v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table summarizes outstanding debt:
MaturityInterest rateSeptember 30,
2025		December 31,
2024
Fixed rate:
VGLNG Senior Secured Notes
VGLNG 2028 NotesJune 1, 20288.125%$2,250 $2,250 
VGLNG 2029 Notes(a)
February 1, 20299.500%3,000 3,000 
VGLNG 2030 NotesJanuary 15, 20307.000%1,500 1,500 
VGLNG 2031 NotesJune 1, 20318.375%2,250 2,250 
VGLNG 2032 Notes(b)
February 1, 20329.875%2,000 2,000 
VGCP Senior Secured Notes
VGCP 2029 NotesAugust 15, 20293.875%1,250 1,250 
VGCP 2030 NotesJanuary 15, 20306.250%1,000 1,000 
VGCP 2031 NotesAugust 15, 20314.125%1,250 1,250 
VGCP 2033 NotesNovember 1, 20333.875%1,250 1,250 
VGPL Senior Secured Notes
VGPL 2033 NotesMay 1, 20337.500%1,250 — 
VGPL 2034 NotesJanuary 15, 20346.500%2,000 — 
VGPL 2035 NotesMay 1, 20357.750%1,250 — 
VGPL 2036 NotesJanuary 15, 20366.750%2,000 — 
Other fixed rate debt(c)
September 5, 20297.600%84 84 
Variable rate:
Calcasieu Pass Construction Term Loan855 997 
Plaquemines Construction Term Loan5,701 12,635 
Plaquemines Working Capital Facility154 85 
CP2 Construction Term Loan100 — 
CP2 Holdings EBL Facilities3,000 — 
Blackfin TLA Facility54 — 
Blackfin TLB Facility(d)
1,050 — 
Total outstanding debt33,248 29,551 
Less: Unamortized debt discount, premium
     and issuance costs		(649)(275)
Total outstanding debt, net32,599 29,276 
Less: Current portion of long-term debt, net(856)(190)
Total long-term debt, net$31,743 $29,086 
____________
(a)Issued at 100.167% of par.
(b)Issued at 99.661% of par.
(c)Secured by a first priority interest in corporate property.
(d)Issued at 99.500% of par.
Schedule of Committed Credit Facilities
Below is a summary of committed credit facilities outstanding for our LNG projects as of September 30, 2025:

Calcasieu Pass
Credit Facilities(a)
Plaquemines
Credit Facilities(b)
CP2 Credit Facilities(c)
Calcasieu Pass Construction Term LoanCalcasieu Pass Working Capital FacilityPlaquemines Construction Term LoanPlaquemines Working Capital FacilityCP2 Construction Term LoanCP2
Working Capital Facility
CP2 Holdings EBL Facilities(d)
Original facility size$5,477 $300 $8,459 $1,100 $11,250 $850 $3,000 
Incremental commitments— 255 4,489 1,000 — — — 
Less:
Outstanding balances855 — 5,701 154 100 — 3,000 
Commitments prepaid
   or terminated		4,622 — 7,247 — — — — 
Letters of credit issued— 299 — 1,337 — 110 — 
Available commitments$— $256 $— $609 $11,150 $740 $— 
Priority rankingSenior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured		Senior
secured
Interest rate on outstanding balances
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
      SOFR +
2.375%
 to
2.875%
2.375%
to
2.875%
1.975%
to
2.625%
1.975%
to
2.625%
2.250%
to
2.750%
2.250%
to
2.750%
3.500%
 or  or  or  or ororor
base rate +
base rate +
base rate +
base rate +
base rate +
base rate +
base rate +
1.375%
to
1.875%
1.375%
to
1.875%
0.875%
to
1.375%
0.875%
to
1.375%
1.250%
to
1.750%
1.250%
to
1.750%
2.500%
Commitment fees on undrawn balance0.831%1.006%0.656%0.656%
0.788%
to
0.963%
0.788%
to
0.963%
N/A
Maturity dateAugust 19, 2026August 19, 2026May 25, 2029May 25, 2029July 28, 2032July 28, 2032July 28, 2028
____________
(a)The obligations of VGCP as the borrower are guaranteed by TCP and secured by a first-priority lien on substantially all of the assets of VGCP and TCP, as well as all of the membership interests in those companies.
(b)The obligations of VGPL as the borrower are guaranteed by Gator Express and secured by a first-priority lien on substantially all of the assets of VGPL and Gator Express, as well as all of the membership interests in those companies.
(c)The obligations of CP2 as the borrower are guaranteed by CP2 Procurement and CP Express and secured by a first-priority lien on substantially all of the assets of CP2, CP2 Procurement and CP Express, as well as all of the membership interests in those companies.
(d)CP2 Holdings as the borrower has pledged all its assets as collateral to secure its obligations under the CP2 Holdings EBL Facilities.
Below is a summary of committed credit facilities outstanding for the Company's pipeline infrastructure projects as of September 30, 2025:

Blackfin Credit Facilities(a)
Blackfin TLA FacilityBlackfin TLB FacilityBlackfin Working Capital Facility
Original facility size$425 $1,050 $75 
Less:
Outstanding balances54 1,050 — 
Available commitments$371 $— $75 
Priority rankingSenior securedSenior securedSenior secured
Interest rate on outstanding balances
SOFR + 2.250%
SOFR + 3.000%
SOFR + 2.250%
or
or
or
base rate + 1.250%
base rate + 2.000%
base rate + 1.250%
Commitment fees on undrawn balance
0.438% to 0.875%
N/A
0.438% to 0.875%
Maturity dateSeptember 29, 2030September 29, 2032 September 29, 2030
____________
(a)Blackfin, as borrower, has pledged all its assets as collateral to secure its obligations under the Blackfin Credit Facilities.
Schedule of Interest Expense
The following table presents the total interest expense incurred on debt and other instruments:

Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Stated interest$582 $503 $1,650 $1,375 
Amortization of debt discounts, premiums and issuance costs48 34 118 106 
Other interest and fees32 15 61 55 
Total interest cost662 552 1,829 1,536 
Capitalized interest(241)(424)(822)(1,069)
Total interest expense, net$421 $128 $1,007 $467