Venture Global Scores Big with 20-Year LNG Deal
Venture Global Inc shares rose by 3% in after-hours trading on Thursday following a major announcement. The company has secured a long-term liquefied natural gas (LNG) supply deal with ConocoPhillips.
Under the Sales and Purchase Agreement, ConocoPhillips will purchase 1.0 million tonnes per annum of LNG from Venture Global starting in 2030. This marks an important milestone for Venture Global as it adds a major energy company to its customer base.
Venture Global CEO Mike Sabel welcomed ConocoPhillips as a long-term partner, stating that the agreement 'reflects continued market confidence' in the company's ability to deliver reliable and low-cost US LNG. The deal is expected to boost Venture Global's contracted supply commitments for two decades into the future.
Venture Global has quickly grown to become one of the largest LNG exporters in the United States, with over 100 million tonnes per annum of capacity in production, construction, or development. The company operates three projects in Louisiana along the Gulf of Mexico: Calcasieu Pass, Plaquemines LNG, and CP2 LNG.