Venture Global 2026年季度报告

95-3539083(I.R.S. Employer IdentificationNumber) Delaware (State or Other Jurisdiction ofIncorporation or Organization) 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 of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements 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 submitsuch 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 an emerging 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 anynew or 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 July31, 2026, the number of shares of the registrant’s Class A common stock outstanding was 531,488,393, and the number of shares of the registrant’s Class B common stock outstanding was 1,968,604,458. TABLE OF CONTENTS Glossary of Key TermsCautionary Statement Regarding Forward-Looking StatementsPART IItem 1. Financial StatementsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures about Market RiskItem 4. Controls and ProceduresPART IIItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. ExhibitsSignatures 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 VentureGlobal Midstream Holdings, LLC, and WhiteWater Development LLC, which is engaged in the development and construction ofthe Blackfin Pipeline;◦Blackfin Credit Facilitiesmeans the project financing obtained by Blackfin, consisting of a senior secured term loan facility, orthe Blackfin TLB Facility, a senior secured construction term loan facility, or the Blackfin TLA Facility, and a senior securedworking capital 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;◦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 thefacilities comprising the relevant project, or phase thereof, have been completed and commissioned, including any ramp upperiod, (ii) the project or phase thereof is capable of delivering LNG in sufficient quantities and necessary quality to perform all ofits obligations under such post-COD SPAs, and (iii) the applicable project company has notified the customer under the post-CODSPAs;◦commercial operationsmeans the production period commencing after the occurrence of COD at a project or a phase of a project,as applicable;◦commissioningorcommissioning phasemeans, with respect to our LNG projects, the phase of development where our facilitiesundergo 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, whichcommence once a project produces its first quantities of LNG and end once a project, or phase thereof, achieves COD. Proceedsfrom the sale of commissioning cargos are recognized in our financial statements as a reduction to the cost basis of construction inprogress until assets are placed in service from an accounting perspective, the timing of