NYSE: VG

Our Liquefaction and Export Projects

We are commissioning, constructing, and developing five natural gas liquefaction and export projects near the U.S. Gulf Coast in Louisiana, utilizing our unique “design one, build many” approach. Each project is designed or is being developed to include an LNG facility and associated pipeline systems that interconnect with several interstate and intrastate pipelines to enable the delivery of natural gas into the LNG facility.

Below is a geographic overview of our five current projects, which is followed by a detailed description of each project.

As illustrated by the chart below, our five current projects are being designed to deliver a total expected peak production capacity of 143.8 mtpa, which consists of an aggregate of 104.4 mtpa expected nameplate capacity and an aggregate of 39.4 mtpa of expected excess capacity. These amounts do not account for any potential bolt-on expansion liquefaction capacity. The expected nameplate capacity of our facilities measures the minimum operating performance thresholds guaranteed by the equipment providers, and the expected excess capacity represents the additional LNG that we aim to produce above such guaranteed amounts. Although COD has not yet occurred under

the post-COD SPAs for any of our projects, we have been generating proceeds from the sale of commissioning cargos at the Calcasieu Project since the first quarter of 2022 and at the Plaquemines Project since January 2025, and expect to do so at each of our other projects during commissioning prior to achieving COD for the relevant project or phase of a project.

Project NameNumber of TrainsExpected Nameplate Capacity
Expected Excess Capacity

Expected Peak Production Capacity

Stage of Development

Calcasieu Project
18
10.0 mtpa

2.4 mtpa(1)

12.4 mtpa(1)
Commissioning

Plaquemines Project
36
20.0 mtpa

7.2 mtpa(1)

27.2 mtpa(1)
Construction and Commissioning

CP2 Project36
20.0 mtpa(2)

8.0 mtpa(2)

28.0 mtpa(2)
Engineering, Procuring Materials, and Manufacturing Modules

CP3 Project
54
30.0 mtpa(2)

12.0 mtpa(2)

42.0 mtpa(2)
Development

Delta Project
44
24.4 mtpa(2)

9.8 mtpa(2)

34.2 mtpa(2)
Development

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(1) Targets based on, among other things, anticipated timeframes for the receipt of certain regulatory approvals as described in —Governmental Regulation of this Form 10-K.

(2) Anticipated based on capacity, scale, location and infrastructure. Subject to regulatory review and approval, among other things, and may change based on design considerations, engagement with contractors, and other factors.

Venture Global seeks to own all or substantially all of the equity ownership in its current five LNG projects and any future projects. As of the date of this Form 10-K, we own 100% of the common equity interests in all of our natural gas liquefaction and export projects. Upon COD for the Calcasieu Project, we expect our ownership of the common equity interests in the Calcasieu Project to be reduced to approximately 77% (assuming that we service all future distributions on the Holdings Preferred Units until the commencement of COD in cash), after adjusting for the automatic conversion of the convertible preferred units in Calcasieu Holdings held by an outside equity investor. We believe that our significant ownership stake in our projects provides us with full managerial control, facilitating nimble decision-making and speed of execution.

Optimization and Bolt-on Expansion Opportunities

Our projects also offer potential optimization, increased capacity and expansion opportunities. In particular, our projects are sited and designed with the intention of allowing for bolt-on expansions, incorporating laydown area, redundancies across the facility infrastructure and our mid-scale factory-fabricated liquefaction trains. Subject to receiving the requisite regulatory approvals, we intend to pursue the development of these expansion opportunities beyond our current combined expected peak production capacity of 143.8 mtpa. Any incremental equipment would benefit from pre-existing plant facilities and related infrastructure (such as marine offloading facilities, LNG storage tanks and perimeter walls), although may require, among other things, incremental natural gas supply arrangements, pipelines, and pipeline transportation capacity, for the applicable project in order to support the additional capacity. We aim to place up to an aggregate of approximately 49.5 mtpa of additional bolt-on expansion liquefaction capacity of incremental modular mid-scale liquefaction trains at most of our current projects. In particular, on March 6, 2025, we submitted to FERC a request to initiate the pre-filing process for additional facilities for a Plaquemines Project bolt-on expansion consisting of approximately 18.6 mtpa of incremental peak production capacity.

Our Project Development and Construction Approach

Our project development and construction approach utilizes proven liquefaction system technology and equipment in a unique mid-scale, factory-fabricated configuration that we developed. Instead of two or three large, complex liquefaction trains, the Calcasieu Project and the Plaquemines Project utilize 18 and 36 mid-scale factory-fabricated liquefaction trains, respectively. We expect to use the same approach and technology at the CP2 Project, the CP3 Project and the Delta Project. Our modules are built and assembled off-site at manufacturing and fabrication facilities in Italy and then shipped to our project sites fully-assembled and packaged for installation, allowing onsite work to progress in parallel. We believe our innovative configuration, long-term equipment

contracting strategy and hands-on project management approach significantly reduces construction and installation costs, as well as construction time and schedule risk, thereby allowing us to be more cost-competitive in the LNG market while also producing substantial amounts of commissioning cargos and related cash proceeds. For example, our initial two projects, the Calcasieu Project and the Plaquemines Project, in each case, began producing LNG approximately two and a half years after the relevant final investment decision, while significant construction work remained ongoing.

While traditional LNG projects often rely on bespoke designs and configurations, our approach, leveraging factory-fabricated equipment manufactured with our “design one, build many” method, allows us to apply the lessons we learn at each project to our subsequent projects, with the goal of continuously improving our execution, accelerating construction timelines, reducing costs, and expanding production. We believe we will continue to benefit from this virtuous cycle as we grow.

Gas Supply and Transportation

We have entered into a portfolio of natural gas supply agreements with domestic natural gas suppliers to furnish feed gas to the Calcasieu Project and the Plaquemines Project for liquefaction and power generation. We have also entered into multiple transport capacity agreements with interstate pipeline companies to provide natural gas transportation to the Calcasieu Project and the Plaquemines Project via short-run lateral pipelines. The CP2 Project has entered into agreements for substantial firm transportation capacity with third parties and CP Express.

LNG Sales – Commissioning

By design, conventional, stick-built projects generally only engage in several months of commissioning production, thereby limiting the number of cargos produced before full commercial operations occur. Due to our unique modular development approach and configuration consisting of many mid-scale liquefaction trains, which are delivered and installed sequentially, it is necessary to commission and test our LNG facilities sequentially over a longer period of time than traditional LNG facilities with substantially fewer, larger-scale liquefaction trains. The commissioning of the liquefaction trains at our facilities begins while portions of our facilities remain under construction.

This important reliability and technical requirement results in earlier production of LNG than with traditional LNG facilities. We believe this earlier production of LNG positions us to produce a substantial number of commissioning cargos for each of our LNG projects, generating proceeds that may be used to support any remaining construction work or fund subsequent projects and future growth. As an example of this, on March 1, 2022, we announced the successful loading and departure of our first cargo of LNG from the Calcasieu Project, just over two and a half years from our final investment decision for the Calcasieu Project. Similarly, on December 26, 2024, we announced the successful loading and departure of our first cargo of LNG from the Plaquemines Project, just over two and a half years from our final investment decision for Phase 1 of the Plaquemines Project.

LNG commissioning cargos are sold to various customers under master SPAs, either as single cargos or as strips of multiple cargos to be loaded over a period of time, and are based on spot and/or forward prices, generally consisting of a liquefaction fee and a variable commodity charge, at the time of execution. As a result, the amount of revenue we are able to generate from such sales of commissioning cargos has differed, and will likely continue to differ, from period to period and from project to project, and such differences could be material.

LNG Sales – Post-COD SPAs

The project companies for the Calcasieu Project, the Plaquemines Project and the CP2 Project have signed LNG sales and purchase agreements, or SPAs, to sell LNG based on a predetermined pricing formula that commences after we achieve the commercial operation date, or COD, of the relevant project or phase thereof. Under our post-COD SPAs, customers will purchase LNG from us for a price consisting of a fixed facility charge (a portion of which is subject to an annual adjustment for inflation) per MMBtu of LNG, plus a variable commodity charge equal to at least 115% of Henry Hub per MMBtu of LNG. In certain circumstances, customers may elect to

cancel or suspend deliveries of LNG cargos, but they will still be required to pay the fixed fee (but not the variable commodity charge) with respect to contracted volumes that are not delivered as a result of such cancellation or suspension. Under each such post-COD SPA, COD does not occur unless the applicable project company has notified such customer that (i) all of the project’s facilities have been completed and commissioned, including any ramp up period, and (ii) the project is capable of delivering LNG in sufficient quantities and necessary quality to perform all of its obligations under such post-COD SPA.

As of December 31, 2024, we have executed 39.25 mtpa of such post-COD SPAs with a well recognized set of third party customers that we believe constitute one of the strongest portfolios of institutional LNG buyer credits in the world. Approximately 95% of our contracted post-COD SPAs – or 37.45 mtpa of such 39.25 mtpa – are 20-year fixed price agreements, providing a long-term stream of contracted cash flow. We have also executed 1.8 mtpa of post-COD SPAs on a short- and medium-term basis and we plan to continue to optimize our portfolio, balancing profit, duration, and risk.

Our third-party post-COD SPAs as of December 31, 2024 represent expected total contracted revenue of approximately $107 billion over the life of such SPAs. Our total contracted revenue is illustrative only and is based on a number of important assumptions. See