Venture Global, Inc.VG
Venture Global, Inc. Segments Disclosure
Segment Information
The Company has multiple operating segments, including the Company's LNG projects, its sales and shipping business, and its pipeline activities. Each LNG project operating segment includes activity of both the respective liquefaction facility and export terminal and the associated pipeline(s) that will supply the natural gas to that facility. The Company's chief operating decision maker ("CODM") is the Company's Chief Executive Officer. The CODM allocates resources, assesses performance and manages the business according to these operating segments. The Company's performance is evaluated based on income (loss) from operations of the respective segment.
The Company has four reportable segments. Operating segments that are not quantitatively material for reporting purposes have been combined with corporate activities as corporate, other and eliminations. Activities reported in corporate, other and eliminations include immaterial operating segments, costs which are overhead in nature and not directly associated with the operating segments, including certain general and administrative and marketing expenses, and inter-segment eliminations. Prior period presentations have been reclassified to conform to the current segment reporting structure to separately disclose our sales and shipping business that is now quantitatively material.
The following tables present financial information by segment, including significant segment expenses regularly provided to the CODM, and a reconciliation of segment income (loss) from operations to income (loss) before income tax expense on the consolidated statements of operations for the periods indicated.
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Calcasieu Project | Plaquemines Project | CP2 Project | Sales and Shipping | Corporate, other and eliminations | Total | ||||||||||||||||||||||||||||||
| Revenue | $ | 4,125 | $ | 9,175 | $ | 1 | $ | 2,518 | $ | (2,050) | $ | 13,769 | |||||||||||||||||||||||
| Operating expense | |||||||||||||||||||||||||||||||||||
| Cost of sales | 2,198 | 3,863 | — | 1,994 | (2,135) | 5,920 | |||||||||||||||||||||||||||||
| Operating and maintenance expense | 375 | 359 | 29 | 228 | (16) | 975 | |||||||||||||||||||||||||||||
| General and administrative expense | 15 | 63 | 47 | 6 | 302 | 433 | |||||||||||||||||||||||||||||
| Development expense | — | 49 | 203 | — | 92 | 344 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 221 | 613 | — | 42 | 65 | 941 | |||||||||||||||||||||||||||||
| Total operating expense | 2,809 | 4,947 | 279 | 2,270 | (1,692) | 8,613 | |||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 1,316 | $ | 4,228 | $ | (278) | $ | 248 | $ | (358) | $ | 5,156 | |||||||||||||||||||||||
| Interest income | 151 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (1,454) | ||||||||||||||||||||||||||||||||||
| Loss on interest rate swaps | (220) | ||||||||||||||||||||||||||||||||||
| Loss on financing transactions | (267) | ||||||||||||||||||||||||||||||||||
Loss on foreign currency transactions | (3) | ||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 3,363 | |||||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Calcasieu Project | Plaquemines Project | CP2 Project | Sales and Shipping | Corporate, other and eliminations | Total | ||||||||||||||||||||||||||||||
| Revenue | $ | 4,916 | $ | 23 | $ | 2 | $ | 329 | $ | (298) | $ | 4,972 | |||||||||||||||||||||||
| Operating expense | |||||||||||||||||||||||||||||||||||
| Cost of sales | 1,363 | 14 | — | 266 | (292) | 1,351 | |||||||||||||||||||||||||||||
| Operating and maintenance expense | 452 | 94 | — | 53 | (10) | 589 | |||||||||||||||||||||||||||||
| General and administrative expense | 15 | 62 | 16 | 17 | 202 | 312 | |||||||||||||||||||||||||||||
| Development expense | 6 | 54 | 485 | 1 | 89 | 635 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 267 | 16 | 1 | 12 | 26 | 322 | |||||||||||||||||||||||||||||
| Total operating expense | 2,103 | 240 | 502 | 349 | 15 | 3,209 | |||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 2,813 | $ | (217) | $ | (500) | $ | (20) | $ | (313) | $ | 1,763 | |||||||||||||||||||||||
| Interest income | 244 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (584) | ||||||||||||||||||||||||||||||||||
| Gain on interest rate swaps | 774 | ||||||||||||||||||||||||||||||||||
| Loss on financing transactions | (14) | ||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 2,183 | |||||||||||||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Calcasieu Project | Plaquemines Project | CP2 Project | Sales and Shipping | Corporate, other and eliminations | Total | ||||||||||||||||||||||||||||||
| Revenue | $ | 7,897 | $ | — | $ | — | $ | — | $ | — | $ | 7,897 | |||||||||||||||||||||||
| Operating expense | |||||||||||||||||||||||||||||||||||
| Cost of sales | 1,684 | — | — | — | — | 1,684 | |||||||||||||||||||||||||||||
| Operating and maintenance expense | 319 | 80 | — | — | (8) | 391 | |||||||||||||||||||||||||||||
| General and administrative expense | 15 | 57 | — | 6 | 146 | 224 | |||||||||||||||||||||||||||||
| Development expense | 44 | 50 | 362 | 1 | 33 | 490 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 256 | — | — | — | 21 | 277 | |||||||||||||||||||||||||||||
| Insurance recoveries, net | (19) | — | — | — | — | (19) | |||||||||||||||||||||||||||||
| Total operating expense | 2,299 | 187 | 362 | 7 | 192 | 3,047 | |||||||||||||||||||||||||||||
| Income (loss) from operations | $ | 5,598 | $ | (187) | $ | (362) | $ | (7) | $ | (192) | $ | 4,850 | |||||||||||||||||||||||
| Interest income | 172 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (641) | ||||||||||||||||||||||||||||||||||
| Gain on interest rate swaps | 174 | ||||||||||||||||||||||||||||||||||
| Loss on financing transactions | (123) | ||||||||||||||||||||||||||||||||||
| Income before income tax expense | $ | 4,432 | |||||||||||||||||||||||||||||||||
The following table presents the capital expenditures and total assets by segment for the periods indicated:
Capital expenditures(a) | Total assets | ||||||||||||||||||||||||||||
| Years ended December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||
| Calcasieu Project | $ | 88 | $ | 373 | $ | 98 | $ | 6,955 | $ | 7,181 | |||||||||||||||||||
| Plaquemines Project | 5,555 | 9,458 | 6,351 | 26,256 | 24,627 | ||||||||||||||||||||||||
| CP2 Project | 5,257 | 2,179 | 831 | 10,857 | 3,643 | ||||||||||||||||||||||||
| Sales and shipping | 754 | 403 | 51 | 2,485 | 1,473 | ||||||||||||||||||||||||
| Corporate, other and eliminations | 1,787 | 1,685 | 824 | 6,893 | 6,567 | ||||||||||||||||||||||||
| Total | $ | 13,441 | $ | 14,098 | $ | 8,155 | $ | 53,446 | $ | 43,491 | |||||||||||||||||||
____________
(a) Includes financed capital expenditures.
The Company attributes revenues from external customers by delivery location. The following tables present the geographic locations of revenue and long-lived assets for the periods indicated:
Revenue | |||||||||||||||||
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 11,375 | $ | 4,673 | $ | 7,897 | |||||||||||
| Germany | 772 | 179 | — | ||||||||||||||
| France | 682 | 81 | — | ||||||||||||||
| Netherlands | 456 | — | — | ||||||||||||||
| United Kingdom | 164 | — | — | ||||||||||||||
| Other | 320 | 39 | — | ||||||||||||||
Total | $ | 13,769 | $ | 4,972 | $ | 7,897 | |||||||||||
Long-lived assets | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
United States | $ | 45,437 | $ | 34,077 | |||||||
Foreign(a) | 1,151 | 598 | |||||||||
Total | $ | 46,588 | $ | 34,675 | |||||||
____________
(a) Primarily LNG tankers domiciled in Bermuda.
The following table presents the Company's revenue from individual external customers that were 10% or greater than total revenue:
| Years ended December 31, | |||||||||||||||||
2025(a) | 2024(b) | 2023(c) | |||||||||||||||
| Customer A | 23% | 32% | 13% | ||||||||||||||
| Customer B | 14% | 25% | 33% | ||||||||||||||
| Customer C | 13% | * | * | ||||||||||||||
| Customer D | * | 15% | 11% | ||||||||||||||
| Customer E | * | * | 17% | ||||||||||||||
____________
(*)Less than 10%.
(a) Revenue recognized at the Calcasieu Project, Plaquemines Project, and Sales and shipping.
(b) Revenue recognized at the Calcasieu Project and Sales and shipping.
(c) Revenue recognized at the Calcasieu Project.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.