ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$VG

Venture Global, Inc. · NYSE · SIC 4924 · CIK 2007855 · revision 4 as of 2026-09-19

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Business

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.

Three 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

Thesis

Our 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.

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.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q3 2024-09-30	2025Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	926.0¹	1,524.0†²	2,894.0³	3,101.0⁴	3,329.0¹	4,445.0†²	4,599.0³	4,578.0⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	189.0⁵	594.0†⁶	1,080.0⁷	1,038.0⁸	1,320.0⁵	1,718.0†⁶	1,151.0⁷	2,188.0⁸
Net income ($M)	—	—	—	—	—	—	—	—
EPS, diluted ($)	-0.15⁹	—	0.15¹⁰	0.14¹¹	0.16⁹	—	0.19¹⁰	0.51¹¹
Diluted shares (M)	2,350.0¹²	—	2,643.0¹³	2,635.0¹⁴	2,641.0¹²	—	2,635.0¹³	2,643.0¹⁴
Cash ($M)	—	3,608.0¹⁵	3,605.0¹⁶	2,247.0¹⁷	1,879.0¹⁸	2,355.0¹⁹	1,599.0²⁰	3,120.0¹⁹
Long-term debt ($M)	—	29,086.0²¹	29,130.0²²	29,774.0²³	31,743.0²⁴	33,393.0²⁵	36,456.0²⁶	41,527.0²⁵
Cash from operations ($M)	280.0†²⁷	673.0†²⁸	1,114.0²⁹	1,458.0†³⁰	1,883.0†²⁷	2,111.0†²⁸	763.0²⁹	2,072.0†³⁰
Capex ($M)	3,803.0†³¹	3,659.0†³²	3,466.0³³	2,980.0†³⁴	3,294.0†³¹	3,625.0†³²	3,181.0³³	3,719.0†³⁴
Free cash flow ($M)	-3,523.0†³⁵	-2,986.0†³⁶	-2,352.0†³⁷	-1,522.0†³⁸	-1,411.0†³⁵	-1,514.0†³⁶	-2,418.0†³⁷	-1,647.0†³⁸

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	4,965.7	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	4,965.7	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	4,275.9	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	4,117.8	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

LNG commissioning fees, commercial conversion and project funding

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Calibrate H2 2026 LNG fee contribution to the company EBITDA midpoint after reported H1, using export-cargo guidance, explicit size/sales timing and the midpoint of disclosed unsold-fee sensitivity. Feed-gas recovery adds revenue and cost equally. FY2027 replaces that calibration with separate post-COD SPA, precontracted commissioning and merchant mix assumptions, including CP2 volume only in H2. Deduct noncash expenses for operating profit; bridge EBITDA to cash after expensed cash interest, taxes and working capital. Gross cash construction includes capitalized interest. Subsidiary/common distributions, past redemption and principal are separate cash uses.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2026 consolidated adjusted EBITDA guidance midpoint	FY2026	8,900.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 EBITDA sensitivity per $1/MMBtu on unsold cargos midpoint	FY2026	195.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 revenue	H1 2026	9,177.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 common net income	H1 2026	1,835.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 cfo	H1 2026	2,835.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 capex	H1 2026	6,900.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 CFO less capex	H1 2026	-4,065.00	derived. Consolidated cash deficit before financing claims.
H1 subsidiary distributions	H1 2026	210.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 preferred redemption	H1 2026	1,743.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 debt principal	H1 2026	4,083.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
H1 debt draws	H1 2026	11,630.00	reported. Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Source · 2026-08-11
cash	June/September 2026	3,120.00	reported. USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Source · 2026-08-11
restricted cash	June/September 2026	1,470.00	reported. USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Source · 2026-08-11
debt face	June/September 2026	42,386.00	reported. USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Source · 2026-08-11
current debt carrying	June/September 2026	287.00	reported. USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Source · 2026-08-11
new revolver commitment	June/September 2026	3,000.00	reported. USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Source · 2026-09-02
H2 residual costs net of other contribution	H2 2026	1,190.06	derived. Calibration residual, not separately disclosed operating expense or segment guidance.
2026 contracted fee revenue per TBtu sold	FY2026	5.05	reported. $5.05/MMBtu equals $5.05M for each TBtu sold; excludes feed-gas recovery. Company says 91% of annual cargos contracted. Source · 2026-08-11

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less cash capex ($M)	Gross cash capex incl. capitalized interest ($M)	Consolidated revenue ($M)	Consolidated adjusted EBITDA proxy ($M)	Debt principal repayments ($M)	Common cash dividends ($M)	GAAP operating income proxy ($M)	Cash after distributions and principal ($M)	CP Funding preferred redemption ($M)	Subsidiary preferred/NCI distributions ($M)
2026Q3	1,268.07	-2,731.93	4,000.00	4,532.19	2,118.07	80.00	100.00	1,828.07	-3,086.93	0.00	175.00
2026Q4	1,343.07	-2,856.93	4,200.00	4,532.19	2,118.07	80.00	100.12	1,806.07	-3,077.05	0.00	40.00
2027Q1	124.15	-3,875.85	4,000.00	3,214.06	994.15	150.00	100.24	655.15	-4,306.09	0.00	180.00
2027Q2	81.11	-3,818.89	3,900.00	3,181.40	876.11	150.00	100.36	515.11	-4,114.26	0.00	45.00
FY2026	5,446.14	-9,653.86	15,100.00	18,241.38	8,099.14	4,243.00	289.13	6,973.14	-16,353.99	1,743.00	425.00
FY2027	-366.07	-14,966.07	14,600.00	13,137.39	3,513.93	600.00	401.69	2,025.93	-16,417.77	0.00	450.00

Base scenario

Period	Operating cash flow proxy ($M)	CFO less cash capex ($M)	Gross cash capex incl. capitalized interest ($M)	Consolidated revenue ($M)	Consolidated adjusted EBITDA proxy ($M)	Debt principal repayments ($M)	Common cash dividends ($M)	GAAP operating income proxy ($M)	Cash after distributions and principal ($M)	CP Funding preferred redemption ($M)	Subsidiary preferred/NCI distributions ($M)
2026Q3	1,818.50	-1,581.50	3,400.00	4,965.73	2,518.50	80.00	100.00	2,228.50	-1,936.50	0.00	175.00
2026Q4	1,843.50	-1,756.50	3,600.00	4,965.73	2,518.50	80.00	100.12	2,206.50	-1,976.62	0.00	40.00
2027Q1	1,183.74	-2,216.26	3,400.00	4,275.86	1,953.74	150.00	100.24	1,614.74	-2,646.51	0.00	180.00
2027Q2	981.40	-2,218.60	3,200.00	4,117.84	1,706.40	150.00	100.36	1,345.40	-2,513.96	0.00	45.00
FY2026	6,497.00	-7,403.00	13,900.00	19,108.46	8,900.00	4,243.00	289.13	7,774.00	-14,103.13	1,743.00	425.00
FY2027	3,826.77	-8,073.23	11,900.00	16,968.39	6,886.77	600.00	401.69	5,398.77	-9,524.93	0.00	450.00

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less cash capex ($M)	Gross cash capex incl. capitalized interest ($M)	Consolidated revenue ($M)	Consolidated adjusted EBITDA proxy ($M)	Debt principal repayments ($M)	Common cash dividends ($M)	GAAP operating income proxy ($M)	Cash after distributions and principal ($M)	CP Funding preferred redemption ($M)	Subsidiary preferred/NCI distributions ($M)
2026Q3	2,141.57	-1,258.43	3,400.00	5,263.94	2,791.57	80.00	100.00	2,501.57	-1,613.43	0.00	175.00
2026Q4	2,166.57	-1,333.43	3,500.00	5,263.94	2,791.57	80.00	100.12	2,479.57	-1,553.55	0.00	40.00
2027Q1	2,370.88	-829.12	3,200.00	5,533.78	3,090.88	150.00	100.24	2,751.88	-1,259.36	0.00	180.00
2027Q2	2,005.74	-994.26	3,000.00	5,237.59	2,700.74	150.00	100.36	2,339.74	-1,289.62	0.00	45.00
FY2026	7,143.14	-6,656.86	13,800.00	19,704.88	9,446.14	4,243.00	289.13	8,320.14	-13,356.99	1,743.00	425.00
FY2027	8,204.64	-2,895.36	11,100.00	21,727.79	11,114.64	600.00	401.69	9,626.64	-4,347.06	0.00	450.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	9,177.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 adj ebitda h1_adj_ebitda	H1 2026 / shared	3,863.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 operating income h1_operating_income	H1 2026 / shared	3,339.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 cfo h1_cfo	H1 2026 / shared	2,835.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 capex h1_capex	H1 2026 / shared	6,900.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 subsidiary distributions h1_subsidiary_distributions	H1 2026 / shared	210.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 common dividends h1_common_dividends	H1 2026 / shared	89.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 preferred redemption h1_preferred_redemption	H1 2026 / shared	1,743.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 debt principal h1_debt_principal	H1 2026 / shared	4,083.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 consolidated net income h1_consolidated_net_income	H1 2026 / shared	2,042.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 common net income h1_common_net_income	H1 2026 / shared	1,835.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 da h1_da	H1 2026 / shared	511.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 sbc h1_sbc	H1 2026 / shared	27.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 expensed cash interest h1_expensed_cash_interest	H1 2026 / shared	768.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 capitalized interest h1_capitalized_interest	H1 2026 / shared	595.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 debt draws h1_debt_draws	H1 2026 / shared	11,630.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 finance fees h1_finance_fees	H1 2026 / shared	506.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 nci cash h1_nci_cash	H1 2026 / shared	75.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 series a cash h1_series_a_cash	H1 2026 / shared	135.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 cp2 capex h1_cp2_capex	H1 2026 / shared	5,613.00 USD_millions	reported: Reported USD millions. CP2 cash capex is from the cash-flow discussion; segment capital expenditures also include financed amounts. Primary source · 2026-08-11
H1 CFO less capex h1_fcf	H1 2026 / shared	-4,065.00 USD_millions	derived: Consolidated cash deficit before financing claims. Formula: subtract(h1_cfo, h1_capex).
H1 distributions redemption and principal h1_claims	H1 2026 / shared	6,125.00 USD_millions	derived: Includes one-time redemption and refinancing principal; new financing is intentionally separate. Formula: sum(h1_subsidiary_distributions, h1_common_dividends, h1_preferred_redemption, h1_debt_principal).
H1 cash after modeled claims h1_cash_after_claims	H1 2026 / shared	-10,190.00 USD_millions	derived: Not the change in cash: excludes $11.630B draws and other investing/financing flows. Formula: subtract(h1_fcf, h1_claims).
cash cash	June/September 2026 / shared	3,120.00 USD_millions	reported: USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Primary source · 2026-08-11
restricted cash restricted_cash	June/September 2026 / shared	1,470.00 USD_millions	reported: USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Primary source · 2026-08-11
debt face debt_face	June/September 2026 / shared	42,386.00 USD_millions	reported: USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Primary source · 2026-08-11
current debt carrying current_debt_carrying	June/September 2026 / shared	287.00 USD_millions	reported: USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Primary source · 2026-08-11
cp funding preferred remaining cp_funding_preferred_remaining	June/September 2026 / shared	0.00 USD_millions	reported: USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Primary source · 2026-08-11
new revolver commitment new_revolver_commitment	June/September 2026 / shared	3,000.00 USD_millions	reported: USD millions. Redeemed CP Funding units differ from outstanding VGLNG Series A preferred/NCI interests. Primary source · 2026-09-02
FY2026 consolidated adjusted EBITDA guidance low ebitda_guide_low	FY2026 / shared	8,700.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-11
FY2026 consolidated adjusted EBITDA guidance high ebitda_guide_high	FY2026 / shared	9,100.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-11
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 consolidated adjusted EBITDA guidance endpoint sum ebitda_guide_sum	FY2026 / shared	17,800.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(ebitda_guide_low, ebitda_guide_high).
FY2026 consolidated adjusted EBITDA guidance midpoint ebitda_guide	FY2026 / shared	8,900.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(ebitda_guide_sum, two).
FY2026 EBITDA sensitivity per $1/MMBtu on unsold cargos low unsold_sensitivity_low	FY2026 / shared	180.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-11
FY2026 EBITDA sensitivity per $1/MMBtu on unsold cargos high unsold_sensitivity_high	FY2026 / shared	210.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-11
FY2026 EBITDA sensitivity per $1/MMBtu on unsold cargos endpoint sum unsold_sensitivity_sum	FY2026 / shared	390.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(unsold_sensitivity_low, unsold_sensitivity_high).
FY2026 EBITDA sensitivity per $1/MMBtu on unsold cargos midpoint unsold_sensitivity	FY2026 / shared	195.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(unsold_sensitivity_sum, two).
Total 2026 export-cargo midpoint annual_cargos	FY2026 / shared	50,900.0% ratio	assumption: Calculated midpoint of CP 149-154 plus Plaquemines 351-364 cargos; counts represented as dimensionless. Primary source · 2026-08-11
H1 exported cargos h1_cargos	H1 2026 / shared	25,700.0% ratio	reported: Exported count, not sales-recognized cargo equivalent. Primary source · 2026-08-11
H1 LNG sales recognized, TBtu h1_sales_tbtu	H1 2026 / shared	94,720.0% ratio	reported: TBtu equals million MMBtu; unit represented as a dimensionless physical quantity for normalization. Primary source · 2026-08-11
2026 contracted fee revenue per TBtu sold contracted_fee	FY2026 / shared	5.05 USD_millions	reported: $5.05/MMBtu equals $5.05M for each TBtu sold; excludes feed-gas recovery. Company says 91% of annual cargos contracted. Primary source · 2026-08-11
2026 unsold fee revenue per TBtu sold, midpoint unsold_fee	FY2026 / shared	13.00 USD_millions	assumption: Arithmetic midpoint of $12.50-$13.50/MMBtu assumed in guidance; not all-in sales price. Primary source · 2026-08-11
July 31 Class A plus Class B shares common_shares	July 2026 / shared	2,500.09 shares_millions	reported: 531,488,393 Class A plus 1,968,604,458 Class B, in millions; not diluted EPS denominator. Primary source · 2026-08-11
September common dividend per A/B share declared_common_dps	2026Q3 / shared	0.04 USD_per_share	reported: Declared dividend payable September 30; later dividends need future declarations. Primary source · 2026-08-11
September aggregate common dividend estimate declared_common_cash	2026Q3 / shared	100.00 USD_millions	assumption: Desk aggregate from July 31 A+B shares times declared $0.04; assumes unchanged shares through September record date. Primary source · 2026-08-11
Remaining 2026 export cargos h2_cargos	H2 2026 / shared	25,200.0% ratio	derived: Annual midpoint less reported H1. Formula: subtract(annual_cargos, h1_cargos).
LNG cargo size, TBtu cargo_size	Model / shared	375.0% ratio	assumption: Desk normalized size, compared with Q2 exported 478.3 TBtu across 127 cargos; not volumes sold 466.4 TBtu.
Recognized sales / contemporaneous exports sales_timing	Model / shared	98.0% ratio	assumption: Desk shipment/recognition factor; no assertion that each exported cargo is already recognized.
H2 recognized LNG sales TBtu baseline h2_volume	H2 2026 / shared	92,610.0% ratio	derived: Physical volume baseline before fee mix. Formula: multiply(h2_cargos, cargo_size, sales_timing).
H2 unsold fee-sensitive volume, TBtu unsold_volume	H2 2026 / shared	19,500.0% ratio	assumption: Desk physical-volume equivalent of the $195M midpoint sensitivity for a $1/MMBtu fee move; approximates guidance sensitivity, not disclosed exact cargo size. Primary source · 2026-08-11
H2 contracted sales TBtu baseline contracted_volume	H2 2026 / shared	73,110.0% ratio	derived: Remaining forecast recognized sales less fee-sensitive equivalent. Formula: subtract(h2_volume, unsold_volume).
H2 contracted fee revenue h2_fixed_fee	H2 2026 / shared	3,692.05 USD_millions	derived: Volume TBtu times normalized $M fee per TBtu. Formula: multiply(contracted_volume, contracted_fee).
H2 unsold fee revenue h2_unsold_fee	H2 2026 / shared	2,535.00 USD_millions	derived: Company guidance price midpoint and sensitivity baseline. Formula: multiply(unsold_volume, unsold_fee).
H2 fee revenue at guidance price baseline h2_fee_baseline	H2 2026 / shared	6,227.06 USD_millions	derived: Excludes feed-gas recovery. Formula: sum(h2_fixed_fee, h2_unsold_fee).
H2 company EBITDA midpoint residual h2_ebitda_target	H2 2026 / shared	5,037.00 USD_millions	derived: Annual company midpoint less reported H1. Formula: subtract(ebitda_guide, h1_adj_ebitda).
H2 residual costs net of other contribution h2_residual_cost	H2 2026 / shared	1,190.06 USD_millions	derived: Calibration residual, not separately disclosed operating expense or segment guidance. Formula: subtract(h2_fee_baseline, h2_ebitda_target).
Recognized volume delivery downside_2026q3_execution	2026Q3 / downside	95.0% ratio	assumption: Desk assumption; not company guidance.
H2 quarterly allocation downside_2026q3_half	2026Q3 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
Recognized LNG sales TBtu downside_2026q3_volume	2026Q3 / downside	43,989.8% ratio	derived: Equal H2 baseline allocation; cargo acceptance can change timing. Formula: multiply(h2_volume, downside_2026q3_half, downside_2026q3_execution).
Contracted fee volume TBtu downside_2026q3_fixed_volume	2026Q3 / downside	34,727.2% ratio	derived: 2026 contracted mix, not long-term SPA-only mix. Formula: multiply(contracted_volume, downside_2026q3_half, downside_2026q3_execution).
Unsold fee-sensitive TBtu downside_2026q3_merchant_volume	2026Q3 / downside	9,262.5% ratio	derived: Equivalent volume sensitivity. Formula: multiply(unsold_volume, downside_2026q3_half, downside_2026q3_execution).
Contracted fee revenue downside_2026q3_fixed_fees	2026Q3 / downside	1,753.73 USD_millions	derived: Contracted 2026 fee is distinct from feed-gas revenue. Formula: multiply(downside_2026q3_fixed_volume, contracted_fee).
Unsold fee revenue per TBtu downside_2026q3_merchant_fee	2026Q3 / downside	11.00 USD_millions	assumption: Normalized $M per TBtu; equivalent to dollars per MMBtu. Base is company guidance midpoint.
Unsold fee revenue downside_2026q3_merchant_fees	2026Q3 / downside	1,018.88 USD_millions	derived: Unsold price scenario. Formula: multiply(downside_2026q3_merchant_volume, downside_2026q3_merchant_fee).
LNG fee revenue downside_2026q3_fee_revenue	2026Q3 / downside	2,772.60 USD_millions	derived: Calibrated annual guidance already incorporates expected Phase 1 COD timing. Formula: sum(downside_2026q3_fixed_fees, downside_2026q3_merchant_fees).
Cost delivery stress downside_2026q3_cost_factor	2026Q3 / downside	110.0% ratio	assumption: Desk assumption; not company guidance.
Residual operating costs net of other contribution downside_2026q3_cash_costs	2026Q3 / downside	654.53 USD_millions	derived: Guidance calibration; not an independently disclosed cost forecast. Formula: multiply(h2_residual_cost, downside_2026q3_half, downside_2026q3_cost_factor).
Feed-gas recovery per TBtu downside_2026q3_feed_gas	2026Q3 / downside	4.00 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue downside_2026q3_feed_gas_recovery	2026Q3 / downside	1,759.59 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(downside_2026q3_volume, downside_2026q3_feed_gas).
Consolidated revenue proxy downside_2026q3_revenue	2026Q3 / downside	4,532.19 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(downside_2026q3_fee_revenue, downside_2026q3_feed_gas_recovery).
Consolidated adjusted EBITDA proxy downside_2026q3_adj_ebitda	2026Q3 / downside	2,118.07 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(downside_2026q3_fee_revenue, downside_2026q3_cash_costs).
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation downside_2026q3_sbc	2026Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions downside_2026q3_other_adjustments	2026Q3 / downside	0.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions downside_2026q3_noncash_deductions	2026Q3 / downside	290.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(downside_2026q3_da, downside_2026q3_sbc, downside_2026q3_other_adjustments).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	1,828.07 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_noncash_deductions).
Additional litigation cash stress downside_2026q3_legal_cash_stress	2026Q3 / downside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield downside_2026q3_cash_interest	2026Q3 / downside	450.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes downside_2026q3_cash_tax	2026Q3 / downside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use downside_2026q3_wc_use	2026Q3 / downside	300.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress downside_2026q3_cfo_uses	2026Q3 / downside	850.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(downside_2026q3_cash_interest, downside_2026q3_cash_tax, downside_2026q3_wc_use, downside_2026q3_legal_cash_stress).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	1,268.07 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_cfo_uses).
Gross cash construction and other capex downside_2026q3_capex	2026Q3 / downside	4,000.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex downside_2026q3_fcf	2026Q3 / downside	-2,731.93 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
VGLNG Series A cash dividend downside_2026q3_series_a_cash	2026Q3 / downside	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution downside_2026q3_nci_cash	2026Q3 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions downside_2026q3_subsidiary_distributions	2026Q3 / downside	175.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(downside_2026q3_series_a_cash, downside_2026q3_nci_cash).
Additional common shares since July downside_2026q3_share_growth	2026Q3 / downside	0.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash downside_2026q3_shares	2026Q3 / downside	2,500.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, downside_2026q3_share_growth).
Shares relative to July baseline downside_2026q3_dividend_share_factor	2026Q3 / downside	100.0% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(downside_2026q3_shares, common_shares).
Dividend rate relative to September declaration downside_2026q3_dividend_factor	2026Q3 / downside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends downside_2026q3_common_dividends	2026Q3 / downside	100.00 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, downside_2026q3_dividend_share_factor, downside_2026q3_dividend_factor).
CP Funding preferred redemption downside_2026q3_preferred_redemption	2026Q3 / downside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance downside_2026q3_debt_principal	2026Q3 / downside	80.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal downside_2026q3_claims	2026Q3 / downside	355.00 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(downside_2026q3_subsidiary_distributions, downside_2026q3_common_dividends, downside_2026q3_preferred_redemption, downside_2026q3_debt_principal).
Cash after distributions and principal downside_2026q3_cash_after_claims	2026Q3 / downside	-3,086.93 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(downside_2026q3_fcf, downside_2026q3_claims).
Recognized volume delivery downside_2026q4_execution	2026Q4 / downside	95.0% ratio	assumption: Desk assumption; not company guidance.
H2 quarterly allocation downside_2026q4_half	2026Q4 / downside	50.0% ratio	assumption: Desk assumption; not company guidance.
Recognized LNG sales TBtu downside_2026q4_volume	2026Q4 / downside	43,989.8% ratio	derived: Equal H2 baseline allocation; cargo acceptance can change timing. Formula: multiply(h2_volume, downside_2026q4_half, downside_2026q4_execution).
Contracted fee volume TBtu downside_2026q4_fixed_volume	2026Q4 / downside	34,727.2% ratio	derived: 2026 contracted mix, not long-term SPA-only mix. Formula: multiply(contracted_volume, downside_2026q4_half, downside_2026q4_execution).
Unsold fee-sensitive TBtu downside_2026q4_merchant_volume	2026Q4 / downside	9,262.5% ratio	derived: Equivalent volume sensitivity. Formula: multiply(unsold_volume, downside_2026q4_half, downside_2026q4_execution).
Contracted fee revenue downside_2026q4_fixed_fees	2026Q4 / downside	1,753.73 USD_millions	derived: Contracted 2026 fee is distinct from feed-gas revenue. Formula: multiply(downside_2026q4_fixed_volume, contracted_fee).
Unsold fee revenue per TBtu downside_2026q4_merchant_fee	2026Q4 / downside	11.00 USD_millions	assumption: Normalized $M per TBtu; equivalent to dollars per MMBtu. Base is company guidance midpoint.
Unsold fee revenue downside_2026q4_merchant_fees	2026Q4 / downside	1,018.88 USD_millions	derived: Unsold price scenario. Formula: multiply(downside_2026q4_merchant_volume, downside_2026q4_merchant_fee).
LNG fee revenue downside_2026q4_fee_revenue	2026Q4 / downside	2,772.60 USD_millions	derived: Calibrated annual guidance already incorporates expected Phase 1 COD timing. Formula: sum(downside_2026q4_fixed_fees, downside_2026q4_merchant_fees).
Cost delivery stress downside_2026q4_cost_factor	2026Q4 / downside	110.0% ratio	assumption: Desk assumption; not company guidance.
Residual operating costs net of other contribution downside_2026q4_cash_costs	2026Q4 / downside	654.53 USD_millions	derived: Guidance calibration; not an independently disclosed cost forecast. Formula: multiply(h2_residual_cost, downside_2026q4_half, downside_2026q4_cost_factor).
Feed-gas recovery per TBtu downside_2026q4_feed_gas	2026Q4 / downside	4.00 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue downside_2026q4_feed_gas_recovery	2026Q4 / downside	1,759.59 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(downside_2026q4_volume, downside_2026q4_feed_gas).
Consolidated revenue proxy downside_2026q4_revenue	2026Q4 / downside	4,532.19 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(downside_2026q4_fee_revenue, downside_2026q4_feed_gas_recovery).
Consolidated adjusted EBITDA proxy downside_2026q4_adj_ebitda	2026Q4 / downside	2,118.07 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(downside_2026q4_fee_revenue, downside_2026q4_cash_costs).
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation downside_2026q4_sbc	2026Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions downside_2026q4_other_adjustments	2026Q4 / downside	0.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions downside_2026q4_noncash_deductions	2026Q4 / downside	312.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(downside_2026q4_da, downside_2026q4_sbc, downside_2026q4_other_adjustments).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	1,806.07 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_noncash_deductions).
Additional litigation cash stress downside_2026q4_legal_cash_stress	2026Q4 / downside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield downside_2026q4_cash_interest	2026Q4 / downside	475.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes downside_2026q4_cash_tax	2026Q4 / downside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use downside_2026q4_wc_use	2026Q4 / downside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress downside_2026q4_cfo_uses	2026Q4 / downside	775.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(downside_2026q4_cash_interest, downside_2026q4_cash_tax, downside_2026q4_wc_use, downside_2026q4_legal_cash_stress).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	1,343.07 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_cfo_uses).
Gross cash construction and other capex downside_2026q4_capex	2026Q4 / downside	4,200.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex downside_2026q4_fcf	2026Q4 / downside	-2,856.93 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
VGLNG Series A cash dividend downside_2026q4_series_a_cash	2026Q4 / downside	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution downside_2026q4_nci_cash	2026Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions downside_2026q4_subsidiary_distributions	2026Q4 / downside	40.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(downside_2026q4_series_a_cash, downside_2026q4_nci_cash).
Additional common shares since July downside_2026q4_share_growth	2026Q4 / downside	3.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash downside_2026q4_shares	2026Q4 / downside	2,503.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, downside_2026q4_share_growth).
Shares relative to July baseline downside_2026q4_dividend_share_factor	2026Q4 / downside	100.1% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(downside_2026q4_shares, common_shares).
Dividend rate relative to September declaration downside_2026q4_dividend_factor	2026Q4 / downside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends downside_2026q4_common_dividends	2026Q4 / downside	100.12 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, downside_2026q4_dividend_share_factor, downside_2026q4_dividend_factor).
CP Funding preferred redemption downside_2026q4_preferred_redemption	2026Q4 / downside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance downside_2026q4_debt_principal	2026Q4 / downside	80.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal downside_2026q4_claims	2026Q4 / downside	220.12 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(downside_2026q4_subsidiary_distributions, downside_2026q4_common_dividends, downside_2026q4_preferred_redemption, downside_2026q4_debt_principal).
Cash after distributions and principal downside_2026q4_cash_after_claims	2026Q4 / downside	-3,077.05 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(downside_2026q4_fcf, downside_2026q4_claims).
Standalone project export-cargo plan downside_2027q1_cargo_baseline	2027Q1 / downside	13,000.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor downside_2027q1_volume_factor	2027Q1 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos downside_2027q1_cargos	2027Q1 / downside	11,700.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(downside_2027q1_cargo_baseline, downside_2027q1_volume_factor).
Recognized LNG sales TBtu downside_2027q1_volume	2027Q1 / downside	42,997.5% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(downside_2027q1_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs downside_2027q1_spa_share	2027Q1 / downside	55.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share downside_2027q1_commission_share	2027Q1 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume downside_2027q1_one	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share downside_2027q1_nonmerchant_share	2027Q1 / downside	65.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(downside_2027q1_spa_share, downside_2027q1_commission_share).
Remaining merchant volume share downside_2027q1_merchant_share	2027Q1 / downside	35.0% ratio	derived: No double-counted sales mix. Formula: subtract(downside_2027q1_one, downside_2027q1_nonmerchant_share).
spa fee revenue per TBtu downside_2027q1_spa_fee	2027Q1 / downside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue downside_2027q1_spa_fees	2027Q1 / downside	591.22 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q1_volume, downside_2027q1_spa_share, downside_2027q1_spa_fee).
commission fee revenue per TBtu downside_2027q1_commission_fee	2027Q1 / downside	5.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue downside_2027q1_commission_fees	2027Q1 / downside	214.99 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q1_volume, downside_2027q1_commission_share, downside_2027q1_commission_fee).
merchant fee revenue per TBtu downside_2027q1_merchant_fee	2027Q1 / downside	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue downside_2027q1_merchant_fees	2027Q1 / downside	902.95 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q1_volume, downside_2027q1_merchant_share, downside_2027q1_merchant_fee).
LNG fee revenue downside_2027q1_fee_revenue	2027Q1 / downside	1,709.15 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(downside_2027q1_spa_fees, downside_2027q1_commission_fees, downside_2027q1_merchant_fees).
Operating cost/contribution budget downside_2027q1_cost_budget	2027Q1 / downside	650.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress downside_2027q1_cost_factor	2027Q1 / downside	110.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution downside_2027q1_cash_costs	2027Q1 / downside	715.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(downside_2027q1_cost_budget, downside_2027q1_cost_factor).
Feed-gas recovery per TBtu downside_2027q1_feed_gas	2027Q1 / downside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue downside_2027q1_feed_gas_recovery	2027Q1 / downside	1,504.91 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(downside_2027q1_volume, downside_2027q1_feed_gas).
Consolidated revenue proxy downside_2027q1_revenue	2027Q1 / downside	3,214.06 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(downside_2027q1_fee_revenue, downside_2027q1_feed_gas_recovery).
Consolidated adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	994.15 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(downside_2027q1_fee_revenue, downside_2027q1_cash_costs).
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	315.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation downside_2027q1_sbc	2027Q1 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions downside_2027q1_other_adjustments	2027Q1 / downside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions downside_2027q1_noncash_deductions	2027Q1 / downside	339.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_other_adjustments).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	655.15 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_noncash_deductions).
Additional litigation cash stress downside_2027q1_legal_cash_stress	2027Q1 / downside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield downside_2027q1_cash_interest	2027Q1 / downside	500.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use downside_2027q1_wc_use	2027Q1 / downside	250.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress downside_2027q1_cfo_uses	2027Q1 / downside	870.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(downside_2027q1_cash_interest, downside_2027q1_cash_tax, downside_2027q1_wc_use, downside_2027q1_legal_cash_stress).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	124.15 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_cfo_uses).
Gross cash construction and other capex downside_2027q1_capex	2027Q1 / downside	4,000.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex downside_2027q1_fcf	2027Q1 / downside	-3,875.85 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
VGLNG Series A cash dividend downside_2027q1_series_a_cash	2027Q1 / downside	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution downside_2027q1_nci_cash	2027Q1 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions downside_2027q1_subsidiary_distributions	2027Q1 / downside	180.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(downside_2027q1_series_a_cash, downside_2027q1_nci_cash).
Additional common shares since July downside_2027q1_share_growth	2027Q1 / downside	6.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash downside_2027q1_shares	2027Q1 / downside	2,506.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, downside_2027q1_share_growth).
Shares relative to July baseline downside_2027q1_dividend_share_factor	2027Q1 / downside	100.2% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(downside_2027q1_shares, common_shares).
Dividend rate relative to September declaration downside_2027q1_dividend_factor	2027Q1 / downside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends downside_2027q1_common_dividends	2027Q1 / downside	100.24 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, downside_2027q1_dividend_share_factor, downside_2027q1_dividend_factor).
CP Funding preferred redemption downside_2027q1_preferred_redemption	2027Q1 / downside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance downside_2027q1_debt_principal	2027Q1 / downside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal downside_2027q1_claims	2027Q1 / downside	430.24 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(downside_2027q1_subsidiary_distributions, downside_2027q1_common_dividends, downside_2027q1_preferred_redemption, downside_2027q1_debt_principal).
Cash after distributions and principal downside_2027q1_cash_after_claims	2027Q1 / downside	-4,306.09 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(downside_2027q1_fcf, downside_2027q1_claims).
Standalone project export-cargo plan downside_2027q2_cargo_baseline	2027Q2 / downside	13,500.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor downside_2027q2_volume_factor	2027Q2 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos downside_2027q2_cargos	2027Q2 / downside	12,150.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(downside_2027q2_cargo_baseline, downside_2027q2_volume_factor).
Recognized LNG sales TBtu downside_2027q2_volume	2027Q2 / downside	44,651.2% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(downside_2027q2_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs downside_2027q2_spa_share	2027Q2 / downside	65.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share downside_2027q2_commission_share	2027Q2 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume downside_2027q2_one	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share downside_2027q2_nonmerchant_share	2027Q2 / downside	75.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(downside_2027q2_spa_share, downside_2027q2_commission_share).
Remaining merchant volume share downside_2027q2_merchant_share	2027Q2 / downside	25.0% ratio	derived: No double-counted sales mix. Formula: subtract(downside_2027q2_one, downside_2027q2_nonmerchant_share).
spa fee revenue per TBtu downside_2027q2_spa_fee	2027Q2 / downside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue downside_2027q2_spa_fees	2027Q2 / downside	725.58 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q2_volume, downside_2027q2_spa_share, downside_2027q2_spa_fee).
commission fee revenue per TBtu downside_2027q2_commission_fee	2027Q2 / downside	5.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue downside_2027q2_commission_fees	2027Q2 / downside	223.26 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q2_volume, downside_2027q2_commission_share, downside_2027q2_commission_fee).
merchant fee revenue per TBtu downside_2027q2_merchant_fee	2027Q2 / downside	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue downside_2027q2_merchant_fees	2027Q2 / downside	669.77 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q2_volume, downside_2027q2_merchant_share, downside_2027q2_merchant_fee).
LNG fee revenue downside_2027q2_fee_revenue	2027Q2 / downside	1,618.61 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(downside_2027q2_spa_fees, downside_2027q2_commission_fees, downside_2027q2_merchant_fees).
Operating cost/contribution budget downside_2027q2_cost_budget	2027Q2 / downside	675.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress downside_2027q2_cost_factor	2027Q2 / downside	110.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution downside_2027q2_cash_costs	2027Q2 / downside	742.50 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(downside_2027q2_cost_budget, downside_2027q2_cost_factor).
Feed-gas recovery per TBtu downside_2027q2_feed_gas	2027Q2 / downside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue downside_2027q2_feed_gas_recovery	2027Q2 / downside	1,562.79 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(downside_2027q2_volume, downside_2027q2_feed_gas).
Consolidated revenue proxy downside_2027q2_revenue	2027Q2 / downside	3,181.40 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(downside_2027q2_fee_revenue, downside_2027q2_feed_gas_recovery).
Consolidated adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	876.11 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(downside_2027q2_fee_revenue, downside_2027q2_cash_costs).
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	335.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation downside_2027q2_sbc	2027Q2 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions downside_2027q2_other_adjustments	2027Q2 / downside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions downside_2027q2_noncash_deductions	2027Q2 / downside	361.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_other_adjustments).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	515.11 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_noncash_deductions).
Additional litigation cash stress downside_2027q2_legal_cash_stress	2027Q2 / downside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield downside_2027q2_cash_interest	2027Q2 / downside	525.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use downside_2027q2_wc_use	2027Q2 / downside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress downside_2027q2_cfo_uses	2027Q2 / downside	795.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(downside_2027q2_cash_interest, downside_2027q2_cash_tax, downside_2027q2_wc_use, downside_2027q2_legal_cash_stress).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	81.11 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_cfo_uses).
Gross cash construction and other capex downside_2027q2_capex	2027Q2 / downside	3,900.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex downside_2027q2_fcf	2027Q2 / downside	-3,818.89 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
VGLNG Series A cash dividend downside_2027q2_series_a_cash	2027Q2 / downside	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution downside_2027q2_nci_cash	2027Q2 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions downside_2027q2_subsidiary_distributions	2027Q2 / downside	45.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(downside_2027q2_series_a_cash, downside_2027q2_nci_cash).
Additional common shares since July downside_2027q2_share_growth	2027Q2 / downside	9.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash downside_2027q2_shares	2027Q2 / downside	2,509.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, downside_2027q2_share_growth).
Shares relative to July baseline downside_2027q2_dividend_share_factor	2027Q2 / downside	100.4% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(downside_2027q2_shares, common_shares).
Dividend rate relative to September declaration downside_2027q2_dividend_factor	2027Q2 / downside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends downside_2027q2_common_dividends	2027Q2 / downside	100.36 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, downside_2027q2_dividend_share_factor, downside_2027q2_dividend_factor).
CP Funding preferred redemption downside_2027q2_preferred_redemption	2027Q2 / downside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance downside_2027q2_debt_principal	2027Q2 / downside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal downside_2027q2_claims	2027Q2 / downside	295.36 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(downside_2027q2_subsidiary_distributions, downside_2027q2_common_dividends, downside_2027q2_preferred_redemption, downside_2027q2_debt_principal).
Cash after distributions and principal downside_2027q2_cash_after_claims	2027Q2 / downside	-4,114.26 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(downside_2027q2_fcf, downside_2027q2_claims).
Standalone project export-cargo plan downside_2027q3_cargo_baseline	2027Q3 / downside	14,500.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor downside_2027q3_volume_factor	2027Q3 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos downside_2027q3_cargos	2027Q3 / downside	13,050.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(downside_2027q3_cargo_baseline, downside_2027q3_volume_factor).
Recognized LNG sales TBtu downside_2027q3_volume	2027Q3 / downside	47,958.8% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(downside_2027q3_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs downside_2027q3_spa_share	2027Q3 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share downside_2027q3_commission_share	2027Q3 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume downside_2027q3_one	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share downside_2027q3_nonmerchant_share	2027Q3 / downside	85.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(downside_2027q3_spa_share, downside_2027q3_commission_share).
Remaining merchant volume share downside_2027q3_merchant_share	2027Q3 / downside	15.0% ratio	derived: No double-counted sales mix. Formula: subtract(downside_2027q3_one, downside_2027q3_nonmerchant_share).
spa fee revenue per TBtu downside_2027q3_spa_fee	2027Q3 / downside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue downside_2027q3_spa_fees	2027Q3 / downside	899.23 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q3_volume, downside_2027q3_spa_share, downside_2027q3_spa_fee).
commission fee revenue per TBtu downside_2027q3_commission_fee	2027Q3 / downside	5.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue downside_2027q3_commission_fees	2027Q3 / downside	239.79 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q3_volume, downside_2027q3_commission_share, downside_2027q3_commission_fee).
merchant fee revenue per TBtu downside_2027q3_merchant_fee	2027Q3 / downside	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue downside_2027q3_merchant_fees	2027Q3 / downside	431.63 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q3_volume, downside_2027q3_merchant_share, downside_2027q3_merchant_fee).
LNG fee revenue downside_2027q3_fee_revenue	2027Q3 / downside	1,570.65 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(downside_2027q3_spa_fees, downside_2027q3_commission_fees, downside_2027q3_merchant_fees).
Operating cost/contribution budget downside_2027q3_cost_budget	2027Q3 / downside	700.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress downside_2027q3_cost_factor	2027Q3 / downside	110.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution downside_2027q3_cash_costs	2027Q3 / downside	770.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(downside_2027q3_cost_budget, downside_2027q3_cost_factor).
Feed-gas recovery per TBtu downside_2027q3_feed_gas	2027Q3 / downside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue downside_2027q3_feed_gas_recovery	2027Q3 / downside	1,678.56 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(downside_2027q3_volume, downside_2027q3_feed_gas).
Consolidated revenue proxy downside_2027q3_revenue	2027Q3 / downside	3,249.21 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(downside_2027q3_fee_revenue, downside_2027q3_feed_gas_recovery).
Consolidated adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	800.65 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(downside_2027q3_fee_revenue, downside_2027q3_cash_costs).
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	355.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation downside_2027q3_sbc	2027Q3 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions downside_2027q3_other_adjustments	2027Q3 / downside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions downside_2027q3_noncash_deductions	2027Q3 / downside	383.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_other_adjustments).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	417.65 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_noncash_deductions).
Additional litigation cash stress downside_2027q3_legal_cash_stress	2027Q3 / downside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield downside_2027q3_cash_interest	2027Q3 / downside	550.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use downside_2027q3_wc_use	2027Q3 / downside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress downside_2027q3_cfo_uses	2027Q3 / downside	870.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(downside_2027q3_cash_interest, downside_2027q3_cash_tax, downside_2027q3_wc_use, downside_2027q3_legal_cash_stress).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-69.35 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_cfo_uses).
Gross cash construction and other capex downside_2027q3_capex	2027Q3 / downside	3,500.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex downside_2027q3_fcf	2027Q3 / downside	-3,569.35 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
VGLNG Series A cash dividend downside_2027q3_series_a_cash	2027Q3 / downside	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution downside_2027q3_nci_cash	2027Q3 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions downside_2027q3_subsidiary_distributions	2027Q3 / downside	180.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(downside_2027q3_series_a_cash, downside_2027q3_nci_cash).
Additional common shares since July downside_2027q3_share_growth	2027Q3 / downside	12.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash downside_2027q3_shares	2027Q3 / downside	2,512.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, downside_2027q3_share_growth).
Shares relative to July baseline downside_2027q3_dividend_share_factor	2027Q3 / downside	100.5% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(downside_2027q3_shares, common_shares).
Dividend rate relative to September declaration downside_2027q3_dividend_factor	2027Q3 / downside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends downside_2027q3_common_dividends	2027Q3 / downside	100.48 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, downside_2027q3_dividend_share_factor, downside_2027q3_dividend_factor).
CP Funding preferred redemption downside_2027q3_preferred_redemption	2027Q3 / downside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance downside_2027q3_debt_principal	2027Q3 / downside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal downside_2027q3_claims	2027Q3 / downside	430.48 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(downside_2027q3_subsidiary_distributions, downside_2027q3_common_dividends, downside_2027q3_preferred_redemption, downside_2027q3_debt_principal).
Cash after distributions and principal downside_2027q3_cash_after_claims	2027Q3 / downside	-3,999.83 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(downside_2027q3_fcf, downside_2027q3_claims).
Standalone project export-cargo plan downside_2027q4_cargo_baseline	2027Q4 / downside	16,000.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor downside_2027q4_volume_factor	2027Q4 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos downside_2027q4_cargos	2027Q4 / downside	14,400.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(downside_2027q4_cargo_baseline, downside_2027q4_volume_factor).
Recognized LNG sales TBtu downside_2027q4_volume	2027Q4 / downside	52,920.0% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(downside_2027q4_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs downside_2027q4_spa_share	2027Q4 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share downside_2027q4_commission_share	2027Q4 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume downside_2027q4_one	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share downside_2027q4_nonmerchant_share	2027Q4 / downside	90.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(downside_2027q4_spa_share, downside_2027q4_commission_share).
Remaining merchant volume share downside_2027q4_merchant_share	2027Q4 / downside	10.0% ratio	derived: No double-counted sales mix. Formula: subtract(downside_2027q4_one, downside_2027q4_nonmerchant_share).
spa fee revenue per TBtu downside_2027q4_spa_fee	2027Q4 / downside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue downside_2027q4_spa_fees	2027Q4 / downside	1,058.40 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q4_volume, downside_2027q4_spa_share, downside_2027q4_spa_fee).
commission fee revenue per TBtu downside_2027q4_commission_fee	2027Q4 / downside	5.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue downside_2027q4_commission_fees	2027Q4 / downside	264.60 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q4_volume, downside_2027q4_commission_share, downside_2027q4_commission_fee).
merchant fee revenue per TBtu downside_2027q4_merchant_fee	2027Q4 / downside	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue downside_2027q4_merchant_fees	2027Q4 / downside	317.52 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(downside_2027q4_volume, downside_2027q4_merchant_share, downside_2027q4_merchant_fee).
LNG fee revenue downside_2027q4_fee_revenue	2027Q4 / downside	1,640.52 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(downside_2027q4_spa_fees, downside_2027q4_commission_fees, downside_2027q4_merchant_fees).
Operating cost/contribution budget downside_2027q4_cost_budget	2027Q4 / downside	725.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress downside_2027q4_cost_factor	2027Q4 / downside	110.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution downside_2027q4_cash_costs	2027Q4 / downside	797.50 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(downside_2027q4_cost_budget, downside_2027q4_cost_factor).
Feed-gas recovery per TBtu downside_2027q4_feed_gas	2027Q4 / downside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue downside_2027q4_feed_gas_recovery	2027Q4 / downside	1,852.20 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(downside_2027q4_volume, downside_2027q4_feed_gas).
Consolidated revenue proxy downside_2027q4_revenue	2027Q4 / downside	3,492.72 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(downside_2027q4_fee_revenue, downside_2027q4_feed_gas_recovery).
Consolidated adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	843.02 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(downside_2027q4_fee_revenue, downside_2027q4_cash_costs).
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	375.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation downside_2027q4_sbc	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions downside_2027q4_other_adjustments	2027Q4 / downside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions downside_2027q4_noncash_deductions	2027Q4 / downside	405.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_other_adjustments).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	438.02 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_noncash_deductions).
Additional litigation cash stress downside_2027q4_legal_cash_stress	2027Q4 / downside	500.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield downside_2027q4_cash_interest	2027Q4 / downside	575.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use downside_2027q4_wc_use	2027Q4 / downside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress downside_2027q4_cfo_uses	2027Q4 / downside	1,345.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(downside_2027q4_cash_interest, downside_2027q4_cash_tax, downside_2027q4_wc_use, downside_2027q4_legal_cash_stress).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-501.98 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_cfo_uses).
Gross cash construction and other capex downside_2027q4_capex	2027Q4 / downside	3,200.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex downside_2027q4_fcf	2027Q4 / downside	-3,701.98 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
VGLNG Series A cash dividend downside_2027q4_series_a_cash	2027Q4 / downside	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution downside_2027q4_nci_cash	2027Q4 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions downside_2027q4_subsidiary_distributions	2027Q4 / downside	45.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(downside_2027q4_series_a_cash, downside_2027q4_nci_cash).
Additional common shares since July downside_2027q4_share_growth	2027Q4 / downside	15.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash downside_2027q4_shares	2027Q4 / downside	2,515.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, downside_2027q4_share_growth).
Shares relative to July baseline downside_2027q4_dividend_share_factor	2027Q4 / downside	100.6% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(downside_2027q4_shares, common_shares).
Dividend rate relative to September declaration downside_2027q4_dividend_factor	2027Q4 / downside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends downside_2027q4_common_dividends	2027Q4 / downside	100.60 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, downside_2027q4_dividend_share_factor, downside_2027q4_dividend_factor).
CP Funding preferred redemption downside_2027q4_preferred_redemption	2027Q4 / downside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance downside_2027q4_debt_principal	2027Q4 / downside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal downside_2027q4_claims	2027Q4 / downside	295.60 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(downside_2027q4_subsidiary_distributions, downside_2027q4_common_dividends, downside_2027q4_preferred_redemption, downside_2027q4_debt_principal).
Cash after distributions and principal downside_2027q4_cash_after_claims	2027Q4 / downside	-3,997.58 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(downside_2027q4_fcf, downside_2027q4_claims).
Consolidated revenue ($M) downside_fy2026_revenue	FY2026 / downside	18,241.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Consolidated adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda	FY2026 / downside	8,099.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	6,973.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	5,446.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Gross cash capex incl. capitalized interest ($M) downside_fy2026_capex	FY2026 / downside	15,100.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less cash capex ($M) downside_fy2026_fcf	FY2026 / downside	-9,653.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Subsidiary preferred/NCI distributions ($M) downside_fy2026_subsidiary_distributions	FY2026 / downside	425.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_subsidiary_distributions, downside_2026q3_subsidiary_distributions, downside_2026q4_subsidiary_distributions).
Common cash dividends ($M) downside_fy2026_common_dividends	FY2026 / downside	289.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_common_dividends, downside_2026q3_common_dividends, downside_2026q4_common_dividends).
CP Funding preferred redemption ($M) downside_fy2026_preferred_redemption	FY2026 / downside	1,743.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_preferred_redemption, downside_2026q3_preferred_redemption, downside_2026q4_preferred_redemption).
Debt principal repayments ($M) downside_fy2026_debt_principal	FY2026 / downside	4,243.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, downside_2026q3_debt_principal, downside_2026q4_debt_principal).
Cash after distributions and principal ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-16,353.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	13,137.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Consolidated adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	3,513.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	2,025.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-366.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Gross cash capex incl. capitalized interest ($M) downside_fy2027_capex	FY2027 / downside	14,600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less cash capex ($M) downside_fy2027_fcf	FY2027 / downside	-14,966.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Subsidiary preferred/NCI distributions ($M) downside_fy2027_subsidiary_distributions	FY2027 / downside	450.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_subsidiary_distributions, downside_2027q2_subsidiary_distributions, downside_2027q3_subsidiary_distributions, downside_2027q4_subsidiary_distributions).
Common cash dividends ($M) downside_fy2027_common_dividends	FY2027 / downside	401.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_common_dividends, downside_2027q2_common_dividends, downside_2027q3_common_dividends, downside_2027q4_common_dividends).
CP Funding preferred redemption ($M) downside_fy2027_preferred_redemption	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_preferred_redemption, downside_2027q2_preferred_redemption, downside_2027q3_preferred_redemption, downside_2027q4_preferred_redemption).
Debt principal repayments ($M) downside_fy2027_debt_principal	FY2027 / downside	600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_debt_principal, downside_2027q2_debt_principal, downside_2027q3_debt_principal, downside_2027q4_debt_principal).
Cash after distributions and principal ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-16,417.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Recognized volume delivery base_2026q3_execution	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
H2 quarterly allocation base_2026q3_half	2026Q3 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Recognized LNG sales TBtu base_2026q3_volume	2026Q3 / base	46,305.0% ratio	derived: Equal H2 baseline allocation; cargo acceptance can change timing. Formula: multiply(h2_volume, base_2026q3_half, base_2026q3_execution).
Contracted fee volume TBtu base_2026q3_fixed_volume	2026Q3 / base	36,555.0% ratio	derived: 2026 contracted mix, not long-term SPA-only mix. Formula: multiply(contracted_volume, base_2026q3_half, base_2026q3_execution).
Unsold fee-sensitive TBtu base_2026q3_merchant_volume	2026Q3 / base	9,750.0% ratio	derived: Equivalent volume sensitivity. Formula: multiply(unsold_volume, base_2026q3_half, base_2026q3_execution).
Contracted fee revenue base_2026q3_fixed_fees	2026Q3 / base	1,846.03 USD_millions	derived: Contracted 2026 fee is distinct from feed-gas revenue. Formula: multiply(base_2026q3_fixed_volume, contracted_fee).
Unsold fee revenue per TBtu base_2026q3_merchant_fee	2026Q3 / base	13.00 USD_millions	assumption: Normalized $M per TBtu; equivalent to dollars per MMBtu. Base is company guidance midpoint.
Unsold fee revenue base_2026q3_merchant_fees	2026Q3 / base	1,267.50 USD_millions	derived: Unsold price scenario. Formula: multiply(base_2026q3_merchant_volume, base_2026q3_merchant_fee).
LNG fee revenue base_2026q3_fee_revenue	2026Q3 / base	3,113.53 USD_millions	derived: Calibrated annual guidance already incorporates expected Phase 1 COD timing. Formula: sum(base_2026q3_fixed_fees, base_2026q3_merchant_fees).
Cost delivery stress base_2026q3_cost_factor	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Residual operating costs net of other contribution base_2026q3_cash_costs	2026Q3 / base	595.03 USD_millions	derived: Guidance calibration; not an independently disclosed cost forecast. Formula: multiply(h2_residual_cost, base_2026q3_half, base_2026q3_cost_factor).
Feed-gas recovery per TBtu base_2026q3_feed_gas	2026Q3 / base	4.00 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue base_2026q3_feed_gas_recovery	2026Q3 / base	1,852.20 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(base_2026q3_volume, base_2026q3_feed_gas).
Consolidated revenue proxy base_2026q3_revenue	2026Q3 / base	4,965.73 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(base_2026q3_fee_revenue, base_2026q3_feed_gas_recovery).
Consolidated adjusted EBITDA proxy base_2026q3_adj_ebitda	2026Q3 / base	2,518.50 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(base_2026q3_fee_revenue, base_2026q3_cash_costs).
Depreciation and amortization base_2026q3_da	2026Q3 / base	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation base_2026q3_sbc	2026Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions base_2026q3_other_adjustments	2026Q3 / base	0.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions base_2026q3_noncash_deductions	2026Q3 / base	290.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(base_2026q3_da, base_2026q3_sbc, base_2026q3_other_adjustments).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	2,228.50 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_noncash_deductions).
Additional litigation cash stress base_2026q3_legal_cash_stress	2026Q3 / base	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield base_2026q3_cash_interest	2026Q3 / base	450.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes base_2026q3_cash_tax	2026Q3 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use base_2026q3_wc_use	2026Q3 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress base_2026q3_cfo_uses	2026Q3 / base	700.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(base_2026q3_cash_interest, base_2026q3_cash_tax, base_2026q3_wc_use, base_2026q3_legal_cash_stress).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	1,818.50 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_cfo_uses).
Gross cash construction and other capex base_2026q3_capex	2026Q3 / base	3,400.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex base_2026q3_fcf	2026Q3 / base	-1,581.50 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
VGLNG Series A cash dividend base_2026q3_series_a_cash	2026Q3 / base	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution base_2026q3_nci_cash	2026Q3 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions base_2026q3_subsidiary_distributions	2026Q3 / base	175.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(base_2026q3_series_a_cash, base_2026q3_nci_cash).
Additional common shares since July base_2026q3_share_growth	2026Q3 / base	0.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash base_2026q3_shares	2026Q3 / base	2,500.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, base_2026q3_share_growth).
Shares relative to July baseline base_2026q3_dividend_share_factor	2026Q3 / base	100.0% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(base_2026q3_shares, common_shares).
Dividend rate relative to September declaration base_2026q3_dividend_factor	2026Q3 / base	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends base_2026q3_common_dividends	2026Q3 / base	100.00 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, base_2026q3_dividend_share_factor, base_2026q3_dividend_factor).
CP Funding preferred redemption base_2026q3_preferred_redemption	2026Q3 / base	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance base_2026q3_debt_principal	2026Q3 / base	80.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal base_2026q3_claims	2026Q3 / base	355.00 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(base_2026q3_subsidiary_distributions, base_2026q3_common_dividends, base_2026q3_preferred_redemption, base_2026q3_debt_principal).
Cash after distributions and principal base_2026q3_cash_after_claims	2026Q3 / base	-1,936.50 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(base_2026q3_fcf, base_2026q3_claims).
Recognized volume delivery base_2026q4_execution	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
H2 quarterly allocation base_2026q4_half	2026Q4 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Recognized LNG sales TBtu base_2026q4_volume	2026Q4 / base	46,305.0% ratio	derived: Equal H2 baseline allocation; cargo acceptance can change timing. Formula: multiply(h2_volume, base_2026q4_half, base_2026q4_execution).
Contracted fee volume TBtu base_2026q4_fixed_volume	2026Q4 / base	36,555.0% ratio	derived: 2026 contracted mix, not long-term SPA-only mix. Formula: multiply(contracted_volume, base_2026q4_half, base_2026q4_execution).
Unsold fee-sensitive TBtu base_2026q4_merchant_volume	2026Q4 / base	9,750.0% ratio	derived: Equivalent volume sensitivity. Formula: multiply(unsold_volume, base_2026q4_half, base_2026q4_execution).
Contracted fee revenue base_2026q4_fixed_fees	2026Q4 / base	1,846.03 USD_millions	derived: Contracted 2026 fee is distinct from feed-gas revenue. Formula: multiply(base_2026q4_fixed_volume, contracted_fee).
Unsold fee revenue per TBtu base_2026q4_merchant_fee	2026Q4 / base	13.00 USD_millions	assumption: Normalized $M per TBtu; equivalent to dollars per MMBtu. Base is company guidance midpoint.
Unsold fee revenue base_2026q4_merchant_fees	2026Q4 / base	1,267.50 USD_millions	derived: Unsold price scenario. Formula: multiply(base_2026q4_merchant_volume, base_2026q4_merchant_fee).
LNG fee revenue base_2026q4_fee_revenue	2026Q4 / base	3,113.53 USD_millions	derived: Calibrated annual guidance already incorporates expected Phase 1 COD timing. Formula: sum(base_2026q4_fixed_fees, base_2026q4_merchant_fees).
Cost delivery stress base_2026q4_cost_factor	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Residual operating costs net of other contribution base_2026q4_cash_costs	2026Q4 / base	595.03 USD_millions	derived: Guidance calibration; not an independently disclosed cost forecast. Formula: multiply(h2_residual_cost, base_2026q4_half, base_2026q4_cost_factor).
Feed-gas recovery per TBtu base_2026q4_feed_gas	2026Q4 / base	4.00 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue base_2026q4_feed_gas_recovery	2026Q4 / base	1,852.20 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(base_2026q4_volume, base_2026q4_feed_gas).
Consolidated revenue proxy base_2026q4_revenue	2026Q4 / base	4,965.73 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(base_2026q4_fee_revenue, base_2026q4_feed_gas_recovery).
Consolidated adjusted EBITDA proxy base_2026q4_adj_ebitda	2026Q4 / base	2,518.50 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(base_2026q4_fee_revenue, base_2026q4_cash_costs).
Depreciation and amortization base_2026q4_da	2026Q4 / base	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation base_2026q4_sbc	2026Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions base_2026q4_other_adjustments	2026Q4 / base	0.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions base_2026q4_noncash_deductions	2026Q4 / base	312.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(base_2026q4_da, base_2026q4_sbc, base_2026q4_other_adjustments).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	2,206.50 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_noncash_deductions).
Additional litigation cash stress base_2026q4_legal_cash_stress	2026Q4 / base	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield base_2026q4_cash_interest	2026Q4 / base	475.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes base_2026q4_cash_tax	2026Q4 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use base_2026q4_wc_use	2026Q4 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress base_2026q4_cfo_uses	2026Q4 / base	675.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(base_2026q4_cash_interest, base_2026q4_cash_tax, base_2026q4_wc_use, base_2026q4_legal_cash_stress).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	1,843.50 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_cfo_uses).
Gross cash construction and other capex base_2026q4_capex	2026Q4 / base	3,600.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex base_2026q4_fcf	2026Q4 / base	-1,756.50 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
VGLNG Series A cash dividend base_2026q4_series_a_cash	2026Q4 / base	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution base_2026q4_nci_cash	2026Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions base_2026q4_subsidiary_distributions	2026Q4 / base	40.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(base_2026q4_series_a_cash, base_2026q4_nci_cash).
Additional common shares since July base_2026q4_share_growth	2026Q4 / base	3.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash base_2026q4_shares	2026Q4 / base	2,503.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, base_2026q4_share_growth).
Shares relative to July baseline base_2026q4_dividend_share_factor	2026Q4 / base	100.1% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(base_2026q4_shares, common_shares).
Dividend rate relative to September declaration base_2026q4_dividend_factor	2026Q4 / base	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends base_2026q4_common_dividends	2026Q4 / base	100.12 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, base_2026q4_dividend_share_factor, base_2026q4_dividend_factor).
CP Funding preferred redemption base_2026q4_preferred_redemption	2026Q4 / base	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance base_2026q4_debt_principal	2026Q4 / base	80.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal base_2026q4_claims	2026Q4 / base	220.12 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(base_2026q4_subsidiary_distributions, base_2026q4_common_dividends, base_2026q4_preferred_redemption, base_2026q4_debt_principal).
Cash after distributions and principal base_2026q4_cash_after_claims	2026Q4 / base	-1,976.62 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(base_2026q4_fcf, base_2026q4_claims).
Standalone project export-cargo plan base_2027q1_cargo_baseline	2027Q1 / base	13,000.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor base_2027q1_volume_factor	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos base_2027q1_cargos	2027Q1 / base	13,000.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(base_2027q1_cargo_baseline, base_2027q1_volume_factor).
Recognized LNG sales TBtu base_2027q1_volume	2027Q1 / base	47,775.0% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(base_2027q1_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs base_2027q1_spa_share	2027Q1 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share base_2027q1_commission_share	2027Q1 / base	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume base_2027q1_one	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share base_2027q1_nonmerchant_share	2027Q1 / base	60.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(base_2027q1_spa_share, base_2027q1_commission_share).
Remaining merchant volume share base_2027q1_merchant_share	2027Q1 / base	40.0% ratio	derived: No double-counted sales mix. Formula: subtract(base_2027q1_one, base_2027q1_nonmerchant_share).
spa fee revenue per TBtu base_2027q1_spa_fee	2027Q1 / base	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue base_2027q1_spa_fees	2027Q1 / base	597.19 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q1_volume, base_2027q1_spa_share, base_2027q1_spa_fee).
commission fee revenue per TBtu base_2027q1_commission_fee	2027Q1 / base	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue base_2027q1_commission_fees	2027Q1 / base	286.65 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q1_volume, base_2027q1_commission_share, base_2027q1_commission_fee).
merchant fee revenue per TBtu base_2027q1_merchant_fee	2027Q1 / base	9.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue base_2027q1_merchant_fees	2027Q1 / base	1,719.90 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q1_volume, base_2027q1_merchant_share, base_2027q1_merchant_fee).
LNG fee revenue base_2027q1_fee_revenue	2027Q1 / base	2,603.74 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(base_2027q1_spa_fees, base_2027q1_commission_fees, base_2027q1_merchant_fees).
Operating cost/contribution budget base_2027q1_cost_budget	2027Q1 / base	650.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress base_2027q1_cost_factor	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution base_2027q1_cash_costs	2027Q1 / base	650.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(base_2027q1_cost_budget, base_2027q1_cost_factor).
Feed-gas recovery per TBtu base_2027q1_feed_gas	2027Q1 / base	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue base_2027q1_feed_gas_recovery	2027Q1 / base	1,672.12 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(base_2027q1_volume, base_2027q1_feed_gas).
Consolidated revenue proxy base_2027q1_revenue	2027Q1 / base	4,275.86 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(base_2027q1_fee_revenue, base_2027q1_feed_gas_recovery).
Consolidated adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	1,953.74 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(base_2027q1_fee_revenue, base_2027q1_cash_costs).
Depreciation and amortization base_2027q1_da	2027Q1 / base	315.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation base_2027q1_sbc	2027Q1 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions base_2027q1_other_adjustments	2027Q1 / base	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions base_2027q1_noncash_deductions	2027Q1 / base	339.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(base_2027q1_da, base_2027q1_sbc, base_2027q1_other_adjustments).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	1,614.74 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_noncash_deductions).
Additional litigation cash stress base_2027q1_legal_cash_stress	2027Q1 / base	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield base_2027q1_cash_interest	2027Q1 / base	500.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes base_2027q1_cash_tax	2027Q1 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use base_2027q1_wc_use	2027Q1 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress base_2027q1_cfo_uses	2027Q1 / base	770.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(base_2027q1_cash_interest, base_2027q1_cash_tax, base_2027q1_wc_use, base_2027q1_legal_cash_stress).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	1,183.74 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_cfo_uses).
Gross cash construction and other capex base_2027q1_capex	2027Q1 / base	3,400.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex base_2027q1_fcf	2027Q1 / base	-2,216.26 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
VGLNG Series A cash dividend base_2027q1_series_a_cash	2027Q1 / base	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution base_2027q1_nci_cash	2027Q1 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions base_2027q1_subsidiary_distributions	2027Q1 / base	180.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(base_2027q1_series_a_cash, base_2027q1_nci_cash).
Additional common shares since July base_2027q1_share_growth	2027Q1 / base	6.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash base_2027q1_shares	2027Q1 / base	2,506.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, base_2027q1_share_growth).
Shares relative to July baseline base_2027q1_dividend_share_factor	2027Q1 / base	100.2% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(base_2027q1_shares, common_shares).
Dividend rate relative to September declaration base_2027q1_dividend_factor	2027Q1 / base	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends base_2027q1_common_dividends	2027Q1 / base	100.24 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, base_2027q1_dividend_share_factor, base_2027q1_dividend_factor).
CP Funding preferred redemption base_2027q1_preferred_redemption	2027Q1 / base	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance base_2027q1_debt_principal	2027Q1 / base	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal base_2027q1_claims	2027Q1 / base	430.24 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(base_2027q1_subsidiary_distributions, base_2027q1_common_dividends, base_2027q1_preferred_redemption, base_2027q1_debt_principal).
Cash after distributions and principal base_2027q1_cash_after_claims	2027Q1 / base	-2,646.51 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(base_2027q1_fcf, base_2027q1_claims).
Standalone project export-cargo plan base_2027q2_cargo_baseline	2027Q2 / base	13,500.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor base_2027q2_volume_factor	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos base_2027q2_cargos	2027Q2 / base	13,500.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(base_2027q2_cargo_baseline, base_2027q2_volume_factor).
Recognized LNG sales TBtu base_2027q2_volume	2027Q2 / base	49,612.5% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(base_2027q2_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs base_2027q2_spa_share	2027Q2 / base	60.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share base_2027q2_commission_share	2027Q2 / base	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume base_2027q2_one	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share base_2027q2_nonmerchant_share	2027Q2 / base	70.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(base_2027q2_spa_share, base_2027q2_commission_share).
Remaining merchant volume share base_2027q2_merchant_share	2027Q2 / base	30.0% ratio	derived: No double-counted sales mix. Formula: subtract(base_2027q2_one, base_2027q2_nonmerchant_share).
spa fee revenue per TBtu base_2027q2_spa_fee	2027Q2 / base	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue base_2027q2_spa_fees	2027Q2 / base	744.19 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q2_volume, base_2027q2_spa_share, base_2027q2_spa_fee).
commission fee revenue per TBtu base_2027q2_commission_fee	2027Q2 / base	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue base_2027q2_commission_fees	2027Q2 / base	297.68 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q2_volume, base_2027q2_commission_share, base_2027q2_commission_fee).
merchant fee revenue per TBtu base_2027q2_merchant_fee	2027Q2 / base	9.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue base_2027q2_merchant_fees	2027Q2 / base	1,339.54 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q2_volume, base_2027q2_merchant_share, base_2027q2_merchant_fee).
LNG fee revenue base_2027q2_fee_revenue	2027Q2 / base	2,381.40 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(base_2027q2_spa_fees, base_2027q2_commission_fees, base_2027q2_merchant_fees).
Operating cost/contribution budget base_2027q2_cost_budget	2027Q2 / base	675.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress base_2027q2_cost_factor	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution base_2027q2_cash_costs	2027Q2 / base	675.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(base_2027q2_cost_budget, base_2027q2_cost_factor).
Feed-gas recovery per TBtu base_2027q2_feed_gas	2027Q2 / base	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue base_2027q2_feed_gas_recovery	2027Q2 / base	1,736.44 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(base_2027q2_volume, base_2027q2_feed_gas).
Consolidated revenue proxy base_2027q2_revenue	2027Q2 / base	4,117.84 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(base_2027q2_fee_revenue, base_2027q2_feed_gas_recovery).
Consolidated adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	1,706.40 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(base_2027q2_fee_revenue, base_2027q2_cash_costs).
Depreciation and amortization base_2027q2_da	2027Q2 / base	335.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation base_2027q2_sbc	2027Q2 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions base_2027q2_other_adjustments	2027Q2 / base	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions base_2027q2_noncash_deductions	2027Q2 / base	361.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(base_2027q2_da, base_2027q2_sbc, base_2027q2_other_adjustments).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	1,345.40 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_noncash_deductions).
Additional litigation cash stress base_2027q2_legal_cash_stress	2027Q2 / base	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield base_2027q2_cash_interest	2027Q2 / base	525.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes base_2027q2_cash_tax	2027Q2 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use base_2027q2_wc_use	2027Q2 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress base_2027q2_cfo_uses	2027Q2 / base	725.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(base_2027q2_cash_interest, base_2027q2_cash_tax, base_2027q2_wc_use, base_2027q2_legal_cash_stress).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	981.40 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_cfo_uses).
Gross cash construction and other capex base_2027q2_capex	2027Q2 / base	3,200.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex base_2027q2_fcf	2027Q2 / base	-2,218.60 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
VGLNG Series A cash dividend base_2027q2_series_a_cash	2027Q2 / base	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution base_2027q2_nci_cash	2027Q2 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions base_2027q2_subsidiary_distributions	2027Q2 / base	45.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(base_2027q2_series_a_cash, base_2027q2_nci_cash).
Additional common shares since July base_2027q2_share_growth	2027Q2 / base	9.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash base_2027q2_shares	2027Q2 / base	2,509.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, base_2027q2_share_growth).
Shares relative to July baseline base_2027q2_dividend_share_factor	2027Q2 / base	100.4% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(base_2027q2_shares, common_shares).
Dividend rate relative to September declaration base_2027q2_dividend_factor	2027Q2 / base	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends base_2027q2_common_dividends	2027Q2 / base	100.36 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, base_2027q2_dividend_share_factor, base_2027q2_dividend_factor).
CP Funding preferred redemption base_2027q2_preferred_redemption	2027Q2 / base	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance base_2027q2_debt_principal	2027Q2 / base	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal base_2027q2_claims	2027Q2 / base	295.36 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(base_2027q2_subsidiary_distributions, base_2027q2_common_dividends, base_2027q2_preferred_redemption, base_2027q2_debt_principal).
Cash after distributions and principal base_2027q2_cash_after_claims	2027Q2 / base	-2,513.96 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(base_2027q2_fcf, base_2027q2_claims).
Standalone project export-cargo plan base_2027q3_cargo_baseline	2027Q3 / base	14,500.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor base_2027q3_volume_factor	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos base_2027q3_cargos	2027Q3 / base	14,500.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(base_2027q3_cargo_baseline, base_2027q3_volume_factor).
Recognized LNG sales TBtu base_2027q3_volume	2027Q3 / base	53,287.5% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(base_2027q3_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs base_2027q3_spa_share	2027Q3 / base	70.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share base_2027q3_commission_share	2027Q3 / base	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume base_2027q3_one	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share base_2027q3_nonmerchant_share	2027Q3 / base	80.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(base_2027q3_spa_share, base_2027q3_commission_share).
Remaining merchant volume share base_2027q3_merchant_share	2027Q3 / base	20.0% ratio	derived: No double-counted sales mix. Formula: subtract(base_2027q3_one, base_2027q3_nonmerchant_share).
spa fee revenue per TBtu base_2027q3_spa_fee	2027Q3 / base	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue base_2027q3_spa_fees	2027Q3 / base	932.53 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q3_volume, base_2027q3_spa_share, base_2027q3_spa_fee).
commission fee revenue per TBtu base_2027q3_commission_fee	2027Q3 / base	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue base_2027q3_commission_fees	2027Q3 / base	319.73 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q3_volume, base_2027q3_commission_share, base_2027q3_commission_fee).
merchant fee revenue per TBtu base_2027q3_merchant_fee	2027Q3 / base	9.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue base_2027q3_merchant_fees	2027Q3 / base	959.18 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q3_volume, base_2027q3_merchant_share, base_2027q3_merchant_fee).
LNG fee revenue base_2027q3_fee_revenue	2027Q3 / base	2,211.43 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(base_2027q3_spa_fees, base_2027q3_commission_fees, base_2027q3_merchant_fees).
Operating cost/contribution budget base_2027q3_cost_budget	2027Q3 / base	700.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress base_2027q3_cost_factor	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution base_2027q3_cash_costs	2027Q3 / base	700.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(base_2027q3_cost_budget, base_2027q3_cost_factor).
Feed-gas recovery per TBtu base_2027q3_feed_gas	2027Q3 / base	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue base_2027q3_feed_gas_recovery	2027Q3 / base	1,865.06 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(base_2027q3_volume, base_2027q3_feed_gas).
Consolidated revenue proxy base_2027q3_revenue	2027Q3 / base	4,076.49 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(base_2027q3_fee_revenue, base_2027q3_feed_gas_recovery).
Consolidated adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	1,511.43 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(base_2027q3_fee_revenue, base_2027q3_cash_costs).
Depreciation and amortization base_2027q3_da	2027Q3 / base	355.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation base_2027q3_sbc	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions base_2027q3_other_adjustments	2027Q3 / base	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions base_2027q3_noncash_deductions	2027Q3 / base	383.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(base_2027q3_da, base_2027q3_sbc, base_2027q3_other_adjustments).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	1,128.43 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_noncash_deductions).
Additional litigation cash stress base_2027q3_legal_cash_stress	2027Q3 / base	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield base_2027q3_cash_interest	2027Q3 / base	550.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes base_2027q3_cash_tax	2027Q3 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use base_2027q3_wc_use	2027Q3 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress base_2027q3_cfo_uses	2027Q3 / base	790.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(base_2027q3_cash_interest, base_2027q3_cash_tax, base_2027q3_wc_use, base_2027q3_legal_cash_stress).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	721.43 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_cfo_uses).
Gross cash construction and other capex base_2027q3_capex	2027Q3 / base	2,800.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex base_2027q3_fcf	2027Q3 / base	-2,078.57 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
VGLNG Series A cash dividend base_2027q3_series_a_cash	2027Q3 / base	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution base_2027q3_nci_cash	2027Q3 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions base_2027q3_subsidiary_distributions	2027Q3 / base	180.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(base_2027q3_series_a_cash, base_2027q3_nci_cash).
Additional common shares since July base_2027q3_share_growth	2027Q3 / base	12.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash base_2027q3_shares	2027Q3 / base	2,512.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, base_2027q3_share_growth).
Shares relative to July baseline base_2027q3_dividend_share_factor	2027Q3 / base	100.5% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(base_2027q3_shares, common_shares).
Dividend rate relative to September declaration base_2027q3_dividend_factor	2027Q3 / base	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends base_2027q3_common_dividends	2027Q3 / base	100.48 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, base_2027q3_dividend_share_factor, base_2027q3_dividend_factor).
CP Funding preferred redemption base_2027q3_preferred_redemption	2027Q3 / base	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance base_2027q3_debt_principal	2027Q3 / base	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal base_2027q3_claims	2027Q3 / base	430.48 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(base_2027q3_subsidiary_distributions, base_2027q3_common_dividends, base_2027q3_preferred_redemption, base_2027q3_debt_principal).
Cash after distributions and principal base_2027q3_cash_after_claims	2027Q3 / base	-2,509.05 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(base_2027q3_fcf, base_2027q3_claims).
Standalone project export-cargo plan base_2027q4_cargo_baseline	2027Q4 / base	16,000.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor base_2027q4_volume_factor	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos base_2027q4_cargos	2027Q4 / base	16,000.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(base_2027q4_cargo_baseline, base_2027q4_volume_factor).
Recognized LNG sales TBtu base_2027q4_volume	2027Q4 / base	58,800.0% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(base_2027q4_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs base_2027q4_spa_share	2027Q4 / base	70.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share base_2027q4_commission_share	2027Q4 / base	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume base_2027q4_one	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share base_2027q4_nonmerchant_share	2027Q4 / base	80.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(base_2027q4_spa_share, base_2027q4_commission_share).
Remaining merchant volume share base_2027q4_merchant_share	2027Q4 / base	20.0% ratio	derived: No double-counted sales mix. Formula: subtract(base_2027q4_one, base_2027q4_nonmerchant_share).
spa fee revenue per TBtu base_2027q4_spa_fee	2027Q4 / base	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue base_2027q4_spa_fees	2027Q4 / base	1,029.00 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q4_volume, base_2027q4_spa_share, base_2027q4_spa_fee).
commission fee revenue per TBtu base_2027q4_commission_fee	2027Q4 / base	6.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue base_2027q4_commission_fees	2027Q4 / base	352.80 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q4_volume, base_2027q4_commission_share, base_2027q4_commission_fee).
merchant fee revenue per TBtu base_2027q4_merchant_fee	2027Q4 / base	9.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue base_2027q4_merchant_fees	2027Q4 / base	1,058.40 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(base_2027q4_volume, base_2027q4_merchant_share, base_2027q4_merchant_fee).
LNG fee revenue base_2027q4_fee_revenue	2027Q4 / base	2,440.20 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(base_2027q4_spa_fees, base_2027q4_commission_fees, base_2027q4_merchant_fees).
Operating cost/contribution budget base_2027q4_cost_budget	2027Q4 / base	725.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress base_2027q4_cost_factor	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution base_2027q4_cash_costs	2027Q4 / base	725.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(base_2027q4_cost_budget, base_2027q4_cost_factor).
Feed-gas recovery per TBtu base_2027q4_feed_gas	2027Q4 / base	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue base_2027q4_feed_gas_recovery	2027Q4 / base	2,058.00 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(base_2027q4_volume, base_2027q4_feed_gas).
Consolidated revenue proxy base_2027q4_revenue	2027Q4 / base	4,498.20 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(base_2027q4_fee_revenue, base_2027q4_feed_gas_recovery).
Consolidated adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	1,715.20 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(base_2027q4_fee_revenue, base_2027q4_cash_costs).
Depreciation and amortization base_2027q4_da	2027Q4 / base	375.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation base_2027q4_sbc	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions base_2027q4_other_adjustments	2027Q4 / base	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions base_2027q4_noncash_deductions	2027Q4 / base	405.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(base_2027q4_da, base_2027q4_sbc, base_2027q4_other_adjustments).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	1,310.20 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_noncash_deductions).
Additional litigation cash stress base_2027q4_legal_cash_stress	2027Q4 / base	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield base_2027q4_cash_interest	2027Q4 / base	575.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes base_2027q4_cash_tax	2027Q4 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use base_2027q4_wc_use	2027Q4 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress base_2027q4_cfo_uses	2027Q4 / base	775.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(base_2027q4_cash_interest, base_2027q4_cash_tax, base_2027q4_wc_use, base_2027q4_legal_cash_stress).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	940.20 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_cfo_uses).
Gross cash construction and other capex base_2027q4_capex	2027Q4 / base	2,500.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex base_2027q4_fcf	2027Q4 / base	-1,559.80 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
VGLNG Series A cash dividend base_2027q4_series_a_cash	2027Q4 / base	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution base_2027q4_nci_cash	2027Q4 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions base_2027q4_subsidiary_distributions	2027Q4 / base	45.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(base_2027q4_series_a_cash, base_2027q4_nci_cash).
Additional common shares since July base_2027q4_share_growth	2027Q4 / base	15.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash base_2027q4_shares	2027Q4 / base	2,515.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, base_2027q4_share_growth).
Shares relative to July baseline base_2027q4_dividend_share_factor	2027Q4 / base	100.6% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(base_2027q4_shares, common_shares).
Dividend rate relative to September declaration base_2027q4_dividend_factor	2027Q4 / base	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends base_2027q4_common_dividends	2027Q4 / base	100.60 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, base_2027q4_dividend_share_factor, base_2027q4_dividend_factor).
CP Funding preferred redemption base_2027q4_preferred_redemption	2027Q4 / base	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance base_2027q4_debt_principal	2027Q4 / base	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal base_2027q4_claims	2027Q4 / base	295.60 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(base_2027q4_subsidiary_distributions, base_2027q4_common_dividends, base_2027q4_preferred_redemption, base_2027q4_debt_principal).
Cash after distributions and principal base_2027q4_cash_after_claims	2027Q4 / base	-1,855.40 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(base_2027q4_fcf, base_2027q4_claims).
Consolidated revenue ($M) base_fy2026_revenue	FY2026 / base	19,108.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Consolidated adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda	FY2026 / base	8,900.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	7,774.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	6,497.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Gross cash capex incl. capitalized interest ($M) base_fy2026_capex	FY2026 / base	13,900.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less cash capex ($M) base_fy2026_fcf	FY2026 / base	-7,403.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Subsidiary preferred/NCI distributions ($M) base_fy2026_subsidiary_distributions	FY2026 / base	425.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_subsidiary_distributions, base_2026q3_subsidiary_distributions, base_2026q4_subsidiary_distributions).
Common cash dividends ($M) base_fy2026_common_dividends	FY2026 / base	289.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_common_dividends, base_2026q3_common_dividends, base_2026q4_common_dividends).
CP Funding preferred redemption ($M) base_fy2026_preferred_redemption	FY2026 / base	1,743.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_preferred_redemption, base_2026q3_preferred_redemption, base_2026q4_preferred_redemption).
Debt principal repayments ($M) base_fy2026_debt_principal	FY2026 / base	4,243.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, base_2026q3_debt_principal, base_2026q4_debt_principal).
Cash after distributions and principal ($M) base_fy2026_cash_after_claims	FY2026 / base	-14,103.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	16,968.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Consolidated adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	6,886.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	5,398.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	3,826.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Gross cash capex incl. capitalized interest ($M) base_fy2027_capex	FY2027 / base	11,900.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less cash capex ($M) base_fy2027_fcf	FY2027 / base	-8,073.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Subsidiary preferred/NCI distributions ($M) base_fy2027_subsidiary_distributions	FY2027 / base	450.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_subsidiary_distributions, base_2027q2_subsidiary_distributions, base_2027q3_subsidiary_distributions, base_2027q4_subsidiary_distributions).
Common cash dividends ($M) base_fy2027_common_dividends	FY2027 / base	401.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_common_dividends, base_2027q2_common_dividends, base_2027q3_common_dividends, base_2027q4_common_dividends).
CP Funding preferred redemption ($M) base_fy2027_preferred_redemption	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_preferred_redemption, base_2027q2_preferred_redemption, base_2027q3_preferred_redemption, base_2027q4_preferred_redemption).
Debt principal repayments ($M) base_fy2027_debt_principal	FY2027 / base	600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_debt_principal, base_2027q2_debt_principal, base_2027q3_debt_principal, base_2027q4_debt_principal).
Cash after distributions and principal ($M) base_fy2027_cash_after_claims	FY2027 / base	-9,524.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Recognized volume delivery upside_2026q3_execution	2026Q3 / upside	102.0% ratio	assumption: Desk assumption; not company guidance.
H2 quarterly allocation upside_2026q3_half	2026Q3 / upside	50.0% ratio	assumption: Desk assumption; not company guidance.
Recognized LNG sales TBtu upside_2026q3_volume	2026Q3 / upside	47,231.1% ratio	derived: Equal H2 baseline allocation; cargo acceptance can change timing. Formula: multiply(h2_volume, upside_2026q3_half, upside_2026q3_execution).
Contracted fee volume TBtu upside_2026q3_fixed_volume	2026Q3 / upside	37,286.1% ratio	derived: 2026 contracted mix, not long-term SPA-only mix. Formula: multiply(contracted_volume, upside_2026q3_half, upside_2026q3_execution).
Unsold fee-sensitive TBtu upside_2026q3_merchant_volume	2026Q3 / upside	9,945.0% ratio	derived: Equivalent volume sensitivity. Formula: multiply(unsold_volume, upside_2026q3_half, upside_2026q3_execution).
Contracted fee revenue upside_2026q3_fixed_fees	2026Q3 / upside	1,882.95 USD_millions	derived: Contracted 2026 fee is distinct from feed-gas revenue. Formula: multiply(upside_2026q3_fixed_volume, contracted_fee).
Unsold fee revenue per TBtu upside_2026q3_merchant_fee	2026Q3 / upside	15.00 USD_millions	assumption: Normalized $M per TBtu; equivalent to dollars per MMBtu. Base is company guidance midpoint.
Unsold fee revenue upside_2026q3_merchant_fees	2026Q3 / upside	1,491.75 USD_millions	derived: Unsold price scenario. Formula: multiply(upside_2026q3_merchant_volume, upside_2026q3_merchant_fee).
LNG fee revenue upside_2026q3_fee_revenue	2026Q3 / upside	3,374.70 USD_millions	derived: Calibrated annual guidance already incorporates expected Phase 1 COD timing. Formula: sum(upside_2026q3_fixed_fees, upside_2026q3_merchant_fees).
Cost delivery stress upside_2026q3_cost_factor	2026Q3 / upside	98.0% ratio	assumption: Desk assumption; not company guidance.
Residual operating costs net of other contribution upside_2026q3_cash_costs	2026Q3 / upside	583.13 USD_millions	derived: Guidance calibration; not an independently disclosed cost forecast. Formula: multiply(h2_residual_cost, upside_2026q3_half, upside_2026q3_cost_factor).
Feed-gas recovery per TBtu upside_2026q3_feed_gas	2026Q3 / upside	4.00 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue upside_2026q3_feed_gas_recovery	2026Q3 / upside	1,889.24 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(upside_2026q3_volume, upside_2026q3_feed_gas).
Consolidated revenue proxy upside_2026q3_revenue	2026Q3 / upside	5,263.94 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(upside_2026q3_fee_revenue, upside_2026q3_feed_gas_recovery).
Consolidated adjusted EBITDA proxy upside_2026q3_adj_ebitda	2026Q3 / upside	2,791.57 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(upside_2026q3_fee_revenue, upside_2026q3_cash_costs).
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation upside_2026q3_sbc	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions upside_2026q3_other_adjustments	2026Q3 / upside	0.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions upside_2026q3_noncash_deductions	2026Q3 / upside	290.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(upside_2026q3_da, upside_2026q3_sbc, upside_2026q3_other_adjustments).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	2,501.57 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_noncash_deductions).
Additional litigation cash stress upside_2026q3_legal_cash_stress	2026Q3 / upside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield upside_2026q3_cash_interest	2026Q3 / upside	450.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes upside_2026q3_cash_tax	2026Q3 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use upside_2026q3_wc_use	2026Q3 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress upside_2026q3_cfo_uses	2026Q3 / upside	650.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(upside_2026q3_cash_interest, upside_2026q3_cash_tax, upside_2026q3_wc_use, upside_2026q3_legal_cash_stress).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	2,141.57 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_cfo_uses).
Gross cash construction and other capex upside_2026q3_capex	2026Q3 / upside	3,400.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex upside_2026q3_fcf	2026Q3 / upside	-1,258.43 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
VGLNG Series A cash dividend upside_2026q3_series_a_cash	2026Q3 / upside	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution upside_2026q3_nci_cash	2026Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions upside_2026q3_subsidiary_distributions	2026Q3 / upside	175.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(upside_2026q3_series_a_cash, upside_2026q3_nci_cash).
Additional common shares since July upside_2026q3_share_growth	2026Q3 / upside	0.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash upside_2026q3_shares	2026Q3 / upside	2,500.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, upside_2026q3_share_growth).
Shares relative to July baseline upside_2026q3_dividend_share_factor	2026Q3 / upside	100.0% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(upside_2026q3_shares, common_shares).
Dividend rate relative to September declaration upside_2026q3_dividend_factor	2026Q3 / upside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends upside_2026q3_common_dividends	2026Q3 / upside	100.00 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, upside_2026q3_dividend_share_factor, upside_2026q3_dividend_factor).
CP Funding preferred redemption upside_2026q3_preferred_redemption	2026Q3 / upside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance upside_2026q3_debt_principal	2026Q3 / upside	80.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal upside_2026q3_claims	2026Q3 / upside	355.00 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(upside_2026q3_subsidiary_distributions, upside_2026q3_common_dividends, upside_2026q3_preferred_redemption, upside_2026q3_debt_principal).
Cash after distributions and principal upside_2026q3_cash_after_claims	2026Q3 / upside	-1,613.43 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(upside_2026q3_fcf, upside_2026q3_claims).
Recognized volume delivery upside_2026q4_execution	2026Q4 / upside	102.0% ratio	assumption: Desk assumption; not company guidance.
H2 quarterly allocation upside_2026q4_half	2026Q4 / upside	50.0% ratio	assumption: Desk assumption; not company guidance.
Recognized LNG sales TBtu upside_2026q4_volume	2026Q4 / upside	47,231.1% ratio	derived: Equal H2 baseline allocation; cargo acceptance can change timing. Formula: multiply(h2_volume, upside_2026q4_half, upside_2026q4_execution).
Contracted fee volume TBtu upside_2026q4_fixed_volume	2026Q4 / upside	37,286.1% ratio	derived: 2026 contracted mix, not long-term SPA-only mix. Formula: multiply(contracted_volume, upside_2026q4_half, upside_2026q4_execution).
Unsold fee-sensitive TBtu upside_2026q4_merchant_volume	2026Q4 / upside	9,945.0% ratio	derived: Equivalent volume sensitivity. Formula: multiply(unsold_volume, upside_2026q4_half, upside_2026q4_execution).
Contracted fee revenue upside_2026q4_fixed_fees	2026Q4 / upside	1,882.95 USD_millions	derived: Contracted 2026 fee is distinct from feed-gas revenue. Formula: multiply(upside_2026q4_fixed_volume, contracted_fee).
Unsold fee revenue per TBtu upside_2026q4_merchant_fee	2026Q4 / upside	15.00 USD_millions	assumption: Normalized $M per TBtu; equivalent to dollars per MMBtu. Base is company guidance midpoint.
Unsold fee revenue upside_2026q4_merchant_fees	2026Q4 / upside	1,491.75 USD_millions	derived: Unsold price scenario. Formula: multiply(upside_2026q4_merchant_volume, upside_2026q4_merchant_fee).
LNG fee revenue upside_2026q4_fee_revenue	2026Q4 / upside	3,374.70 USD_millions	derived: Calibrated annual guidance already incorporates expected Phase 1 COD timing. Formula: sum(upside_2026q4_fixed_fees, upside_2026q4_merchant_fees).
Cost delivery stress upside_2026q4_cost_factor	2026Q4 / upside	98.0% ratio	assumption: Desk assumption; not company guidance.
Residual operating costs net of other contribution upside_2026q4_cash_costs	2026Q4 / upside	583.13 USD_millions	derived: Guidance calibration; not an independently disclosed cost forecast. Formula: multiply(h2_residual_cost, upside_2026q4_half, upside_2026q4_cost_factor).
Feed-gas recovery per TBtu upside_2026q4_feed_gas	2026Q4 / upside	4.00 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue upside_2026q4_feed_gas_recovery	2026Q4 / upside	1,889.24 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(upside_2026q4_volume, upside_2026q4_feed_gas).
Consolidated revenue proxy upside_2026q4_revenue	2026Q4 / upside	5,263.94 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(upside_2026q4_fee_revenue, upside_2026q4_feed_gas_recovery).
Consolidated adjusted EBITDA proxy upside_2026q4_adj_ebitda	2026Q4 / upside	2,791.57 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(upside_2026q4_fee_revenue, upside_2026q4_cash_costs).
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation upside_2026q4_sbc	2026Q4 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions upside_2026q4_other_adjustments	2026Q4 / upside	0.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions upside_2026q4_noncash_deductions	2026Q4 / upside	312.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(upside_2026q4_da, upside_2026q4_sbc, upside_2026q4_other_adjustments).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	2,479.57 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_noncash_deductions).
Additional litigation cash stress upside_2026q4_legal_cash_stress	2026Q4 / upside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield upside_2026q4_cash_interest	2026Q4 / upside	475.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes upside_2026q4_cash_tax	2026Q4 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use upside_2026q4_wc_use	2026Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress upside_2026q4_cfo_uses	2026Q4 / upside	625.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(upside_2026q4_cash_interest, upside_2026q4_cash_tax, upside_2026q4_wc_use, upside_2026q4_legal_cash_stress).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	2,166.57 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_cfo_uses).
Gross cash construction and other capex upside_2026q4_capex	2026Q4 / upside	3,500.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex upside_2026q4_fcf	2026Q4 / upside	-1,333.43 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
VGLNG Series A cash dividend upside_2026q4_series_a_cash	2026Q4 / upside	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution upside_2026q4_nci_cash	2026Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions upside_2026q4_subsidiary_distributions	2026Q4 / upside	40.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(upside_2026q4_series_a_cash, upside_2026q4_nci_cash).
Additional common shares since July upside_2026q4_share_growth	2026Q4 / upside	3.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash upside_2026q4_shares	2026Q4 / upside	2,503.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, upside_2026q4_share_growth).
Shares relative to July baseline upside_2026q4_dividend_share_factor	2026Q4 / upside	100.1% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(upside_2026q4_shares, common_shares).
Dividend rate relative to September declaration upside_2026q4_dividend_factor	2026Q4 / upside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends upside_2026q4_common_dividends	2026Q4 / upside	100.12 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, upside_2026q4_dividend_share_factor, upside_2026q4_dividend_factor).
CP Funding preferred redemption upside_2026q4_preferred_redemption	2026Q4 / upside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance upside_2026q4_debt_principal	2026Q4 / upside	80.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal upside_2026q4_claims	2026Q4 / upside	220.12 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(upside_2026q4_subsidiary_distributions, upside_2026q4_common_dividends, upside_2026q4_preferred_redemption, upside_2026q4_debt_principal).
Cash after distributions and principal upside_2026q4_cash_after_claims	2026Q4 / upside	-1,553.55 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(upside_2026q4_fcf, upside_2026q4_claims).
Standalone project export-cargo plan upside_2027q1_cargo_baseline	2027Q1 / upside	13,000.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor upside_2027q1_volume_factor	2027Q1 / upside	108.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos upside_2027q1_cargos	2027Q1 / upside	14,040.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(upside_2027q1_cargo_baseline, upside_2027q1_volume_factor).
Recognized LNG sales TBtu upside_2027q1_volume	2027Q1 / upside	51,597.0% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(upside_2027q1_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs upside_2027q1_spa_share	2027Q1 / upside	45.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share upside_2027q1_commission_share	2027Q1 / upside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume upside_2027q1_one	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share upside_2027q1_nonmerchant_share	2027Q1 / upside	55.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(upside_2027q1_spa_share, upside_2027q1_commission_share).
Remaining merchant volume share upside_2027q1_merchant_share	2027Q1 / upside	45.0% ratio	derived: No double-counted sales mix. Formula: subtract(upside_2027q1_one, upside_2027q1_nonmerchant_share).
spa fee revenue per TBtu upside_2027q1_spa_fee	2027Q1 / upside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue upside_2027q1_spa_fees	2027Q1 / upside	580.47 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q1_volume, upside_2027q1_spa_share, upside_2027q1_spa_fee).
commission fee revenue per TBtu upside_2027q1_commission_fee	2027Q1 / upside	7.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue upside_2027q1_commission_fees	2027Q1 / upside	361.18 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q1_volume, upside_2027q1_commission_share, upside_2027q1_commission_fee).
merchant fee revenue per TBtu upside_2027q1_merchant_fee	2027Q1 / upside	12.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue upside_2027q1_merchant_fees	2027Q1 / upside	2,786.24 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q1_volume, upside_2027q1_merchant_share, upside_2027q1_merchant_fee).
LNG fee revenue upside_2027q1_fee_revenue	2027Q1 / upside	3,727.88 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(upside_2027q1_spa_fees, upside_2027q1_commission_fees, upside_2027q1_merchant_fees).
Operating cost/contribution budget upside_2027q1_cost_budget	2027Q1 / upside	650.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress upside_2027q1_cost_factor	2027Q1 / upside	98.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution upside_2027q1_cash_costs	2027Q1 / upside	637.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(upside_2027q1_cost_budget, upside_2027q1_cost_factor).
Feed-gas recovery per TBtu upside_2027q1_feed_gas	2027Q1 / upside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue upside_2027q1_feed_gas_recovery	2027Q1 / upside	1,805.89 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(upside_2027q1_volume, upside_2027q1_feed_gas).
Consolidated revenue proxy upside_2027q1_revenue	2027Q1 / upside	5,533.78 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(upside_2027q1_fee_revenue, upside_2027q1_feed_gas_recovery).
Consolidated adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	3,090.88 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(upside_2027q1_fee_revenue, upside_2027q1_cash_costs).
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	315.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation upside_2027q1_sbc	2027Q1 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions upside_2027q1_other_adjustments	2027Q1 / upside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions upside_2027q1_noncash_deductions	2027Q1 / upside	339.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_other_adjustments).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	2,751.88 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_noncash_deductions).
Additional litigation cash stress upside_2027q1_legal_cash_stress	2027Q1 / upside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield upside_2027q1_cash_interest	2027Q1 / upside	500.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use upside_2027q1_wc_use	2027Q1 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress upside_2027q1_cfo_uses	2027Q1 / upside	720.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(upside_2027q1_cash_interest, upside_2027q1_cash_tax, upside_2027q1_wc_use, upside_2027q1_legal_cash_stress).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	2,370.88 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_cfo_uses).
Gross cash construction and other capex upside_2027q1_capex	2027Q1 / upside	3,200.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex upside_2027q1_fcf	2027Q1 / upside	-829.12 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
VGLNG Series A cash dividend upside_2027q1_series_a_cash	2027Q1 / upside	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution upside_2027q1_nci_cash	2027Q1 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions upside_2027q1_subsidiary_distributions	2027Q1 / upside	180.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(upside_2027q1_series_a_cash, upside_2027q1_nci_cash).
Additional common shares since July upside_2027q1_share_growth	2027Q1 / upside	6.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash upside_2027q1_shares	2027Q1 / upside	2,506.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, upside_2027q1_share_growth).
Shares relative to July baseline upside_2027q1_dividend_share_factor	2027Q1 / upside	100.2% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(upside_2027q1_shares, common_shares).
Dividend rate relative to September declaration upside_2027q1_dividend_factor	2027Q1 / upside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends upside_2027q1_common_dividends	2027Q1 / upside	100.24 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, upside_2027q1_dividend_share_factor, upside_2027q1_dividend_factor).
CP Funding preferred redemption upside_2027q1_preferred_redemption	2027Q1 / upside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance upside_2027q1_debt_principal	2027Q1 / upside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal upside_2027q1_claims	2027Q1 / upside	430.24 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(upside_2027q1_subsidiary_distributions, upside_2027q1_common_dividends, upside_2027q1_preferred_redemption, upside_2027q1_debt_principal).
Cash after distributions and principal upside_2027q1_cash_after_claims	2027Q1 / upside	-1,259.36 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(upside_2027q1_fcf, upside_2027q1_claims).
Standalone project export-cargo plan upside_2027q2_cargo_baseline	2027Q2 / upside	13,500.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor upside_2027q2_volume_factor	2027Q2 / upside	108.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos upside_2027q2_cargos	2027Q2 / upside	14,580.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(upside_2027q2_cargo_baseline, upside_2027q2_volume_factor).
Recognized LNG sales TBtu upside_2027q2_volume	2027Q2 / upside	53,581.5% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(upside_2027q2_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs upside_2027q2_spa_share	2027Q2 / upside	55.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share upside_2027q2_commission_share	2027Q2 / upside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume upside_2027q2_one	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share upside_2027q2_nonmerchant_share	2027Q2 / upside	65.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(upside_2027q2_spa_share, upside_2027q2_commission_share).
Remaining merchant volume share upside_2027q2_merchant_share	2027Q2 / upside	35.0% ratio	derived: No double-counted sales mix. Formula: subtract(upside_2027q2_one, upside_2027q2_nonmerchant_share).
spa fee revenue per TBtu upside_2027q2_spa_fee	2027Q2 / upside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue upside_2027q2_spa_fees	2027Q2 / upside	736.75 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q2_volume, upside_2027q2_spa_share, upside_2027q2_spa_fee).
commission fee revenue per TBtu upside_2027q2_commission_fee	2027Q2 / upside	7.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue upside_2027q2_commission_fees	2027Q2 / upside	375.07 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q2_volume, upside_2027q2_commission_share, upside_2027q2_commission_fee).
merchant fee revenue per TBtu upside_2027q2_merchant_fee	2027Q2 / upside	12.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue upside_2027q2_merchant_fees	2027Q2 / upside	2,250.42 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q2_volume, upside_2027q2_merchant_share, upside_2027q2_merchant_fee).
LNG fee revenue upside_2027q2_fee_revenue	2027Q2 / upside	3,362.24 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(upside_2027q2_spa_fees, upside_2027q2_commission_fees, upside_2027q2_merchant_fees).
Operating cost/contribution budget upside_2027q2_cost_budget	2027Q2 / upside	675.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress upside_2027q2_cost_factor	2027Q2 / upside	98.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution upside_2027q2_cash_costs	2027Q2 / upside	661.50 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(upside_2027q2_cost_budget, upside_2027q2_cost_factor).
Feed-gas recovery per TBtu upside_2027q2_feed_gas	2027Q2 / upside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue upside_2027q2_feed_gas_recovery	2027Q2 / upside	1,875.35 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(upside_2027q2_volume, upside_2027q2_feed_gas).
Consolidated revenue proxy upside_2027q2_revenue	2027Q2 / upside	5,237.59 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(upside_2027q2_fee_revenue, upside_2027q2_feed_gas_recovery).
Consolidated adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	2,700.74 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(upside_2027q2_fee_revenue, upside_2027q2_cash_costs).
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	335.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation upside_2027q2_sbc	2027Q2 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions upside_2027q2_other_adjustments	2027Q2 / upside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions upside_2027q2_noncash_deductions	2027Q2 / upside	361.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_other_adjustments).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	2,339.74 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_noncash_deductions).
Additional litigation cash stress upside_2027q2_legal_cash_stress	2027Q2 / upside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield upside_2027q2_cash_interest	2027Q2 / upside	525.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use upside_2027q2_wc_use	2027Q2 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress upside_2027q2_cfo_uses	2027Q2 / upside	695.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(upside_2027q2_cash_interest, upside_2027q2_cash_tax, upside_2027q2_wc_use, upside_2027q2_legal_cash_stress).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	2,005.74 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_cfo_uses).
Gross cash construction and other capex upside_2027q2_capex	2027Q2 / upside	3,000.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex upside_2027q2_fcf	2027Q2 / upside	-994.26 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
VGLNG Series A cash dividend upside_2027q2_series_a_cash	2027Q2 / upside	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution upside_2027q2_nci_cash	2027Q2 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions upside_2027q2_subsidiary_distributions	2027Q2 / upside	45.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(upside_2027q2_series_a_cash, upside_2027q2_nci_cash).
Additional common shares since July upside_2027q2_share_growth	2027Q2 / upside	9.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash upside_2027q2_shares	2027Q2 / upside	2,509.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, upside_2027q2_share_growth).
Shares relative to July baseline upside_2027q2_dividend_share_factor	2027Q2 / upside	100.4% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(upside_2027q2_shares, common_shares).
Dividend rate relative to September declaration upside_2027q2_dividend_factor	2027Q2 / upside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends upside_2027q2_common_dividends	2027Q2 / upside	100.36 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, upside_2027q2_dividend_share_factor, upside_2027q2_dividend_factor).
CP Funding preferred redemption upside_2027q2_preferred_redemption	2027Q2 / upside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance upside_2027q2_debt_principal	2027Q2 / upside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal upside_2027q2_claims	2027Q2 / upside	295.36 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(upside_2027q2_subsidiary_distributions, upside_2027q2_common_dividends, upside_2027q2_preferred_redemption, upside_2027q2_debt_principal).
Cash after distributions and principal upside_2027q2_cash_after_claims	2027Q2 / upside	-1,289.62 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(upside_2027q2_fcf, upside_2027q2_claims).
Standalone project export-cargo plan upside_2027q3_cargo_baseline	2027Q3 / upside	14,500.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor upside_2027q3_volume_factor	2027Q3 / upside	108.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos upside_2027q3_cargos	2027Q3 / upside	15,660.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(upside_2027q3_cargo_baseline, upside_2027q3_volume_factor).
Recognized LNG sales TBtu upside_2027q3_volume	2027Q3 / upside	57,550.5% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(upside_2027q3_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs upside_2027q3_spa_share	2027Q3 / upside	60.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share upside_2027q3_commission_share	2027Q3 / upside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume upside_2027q3_one	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share upside_2027q3_nonmerchant_share	2027Q3 / upside	70.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(upside_2027q3_spa_share, upside_2027q3_commission_share).
Remaining merchant volume share upside_2027q3_merchant_share	2027Q3 / upside	30.0% ratio	derived: No double-counted sales mix. Formula: subtract(upside_2027q3_one, upside_2027q3_nonmerchant_share).
spa fee revenue per TBtu upside_2027q3_spa_fee	2027Q3 / upside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue upside_2027q3_spa_fees	2027Q3 / upside	863.26 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q3_volume, upside_2027q3_spa_share, upside_2027q3_spa_fee).
commission fee revenue per TBtu upside_2027q3_commission_fee	2027Q3 / upside	7.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue upside_2027q3_commission_fees	2027Q3 / upside	402.85 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q3_volume, upside_2027q3_commission_share, upside_2027q3_commission_fee).
merchant fee revenue per TBtu upside_2027q3_merchant_fee	2027Q3 / upside	12.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue upside_2027q3_merchant_fees	2027Q3 / upside	2,071.82 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q3_volume, upside_2027q3_merchant_share, upside_2027q3_merchant_fee).
LNG fee revenue upside_2027q3_fee_revenue	2027Q3 / upside	3,337.93 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(upside_2027q3_spa_fees, upside_2027q3_commission_fees, upside_2027q3_merchant_fees).
Operating cost/contribution budget upside_2027q3_cost_budget	2027Q3 / upside	700.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress upside_2027q3_cost_factor	2027Q3 / upside	98.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution upside_2027q3_cash_costs	2027Q3 / upside	686.00 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(upside_2027q3_cost_budget, upside_2027q3_cost_factor).
Feed-gas recovery per TBtu upside_2027q3_feed_gas	2027Q3 / upside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue upside_2027q3_feed_gas_recovery	2027Q3 / upside	2,014.27 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(upside_2027q3_volume, upside_2027q3_feed_gas).
Consolidated revenue proxy upside_2027q3_revenue	2027Q3 / upside	5,352.20 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(upside_2027q3_fee_revenue, upside_2027q3_feed_gas_recovery).
Consolidated adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	2,651.93 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(upside_2027q3_fee_revenue, upside_2027q3_cash_costs).
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	355.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation upside_2027q3_sbc	2027Q3 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions upside_2027q3_other_adjustments	2027Q3 / upside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions upside_2027q3_noncash_deductions	2027Q3 / upside	383.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_other_adjustments).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	2,268.93 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_noncash_deductions).
Additional litigation cash stress upside_2027q3_legal_cash_stress	2027Q3 / upside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield upside_2027q3_cash_interest	2027Q3 / upside	550.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use upside_2027q3_wc_use	2027Q3 / upside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress upside_2027q3_cfo_uses	2027Q3 / upside	750.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(upside_2027q3_cash_interest, upside_2027q3_cash_tax, upside_2027q3_wc_use, upside_2027q3_legal_cash_stress).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	1,901.93 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_cfo_uses).
Gross cash construction and other capex upside_2027q3_capex	2027Q3 / upside	2,600.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex upside_2027q3_fcf	2027Q3 / upside	-698.07 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
VGLNG Series A cash dividend upside_2027q3_series_a_cash	2027Q3 / upside	135.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution upside_2027q3_nci_cash	2027Q3 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions upside_2027q3_subsidiary_distributions	2027Q3 / upside	180.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(upside_2027q3_series_a_cash, upside_2027q3_nci_cash).
Additional common shares since July upside_2027q3_share_growth	2027Q3 / upside	12.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash upside_2027q3_shares	2027Q3 / upside	2,512.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, upside_2027q3_share_growth).
Shares relative to July baseline upside_2027q3_dividend_share_factor	2027Q3 / upside	100.5% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(upside_2027q3_shares, common_shares).
Dividend rate relative to September declaration upside_2027q3_dividend_factor	2027Q3 / upside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends upside_2027q3_common_dividends	2027Q3 / upside	100.48 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, upside_2027q3_dividend_share_factor, upside_2027q3_dividend_factor).
CP Funding preferred redemption upside_2027q3_preferred_redemption	2027Q3 / upside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance upside_2027q3_debt_principal	2027Q3 / upside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal upside_2027q3_claims	2027Q3 / upside	430.48 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(upside_2027q3_subsidiary_distributions, upside_2027q3_common_dividends, upside_2027q3_preferred_redemption, upside_2027q3_debt_principal).
Cash after distributions and principal upside_2027q3_cash_after_claims	2027Q3 / upside	-1,128.55 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(upside_2027q3_fcf, upside_2027q3_claims).
Standalone project export-cargo plan upside_2027q4_cargo_baseline	2027Q4 / upside	16,000.0% ratio	assumption: Desk combined project output; includes CP2 only in H2, not incremental double-counted shipments.
Cargo delivery factor upside_2027q4_volume_factor	2027Q4 / upside	108.0% ratio	assumption: Desk assumption; not company guidance.
Exported cargos upside_2027q4_cargos	2027Q4 / upside	17,280.0% ratio	derived: No 2028-2030 expansions or China Gas contract volume. Formula: multiply(upside_2027q4_cargo_baseline, upside_2027q4_volume_factor).
Recognized LNG sales TBtu upside_2027q4_volume	2027Q4 / upside	63,504.0% ratio	derived: Includes recognition lag separately from exported cargo counts. Formula: multiply(upside_2027q4_cargos, cargo_size, sales_timing).
Recognized volume sold under post-COD SPAs upside_2027q4_spa_share	2027Q4 / upside	65.0% ratio	assumption: Desk assumption; not company guidance.
Precontracted commissioning share upside_2027q4_commission_share	2027Q4 / upside	10.0% ratio	assumption: Desk assumption; not company guidance.
All recognized volume upside_2027q4_one	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
SPA plus precontracted commissioning share upside_2027q4_nonmerchant_share	2027Q4 / upside	75.0% ratio	derived: Mutually exclusive price buckets. Formula: sum(upside_2027q4_spa_share, upside_2027q4_commission_share).
Remaining merchant volume share upside_2027q4_merchant_share	2027Q4 / upside	25.0% ratio	derived: No double-counted sales mix. Formula: subtract(upside_2027q4_one, upside_2027q4_nonmerchant_share).
spa fee revenue per TBtu upside_2027q4_spa_fee	2027Q4 / upside	2.50 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
spa fee revenue upside_2027q4_spa_fees	2027Q4 / upside	1,031.94 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q4_volume, upside_2027q4_spa_share, upside_2027q4_spa_fee).
commission fee revenue per TBtu upside_2027q4_commission_fee	2027Q4 / upside	7.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
commission fee revenue upside_2027q4_commission_fees	2027Q4 / upside	444.53 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q4_volume, upside_2027q4_commission_share, upside_2027q4_commission_fee).
merchant fee revenue per TBtu upside_2027q4_merchant_fee	2027Q4 / upside	12.00 USD_millions	assumption: Desk normalized $M per TBtu, equivalent to $/MMBtu. SPA fee is not the reported 2026 contracted commissioning fee.
merchant fee revenue upside_2027q4_merchant_fees	2027Q4 / upside	1,905.12 USD_millions	derived: Recognized physical volume times its specific mix and fee. Formula: multiply(upside_2027q4_volume, upside_2027q4_merchant_share, upside_2027q4_merchant_fee).
LNG fee revenue upside_2027q4_fee_revenue	2027Q4 / upside	3,381.59 USD_millions	derived: Post-COD conversion can lower unit margin even as shipments grow. Formula: sum(upside_2027q4_spa_fees, upside_2027q4_commission_fees, upside_2027q4_merchant_fees).
Operating cost/contribution budget upside_2027q4_cost_budget	2027Q4 / upside	725.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost execution stress upside_2027q4_cost_factor	2027Q4 / upside	98.0% ratio	assumption: Desk assumption; not company guidance.
Operating costs net of other contribution upside_2027q4_cash_costs	2027Q4 / upside	710.50 USD_millions	derived: Desk consolidated residual covering operating, corporate and development costs after non-GAAP adjustments. Formula: multiply(upside_2027q4_cost_budget, upside_2027q4_cost_factor).
Feed-gas recovery per TBtu upside_2027q4_feed_gas	2027Q4 / upside	3.50 USD_millions	assumption: Desk all-in pass-through recovery; same value added to cost, zero EBITDA effect.
Feed gas recovery revenue upside_2027q4_feed_gas_recovery	2027Q4 / upside	2,222.64 USD_millions	derived: Not the fixed liquefaction fee. Formula: multiply(upside_2027q4_volume, upside_2027q4_feed_gas).
Consolidated revenue proxy upside_2027q4_revenue	2027Q4 / upside	5,604.23 USD_millions	derived: Consolidated normalization; net other contribution sits in the cost calibration. Not a sum of intercompany segment sales. Formula: sum(upside_2027q4_fee_revenue, upside_2027q4_feed_gas_recovery).
Consolidated adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	2,671.09 USD_millions	derived: Feed-gas recovery and cost cancel; NCI included. Formula: subtract(upside_2027q4_fee_revenue, upside_2027q4_cash_costs).
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	375.00 USD_millions	assumption: Desk assumption; not company guidance.
Stock compensation upside_2027q4_sbc	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Other adjusted-EBITDA to operating-income deductions upside_2027q4_other_adjustments	2027Q4 / upside	5.00 USD_millions	assumption: Desk allowance; no automatic derivative fair-value gain or financing gain repetition.
D&A equity expense and other deductions upside_2027q4_noncash_deductions	2027Q4 / upside	405.00 USD_millions	derived: All are already excluded from this EBITDA proxy. Formula: sum(upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_other_adjustments).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	2,266.09 USD_millions	derived: Does not forecast financing gains, NCI allocation or common EPS. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_noncash_deductions).
Additional litigation cash stress upside_2027q4_legal_cash_stress	2027Q4 / upside	0.00 USD_millions	assumption: Illustrative incremental cash shock; not a loss estimate, reserve, probability or cap on unresolved damages. Could occur outside this quarter.
Expensed cash interest net of cash yield upside_2027q4_cash_interest	2027Q4 / upside	575.00 USD_millions	assumption: Cash interest excluding construction interest included in cash capex; no derivative mark treated as cash.
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital and other operating cash use upside_2027q4_wc_use	2027Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Expensed interest taxes working capital and legal cash stress upside_2027q4_cfo_uses	2027Q4 / upside	745.00 USD_millions	derived: No preferred or common distributions deducted inside CFO. Formula: sum(upside_2027q4_cash_interest, upside_2027q4_cash_tax, upside_2027q4_wc_use, upside_2027q4_legal_cash_stress).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	1,926.09 USD_millions	derived: Explicit cash-cost bridge; does not equal common distributable cash. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_cfo_uses).
Gross cash construction and other capex upside_2027q4_capex	2027Q4 / upside	2,300.00 USD_millions	assumption: Desk project spending including capitalized interest, deposits and shipping. No second deduction of capitalized interest.
CFO less cash capex upside_2027q4_fcf	2027Q4 / upside	-373.91 USD_millions	derived: Before project financing and capital-holder distributions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
VGLNG Series A cash dividend upside_2027q4_series_a_cash	2027Q4 / upside	0.00 USD_millions	assumption: Semiannual $135M payment assumption at 9% on outstanding Series A; declarations required. Distinct from redeemed CP Funding units.
Calcasieu non-controlling cash distribution upside_2027q4_nci_cash	2027Q4 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Subsidiary preferred and NCI distributions upside_2027q4_subsidiary_distributions	2027Q4 / upside	45.00 USD_millions	derived: Do not subtract NCI EBITDA from CFO again; only the distribution is a separate cash use. Formula: sum(upside_2027q4_series_a_cash, upside_2027q4_nci_cash).
Additional common shares since July upside_2027q4_share_growth	2027Q4 / upside	15.00 shares_millions	assumption: Desk assumption; not company guidance.
Class A plus Class B shares for dividend cash upside_2027q4_shares	2027Q4 / upside	2,515.09 shares_millions	derived: Desk share progression, not diluted EPS shares. Formula: sum(common_shares, upside_2027q4_share_growth).
Shares relative to July baseline upside_2027q4_dividend_share_factor	2027Q4 / upside	100.6% ratio	derived: Normalize shares before multiplying aggregate dividend cash. Formula: divide(upside_2027q4_shares, common_shares).
Dividend rate relative to September declaration upside_2027q4_dividend_factor	2027Q4 / upside	100.0% ratio	assumption: Future board declaration required. Base repeats the $0.04/share rate; not a perpetual obligation.
Common cash dividends upside_2027q4_common_dividends	2027Q4 / upside	100.60 USD_millions	derived: Aggregate cash estimate, adjusted for explicit share progression. Formula: multiply(declared_common_cash, upside_2027q4_dividend_share_factor, upside_2027q4_dividend_factor).
CP Funding preferred redemption upside_2027q4_preferred_redemption	2027Q4 / upside	0.00 USD_millions	assumption: These specific units were fully redeemed by June; VGLNG Series A remains outstanding.
Existing-facility scheduled principal allowance upside_2027q4_debt_principal	2027Q4 / upside	150.00 USD_millions	assumption: Desk repayment allowance, not a complete facility amortization/refinancing forecast. New September revolver draws and later repayment are excluded until specified.
Distributions redemption and principal upside_2027q4_claims	2027Q4 / upside	295.60 USD_millions	derived: Financing claims, separate from operating expense and cash capex. Formula: sum(upside_2027q4_subsidiary_distributions, upside_2027q4_common_dividends, upside_2027q4_preferred_redemption, upside_2027q4_debt_principal).
Cash after distributions and principal upside_2027q4_cash_after_claims	2027Q4 / upside	-669.52 USD_millions	derived: Before new borrowing and issuance fees; negative values indicate funding demand, not automatic insolvency. Formula: subtract(upside_2027q4_fcf, upside_2027q4_claims).
Consolidated revenue ($M) upside_fy2026_revenue	FY2026 / upside	19,704.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Consolidated adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda	FY2026 / upside	9,446.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	8,320.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	7,143.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Gross cash capex incl. capitalized interest ($M) upside_fy2026_capex	FY2026 / upside	13,800.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less cash capex ($M) upside_fy2026_fcf	FY2026 / upside	-6,656.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Subsidiary preferred/NCI distributions ($M) upside_fy2026_subsidiary_distributions	FY2026 / upside	425.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_subsidiary_distributions, upside_2026q3_subsidiary_distributions, upside_2026q4_subsidiary_distributions).
Common cash dividends ($M) upside_fy2026_common_dividends	FY2026 / upside	289.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_common_dividends, upside_2026q3_common_dividends, upside_2026q4_common_dividends).
CP Funding preferred redemption ($M) upside_fy2026_preferred_redemption	FY2026 / upside	1,743.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_preferred_redemption, upside_2026q3_preferred_redemption, upside_2026q4_preferred_redemption).
Debt principal repayments ($M) upside_fy2026_debt_principal	FY2026 / upside	4,243.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, upside_2026q3_debt_principal, upside_2026q4_debt_principal).
Cash after distributions and principal ($M) upside_fy2026_cash_after_claims	FY2026 / upside	-13,356.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	21,727.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Consolidated adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	11,114.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	9,626.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	8,204.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Gross cash capex incl. capitalized interest ($M) upside_fy2027_capex	FY2027 / upside	11,100.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less cash capex ($M) upside_fy2027_fcf	FY2027 / upside	-2,895.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Subsidiary preferred/NCI distributions ($M) upside_fy2027_subsidiary_distributions	FY2027 / upside	450.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_subsidiary_distributions, upside_2027q2_subsidiary_distributions, upside_2027q3_subsidiary_distributions, upside_2027q4_subsidiary_distributions).
Common cash dividends ($M) upside_fy2027_common_dividends	FY2027 / upside	401.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_common_dividends, upside_2027q2_common_dividends, upside_2027q3_common_dividends, upside_2027q4_common_dividends).
CP Funding preferred redemption ($M) upside_fy2027_preferred_redemption	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_preferred_redemption, upside_2027q2_preferred_redemption, upside_2027q3_preferred_redemption, upside_2027q4_preferred_redemption).
Debt principal repayments ($M) upside_fy2027_debt_principal	FY2027 / upside	600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_debt_principal, upside_2027q2_debt_principal, upside_2027q3_debt_principal, upside_2027q4_debt_principal).
Cash after distributions and principal ($M) upside_fy2027_cash_after_claims	FY2027 / upside	-4,347.06 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

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.

From commissioning cargo margins to financed commercial operations

Research reviewed 2026-09-19

How much LNG fee contribution survives the transition to commercial contracts and the next construction cycle?

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.

The competing explanation

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.

Risks to track

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.

Next checkpoints

Commercial conversion · Q4 2026 and mid-2027 company targets (estimated). Track Plaquemines COD and the actual fee mix, not only cargo counts.
CP2 and construction funding · Each quarterly filing; first LNG target H2 2027 (estimated). Compare cash construction, capitalized interest, draws and restricted reserves.
Capital and litigation · September 2027 revolver maturity; May 2027 damages hearing (estimated). Review any draw/repayment plan and actual legal outcomes before updating the cash stress.

Data coverage and open work

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.

This review: Completed LNG fee-mix and project-funding model, including distinct exported/sold volume, capitalized interest and capital-holder claims.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, above its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and peers quiet

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-1.9	+0.0	+1.7	50%
5 sessions	-4.5	+0.4	+5.6	56%
10 sessions	-6.9	+0.5	+7.4	56%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-09 (source: estimated from 10-Q filed 2026-08-11 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[5] reported: OperatingIncomeLoss, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[6] derived: OperatingIncomeLoss, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[7] reported: OperatingIncomeLoss, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[8] reported: OperatingIncomeLoss, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[9] reported: EarningsPerShareDiluted, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[10] reported: EarningsPerShareDiluted, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[11] reported: EarningsPerShareDiluted, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[12] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[13] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[14] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[15] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[16] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002007855-25-000018, 10-Q filed 2025-05-13; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[17] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002007855-25-000042, 10-Q filed 2025-08-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[18] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[21] reported: LongTermDebtNoncurrent, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[22] reported: LongTermDebtNoncurrent, accession 0002007855-25-000018, 10-Q filed 2025-05-13; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[23] reported: LongTermDebtNoncurrent, accession 0002007855-25-000042, 10-Q filed 2025-08-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[24] reported: LongTermDebtNoncurrent, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[25] reported: LongTermDebtNoncurrent, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[26] reported: LongTermDebtNoncurrent, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[27] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[29] reported: NetCashProvidedByUsedInOperatingActivities, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[31] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[32] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[33] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[34] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[35] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-25-000066, 10-Q filed 2025-11-10; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[36] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-26-000013, 10-K filed 2026-03-02; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[37] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-26-000040, 10-Q filed 2026-05-12; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002007855-26-000062, 10-Q filed 2026-08-11; retrieved 2026-09-19T22:22:04+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002007855.json

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Compiled 2026-09-19T22:22:05.233837+00:00 · authored a1d68a1d320b · generated 9343f3278843 · JSON

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