Investing.com — Venture Global Inc (NYSE:VG) shares climbed 3% in after-hours trading Thursday following the announcement of a 20-year liquefied natural gas supply agreement with ConocoPhillips (NYSE:COP).
Under the Sales and Purchase Agreement, ConocoPhillips will purchase 1.0 million tonnes per annum of LNG from Venture Global starting in 2030. The deal adds a major energy company to Venture Global’s customer base and extends the company’s contracted supply commitments two decades into the future.
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“Venture Global is proud to welcome ConocoPhillips, one of the world’s leading energy companies, as a long-term partner,” said Venture Global CEO Mike Sabel. “This agreement reflects continued market confidence in our proven ability to deliver reliable, low-cost U.S. LNG quickly and at scale.”
Venture Global began producing LNG from its first facility in 2022 and has grown to become one of the largest LNG exporters in the United States. The company currently has 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. Venture Global’s business model includes vertical integration across the LNG supply chain, encompassing production, natural gas transport, shipping and regasification.
Original Article
Venture Global jumps on ConocoPhillips LNG supply deal
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