VG · Venture Global, Inc.

Venture Global delivered strong Q1 2026 results with revenue surging 59% year-over-year to $4.6 billion, fueled by record LNG volumes of 481 TBtu sold and 130 cargos exported, up 111% and 106% respectively from Q1 2025. This volume growth stemmed primarily from commissioning progress at the Plaquemines Project, enabling higher LNG sales despite lower net prices after feed gas costs. Income from operations rose 7% to $1.2 billion, while net income attributable to common stockholders climbed 23% to $488 million, supported by favorable interest rate swaps and reduced development expenses, though offset by higher interest costs. Consolidated Adjusted EBITDA edged up 2% to $1.4 billion, reflecting the volume leverage partially countering pricing pressures in a volatile global LNG market. Total assets expanded to $56.3 billion from $45.1 billion year-ago. Management raised full-year 2026 EBITDA guidance to $8.2-$8.5 billion, up significantly from prior $5.2-$5.8 billion, based on a tightened cargo range of 494-523 (from 486-527) and 84% of capacity sold at $4.51/MMBtu average liquefaction fee, with remaining unsold cargos assuming $9.50-$10.50/MMBtu in line with forward curves. A +/- $1.00/MMBtu fee shift impacts guidance by $300-$350 million. Key milestones include CP2 Phase II FID with $8.6 billion project financing (total CP2 now $20.7 billion), new five-year LNG deals with Vitol (1.7 MTPA), TotalEnergies (0.85 MTPA), plus prior Q1 SPAs with Hanwha, Trafigura, and Vitol. Financing updates: Calcasieu Pass $1.75B term loan B to redeem preferred equity and $750M 6.0% notes due 2036 to prepay construction loan. CEO Mike Sabel highlighted supply stability amid Middle East tensions, reaffirming Plaquemines Phase I COD in Q4 2026 and CP2 first LNG in H2 2027, underscoring execution amid construction complexities.