Venture Global, Inc. (VG)

The model differs from competitors in how it builds: instead of one enormous processing train, the company assembles a plant from many identical factory-made modules. That is cheaper and faster but raises the stakes at commissioning — and it is precisely at that stage that the company's main disputes with buyers arose.

The economics rest on long-term contracts where the buyer pays for the right to take gas whether or not it does. While a plant is not formally in service, output is sold at spot prices, and in years of high demand that earned more than contract revenue — a source of arbitration claims. Risks: construction schedules, buyers' legal claims and gas prices. The dividend is small.