Ticker: VG
What it is: U.S. company that exports natural gas overseas as LNG
Why it matters: Europe + Asia need gas for decades. LNG is fast to scale.
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What VG Does (Plain English)
Venture Global builds LNG export plants.
They take cheap U.S. natural gas, liquefy it, put it on ships, and sell it overseas at higher prices.
Their edge: modular construction
→ build pieces off-site
→ assemble faster
→ ship LNG sooner
→ get paid earlier
Assets:
• Calcasieu Pass – already shipping LNG
• Plaquemines LNG – turning on now
• CP2 LNG – approved and funded, next big build
Getting 4 projects approved (FID) in under 6 years is fast for LNG.
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Contracts / Demand (Why Revenue Exists)
VG signs 20-year contracts where buyers agree to take LNG or pay anyway.
Recent deals:
• Eni – 2.0 MTPA
• PETRONAS – 1.0 MTPA
• Naturgy – 1.0 MTPA
• SEFE – +0.75 MTPA
• Atlantic-SEE – 0.5 MTPA
• Tokyo Gas – 1.0 MTPA
MTPA = million tons per year
Total recently signed: \~5+ MTPA, mostly Europe & Asia utilities locking in supply.
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Ramp / Operations (Are They Actually Shipping?)
Q3 2025:
• \~100 LNG cargoes shipped
• \~372 TBtu exported
Translation: ships are moving and money is coming in, not just PowerPoints.
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The Problem (Litigation)
Why the stock is cheap.
VG sold LNG on the spot market while plants were still “commissioning” instead of delivering to long-term customers.
Result:
• BP already won \~$1B
• More cases still open (Shell, Repsol, Galp, others)
• Separate shareholder lawsuits from the IPO
Best case: settlements, clarity, stock rerates
Worst case: more payouts, stock stays stuck
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Valuation (Why Look At It)
P/E = price relative to earnings
• VG: \~9–10x
• Cheniere (LNG leader): \~11x
• Energy sector avg: \~18–20x
Market is discounting VG because of legal risk, not because LNG demand disappeared.
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My Position (Skin in the Game)
• 2,481 shares, avg $7.68 (started around $17)
• 6× $10 calls (LEAPS) exp 1/21/2028, avg $2.28
Long-term bet that LNG demand stays strong and lawsuits don’t get worse.
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TL;DR
• Real LNG exports
• Real long-term contracts
• Real lawsuits
• Cheap if legal risk clears, dead money if it doesn’t
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Disclosure: AI was used to organize this write-up. All facts, numbers, and positions were reviewed and verified by the author.
Not financial advice. I just ship gas bags, not wisdom.