Venture Global is a long term low cost provider of U. S. LNG sourced from resource rich North American natural gas basins. The company’s integrated assets span the LNG value chain including liquefaction production natural gas transportation shipping and regasification. Its modular design one build many approach uses standardized mid scale liquefaction trains to accelerate project execution and reduce capital intensity. By controlling the full supply chain Venture Global aims to deliver reliable affordable LNG to global markets while supporting energy security and diversification.

Revenue is generated primarily from the sale of LNG to customers under various contract structures. The company sells LNG on a free on board delivered at terminal or delivered ex ship basis depending on the agreement. Long term sales and purchase agreements provide fixed liquefaction fees plus variable commodity fees linked to Henry Hub or international benchmarks. Short term and medium term commissioning sales and excess capacity sales are also marketed through its shipping and trading subsidiary VG Commodities. This diversified contracting model enables Venture Global to secure stable cash flows while capturing upside from spot market opportunities.

The company operates through the following segments.

• The Calcasieu Project is an operating LNG export facility in Louisiana featuring eighteen liquefaction trains with an expected annualized production capacity of eleven point two million tonnes per annum and a peak capacity of twelve point four million tonnes per annum. The site includes two two hundred thousand cubic meter LNG storage tanks a power island system with six hundred twenty megawatts nominal and seven hundred twenty megawatts peak capacity three gas pretreatment units and two berths linked to the TransCameron pipeline. Commercial operation began in April two thousand twenty five. Under long term SPAs the project has contracted eight point five million tonnes per annum on a free on board basis for twenty years and medium term SPAs for one point five million tonnes per annum for three to five years. Excess capacity is sold to VG Commodities under an intercompany agreement for up to one point two million tonnes per annum on a free on board basis for twenty years.

• The Plaquemines Project is under construction in Louisiana with thirty six liquefaction trains divided into two phases and an expected annualized production capacity of twenty eight point zero million tonnes per annum and a peak capacity of thirty five point zero million tonnes per annum. Facilities comprise two two hundred thousand cubic meter LNG storage tanks per phase two power island systems each with six hundred twenty megawatts nominal and seven hundred twenty megawatts peak capacity four gas pretreatment units for phase one and two for phase two two berths and the Gator Express pipeline consisting of interstate laterals. The first phase is slated for commercial operation in the fourth quarter of two thousand twenty six and the second phase in mid two thousand twenty seven. Contracted long term SPAs provide thirteen point zero million tonnes per annum on a free on board or delivered at terminal basis for twenty years for phase one and six point seven million tonnes per annum for phase two. Medium term SPAs deliver zero point three million tonnes per annum for phase one over three years. Excess capacity is marketed to VG Commodities under an intercompany agreement for up to eight point zero million tonnes per annum on a free on board basis for twenty years.

• The Plaquemines Expansion Project is a planned bolt on expansion adjacent to the existing Plaquemines terminal designed to add thirty two liquefaction trains with an expected annualized production capacity of twenty five point eight million tonnes per annum and a peak capacity of thirty one point zero million tonnes per annum. The expansion will share existing storage tanks berths and marine facilities and will be supported by a new three hundred forty mile intrastate pipeline known as the Cloud Connector pipeline. Construction is targeted to begin in the second half of two thousand twenty seven pending regulatory approvals and sufficient sales contracts.

• The CP2 Project is under construction in Louisiana with twenty six liquefaction trains in phase one and ten liquefaction trains in phase two giving an expected annualized production capacity of twenty nine point zero million tonnes per annum and a peak capacity of thirty five point zero million tonnes per annum. The site includes two two hundred thousand cubic meter LNG storage tanks per phase two power island systems each with six hundred twenty megawatts nominal and seven hundred twenty megawatts peak capacity four gas pretreatment units for phase one and two for phase two two berths the CP Express pipeline an eighty five mile interstate line and the Blackfin pipeline comprising a thirty five mile intrastate segment and a one hundred fifty eight mile intrastate segment. Commercial operation is anticipated in late two thousand twenty nine for phase one and mid two thousand thirty for phase two. Long term SPAs have secured thirteen point five million tonnes per annum on a free on board basis for twenty years for phase one and one point zero million tonnes per annum for phase two. Firm start SPAs arranged through VG Commodities provide two point five million tonnes per annum to be delivered upon completion of phase two. Excess capacity is sold to VG Commodities under an intercompany agreement for up to nine point zero million tonnes per annum on a free on board basis for twenty years.

• The CP2 Expansion Project is a planned bolt on expansion adjacent to the CP2 site intended to add twelve liquefaction trains with an expected annualized production capacity of nine point seven million tonnes per annum and a peak capacity of eleven point seven million tonnes per annum. Facilities will include a two hundred thousand cubic meter LNG storage tank a power island system with six hundred twenty megawatts nominal and seven hundred twenty megawatts peak capacity three gas pretreatment units one berth and a forty five mile intrastate pipeline plus a forty mile intrastate pipeline known as the Marais pipeline. Construction is expected to start in the first half of two thousand twenty seven subject to regulatory approvals and execution of sufficient sales contracts.

• The CP3 Project remains in early development with plans for sixty liquefaction trains an expected annualized production capacity of forty eight point three million tonnes per annum and a peak capacity of fifty eight point three million tonnes per annum. The design calls for two two hundred thousand cubic meter LNG storage tanks two power island systems each with six hundred twenty megawatts nominal and seven hundred twenty megawatts peak capacity four gas pretreatment units for phase one and two for phase two two berths and associated pipeline infrastructure. As of the filing date no applications have been submitted to FERC or DOE and no regulatory approvals have been obtained.

Venture Global positions itself as one of the lowest cost LNG producers in the United States leveraging a modular mid scale liquefaction train design standardized across projects and an owner led engineering procurement and construction management approach that reduces build time and capital expense. Its vertical integration through owned LNG tankers and secured regasification terminals in the United Kingdom and Greece provides control over delivery to premium markets. The company benefits from long term contracts with investment grade offtakers that underpin financing and provide predictable cash flows while maintaining flexibility through commissioning and excess capacity sales. Competitors include national energy companies such as QatarEnergy major multinational firms like BP Chevron ConocoPhillips ExxonMobil Shell Total independent LNG producers Cheniere and Freeport LNG utility companies such as Sempra and commodity traders Glencore Trafigura and Vitol. Venture Global’s cost discipline scale and integrated model aim to differentiate it in a competitive global LNG market.

The company’s customer base consists primarily of investment grade offtakers utilities and commodity trading firms that purchase LNG under long term sales and purchase agreements short term commissioning contracts and excess capacity arrangements. While the filing does not disclose individual counterparty names it notes that contracts are with creditworthy parties capable of supporting project financing.