Venture Global, Inc. (VG) SEC Filings & Earnings Calls

No specific financial or operational risks disclosed in this filing.

Adverse arbitration ruling could result in damages up to $170M, impacting financials and investor confidence

“The award...found that VGCP had breached its obligation to declare COD...final award will be subject to the $170 million seller aggregate liability cap” · word for word

Potential for additional arbitration claims from other customers (Shell, Repsol) setting precedent

“Company believes the decision contradicts prior arbitrations involving Shell and Repsol”

Revenue recognition timing risk: 5 DES cargos (20.4 TBtu) deferred to Q4 2026, may cause quarterly volatility.

“we exported five DES cargos (20.4 TBtu) on our owned or chartered LNG vessels that will be recognized in the following quarter” · word for word

Debt facility secured by substantially all assets; covenants may restrict operations.

“secured by a first-priority perfected security interest in... substantially all of the existing and future assets” · word for word

Construction and regulatory risks for Plaquemines and CP2 projects.

“Plaquemines Phase 1 COD targeted Q4 2026; CP2 first LNG H2 2027; subject to regulatory approvals.”

LNG price exposure; guidance assumes $12.50-13.50/MMBtu for unsold cargos.

“Guidance assumes weighted average liquefaction fee of $12.50/MMBtu - $13.50/MMBtu for remaining unsold cargos.”

Commodity price exposure

“Revenue impacted by lower variable commodity fees due to decreases in Henry Hub natural gas prices.”

Project execution risk

“Construction and commissioning of Plaquemines and CP2 projects ongoing.”

High debt and interest expense

“Interest expense, net was $489 million for the three months ended June 30, 2026, a $179 million, or 58%, increase from $310 million for the three months ended June 30, 2025.” · word for word

Revenue recognition timing for DES cargos creates quarter-to-quarter noise

“five DES cargos (20.1 TBtu) from our Plaquemines facility ... will be recognized in the following quarter”

Leverage increase with secured debt; financial maintenance covenants (DSCR, collateral test) may constrain operations.

“minimum debt service coverage ratio, tested quarterly on a forward-looking 12-month basis commencing December 31, 2026, and (ii) a collateral maintenance test” · word for word

New debt obligation increases financial leverage.

“Creation of a direct financial obligation.” · word for word

EBITDA growth lagging revenue growth due to lower LNG sales prices net of feed gas cost; margin compression risk.

“Revenue +59% YoY vs Consolidated Adjusted EBITDA +2% YoY; partially offset by lower LNG sales prices net of the cost of feed gas of $1.9 billion”

Guidance sensitivity to LNG prices: +/-$1.00/MMBtu change in fixed liquefaction fees impacts FY2026 EBITDA by $300-350M.

“+/- $1.00/MMBtu change in fixed liquefaction fees will impact our full year 2026 Consolidated Adjusted EBITDA by $300 million - $350 million.” · word for word

LNG price volatility risk

“lower weighted average LNG sales prices, driven by lower prices under our Plaquemines Project LNG Commissioning Sales Agreements and lower prices under our Calcasieu Project post-COD SPAs” · word for word

Cost inflation risk (feed gas)

“higher costs of feed gas of $531 million”

Project execution risk

“During the three months ended March 31, 2026, we incurred $2.9 billion of project costs, the majority of which were capitalized, primarily associated with construction activities and purchases of equipment.” · word for word

Revenue recognition timing; 2 DES cargos (8.3 TBtu) to be recognized in Q2.

“Two DES cargos (8.3 TBtu) exported in Q1 will be recognized in following quarter.”

Controlled Company Governance

“Our controlling shareholder, VG Partners, holds approximately 97.5% of the total combined voting power of our Class A common stock and Class B common stock eligible to vote in the election of directors.” · word for word

Share Price Volatility

“In 2025, the value of a $100 investment in our common stock was $28.61, compared to $102.47 for the peer group, reflecting approximately a 71% cumulative loss for the Company.” · word for word

LNG price spread compression in early 2026 impacting Q1

“spread between domestic and international prices for gas and LNG was compressed in January and February 2026” · word for word

Construction and commissioning risks at Plaquemines

“innovative mitigations and previously announced incremental expenditures addressing challenges”

Sensitivity to LNG pricing: +/-$1/MMBtu impacts EBITDA by $575-625M

“+/- $1.00/MMBtu change in fixed liquefaction fees will impact our full year 2026 Consolidated Adjusted EBITDA by $575 million - $625 million” · word for word

Project Completion Risk

“We currently estimate that approximately $0.6 billion to $1.0 billion of the Total Project Cost for the Plaquemines Project has yet to be paid as of December 31, 2025.” · word for word

Customer Concentration Risk

“For the year ended December 31, 2025, approximately 50.0% of our revenue for the period from individual external customers was concentrated across three customers.” · word for word

Legal/Arbitration Risk

“The Calcasieu Project is currently involved in arbitration proceedings with certain of its customers under post-COD SPAs related to the Calcasieu Project.” · word for word

Debt Service Risk

“As of December 31, 2025, our subsidiaries had approximately $34.8 billion in outstanding debt.” · word for word

Regulatory Approval Risk

“We may fail to receive the required approvals and permits from governmental and regulatory agencies for our projects.” · word for word

Shipping constraints and Henry Hub/International LNG price volatility impacting export volumes and pricing.

“both the volume and pricing of cargos exported were impacted by changes in Henry Hub prices and International LNG prices as well as limited vessel availability in the Atlantic basin” · word for word

Calcasieu Pass arbitration reserves depressing implied liquefaction fee.

“implied weighted average fixed liquefaction fee of $2.01 per MMBtu inclusive of adjustments for estimated arbitration reserves” · word for word

Guidance reduction due to lower fixed liquefaction fees and arbitration reserves.

“The reduction accounts for a lower assumed fixed liquefaction fee on the remaining unsold cargos and the impact of reserves taken relative to ongoing arbitrations.” · word for word

Power island construction delays at Plaquemines project.

“We are pleased with the construction and commissioning process at Plaquemines, which is progressing well and safely despite power island construction delays” · word for word

Calcasieu Project earnings decline post-COD

“Calcasieu Project had income from operations of $117 million, a $423 million, or 78%, decrease from $540 million for the three months ended September 30, 2024.” · word for word

High interest expense and debt

“Interest expense, net was $421 million for the three months ended September 30, 2025, a $293 million, or 229%, increase from $128 million for the three months ended September 30, 2024.” · word for word