Venture Global: Don't Fear Normalizing LNG Prices

Venture Global (VG) shares are undervalued versus Cheniere despite a growing medium-term production outlook leading to EBITDA growth. VG raised 2026 EBITDA guidance by 52% to $8.2–$8.5B, driven by high spot margins during commissioning. Full commissioning at Plaquemines and CP2 construction are on schedule. Free cash flow should turn positive in 2028 as CP2 reaches full production.