Venture Global Logs 181 Percent Increase in Annual LNG Sales

Venture Global Inc has reported 1,409 trillion British thermal units in liquefied natural gas (LNG) sales last year, increasing 181 percent from 2024 and setting a new company record.

The Arlington, Virginia-based LNG developer exported 380 cargoes in 2025, up from 239 cargoes in 2024, it said in its statement of results.

Revenue rose 177 percent to $13.8 billion. Income from operations grew 192 percent to $5.2 billion. Net profit increased 53 percent to $2.3 billion. EBITDA adjusted for extraordinary or non-recurring items totaled $6.3 billion, up 198 percent.

The $785 million increase in net income was “largely driven by higher income from operations of $3.4 billion primarily due to higher LNG sales volumes of $6.2 billion predominantly at the Plaquemines Project as a result of commissioning progress”, Venture Global said.

“This increase was partially offset by lower LNG sales prices net of the cost of feed gas of $1.9 billion primarily at the Calcasieu Project after the commencement of LNG sales under its post-COD SPAs in April 2025, non-cash unfavorable changes in interest rate swaps of $994 million and higher interest expense of $870 million”.

Fourth quarter net income rose $196 million or 23 percent from the same three-month period in 2024. Venture Global attributed the year-on-year difference to the same factors that defined its annual net result.

Earnings per share for the fourth quarter of 41 cents beat the Zacks Consensus Estimate of 35 cents. Venture Global declared a quarterly dividend of $0.018 per share.

In 2026 Venture Global expects to increase cargo exports to 486-527, of which 145-156 cargoes are expected to come from the Calcasieu project and 341-371 from the Plaquemines project.

“We continue to progress on construction, commissioning and assurance testing required in advance of the commercial operation date of our Plaquemines Project”, Venture Global said. “Thanks to a series of innovative mitigations and previously announced incremental expenditures addressing the challenges that arise in the construction and commissioning of a large, complex project, we are pleased to reaffirm that we are targeting Plaquemines Project Phase I COD in Q4 2026 as previously communicated to our customers and Plaquemines Project Phase II COD in mid-2027”.

In other projects, Venture Global said, “Construction at CP2 Phase I is progressing well, on budget and on track for first production in late 2027. We are progressing the final investment decision process for CP2 Phase II including securing additional long-term SPAs and finalizing construction financing.  We continue to anticipate FID in the first half of 2026”.

Venture Global secured contracts for about 9.75 million metric tons per annum from 2025 to date, it said. These include four agreements executed in the fourth quarter and the 20-year, 1.5-MMtpa deal with Hanwha Aerospace Co Ltd and five-year, 0.5-MMtpa deal with Trafigura signed in 2026.

While it expects to increase shipments, Venture Global projects adjusted EBITDA to fall to $5.2-5.8 billion for 2026 due to “impacts from Winter Storm Fern and margin compression in the first quarter”.

“The spread between domestic and international prices for gas and LNG was compressed in January and February 2026 but has now stabilized at higher levels”, Venture Global said.

“Consequently, we assume a fixed liquefaction fee range of $5.00/MMBtu-$6.00/MMBtu for our remaining unsold cargoes in 2026 in support of our guidance, reflecting market forward prices and recently executed cargo sales”.

Venture Global increased its total assets by $10 billion year-on-year to $53.4 billion in 2025. Current assets totaled $4 billion including $2.4 billion in cash and cash equivalents.

Current liabilities stood at $4.3 billion including a $812 million current portion of long-term debt.

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