Venture Global Logs Nearly 50 Percent Revenue Increase

Liquefied natural gas (LNG) producer Venture Global Inc on Monday reported $4.58 billion in revenue for the second quarter (Q2), up 48 percent from the same three-month period last year.

That was thanks to LNG export volumes increasing 45 percent year-on-year to 478.3 trillion British thermal units. Cargos rose 43 percent to 127.

Net profit soared 266 percent to $1.35 billion. Earnings before interest, taxes, depreciation and amortization, adjusted for nonrecurring items, increased 79 percent to $2.49 billion.

The New York-listed company bumped up its dividend by 122 percent to $0.04 per share.

The April-June 2026 results "were primarily driven by higher LNG sales volumes, predominantly from Plaquemines as a result of commissioning progress, and higher LNG sales prices net of feed gas costs due to higher implied liquefaction fees for LNG sold under commissioning sales agreements", Venture Global said in an online statement.

The Arlington, Virginia-based company has two LNG facilities in operation. The newer project in Plaquemines Parish, Louisiana shipped its first cargo 2024, as announced by Venture Global December 26 that year, but the company has said the official start date of commercial operation would be in the fourth quarter of 2026.

"We are in the final stages of construction, commissioning and assurance testing required in advance of COD [commercial operations date] of our Plaquemines Project Phase 1, and the team is working tirelessly to safely complete the remaining Phase 1 scopes", Monday's statement said. "As recently communicated with our Phase 1 customers, we are pleased to reaffirm that we are targeting Plaquemines Project Phase 1 COD in Q4 2026 and Plaquemines Project Phase 2 COD in mid-2027.

"We continue to progress early development of the Plaquemines Expansion Phase 1, following our permit applications filed with FERC [Federal Energy Regulatory Commission] and the DOE [Department of Energy] late last year. Subject to regulatory approvals, we are targeting FID [final investment decision] in the first half of 2027 and first LNG in 2029".

On March 13, 2026 DOE authorized an immediate 13 percent increase in exports from Plaquemines LNG. "With today’s order, Plaquemines LNG is now authorized to immediately export a total of 3.85 Bcfd [billion cubic feet per day] to both FTA [free trade agreement] and non-FTA countries", the department said.

The older project, Calcasieu Pass in Louisiana, began producing LNG in 2022. It holds a DOE permit to export up to 12.4 million metric tons per annum (MMtpa) or 640.67 Bcf a year of gas equivalent to FTA and non-FTA nations.

"We completed major scheduled maintenance on the gas turbines at our Calcasieu Pass facility", Venture Global said Monday. "Despite major maintenance typically requiring LNG facilities to curtail large portions of production, Calcasieu Pass produced 37 cargos in Q2, surpassing our SPA [sale and purchase agreement] obligations.

"Calcasieu Pass' performance this quarter highlights a strategic advantage of our modular approach which enables redundancy of critical components, and generates a more stable and elevated production profile".

Also in Louisiana, Venture Global's under-construction CP2 holds FTA and non-FTA authorization to ship about 28 MMtpa or 1.45 trillion cubic feet a year of gas equivalent. Venture Global expects to put the project into production next year.

"During the quarter, we filed for CP2 brownfield expansion permits with FERC and non-FTA export authorization at DOE", Monday's statement said. "Subject to regulatory approval, we are targeting FID on the CP2 Expansion in early 2027 with first production in late 2028".

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