Venture Global Inc. - 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the quarterly period ended March31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the transition period from to . (Exact Name of Registrant as Specified in Its Charter) Delaware(State or Other Jurisdiction ofIncorporation or Organization) 95-3539083(I.R.S. Employer Identification Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer☐Accelerated filer☐Smaller reporting company☐Non-accelerated filer☒(Do not check if a smaller reporting company)Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of May1, 2026, the number of shares of the registrant’s Class A common stock outstanding was 515,753,572, and the number of shares of theregistrant’s Class B common stock outstanding was 1,968,604,458. TABLE OF CONTENTS Glossary of Key Terms GLOSSARY OF KEY TERMS Unless otherwise indicated or the context otherwise requires, as used in this Form 10-Q: ◦Blackfinmeans Blackfin Pipeline, LLC, a joint venture between the Company, through its wholly-owned subsidiary Venture GlobalMidstream Holdings, LLC, and WhiteWater Development LLC, which is engaged in the development and construction of the Blackfinpipeline;◦Blackfin Credit Facilitiesmeans the project financing obtained by Blackfin, consisting of a senior secured term loan facility, or the Blackfin TLB Facility, a senior secured construction term loan facility, or the Blackfin TLA Facility, and a senior secured workingcapital facility, or the Blackfin Working Capital Facility;◦Blackfin pipeline, an approximately 3.3 Bcf/d natural gas pipeline system linking Colorado County to Jasper County in Texas underdevelopment by Blackfin;◦CODmeans the commercial operations date, which is the first day of commercial operations at a project or a phase of a project, asapplicable, as specifically defined in the relevant post-COD SPAs, and which does not occur unless and until: (i) all of the facilitiescomprising the relevant project, or phase thereof, have been completed and commissioned, including any ramp up period, (ii) theproject or phase thereof is capable of delivering LNG in sufficient quantities and necessary quality to perform all of its obligationsunder such post-COD SPAs, and (iii) the applicable project company has notified the customer under the post-COD SPAs;◦commercial operationsmeans the production period commencing after the occurrence of COD at a project or a phase of a project, asapplicable;◦commissioningorcommissioning phasemeans, with respect to our LNG projects, the phase of development where our facilities undergo certain required performance and reliability testing, which includes: (i) the sequential start-up and testing of certain keyequipment (e.g., liquefaction trains) as it is installed during construction and (ii) the testing and tuning of the fully integrated LNGproject after all key equipment and modules have passed their individual performance tests;commissioning cargosmeans the LNG cargos produced by us during the commissioning phase of an LNG project, which commencesonce a project produces its first quantities of LNG and ends once a project, or phase thereof, achieves COD. Proceeds from the sale of ◦FTAmeans a free trade agreement;◦GAAPmeans generally accepted accounting principles in the United States;◦Henry Hubmeans the final settlement price (in $ per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futurescontract for the month in which a relevant cargo’s delivery window is scheduled to begin;◦IPOmeans our initial public offering of Class A common stock, par