On October 7, 2026, the International Chamber of Commerce ("ICC") International Court of Arbitration informed Venture Global Calcasieu Pass, LLC ("VGCP") that a partial final award had been issued in the previously disclosed arbitration proceedings with Galp Trading S.A. ("Galp") regarding LNG sales from the Calcasieu Project under the long-term LNG sales and purchase agreement entered into by VGCP and Galp (the "SPA").

The award issued by the arbitration tribunal, acting primarily as a majority, found that VGCP had breached its obligation to declare COD of the Calcasieu Project in a timely manner pursuant to the SPA. Remedies will be determined in a separate damages hearing, which has not been scheduled but is anticipated to occur in 2027 or 2028. A final award is expected to follow the damages portion of the hearing. Based on the terms of the award issued by the arbitration tribunal, the final award will be subject to the $170 million seller aggregate liability cap in the SPA. One of the three arbitrators forming the tribunal issued a separate dissent, disagreeing with the findings of the majority as to the breach of the obligation to declare COD of the Calcasieu Project in a timely manner.

The Company is disappointed by the majority arbitration tribunal’s decision in the proceeding with Galp, which it believes contradicts the decisive findings in prior arbitrations involving Shell and Repsol, as well as the facts verified by independent third parties and regulatory agencies with oversight of the Calcasieu Project. The Company is currently evaluating all available options in response to the tribunal’s ruling and will continue to vigorously defend its position. Importantly, the award does not impact the terms of the SPA as entered into and presently performed by the parties, as evidenced by the twenty cargos that have been delivered to Galp to date from the Calcasieu Project pursuant to the SPA since the commercial operation date of the Calcasieu Project occurred on April 15, 2025.