Venture Global adds to CP2 bolt-on plans
The leaders of Venture Global Inc., Arlington, Va., have added four liquefaction trains and 3.6 million tonnes/year (tpy) to the expansion plans at the CP2 LNG plant in Louisiana. That project is part of the company’s plan to grow its capacity to 85 million tpy by end-2029 from nearly 40 million tpy today.
In early March, chairman and chief executive officer Mike Sabel told analysts that bolt-on expansion plans at CP2 in Cameron Parish totaled eight mid-scale liquefaction trains with an expected capacity of 6.4 million tpy. In announcing Venture Global’s first-quarter earnings May 12, Sabel and his team upsized that plan by about 50%. The additions (rendered above) will be built within CP2’s current footprint and executives expect to make a final investment decision (FID) early next year. First production would then be expected in late 2028.
Venture Global’s bolt-on expansion plans at its Plaquemines plant are unchanged at eight liquefaction trains and an expected capacity of 6.4 million tpy. When built out according to current plans, the two complexes and VG’s Calcasieu Pass plant will comprise a combined 106 liquefaction trains with total capacity of 85 million tpy. The operator has signed contracts worth an expected $137 billion in revenue.
“We are working with regulators to expedite the permitting of both facilities and are actively negotiating commercial agreements,” Sabel told analysts on a conference call. “We have already begun to order long-lead equipment and will look to move forward with the first CP2 and then Plaquemines expansions by early and mid-next year, respectively.”
During the first quarter, Venture Global exported 130 cargos, up from 128 in the last 3 months of 2025. Revenues rose to $4.6 billion from about $4.4 billion in fourth-quarter 2025 and $2.9 billion in early 2025. Net income rose to $488 million from $396 million a year earlier.
Notable going forward when it comes to Venture Global’s finances: The Iran war’s effect on global energy markets has pushed executives’ assumptions for fixed liquefaction fees to $9.50-10.50/MMbtu versus $5-6/MMbtu. As a result, Venture Global's expected adjusted EBITDA for all of 2026 is now $8.2-8.5 billion compared with the previous $5.2-5.8 billion.
Alongside earnings, Venture Global’s executives said they have increased their 5-year supply agreement with Vitol to 1.7 million tpy and signed an agreement with TotalEnergies to supply about 0.85 million tpy for 5 years. Those deals follow word earlier this year of similar arrangements with Hanwha Aerospace (1.5 million tpy for 20 years) and commodities holding company Trafigura (0.5 million tpy for 5 years).
Shares of Venture Global (Ticker: VG) popped on the earnings report and call. In early-afternoon trading May 12, they were changing hands around $13.40, up more than 15% on the day. Over the past 6 months, they have now risen more than 60%, growing the company’s market capitalization to more than $33 billion.
About the Author
Geert De Lombaerde
Senior Editor
A native of Belgium, Geert De Lombaerde has more than two decades of business journalism experience and writes about markets and economic trends for Endeavor Business Media publications Healthcare Innovation, IndustryWeek, FleetOwner, Oil & Gas Journal and T&D World. With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati and later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector as well as many of its publicly traded companies.