Venture Global (VG) -- Printing Money -- WSJ -- April 8, 2026

Locator: 50466VG. 

Link here. 

VG could be / will be "bigger" than Qatar and Cheniere.

Venture Global is positioned for a repeat (see linked article) scenario that could boost its ambition to not only surpass Cheniere, but also overtake Qatar, the tiny Middle Eastern nation that sits on some of the world’s largest gas reserves and has become an LNG juggernaut.

The Strait of Hormuz remains closed to most tankers, which has clogged LNG flows, and Iran’s missiles have crippled Qatar’s facilities that liquefy and ship natural gas. [The writer forgot to mention the damage to Qatar's export terminal / liquefaction capacity in Qatar due to the war; estimates: three years to get that terminal back to "normal."]

That has turned Venture Global’s available cargoes into a hot commodity. Unlike Cheniere, which sells most of its cargoes under long-term contracts, Venture Global reserves a large share of its volumes for spot markets, where prices can fluctuate widely. 

Golden Pass LNG, Texas, Set To Load First Export Cargo Amid Record Feedgas Intake -- April 3, 2026

Locator: 50416LNG.

Article at link was posted by Hart Energy on April 2, 2026.  

The LNG tanker HL Sea Eagle is expected to arrive at the Golden Pass export terminal in Texas on April 20 to load the plant’s first cargo of liquefied natural gas (LNG) for export, according to a trading source and LSEG ship-tracking data.

******************************
The Book Page

Completed my notes on Volume 2, Norman Sherry's biography of Graham Greene. 

Link here. 

************************
Movie Night

Graham Greene's The Third Man. Perhaps one of the best movies ever. Others agree; from wiki:

In 1999, the British Film Institute voted The Third Man the greatest British film of all time. In 2011, a poll for Time Out ranked it the second-best British film ever. 

It seems like a movie in which Orson Welles would have written the screenplay, acted in, and directed. And, yet, only one of the three was true -- Orson Welles played Harry Lime in the movie, and that was it. And on-screen he had less than eleven minutes.

Excellent movie. 

On the other hand Graham Greene's Our Man in Havana was a big disappointment. It was completely miscast. The lead needed to be played by Peter Sellers, had the latter been ten years older. Alec Guiness was either too old (possibly) or completely misread the play (hard to believe). The director of both movies: Carol Reed. The movie's premise (and the book's premise, of course) was brilliant, and based on factual events.

Golden Pass -- March 30, 2026

Locator: 50368QATAR.

Comment: this LNG story is really quite fascinating! 

Golden Pass (US export terminal) will more than make up for any LNG loss from Qatar the country, if I'm reading the links below correctly. How quickly the US becomes the largest LNG exporter. Truly amazing.

A reader sent me a note earlier today: how Europe has fallen so far behind in the energy producing sector; in fact, Europe has fallen even further behind in AI investment. Europe has become not much more than a tourist destination for Americans.

Link here. 

To be completed later, but here are the links:

• link here;
• link here; 
• link here. Link to the blog. 

 

Link here. 

Posted earlier:

Operation EPIC FURY -- This Is Starting To Get Serious -- For Saudi Arabia -- March 28, 2026

Locator: 50351SAUDI.

This could be incredibly serious for Saudi Arabia -- it's not as if Venezuela doesn't exist? 

For the US:

• The original objective: help Israel take out Iran's nuclear program. 
• The new objective: find an off-ramp.   

*******************************
Long Term

AI prompt: 

Are Exxon, Chevron, others seriously considering Venezuela now with threat of Strait of Hormuz being controlled by Iran as the new normal?

Reply: 

And this is heavy oil, highly coveted by US refiners. 

 

You know, this is very, very interesting. Trump said today that going into the "war," he expected markets to fall much more than they have, and he expected the price of oil to surge much more than it has. That still may happen.

 

But presidents are change agents and think strategically. If one starts connecting the dots, it sure seems like Trump, Rubio, etc., are spending a a lot of time thinking about the Monroe Doctrine and acting.

 

Cuba.

Maduro / Venezuela.

 

The Panama Canal / kicking China out.

Stopping renewal energy growth -- is determined to end windmills in America. 

 

In the big scheme of things, it doesn't take oil companies to turn things around pretty quickly if they want.

Look at the time line for the Bakken revolution. Less than a decade to go from zero to a million bopd. 

 

And that was pretty much all "unproven" going in.

Venezuela: "they" already know what Venezuela has. 

 

Ticker: CVX -- 30-year horizon -- 

 

Windfall profits tax? Not under this administration, but in 2029? Certainly likely. 

 

LNG:

• Cheniere: share price up 26% over six months;
• Venture Global: share price up23% over same six months;
• Reported yesterday: Cheniere's fifth train is now operational -- 

AI prompt:  

How does Cheneire's current LNG export capacity with 5th train now operational at Corpus Christi compare with VG's total export capacity?

Reply:  

Astounding! Is anyone paying attention? 

• Cheniere: by far and away, the largest at 50 mtpa;
• VG: seeks to be exporting twice that amount in less than four years (100+ mtpa) 

LNG US Export -- Post-Iran War -- March 23, 2026

Locator: 50304LNG.

Link here. 

LNG US export forecast, link here. 

************************
Back On Top In June

Link here. 

US LNG Exporters -- What Does Google Gemini Think? March 23, 2026

Locator: 50303LNG.

Link here. 

LNG US export forecast, link here. 

AI prompt: I'm not asking this question from an investment point of view. I'm just curious. US LNG exporters. LNG (Cheniere) is currently the largest; but VG is growing quickly. Based on their publicly stated plans, which of the two is likely to be bigger five years from now and who would be #3?

 Reply: 

Venture Global -- RBN Energy -- One Year Ago -- Re-Posting -- March 14, 2026

Locator: 50222VG.

Compare this chart with the chart at the bottom of the blog.

*******************************
Re-Posting

This was from a year ago, January 29, 2025, link here: 

Locator: 48428RBNVG.

RBN Energy: assessing Venture Global's assets in the wake of its $1.75 billion IPO. Archived.

Venture Global put U.S. LNG on center stage after going public on January 24. The company, now listed as VG on the New York Stock Exchange (NYSE), launched one of the largest initial public offerings (IPO) in U.S. energy history. The IPO shares were priced at $25 each, raising $1.75 billion but valuing the company at $60 billion, a significant drop from the company’s initial target of up to $110 billion. While Venture Global was able to capitalize on some truly fantastic timing, going public just as President Trump took office and lifted the export permit ban, the market remains cautious about LNG and the energy sector. While Trump will certainly smooth the path at least somewhat to new LNG buildout, lawsuits and regulatory hurdles won’t simply disappear overnight. In addition to the general regulatory uncertainty facing the industry, there is also the matter of Venture Global’s contentious relationship with its original customers: Shell, BP and others have brought arbitration cases against the company that have yet to be resolved. In today’s RBN blog, we take a closer look at Venture Global, its assets and what its IPO says about U.S. LNG. 

Venture Global is one of the largest players in U.S. LNG, with the 10-MMtpa (1.32 Bcf/d) Calcasieu Pass operational, although still technically commissioning (more on that shortly); the 20-MMtpa (2.65 Bcf/d) Plaquemines LNG under construction or commissioning now; CP2 in the late stages of development and nearing a final investment decision (FID); and two more speculative projects to pursue after CP2. Between Calcasieu Pass and Plaquemines, the company will own and operate 30 MMtpa (4 Bcf/d) by the end of 2027, leaving it second to only Cheniere Energy when it comes to U.S. LNG output (see King Creole for more on the big three players in U.S. LNG). And with more projects in the queue, Venture Global is obviously shooting for Cheniere’s crown. All of Venture Global’s LNG projects use midscale modular technology rather than traditional large-scale trains, promising investors shorter construction timelines and requiring less startup capital to build these smaller, factory-fabricated, but scalable units.

Venture Global took FID on its first U.S. LNG terminal, Calcasieu Pass, in August 2019, although the project had been under construction since February of that year. The terminal has 18 mini trains, grouped into nine blocks, for a total nameplate capacity of 10 MMtpa (1.32 Bcf/d) and an expected peak capacity of 12.4 MMtpa (1.64 Bcf/d). Nameplate capacity is what is guaranteed by the design of the project by the engineering partners, but all LNG terminals have the ability to produce above that level. 

With This Project, Venture Global Should Be On Track To Become The Largest US LNG Exporter -- March 13, 2026

Locator: 50213LNG.

Tag: Venture Global  

Venture Global shares up 40% in one month. 

Link here. 

US LNG - This Is Truly Amazing -- February 25, 2026

Locator: 50051LNG.

Weather: wow, in the background, CNBC this a.m. -- it's still snowing hard in NYC!

LNG: link here. 

US LNG Export Terminal Update -- February 21, 2026

 

US LNG export terminals status 2025 - 2026:

From November, 2025:

Today, update, February 21, 2026: 

Cheniere To Significantly Increase Production At Its Corpus Christi, TX, Facility --

Locator: 49926TEXASLNGEXPORTTERMINAL.

I remember vividly the day I posted about the number of LNG export terminals planned along the US Gulf Coast -- many years ago. A reader reminded me that just because the terminals were planned did not mean they would built.

It's been comments like that, over the years, that have made my desire to keep posting the blog. The blog will continue -- the question is whether to keep posting. Whatever. Back to the subject at hand.

Cheniere Energy (LNG) announced in February, 2026, that it has filed an application with FERC to construct a new LNG plant in Texas. The project will expand LNG production capacity. Well, duh.

• location: Corpus Christi, Texas
• project: the "Stage 4" expansion of its existing terminal at that location
• will add four new liquefaction trains, two storage tanks, and a 26-mile pipeline
• capacity: will add a million tones per annum (MTPA) 

Update: the FID for Cheniere's "Stage 3" expansion announced in 2025; construction on that project was scheduled to last through 2030; budgeted at $8 billion. That project would only add two Midscale Trains 8 and 9. 

Most Amazing Factoid Of The Day -- GDP Around The World -- November 25, 2025

Locator: 49800GDP. 

GDP.

Saudi Arabia: per capita, $24,000.

Texas: per capital, $88,000.

 

California: per capital: $102,000 

California Fiscal Outlook: link here.

Texas LG Pipeline Buildout -- November 23, 2025

Locator: 49786TEXASPIPELINES.

Tag: Permian. 

Nothing new here but this helps me understand the numbers associated with NG, LNG, pipelines, etc.

Link here. 

See also a downloadable map at the Oil & Gas Journal: link here.

Wedesday -- November 19, 2025

Locator: 49739B.

Tag: US oil export 

Russian and Chinese reserve assets: updated data posted overnight. Link here.

My favorite chart was updated overnight. Link here. Interestingly, the update appears on my iPad but the update has not yet shown up on my MacBook Air, at that link.

Not trivial:

• US field production, August, 2025: link here. 13.795 million bbls.

****************************************
Back to the Bakken

WTI: link here. Drops 3% overnight. Trading at $59.17.

New wells: link here.

RBN Energy: link here.

Venture Global -- LNG Exports -- Setting Records -- November 11, 2025

Locator: 49395LNG. 

Link here. 

I have no position in this company, never have, unlikely I ever will.

I am posting this to help me keep track of LNG export facilities.  

From the linked article:

U.S. LNG exporter Venture Global booked a net income for the third quarter, compared to a loss a year earlier, as revenues and LNG exports soared amid rising liquefaction capacity at its plants.

Venture Global, the second-largest U.S. LNG exporter behind Cheniere, on Monday, November 10, 2025, reported a net income attributable to common stockholders of $429 million for the third quarter, versus a loss of $347 million for the same period of 2024. Wow.

Revenues soared by 260% and income from operations surged by 598% as Venture Global’s exported LNG volumes jumped by 237% to 100 cargoes in the third quarter of 2025, up from 31 cargoes exported in the same period last year.

Venture Global has been ramping up its Plaquemines export project, and 34 of 36 liquefaction trains at the site are now producing LNG.

34 of 36 trains! Wow.

Tracking LNG export, US vs Qatar:

NextDecade Completes Commercialization of Rio Grande LNG Train 5 -- September 8, 2025

Locator: 49043LNG.

Tag: Ben Franklin, US revolutionary war.

Link here.

NextDecade completes the commercialization of Rio Grande LNG Train 5 with 1.0 MTPA LNG sale and purchase agreement with ConocoPhillips.

Train 5 commercialization is now complete, positive final investment decision expected in fourth quarter 2025.

NextDecade Corporation announced today that it has executed a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with ConocoPhillips for offtake from Rio Grande LNG Train 5.

ConocoPhillips will purchase 1.0 MTPA of LNG for 20 years on a free on board basis at a price indexed to Henry Hub, subject to NextDecade making a positive final investment decision (FID) on Train 5.

**************************
The Book Page

Wow, wow, wow!

Link to The Wall Street Journal. 

This is a very, very long article and dovetails wiht many biographies of Ben Franklin of which I have read. This is truly spectacular. 

US Natural Gas Exports -- July 31, 2025

Locator: 48736LNG.

Link here.

North American LNG Export Facilities -- An Update -- EIA -- From December, 2024 -- Posted June 6, 2025

Locator: 48699LNG.

A reminder: the AI story is an energy story.

Another aha: the renewable energy story is driven by ideology. We'll explore the implications of that in a separate blog.

So, two energy truisms:

• the AI story is an energy story;
• the renewable energy story is driven by ideology.

Link here. 

Time period: end of of 2024 through 2028 -- essentially three years. 

North America looks to double LNG exports over the next three years -- most of it from the US:

Amount of exports from various export terminals:

Compare this chart with previous graphics. 

It's easy to forget that not many years ago, the US was a net importer of natural gas. From the 1970s through the 1980s, the US began importing LNG in small quantities due to energy crises (plural) and limited domestic natural gas supply.

Then, in the 1990s, extending into the early 2000s, imports increased, especially as domestic natural gas declined and demand rose.

"Early 2000s": important dates:

• the Bakken revolution began in the year 2000 with economic development of the Bakken began in the year 2000;
• the Bakken revolution took a great leap forward in the year 2007 with the "discovery" Bakken well in the Parshall oil field by EOG.
• the Bakken entered its "stride" in 2010 to 2012, at the same time the Permian was beginning to be developed.
• at the same, natural gas fields were being developed in the Haynesville, (Permian), (Eagle Ford), the Utica, and the Marcellus.

Update: Sempra's Port Arthur LNG Phase 2 -- Approved -- Biden's Pause Has Come To A Stop -- Another Trump Win -- May 29, 2025

Locator: 48715LNG.

The project at this link. Once completed, this webpage will probably disappear.

Link here. 

Sempra said Thursday the U.S. Department of Energy issued a permit allowing its Port Arthur LNG Phase 2 development project in Texas to export of up to ~13.5M metric tons/year of liquefied natural gas to markets in Europe and Asia. 

The Phase 2 project is expected to include two liquefaction trains capable of producing ~13M metric tons/year of LNG, which would increase the total liquefaction capacity of the Port Arthur LNG facility from 13M tons/year for Phase 1, which is currently under construction, to as much as 26M tons/year. 

Port Arthur LNG Phase 2, which still needs a final investment decision, is expected to export 1.91B cf/day once completed; Phase 1 is expected to begin exporting LNG in 2027. Based on the graphic below, it suggests Phase 1 is / was ahead of schedule.

Phase 2 is the first final LNG export approval under President Trump, who reversed the Biden administration's pause on project approvals.

From May 14, 2025: link here.

Five New Permits; Three DUCs Reported As Completed -- Wednesday, May 28, 2025

Locator: 48704B.

Measles outbreak in Texas: starting to burn itself out. Link here.

Nvidia's long coat-tails: futures don't mean squat but nonetheless, it is what it is --

California bullet train: losing support from more and more California politicos. Most will be dead or out of office by the time the first significant leg is even running. Link here. Newsom's reason for keeping it: "too late to cancel." Wasn't that the British attitude in WWI? We've spent too much to quit now.

Paramount willing to settle for $15 million to settle CBS suit with President Trump. Trump's team wants $25 million+. The art of negotiation.

Driftwood LNG has a new name: Louisiana LNG. Yeah, that's the name: Louisiana LNG. Link to David Messler over at oilprice.

Woodside Energy, (NYSE:WDS), Australia’s largest energy operator, has moved into the North American LNG market in a big way over the last 6-9 months.

Beginning with its take-out of troubled LNG startup, Tellurian last fall, the company has moved at breakneck pace to move the fully permitted Driftwood LNG project along to FID.

Just last month Woodside stunned the investing community by announcing FID approval for the first three trains of the 27.6 mpta Driftwood, now renamed Louisiana LNG.

This is a bold move for this Australian energy producer that will bring on-line 16.5 mpta. From a press release, from the CEO:

“Louisiana LNG is a game changer for Woodside, set to position our company as a global LNG powerhouse and deliver enduring shareholder value for decades to come. Louisiana LNG combines access to an abundant US gas resource, a prime location with best-in-class EPC and technology partners. It builds on Woodside’s proven strengths in project execution, operational excellence, and LNG marketing to deliver significant cash generation potential and drive long-term shareholder value."

But look at this: 

Some challenges remain as only about 1 mpta of the plant’s approved 16.5 mpta output has been placed under long-term SPA’s (Sales and Purchase Agreement), in a contract with Uniper-a, a German utility company.

Other recent U.S. Gulf Coast LNG plants, notably Venture Global, and NextDecade, took the route of selling out 2/3 of their capacity before taking FID.

By moving forward and entering the market in the late 2020s, WDS can leapfrog other potential projects and corner the market for supply gas.

************************************
Back to the Bakken

WTI: $61.97.

Active rigs: 33.

Five new permits, #41959 - #41963, inclusive:

• Operators: Kraken (4); Petro-Hunt.
• Fields: Boxcar Butte (McKenzie County); West Ambrose (Divide County)
• Comments:
• Petro-Hunt has a permit for a State well, NENW 16-162-100; 
• to be sited 352 FNL and 2078 FWL;
• Kraken has permits for four Charity wells, SWSE 31-148-102 and SESW 31-149-101;
  
• with three sited 448 FSL and 2571 / 2637 FEL; and one sited 448 FSL and 2607 FWL.

Two permits renewed:

• Formentera Operations, FLX3 (#34950) and PTL4 (#34952).

Producing wells (DUCs) reported as completed:

• 33070, 1,168, BR, Mancord 14-10 MBH-ULW, Dunn County;
• 40780, 1,168, Oasis, Barnes Federal 5202 43-11 4B, McKenzie County;
• 40877, 683, Oasis, Barnes Federal 5202 43-11 5B, McKenzie County;