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PaymentsToAcquirePropertyPlantAndEquipment","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"cash":{"value":3120000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-11","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"capex":{"value":3719000000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-11","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"revenue":{"value":4578000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-11","concept":"RevenueFromContractWithCustomerExcludingAssessedTax","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"net_income":null,"period_end":"2026-06-30","eps_diluted":{"value":0.51,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-11","concept":"EarningsPerShareDiluted","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"fiscal_label":"2026Q2","gross_profit":null,"debt_long_term":{"value":41527000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-11","concept":"LongTermDebtNoncurrent","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"shares_diluted":{"value":2643000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-11","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}},"operating_income":{"value":2188000000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-11","concept":"OperatingIncomeLoss","accession":"0002007855-26-000062","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json","retrieved_at":"2026-09-19T22:22:04+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-19T22:22:04+00:00"},"notes":[],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-1.864,"p50":0.001,"p90":1.711,"p_up":0.5},"5d":{"p10":-4.505,"p50":0.432,"p90":5.624,"p_up":0.557},"10d":{"p10":-6.949,"p50":0.474,"p90":7.441,"p_up":0.557}},"state":"down/above/off/stuck/ordinary/weak/alone","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Large consolidated EBITDA can coexist with a substantial funding requirement. The key test is fee economics as Plaquemines reaches commercial operation and CP2 ramps, measured after construction, debt service and subsidiary claims rather than against cargo growth alone.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Reliable commissioning, lower construction cash needs and durable post-COD margins would strengthen the case. Delays, adverse merchant fees, funding restrictions or legal cash outcomes could outweigh shipment growth."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","title":"August 11 filing, project cash flow, ownership and legal disclosures","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000063/vgincq22026earningsrelease.htm","title":"Q2 results and updated 2026 LNG/EBITDA guidance","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000066/vg-20260902.htm","title":"September 2 $3B revolving commitment and maturity","retrieved":"2026-09-19"},{"url":"https://investors.ventureglobal.com/news/news-details/2026/Venture-Global-and-China-Gas-Announce-New-Long-Term-LNG-Agreement/default.aspx","title":"September 14 China Gas contract starts in 2030","retrieved":"2026-09-19"}],"business":{"drivers":["Recognized LNG volume and commissioning versus commercial fee mix","Project completion, cash construction spend and capitalized interest","Project debt, restricted cash and subsidiary/common distributions"],"description":"Venture Global develops and operates LNG export projects, pipelines and shipping assets. It sells commissioning cargoes under shorter-term arrangements before projects enter long-term commercial contracts. Profit depends on recognized LNG volumes, liquefaction fees, feed-gas costs and the transition between those sales regimes. Major construction programs require project debt and restricted reserves, while subsidiary preferred and minority owners have claims separate from public common shares."},"earnings":{"source":"estimated from 10-Q filed 2026-08-11 plus 90 days","next_report_date":"2026-11-09"},"identity":{"cik":2007855,"sic":"4924","name":"Venture Global, Inc.","symbol":"VG","cluster":"Energy, materials & power","exchange":"NYSE"},"research":{"risks":["Merchant LNG fees and sales-recognition timing can change quickly.","Construction, testing, remediation and COD dates affect volume and fee mix.","Project debt, short-dated revolving capacity and covenants can restrict distributions.","Capitalized interest is a real cash cost even when absent from current interest expense.","BP damages hearing is scheduled for May 2027; its $3.7B to potentially over $6B claim is unresolved, not a modeled liability estimate. Other customer disputes also remain.","Storms, plant outages, shipping and regulatory approvals affect delivery.","Preferred and NCI claims plus both common share classes must be included before common economics are inferred."],"title":"From commissioning cargo margins to financed commercial operations","question":"How much LNG fee contribution survives the transition to commercial contracts and the next construction cycle?","economics":"H1 revenue was $9.177B, consolidated adjusted EBITDA $3.863B and CFO $2.835B, versus $6.900B cash capex. Consolidated net income of $2.042B differs from $1.835B attributable to common holders. H1 distributions included $135M VGLNG Series A dividends and $75M other NCI cash; $1.743B separately redeemed CP Funding preferred units. Debt principal was $42.386B at June, unrestricted cash $3.120B and restricted cash $1.470B. Annual adjusted EBITDA guidance rose to $8.7B-$9.1B, including NCI, on 500-518 exported cargos. The disclosed $5.05/MMBtu fee for contracted 2026 cargos differs from assumed $12.50-$13.50 on unsold cargos and from total LNG selling price. A $1 fee change on unsold cargos moves annual EBITDA $180M-$210M. Q2 exported volume of 478.3 TBtu also differs from 466.4 TBtu sold. Plaquemines Phase 1 COD targets Q4 2026, Phase 2 mid-2027, and CP2 first LNG H2 2027. September $3B revolving capacity matures in one year; it is not cash received. September China Gas 0.5MTPA starts in 2030 and contributes nothing to this horizon.","change_note":"Completed LNG fee-mix and project-funding model, including distinct exported/sold volume, capitalized interest and capital-holder claims.","checkpoints":[{"event":"Commercial conversion","watch":"Track Plaquemines COD and the actual fee mix, not only cargo counts.","timing":"Q4 2026 and mid-2027 company targets","date_status":"estimated"},{"event":"CP2 and construction funding","watch":"Compare cash construction, capitalized interest, draws and restricted reserves.","timing":"Each quarterly filing; first LNG target H2 2027","date_status":"estimated"},{"event":"Capital and litigation","watch":"Review any draw/repayment plan and actual legal outcomes before updating the cash stress.","timing":"September 2027 revolver maturity; May 2027 damages hearing","date_status":"estimated"}],"countercase":"Exceptional commissioning spreads can fade as commercial SPAs start. More LNG production may then generate less fee profit per unit while CP2 and expansions continue consuming cash. Project cash restrictions and preferred/minority distributions separate consolidated results from public-common access to cash.","limitations":["Guidance is consolidated adjusted EBITDA, including non-controlling interests, not free cash or common earnings. The 2026 calibrated residual combines operating costs and other contribution; it is not a disclosed segment margin.","One TBtu equals one million MMBtu. A $1/MMBtu fee therefore produces $1M per TBtu sold. Cargo count, cargo size and recognized sales timing remain separate. Exported cargos are not identical to sales recognized.","The $5.05/MMBtu contracted 2026 fee is not a disclosed perpetual post-COD SPA fee. FY2027 SPA, commissioning and merchant fees are explicit desk assumptions. Feed-gas recovery is modeled as a neutral pass-through, not LNG profit.","Plaquemines Phase 1 targets Q4 2026 COD and Phase 2 mid-2027; CP2 first LNG targets H2 2027. Timing, output, sales mix and construction spend can move together. Expansion volumes targeting 2028/2029 and China Gas deliveries starting 2030 are outside this horizon.","Cash PP&E includes capitalized interest and deposits. Forecast expensed cash interest excludes interest capitalized in capex; the model does not subtract the same construction interest twice.","Forecast cash after claims is before new borrowing, debt issuance fees, acquisitions and changes in restricted reserves. No complete debt/covenant or distributable-parent-cash waterfall is supplied; project restrictions can trap cash.","The September $3B revolver is a commitment maturing September 1, 2027, not $3B cash already received. No assumed draw is added to CFO or unrestricted cash, and its repayment would need a separate financing schedule if drawn.","Legal damages remain unresolved. The downside includes an editable $500M cash stress in Q4 2027, not a probability-weighted loss estimate, accounting reserve or worst-case cap; other cases omit incremental stress rather than imply no liability. No EPS or valuation forecast."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":4965727500.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":4965727500.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":4275862500.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":4117837500.0000005}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 revenue","value":9177.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_adj_ebitda","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 adj ebitda","value":3863.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000063/vgincq22026earningsrelease.htm","source_date":"2026-08-11"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 operating income","value":3339.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 cfo","value":2835.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 capex","value":6900.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_subsidiary_distributions","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 subsidiary distributions","value":210.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_common_dividends","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 common dividends","value":89.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_preferred_redemption","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 preferred redemption","value":1743.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_debt_principal","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 debt principal","value":4083.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_consolidated_net_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 consolidated net income","value":2042.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_common_net_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 common net income","value":1835.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_da","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 da","value":511.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_sbc","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 sbc","value":27.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_expensed_cash_interest","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 expensed cash interest","value":768.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_capitalized_interest","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts.","label":"H1 capitalized interest","value":595.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2007855/000200785526000062/vg-20260630.htm","source_date":"2026-08-11"},{"id":"h1_debt_draws","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported USD millions. 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The 2026 calibrated residual combines operating costs and other contribution; it is not a disclosed segment margin.","One TBtu equals one million MMBtu. A $1/MMBtu fee therefore produces $1M per TBtu sold. Cargo count, cargo size and recognized sales timing remain separate. Exported cargos are not identical to sales recognized.","The $5.05/MMBtu contracted 2026 fee is not a disclosed perpetual post-COD SPA fee. FY2027 SPA, commissioning and merchant fees are explicit desk assumptions. Feed-gas recovery is modeled as a neutral pass-through, not LNG profit.","Plaquemines Phase 1 targets Q4 2026 COD and Phase 2 mid-2027; CP2 first LNG targets H2 2027. Timing, output, sales mix and construction spend can move together. Expansion volumes targeting 2028/2029 and China Gas deliveries starting 2030 are outside this horizon.","Cash PP&E includes capitalized interest and deposits. Forecast expensed cash interest excludes interest capitalized in capex; the model does not subtract the same construction interest twice.","Forecast cash after claims is before new borrowing, debt issuance fees, acquisitions and changes in restricted reserves. No complete debt/covenant or distributable-parent-cash waterfall is supplied; project restrictions can trap cash.","The September $3B revolver is a commitment maturing September 1, 2027, not $3B cash already received. No assumed draw is added to CFO or unrestricted cash, and its repayment would need a separate financing schedule if drawn.","Legal damages remain unresolved. The downside includes an editable $500M cash stress in Q4 2027, not a probability-weighted loss estimate, accounting reserve or worst-case cap; other cases omit incremental stress rather than imply no liability. No EPS or valuation forecast."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}