Midstream Infrastructure · Senior · Midstream · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Venture Global, Inc. Consolidated
Portfolio · Other · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
U.S. LNG exporter developing, constructing and operating multiple liquefaction-and-export projects in Louisiana using a modular, mid-scale 'design-one, build-many' approach with factory-fabricated trains. The portfolio spans the operating Calcasieu Pass Project, the Plaquemines Project (construction and commissioning), the CP2 Project (construction) and development-stage Plaquemines Expansion, CP2 Expansion and CP3 projects, with associated gas-supply pipelines. Across all current projects the company discloses 194 liquefaction trains and 152.0 mtpa of expected annualized production capacity (183.4 mtpa expected peak; 64.4 mtpa currently permitted). As of December 31, 2025, approximately $46.6 billion of property, plant and equipment had been capitalized and 47.0 mtpa of sales-and-purchase agreements had been executed, approximately 96% under 20-year fixed-price take-or-pay terms.
Portfolio Aggregate · Processing facilities
As at 31 December 2025
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Processing facilities · 9 projects
CP3 Project
Asset · Lng Export · Development
Project information
As at 31 December 2025
Description
As at 31 December 2025
Development-stage greenfield LNG export project comprising 60 liquefaction trains with 48.3 mtpa of expected annualized production capacity (58.3 mtpa expected peak). Regulatory permitting is not yet complete.
Processing facilities
As at 31 December 2025
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CP2 Project
Asset · Lng Export · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
LNG export project under construction adjacent to Calcasieu Pass, comprising 36 mid-scale liquefaction trains with expected annualized production capacity of 29.0 mtpa (35.0 mtpa expected peak; 28.0 mtpa currently permitted, subject to ongoing appeals). In December 2025 the company filed to increase permitted capacity to 35.0 mtpa. Targeting execution timelines similar to or improved on the Calcasieu and Plaquemines projects. Supported by the planned CP Express Pipeline.
Processing facilities
As at 31 December 2025
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Plaquemines Expansion Project
Asset · Lng Export · Development
Project information
As at 31 December 2025
Description
As at 31 December 2025
Development-stage bolt-on expansion of the Plaquemines Project comprising 32 additional liquefaction trains with 25.8 mtpa of expected annualized production capacity (31.0 mtpa expected peak). FERC and DOE applications were filed in November 2025; the project replaces the withdrawn Delta Project. Permitting and regulatory approvals are pending.
Processing facilities
As at 31 December 2025
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Plaquemines Project
Asset · Lng Export · Construction
Project information
As at 31 December 2025
Description
As at 31 December 2025
Two-phase LNG export facility under construction and commissioning. As of December 31, 2025 all 36 mid-scale liquefaction trains (24 in Phase 1, 12 in Phase 2) were operating and capable of producing LNG while still undergoing testing; commissioning cargos have been exported since January 2025. Includes four 200,000-cubic-meter storage tanks, two power island systems (plus 400 MW temporary power), gas pre-treatment units and three berths, fed by the Gator Express interstate pipeline (15-mile and 12-mile lines). Targeted COD Q4 2026 (Phase 1) and mid-2027 (Phase 2).
Processing facilities
As at 31 December 2025
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Calcasieu Pass Project
Asset · Lng Export
Project information
As at 31 December 2025
Description
As at 31 December 2025
First operating LNG export facility; achieved commercial operation date on April 15, 2025. Comprises 18 mid-scale liquefaction trains, two 200,000-cubic-meter cryogenic LNG storage tanks, a 620 MW nominal / 720 MW peak power island, three gas pre-treatment units and two berths, fed by the 24-mile TransCameron interstate pipeline. Post-COD contracted portfolio totals 11.2 mtpa (8.5 mtpa long-term 20-year FOB, 1.5 mtpa medium-term, 1.2 mtpa excess to VG Commodities). A potential bolt-on expansion of up to 4.5 mtpa has been identified.
Processing facilities
As at 31 December 2025
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CP2 Expansion Project
Asset · Lng Export · Development
Project information
As at 31 December 2025
Description
As at 31 December 2025
Development-stage bolt-on expansion of the CP2 Project comprising 12 additional liquefaction trains with 9.7 mtpa of expected annualized production capacity (11.7 mtpa expected peak). The company intends to file FERC and DOE applications in the first half of 2026.
Processing facilities
As at 31 December 2025
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Gator Express Pipeline
Asset · Pipeline Gas · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Interstate natural gas pipeline system delivering feed gas to the Plaquemines Project, comprising one 15-mile and one 12-mile line. The final portion was placed in service by FERC in December 2024.
Processing facilities
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TransCameron Pipeline
Asset · Pipeline Gas · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
24-mile interstate natural gas pipeline that delivers feed gas to the Calcasieu Pass Project, owned and operated by Venture Global Gator/TransCameron entities.
Processing facilities
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Blackfin Pipeline
Asset · Pipeline Gas · Construction · Ownership 50%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Approximately 190-mile, 48-inch intrastate natural gas pipeline being jointly developed with WhiteWater Midstream, LLC to transport Permian and Eagle Ford-sourced gas from the Matterhorn Express pipeline to interconnecting pipelines including the CP Express Pipeline, supporting feed-gas supply for the CP2 Project and bolt-on expansions.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Natural gas
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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