Here are 1-3 brief analogies for Venture Global (VG):

• Kinder Morgan for global LNG export. (Highlights its role as a developer and operator of large-scale energy infrastructure, specifically for liquefied natural gas.)
• ExxonMobil or Shell, but for liquefied natural gas (LNG) export. (Emphasizes its position as a major player in the global energy commodity market, specialized in LNG.)

• Liquefied Natural Gas (LNG): A super-cooled liquid form of natural gas produced and exported to global markets.

Venture Global (VG) is a public company that primarily sells liquefied natural gas (LNG) under long-term contracts to other companies globally. Its major customers are typically energy companies, utilities, and trading firms that require LNG for their operations or onward distribution. Venture Global does not sell primarily to individuals.

Here are some of Venture Global's major customer companies, including their symbols if they are public companies:

• Shell PLC (SHEL)
• BP p.l.c. (BP)
• Chevron Corporation (CVX)
• Exxon Mobil Corporation (XOM)
• TotalEnergies SE (TTE)
• Eni S.p.A. (E)
• New Fortress Energy Inc. (NFE)
• Energy Transfer LP (ET)
• Repsol S.A. (REPYY)
• RWE AG (RWEOY)
• CNOOC Ltd. (CEO) - (Parent company of CNOOC Gas & Power)
• Invenergy LLC (Private Company)
• JERA Co., Inc. (Private Company)

• KBR, Inc. (Symbol: KBR)
• Zachry Industrial, Inc.
• Chiyoda Corporation (Symbol: TYO: 6366)

Michael Sabel, CEO, Executive Co-Chairman and Founder
Michael Sabel co-founded Venture Global in 2013 with Robert Pender. He has served as one of the Managing Partners of Venture Global Partners, LLC since 2010. Prior to founding Venture Global, he accumulated decades of experience in the energy, technology, and financial services sectors, engaging in senior leadership, new company formation, technology licensing, corporate business development, and capital markets transactions. He previously held the position of Executive Vice President at First Sierra Financial, a publicly traded commercial finance company, where he was responsible for business and e-commerce strategy, public equity market transactions, and an active acquisition program. Sabel also served as President of commercial finance companies acquired in the U.K. His earlier career included roles as a Managing Director with Friedman, Billings, Ramsey & Co. in investment banking and a Vice President, investment banking, with Sandler O'Neil & Partners. He possesses over 24 years of experience in capital markets transactions, including initial public and secondary offerings, public and private mergers and acquisitions, and private equity and venture capital. He also provided advisory services for private equity and M&A transactions for software, technology, and real estate companies across the U.S., Europe, and Asia.

Jonathan Thayer, Chief Financial Officer
Jonathan Thayer joined Venture Global in June 2020. Before his tenure at Venture Global, he held the position of Chief Financial Officer at Exelon Corporation.

Robert Pender, Executive Co-Chairman and Founder
Robert Pender co-founded Venture Global in 2013 with Michael Sabel. He previously worked as a partner at Hogan Lovells, a global law firm, where he co-led its global energy and natural resources team and advised on transactions exceeding $25 billion across North America, Central and South America, and South Asia. He served as Co-CEO of Venture Global with Sabel until October 2020.

Brian Cothran, Chief Operating Officer
Brian Cothran joined Venture Global as Chief Operating Officer in September 2020. He brings over two decades of operational and strategic experience from the Oil & Gas and Power Generation industries. Prior to Venture Global, he spent more than 20 years with General Electric and Baker Hughes, following its merger with GE Oil & Gas. During this period, he held various executive and general management positions, including leading GE's Energy Services business in Eastern Europe and Russia, serving as Vice President of Global Sales for Baker Hughes, and President of GE Oil & Gas North America. Most recently, Cothran was the Chief Executive Officer of The Flexitallic Group, a global leader in the manufacture and supply of static sealing solutions.

Keith Larson, General Counsel and Secretary
Prior to joining Venture Global, Keith Larson was a partner at Hogan Lovells, a global law firm, where he led its infrastructure, energy, resources, and projects practice for the Americas. His previous experience also includes serving as Senior Legal Counsel for Royal Dutch Shell plc at its headquarters in The Hague. Larson has over twenty years of experience providing counsel to major energy companies on LNG matters and strategic transactions within the oil and gas sector.

The public company Venture Global (VG) faces several key risks to its business operations and financial stability:

1. Legal Disputes and Arbitration: Venture Global is embroiled in significant arbitration cases and legal disputes with major customers, including Shell and BP. These disputes stem from allegations that Venture Global failed to deliver contracted liquefied natural gas (LNG) cargoes, instead selling them on the more lucrative spot market. BP has already secured a favorable arbitration ruling, and Shell is challenging an unfavorable decision, with potential liabilities for Venture Global exceeding $5 billion. These legal challenges pose a substantial risk to the company's financial health, reputation, and future contractual relationships.
2. High Leverage and Financial Health: Venture Global exhibits high leverage and concerning financial health indicators. The company has a substantial net debt, a high debt-to-equity ratio, and has been flagged with a low Altman Z-Score, indicating potential financial distress. The significant capital expenditures required for its ongoing large-scale LNG projects (such as CP2, Plaquemines, and Delta) contribute to negative free cash flow, raising concerns about its ability to fund operations and expansion plans without further borrowing or issuing new shares, particularly in an environment of rising interest rates.
3. Project Execution Risks and Market Volatility: The successful execution of Venture Global's ambitious LNG projects, including CP2, CP3, and Delta, is critical but carries inherent risks of delays and cost overruns. Such issues could significantly disrupt cash flow projections and impact returns. Additionally, the liquefied natural gas market is characterized by high volatility in spot prices, which can lead to squeezed margins and make it challenging for the company to accurately project short-term financial results, even with long-term sales contracts in place.

• Accelerated Global Transition to Renewable Energy and Advanced Battery Storage: The rapid decline in costs and increasing efficiency of renewable energy sources (solar and wind) globally, coupled with significant advancements in battery storage technology, poses a clear emerging threat. This trend directly reduces the long-term demand for natural gas, including LNG, as countries transition away from fossil fuels for electricity generation and other energy needs, potentially leading to declining contract volumes and prices for LNG exporters.
• Emergence and Scaling of Green Hydrogen Production: The substantial global investment and technological progress in green hydrogen production (hydrogen produced from renewable energy) represents an emerging threat. As green hydrogen becomes more commercially viable and scalable, it offers a decarbonized alternative that could displace natural gas in various industrial processes, heating, and potentially power generation, thereby eroding the future market share for LNG.

Venture Global (NYSE: VG) is expected to drive future revenue growth over the next two to three years through several key factors:

1. Increased LNG Production and Export Volumes: The significant ramp-up of the Plaquemines LNG project, with 34 of 36 liquefaction trains operational and an anticipated capacity of 27.2 MTPA by the end of 2025, is a major contributor. In Q3 2025, Venture Global achieved record LNG exports of 100 cargos, totaling 372 TBtu, representing a 237% increase from the prior year. The Calcasieu Pass (CP1) facility is also planned to expand its operating capacity from 11 MTPA to 12.4 MTPA within the next 2-3 years. Overall, the company expects to export between 382 and 386 cargoes in 2025.
2. New Long-Term Sales and Purchase Agreements (SPAs): Venture Global has consistently secured new long-term LNG sales and purchase agreements. In the second half of 2025 alone, the company signed contracts totaling 5.25 MTPA, including significant deals with Naturgy of Spain, Atlantic-SEE LNG Trade S.A. of Greece, PETRONAS LNG Ltd., an additional agreement with SEFE Energy GmbH, and Eni S.P.A. These long-term contracts provide revenue visibility and mitigate exposure to market price volatility.
3. Development and Commencement of Operations at New Projects: The ongoing construction of the CP2 LNG facility represents a substantial future revenue driver. Site preparation and LNG tank construction are underway, with eight of 26 liquefaction trains already built offsite. This plant is permitted for a capacity of 28 MTPA, and its first cargo is anticipated in the second half of 2027, falling within the specified 2-3 year outlook.
4. Sustained Global Demand for LNG: The global LNG market continues to demonstrate strong demand, with analysts forecasting a 25% rise in U.S. LNG exports for 2025, followed by a 7% increase in 2026. This growth is fueled by factors such as increasing energy needs (including AI-driven demand), the global shift from coal to natural gas, and Europe's strategic push for diversified energy sources. The market's expectation for stable LNG pricing in Asia and Europe, coupled with healthy spreads above Henry Hub, further supports Venture Global's revenue growth.

Share Issuance

• Venture Global, Inc. completed an Initial Public Offering (IPO) in January 2025, pricing 70,000,000 shares of Class A common stock at $25.00 per share, raising $1.75 billion in gross proceeds.
• The proceeds from the IPO are directed towards infrastructure expansion, technological upgrades, and market entry, specifically funding the buildout of its LNG asset base, pre-Final Investment Decision (FID) activities, tankers, and pipelines.

Inbound Investments

• In July 2025, Venture Global closed a $15.1 billion project financing for Phase 1 of its CP2 LNG project and the associated CP Express Pipeline. This financing represented the largest standalone project financing ever and garnered over $34 billion in commitments without requiring outside equity investment.
• Plaquemines LNG, LLC closed a $4.0 billion offering of senior secured notes in July 2025.
• The company secured a $2 billion corporate revolving credit facility and raised $1.575 billion through the Blackfin Pipeline joint venture in 2025, which included an $889 million distribution to Venture Global.

Outbound Investments

• Venture Global made an investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece, holding approximately 25% of its total capacity to enhance Central and Eastern European energy security.

Capital Expenditures

• Capital allocation prioritizes aggressive growth, aiming for 100 MTPA of production capacity in operation or under construction by 2030, utilizing project-level financing for LNG export terminals and corporate funds for pre-FID activities, tankers, and pipelines.
• The company successfully brought its Calcasieu Pass facility into production in January 2022 and achieved first production at Plaquemines LNG in December 2024, ahead of schedule.
• Venture Global reached a Final Investment Decision (FID) for Phase 1 of the CP2 LNG project in July 2025, with $4.0 billion spent on construction, engineering, and design through December 31, 2024, and anticipates first LNG production in 2027.