Venture Global LNG Inc. (VGLNG) continues to advance its projects, with Venture Global Plaquemines LNG LLC (VGPL) Phase I reaching operations and CP2 LNG LLC (CP2) Phase I first LNG expected mid-2027. S&P Global Ratings continues to monitor the arbitration proceedings related to the Calcasieu Pass project commissioning process. While there remains uncertainty regarding the damages associated with the BP arbitration, we expect any potential damages will be manageable. VGLNG has also generated materially higher-than-expected cash flows with its commissioning cargoes from VGPL. Projected EBITDA for 2026 is about $9 billion compared with $6 billion previously. Therefore, we expect it can absorb the remaining damages while maintaining credit metrics below 7x on a sustained basis. As a result, we revised
