Venture Global Inc. exported 233.6 trillion British thermal units (TBtu) of liquefied natural gas (LNG) in the first quarter (Q1), increasing 62 percent from the same three-month period last year and setting a new quarterly record for the company.
Meanwhile LNG volumes sold totaled 228.3 TBtu, also up 62 percent from Q1 2024. Revenue grew 105 percent year-on-year to $2.89 billion.
However, net profit fell 39 percent year-over-year to $396 million. “This decrease was largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps”, the Arlington, Virginia-based LNG developer said in an online statement.
Income from operations increased 75 percent year-on-year to $1.08 billion primarily due to higher sales volumes and prices.
Consolidated adjusted earnings before interest, taxes, depreciation and amortization grew 94 percent year-on-year to $1.35 billion. The positive impact from higher sales volumes and prices were partially offset by an increase in operating costs “in support of the ramp-up of LNG production at the Plaquemines Project and operating our LNG tankers, as well as remediation and rectification costs associated with the preparation of the Calcasieu Project for COD”, Venture Global said.
Plaquemines LNG shipped its first cargo, from phase 1, last December. Phase 2, which the company approved 2023, is expected to start operation this year. Phases 1 and 2 have a total permitted capacity of 27.2 million metric tons per annum, though phase 2 has yet to obtain a permit to export to countries with no free trade agreement (FTA) with the United States.
The quarterly report said, “Eighteen of the Phase 1 liquefaction trains at the Plaquemines Project demonstrated production levels of approximately 140 percent of nameplate capacity”.
Venture Global confirmed that in April, subsequent to the quarter, Calcasieu Pass LNG started “commercial operations”. The Cameron Parish facility already began production January 2022, according to Venture Global. However, it had not supplied offtakers until now.
“Calcasieu Pass has subsequently delivered cargos on schedule to all foundational customers”, the quarterly report said.
Another Venture Global project, CP2 LNG, received a Final Supplemental Environmental Impact Statement from the Federal Energy Regulatory Commission (FERC) on May 9.
“Commission staff conclude that the emission impacts, including 1-hour NO2 [nitrogen dioxide] and annual PM2.5 impacts from the Moss Lake Compressor Station and CP2 LNG Terminal, when combined with past, present, and reasonably foreseeable emissions within the regional air environment are not significant”, FERC said in a statement.
The project had in March received a conditional permit from the Energy Department to export to non-FTA countries. The project previously secured authorization for its export volume, the equivalent of about 1.45 trillion cubic feet a year of natural gas, when it won FTA export approval April 2022.
“We now expect to export 145-150 cargos from the Calcasieu Project and 222-239 cargos from the Plaquemines Project in 2025, inclusive of the 34 and 29 cargos we exported from the Calcasieu Project and the Plaquemines Project, respectively, in the three months ended March 31, 2025”, the quarterly report said.
To contact the author, email jov.onsat@rigzone.com
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