexandroupolis import capacityCustomer programBooked space at a Greek import terminal, paired with a supply deal that lets cargoes reach Central and Eastern European buyers.
CP3 LNGSegment · Announced
A fourth site penciled in at Cameron Parish, roughly 840 acres and at least 30 million tonnes a year — behind the cheaper expansions in the queue.
Delta LNG ProjectSegment · Announced
A fifth project named only in legal boilerplate; management put it behind the expansions in 2025 and has said little since.
Venture Global CommoditiesService
The shorter-dated trading arm; its first deal was a five-year, roughly half-million-tonne-a-year supply agreement with Trafigura, announced March 2026.
Blackfin PipelineBrand
A gas pipeline joint venture with WhiteWater heading toward Katy; its 2025 fundraise returned $889 million of cash to Venture Global.
Project feedgas pipelinesService
Wholly owned lines feeding each plant — TransCameron at Calcasieu Pass, Gator Express at Plaquemines, CP Express at CP2. The gas has to get there somehow.
Cloud ConnectorService · Announced
A planned North Louisiana pipeline that would carry gas toward the Plaquemines expansion — announced, not yet built.
Morgan City fabrication facilityBrand
A Louisiana yard where the company builds its own heat-recovery boilers; five had been barged to CP2 by August 2026, keeping that work in-house.
Carbon capture and storageProduct · Pre-revenue
The company says it is developing carbon capture at each facility; it has published no size, cost or date.
Alexandroupolis import capacityCustomer program
Booked space at a Greek import terminal, paired with a supply deal that lets cargoes reach Central and Eastern European buyers.