Port Arthur LNG Phase 2 Valuation, Funding & Investors

COSCO SHIPPING Energy Transportation Co Ltd engages in the shipping business. The firm's business covers oil shipping, which includes vessel chartering. The company operates through the following segments: Oil transportation, LNG shipping, LPG transportation, and Chemical transportation. The majority of the firm's revenue is dominated by the Oil transportation segment.

Var Energi ASA is an independent upstream oil and gas company on the Norwegian continental shelf. It operates within the geographical area of Norway and the business is entirely related to the exploration for and production of petroleum in Norway. The Company operates within a single operating segment, and the products include oil and gas, natural gas liquids (NGL). Revenues are mainly related to the sale of oil, gas, and NGL. Var Energi is the operator of the following producing fields: Goliat (Barents Sea), Fenja (Norwegian Sea), Gjoa, Duva, Balder, and Ringhorne (North Sea).

Bharat Petroleum Corp Ltd operates several refineries in India, while also marketing and distributing petroleum by-products. Operations are divided into the following reportable segments: Downstream Petroleum, and Exploration and Production of Hydrocarbons. Downstream Petroleum operations which generate the majority of its revenue, include the refineries that produce liquefied petroleum gas, aromatics, kerosene, fuel oil, furnace oil, and bitumen. Bharat's petroleum by-products are often commanded by consumers in aviation, autos, maritime, and many other industrial segments. The Downstream Petroleum operations also include the network of retail service stations across India. Geographically, the company derives a majority of its revenue from India and the rest from other countries.

SNGN Romgaz SA  is Romania's largest natural gas producer and supplier, operating in 8 onshore exploration blocks. The company has upstream, storage, and electricity production segments, as well as other activities. Romgaz engages in various activities, including upstream operations like exploring natural gas reserves, producing and trading gas extracted from domestic or imported sources for resale. These activities are carried out by the head office, Mediaș and Mureș branches, and subsidiary Romgaz Black Sea Limited. Depogaz, a subsidiary of Romgaz, is responsible for storage activities. Iernut branch is involved in electricity production and distribution activities. Additionally, Romgaz performs other activities such as technological transport, operations on wells, and corporate.

Tupras-Turkiye Petrol Rafineleri AS provides and refines crude oil through Turkish and international refineries. It also operates petrochemical factories and facilities. The company’s complete line of products includes liquefied petroleum gas(LPG), fuel oil, waxes and extracts, bitumen, and other products. In addition to refining and producing products, the firm engages in the purchase, sell, import, export, store, marketing, and distribution of a variety of petroleum products. Distribution is completed through a network of foreign and domestic wholesalers and retailers. The majority of sales from refineries are domestic.

Sunoco LP is engaged in the distribution of motor fuels to independent dealers, distributors, and other commercial customers as well as the distribution of motor fuels to end-use customers at retail sites operated by commission agents. It is a growth-oriented master limited partnership (MLP) that operates as a wholesale and retail fuel distributor in the United States. The firm operates through the Fuel Distribution; Pipeline Systems; Refinery and Terminals segments. It generates the majority of its revenue from the Fuel Distribution segment. It distributes motor fuel to convenience stores, dealers, and commercial customers in various states.

Fort Worth-based Range Resources is an independent exploration and production company with that focuses entirely on its operations in the Marcellus Shale in Pennsylvania. At year-end 2024, Range Resources' proven reserves totaled 18.1 trillion cubic feet equivalent, with net production of 2.2 billion cubic feet equivalent per day. Natural gas accounted for 69% of production.

Yantai Jereh Oilfield Services Group Co Ltd is a China-based company engaged in the manufacturing of oilfield equipment and the provision of oilfield services. It is engaged in drilling equipment and oil & gas field engineering equipment manufacturing, equipment maintenance and accessories sales, oil field engineering technology services, as well as oil & gas field construction services. The company conducts its business within domestic and overseas markets.

SK Innovation Co Ltd is a Korean-based company engaged in the production and sale of petroleum products, lubricants, and base oils. Its operating segments include Petroleum & Chemicals, Lubricant, Oil development, ENS, Batteries & Materials, and Other sectors. Its main products include eco-friendly gasoline, diesel, kerosene, aviation fuel, naphtha, olefins, aromatics, lubricant base oils, and batteries for electric vehicles. It generates the majority of its revenue from the Petroleum and Chemicals segment.

DT Midstream Inc is an owner, operator, and developer of natural gas midstream interstate and intrastate pipelines; storage and gathering systems; and compression, treatment, and surface facilities. It provides multiple, integrated natural gas services to customers through interstate pipelines, intrastate pipelines, storage systems, lateral pipelines and related treatment plants and compression and surface facilities, and gathering systems and related treatment plants and compression and surface facilities. The segments of the group are Pipeline and Gathering. It generates maximum revenue from pipeline segment that includes interstate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities.

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through given segments: Midstream, Utilities, and Corporate/other. Midstream business consists of export facilities and locates processing, fractionation, and logistics infrastructure, as well as hydrocarbon storage in North America that connects North American producers from wellhead to offshore export and domestic markets. The utility business is offered through its regulated natural gas utilities - Washington Gas and SEMCO. The business generates revenue from customers in both Canada and the United States, with the majority coming from Canadian customers.

Antero Resources, based in Denver, explores for and produces natural gas and natural gas liquids in the United States and Canada. At the end of 2025, the company reported proven reserves of 19.1 trillion cubic feet of natural gas equivalent. Production averaged approximately 3,442 million cubic feet of equivalent per day in 2025 at a ratio of 35% liquids and 65% natural gas.

MOL Hungarian Oil and Gas PLC is a multinational integrated oil and gas company. The group has various segments, including Upstream, Downstream, Consumer services, Gas midstream, Circular Economy and Corporate and others. The Downstream segment derives the majority of the revenue, which consists of different business activities that are part of an integrated value chain that turns crude oil into a range of refined products, which are moved and marketed for household, industrial, and transport use. Geographically, its sales come from Hungary, Croatia, Slovakia, Italy, the Czech Republic, Romania, Austria, Serbia, and the Rest of the World.

Galp Energia SGPS SA is an integrated operator with business lines spanning from exploration and production to refining and marketing of oil products. Its operating segments include Upstream, Industrial and Midstream, Commercial and Renewables, and New Businesses. The Upstream segment involves, management of all activities relating to the exploration, development, and production of hydrocarbons. The Industrial & Midstream segment operates the Sines industrial site in Portugal, which includes all current refining activities, The Commercial segment encompasses the area of retail to final B2B and B2C customers of oil, gas, electricity, and convenience. The Renewables & New Businesses segment represents Galp’s presence in the renewable and new energies space.

Cepsa is a Spanish integrated energy company founded in 1929 and renamed Moeve in 2024. Its historical operations include oil refining, fuel marketing, service stations, lubricants, aviation and marine fuels, petrochemicals and selected upstream interests. The group serves industrial customers, transport operators, distributors and motorists, generating revenue from commodity production, refining margins, chemical sales and retail energy products. It operates major industrial complexes in Andalusia and a broad Iberian commercial network. More recent investment has shifted toward renewable fuels, electric mobility, green hydrogen and other lower-carbon energy infrastructure. Mubadala has controlled the group since acquiring the former IPIC interest, while Carlyle held a substantial minority stake during part of the covered period.

Repsol Upstream is the exploration and production division of Repsol S.A., concentrating on discovering and extracting oil and natural gas reserves worldwide. Headquartered in Madrid, Spain, it manages assets across more than 15 countries including Brazil, Venezuela, Libya, and the North Sea. Repsol Upstream produced 389,000 barrels of oil equivalent per day in 2023, with significant operations in the Eagle Ford shale in Texas and the Peru LNG project. The division partners with companies like YPF in Argentina and focuses on deepwater developments off the coast of Colombia.

ADNOC Oil Pipelines is an Abu Dhabi entity formed in 2019 that holds lease rights to crude oil and condensate pipelines of the Abu Dhabi National Oil Company. ADNOC pays it a tariff based on the volume of crude and condensate transported under a long-term lease, so its income is contracted and tied to throughput rather than to oil prices. The entity was created for ADNOC's 2019 pipeline infrastructure investment programme, in which ADNOC sold minority interests to international and regional institutional investors while keeping majority ownership and operational control.

Freeport LNG is a Texas company that owns and operates a liquefied natural gas export terminal on Quintana Island near Freeport. The site began as an import terminal and was expanded with a three-train liquefaction plant, which started exporting in 2019 and has a capacity of about 15 million tonnes a year. Most of that capacity is sold under long-term tolling agreements to buyers including Osaka Gas, JERA, BP, TotalEnergies and SK E&S. The company was founded in 2002 by Michael Smith, who remains chairman, chief executive and majority shareholder. Infrastructure investors have funded the build-out: IFM Investors committed about 1.3 billion dollars of equity for the second train in 2013, Global Infrastructure Partners bought a quarter of the holding company in 2014, and JERA bought that stake in 2021 for 2.5 billion dollars. A fourth train is fully permitted.