Energy · Profile from Energy Research Companion
Venture Global
The Arlington, Virginia LNG developer founded in 2013 by two lawyer-financiers, Michael Sabel and Robert Pender, that built US export plants faster and (on its own claims) cheaper than anyone else by stringing together dozens of small, factory-built liquefaction trains. Its first plant, Calcasieu Pass in Louisiana, made its first LNG in January 2022 — weeks before Russia's invasion of Ukraine — and Venture Global then sold its output for more than three years as "commissioning" cargoes at crisis prices while the customers whose 20-year contracts had financed the plant, including Shell, BP, Repsol, Edison, Galp and Orlen, received nothing under them (reported). By its own count it won two of the first three arbitrations decided (Shell in Aug 2025 and one other — verify which) and lost one to BP (Oct 2025, partial award; damages hearing expected May 2027 on BP's ~$3.7bn–>$6bn claim, company filings). It went public in January 2025 at ~$60bn, far below the ~$110bn first sought, and has a second plant (Plaquemines, ~20 mtpa nameplate, Phase 1 commercial operations targeted Q4 2026) and a third (CP2, FID July 2025) under way. It is the book's Chapter 13 case: speed and cost against contract trust.
At a glance
- Founded
- 2013, by Michael Sabel and Robert Pender (co-founders; Sabel CEO, Pender executive co-chairman; verify titles)
- Headquarters
- Arlington, Virginia; plants in Cameron and Plaquemines Parishes, Louisiana
- Ownership / structure
- Public since 24 Jan 2025 (NYSE: VG); founders retain control through high-vote Class B shares (reported, verify voting share)
- Leadership (2026)
- Michael Sabel (CEO and executive co-chairman); Robert Pender (executive co-chairman); Jonathan Thayer (CFO, verify)
- Assets
- Calcasieu Pass (~10 mtpa nameplate, 18 midscale trains in 9 blocks, commercial operations declared Apr 2025, reported, verify); Plaquemines (~20 mtpa nameplate, ~27 mtpa peak claimed, 36 trains, first LNG Dec 2024, Phase 1 COD targeted Q4 2026, Phase 2 mid-2027; company); CP2 (~28 mtpa peak across two phases; Phase 1 ~14 mtpa FID Jul 2025, first LNG targeted H2 2027; company); CP Express and other feed-gas pipelines; owned LNG carrier fleet (verify count); CP3 and Delta LNG in development
- Scale
- Q2 2026 income from operations ~$2.19bn, of which the Plaquemines segment ~$2.21bn (10-Q, quarter to 30 Jun 2026); Q3 2026 results due 10 Nov 2026 (after coverage date); 2025 revenue and EBITDA (verify); market value well below IPO in late 2025 (shares down >58% from IPO by Oct 2025, reported)
- Signature moves (incl. failures)
- Founding and the midscale modular design (2013); Calcasieu Pass FID and financing (2019); Calcasieu Pass commissioning cargoes (2022–25); customer arbitrations (2023–27); Plaquemines (FID 2022–23); the DOE export pause and reversal (2024–25); IPO (Jan 2025); CP2 FID and record project financing (Jul 2025); the 2026 Gulf crisis and Plaquemines' spot exposure
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2013
Founding and Midscale Modular Design
Founding / technology bet
2019
Calcasieu Pass FID and Project Financing
Project final investment decision / financing (project finance)
2022
Calcasieu Pass Commissioning Cargoes
Construction or commissioning / offtake (controversy)
2022
Plaquemines FID and Speed Build
Project final investment decision / construction
2023
Customer Arbitrations Shell BP and Others
Regulatory or legal action (failure)
2024
DOE Export Pause and 2025 Reversal
Regulatory or legal action
2025
CP2 FID and Record Project Financing
Project final investment decision / financing (project finance)
2025
IPO
Spin-off or IPO
2026
Gulf Crisis and Plaquemines Spot Exposure
Strategy pivot (market shift) / commissioning