Venture Global signs 20-year ConocoPhillips LNG deal
- Venture Global signed a 20-year agreement to supply ConocoPhillips with 1 million tonnes of LNG annually from 2030.
- Venture Global shares rose about 3% in after-hours trading following the announcement.
- Venture Global said the agreement will support ConocoPhillips’ expanding global LNG portfolio over the long term.
Venture Global (NYSE:VG) signed a 20-year sales and purchase agreement with ConocoPhillips (NYSE:COP) to supply 1.0 million tonnes of LNG annually beginning in 2030.
The agreement adds another long-term buyer to Venture Global’s contracted portfolio as energy companies seek additional LNG supplies amid geopolitical disruptions affecting global gas markets.
“This agreement reflects continued market confidence in our proven ability to deliver reliable, low-cost U.S. LNG quickly and at scale,” said Venture Global Chief Executive Officer Mike Sabel.
The contract covers about 20 million tonnes of LNG over its full term, while Venture Global currently reports more than 100 million tonnes per annum of capacity in production, construction or development.
Venture Global said the agreement will support ConocoPhillips’ growing LNG portfolio.
Following the announcement, Venture Global's share price was up about 3% in after-hours trading from its $12.77 regular-session close.
Venture Global’s LNG portfolio includes Calcasieu Pass, Plaquemines LNG and CP2 LNG in Louisiana, with its vertically integrated operations covering production, transport, shipping and regasification.
The company also recently sought federal approval to place Phase 1 of Plaquemines LNG into commercial service and secured a $3 billion revolving credit facility to support project spending.
