Venture Global is a U.S. LNG producer and exporter. The company sources natural gas from domestic shale basins — primarily the Haynesville, Permian, and Marcellus/Utica — liquefies it at facilities in Louisiana, and sells LNG to utilities, energy companies, and trading firms globally. Customers use LNG as a substitute for coal and oil in power generation and industrial applications, or to supply markets that lack pipeline infrastructure. Venture Global's core differentiator is its modular construction approach: rather than building a few large liquefaction trains, the company uses many mid-scale, factory-fabricated trains built by Baker Hughes, shipped pre-assembled, and commissioned sequentially. This "design one, build many" model lets Venture Global produce and sell LNG during construction — well before a project reaches its commercial operation date — generating significant cash flow that offsets construction costs. The company sells LNG primarily under 20-year take-or-pay contracts, with customers paying a fixed liquefaction fee plus a variable commodity fee tied to Henry Hub prices. Venture Global's three Louisiana projects — Calcasieu (operating), Plaquemines (commissioning), and CP2 (under construction) — represent roughly 67 mtpa of capacity, with brownfield expansions and a greenfield project that could push total capacity past 100 mtpa. Post-COD, Venture Global earns predictable fixed fees from long-term contracts, plus margin on excess capacity sold at spot prices through its trading arm, VG Commodities, with realizations tied to international benchmarks like TTF and JKM.