Two billionaire fossil fuel magnates with close connections to former President Donald Trump acquired millions of shares in their own company just days before senior Trump administration officials granted a crucial regulatory permit, an investigation reveals.
Mar-a-Lago Meetings and a Lucrative IPO
Robert Pender and Michael Sabel, the co-founders and co-chairs of Virginia-based liquefied natural gas (LNG) firm Venture Global, are at the centre of the scrutiny. Sabel was among a group of approximately 20 executives who attended an event at Trump's Mar-a-Lago club in April 2024, where the former president reportedly sought $1bn in campaign donations in exchange for favourable policies.
The company had already established its political ties, having been listed among the "top donors" to Trump's 2017 inauguration with a $1m contribution. On his first day in office, Trump signed an executive order designed to unleash American energy production, specifically easing regulations on LNG export licences.
This set the stage for Venture Global's blockbuster initial public offering (IPO) just three days later. The share prospectus prominently featured Trump's energy order. Despite the fanfare, including Sabel and Pender ringing the opening bell at the New York Stock Exchange, shares opened nearly 4% below the asking price at just over $24. This valued the company at $58.2bn, far short of its $110bn hope, but still netted the two co-founders a paper fortune of around $24bn each.
A Strategic Share Buying Spree
For months after the IPO, neither founder made significant additional share purchases. This changed dramatically in the week beginning 10 March 2024. This followed a high-profile event on 6 March in Plaquemines Parish, Louisiana, where Venture Global announced an $18bn expansion to its LNG terminal.
The event was attended by key Trump officials with direct regulatory oversight: Energy Secretary Chris Wright and Interior Secretary Doug Burgum. Both praised the company's alignment with Trump's "energy dominance" agenda.
With the company's share price at a relatively low point of $9.37 following disappointing quarterly results, Sabel and Pender embarked on a buying spree. Over five consecutive days, each purchased hundreds of thousands of shares. By 14 March, they had each accumulated just under 1.2 million additional shares, worth approximately $12m.
Permit Granted and Mounting Scrutiny
The timing of these purchases has drawn intense scrutiny. The following week, on 19 March, Energy Secretary Chris Wright granted a critical export licence for Venture Global's Cameron Parish 2 (CP2) terminal. This project had been paused by the Biden administration due to protests from climate scientists and local communities.
Wright credited "President Trump's leadership" for cutting red tape, while Sabel thanked the administration for "regulatory certainty." The CP2 terminal is pivotal, with capacity to supply 28 million tonnes of LNG annually, positioning Venture Global as a major future supplier to Germany.
Ethics experts have raised serious concerns. Craig Holman of Public Citizen stated the "timing and amount invested raise serious red flags" and warrant an investigation. Venture Global's lobbying expenditure has also skyrocketed, reaching $860,000 in 2024 compared to a previous high of $70,000 in 2019.
All parties vehemently deny any wrongdoing. A Venture Global spokesperson asserted that share acquisitions "fully complied with SEC rules" and had "no connection to any meeting or regulatory action." A White House spokesperson dismissed the reports as "fabricated" conflicts of interest.
Despite the permit win and new long-term deals with European nations, Venture Global's financial performance has struggled. Its share price has plummeted 67% since the IPO to $7.90 in mid-November, valuing the company at $19.6bn. Analysts warn the company's business model, which relies on fewer long-term contracts, is highly exposed to market fluctuations, a concern underscored by a recent billion-dollar arbitration loss to BP.
