Venture Global’s Q3 Profit Surges on Record LNG Exports

Venture Global reported Q3 2025 revenue of $3.33 billion and net income of $429 million as record cargo exports and new SPAs lifted results, while the company narrowed full-year EBITDA guidance to $6.35–$6.50 billion.

The key takeaways from earnings include:

Q3 revenue rose 260% year over year to $3.33 billion; income from operations climbed 598% to $1.32 billion; net income reached $429 million versus a year-ago loss; Consolidated Adjusted EBITDA jumped 439% to $1.53 billion. The company exported a record 100 cargos (372 TBtu) in Q3 and now expects 382–386 cargos in 2025. 2H25 commercial momentum: 5.25 MTPA of new long-term SPAs, including 1.0 MTPA with Naturgy, 0.5 MTPA with Atlantic-SEE LNG Trade, 1.0 MTPA with PETRONAS, 0.75 MTPA additional with SEFE, and 2.0 MTPA with Eni. Guidance: Consolidated Adjusted EBITDA trimmed and tightened to $6.35–$6.50 billion (from $6.40–$6.80 billion) reflecting lower expected fixed liquefaction fees, DES timing into early 2026, and accounting reserves tied to ongoing arbitrations. Operations & projects: Calcasieu Pass marked its 500th cargo on Nov. 8; CP2 LNG received final DOE non-FTA export authorization. Phase 1 of CP2 and the CP Express Pipeline reached FID with $15.1 billion in project financing. Balance sheet & liquidity: Total assets rose to $50.1 billion; the company secured a $2 billion corporate revolver, raised $1.575 billion via the Blackfin Pipeline JV (including an $889 million distribution), and Plaquemines LNG closed $4.0 billion in secured notes in July.

Venture Global’s results underscore how rapidly incremental trains at Plaquemines are ramping - 34 of 36 trains are now producing LNG - while post-COD sales at Calcasieu Pass shift pricing dynamics. The company is leaning on a vertically integrated model and flexible cargo marketing to lock in new long-term offtake amid steady trans-Atlantic price spreads. Guidance conservatism reflects higher U.S. gas prices, arbitration reserves, and delivery timing on two DES cargos that slide into early 2026. With DOE approval in hand and CP2 Phase 1 financed, Venture Global is positioning for the next leg of U.S. Gulf Coast LNG growth despite industry-wide cost and permitting headwinds.

For the first nine months of 2025, Venture Global generated revenue of $9.32 billion, up 170% year over year, with income from operations rising 194% to $3.44 billion. Net income climbed 98% to $1.19 billion, while Consolidated Adjusted EBITDA more than tripled, increasing 201% to $4.26 billion.

During the third quarter, the company exported 100 cargos of LNG, compared with 31 a year earlier, bringing year-to-date shipments to 252 cargos and 373 TBtu sold in the quarter. For the full year, Venture Global expects to export 148 cargos from Calcasieu Pass and 234 to 238 cargos from Plaquemines, inclusive of year-to-date volumes.

Story Continues

Management noted that a $1.00/MMBtu change in fixed liquefaction fees would now alter full-year 2025 Adjusted EBITDA by just $50 to $60 million, down from $230 to $240 million previously, reflecting the smaller portion of unsold cargos remaining late in the year.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com

China’s Top Shale Oil Field Hits 20 Million-Ton Milestone Duke Energy Crushes Q3 Earnings Estimates on Strong Sales Petrobras Readies Next Buzios Platform After Record Output

Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.

You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.

View Comments