Research Reports

Prepared Highlights

Q3 2025 revenue $3.3B, +260% YoY from $0.9B; income from operations $1.3B, +598% YoY (CEO, CFO)
Consolidated adjusted EBITDA $1.5B in Q3 2025, +439% YoY from $283M in Q3 2024 (CEO, CFO)
Net income attributable to common shareholders $429M, vs. a $347M loss in Q3 2024 (CFO)
Calcasieu Pass: exported 36 cargos in Q3; weighted avg fixed liquefaction fee $1.76/MMBtu (after $27M noncash arbitration reserve); full-year export forecast raised to 148 cargos (CEO, CFO)
Plaquemines: exported 64 commissioning cargos in Q3 (high end of range); weighted avg fixed liquefaction fee $6.79/MMBtu on commissioning cargos; full-year export forecast 234–238 cargos (CEO)
Plaquemines Phase 1 COD: reaffirmed Q4 2026; Phase 2 COD mid-2027 (CEO)
CP2 Phase 1: 99% engineering complete; 3,500+ workers on site; FID for Phase 2 targeted 1H 2026 (CEO)
New 20-year SPAs: 1 MTPA with Naturgy (Spain) for CP2 Phase 2; 0.5 MTPA with Atlantic-SEE LNG (Greece), Greece's first long-term U.S. LNG deal (CEO)
Blackfin joint venture: raised $1.575B financing, returning ~$900M cash to VG; new $2B corporate revolver closed post-quarter (CEO, CFO)
Year-to-date financing: ~$30B raised across 8 separate billion-dollar+ transactions (CEO)
Cash & restricted cash: >$3.5B at quarter end (CFO)
Calcasieu Pass arbitration: full/partial resolutions in 3 proceedings; remaining claims reduced to $4.8B–$5.5B from $6.7B–$7.4B; noncash reserve expected $14M–$15M/quarter moving forward (CEO, CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Revenue	$3.3B (Q3 2025)	CFO
Income from operations	$1.3B (Q3 2025)	CFO
Net income attributable to common shareholders	$429M (Q3 2025)	CFO
Consolidated adjusted EBITDA	$1.5B (Q3 2025)	CFO
Calcasieu Pass cargo exports (Q3)	36	CEO
Calcasieu Pass weighted avg fixed fee (Q3)	$1.76/MMBtu (after $27M reserve)	CEO
Calcasieu Pass full-year 2025 forecast exports	148	CFO
Plaquemines cargo exports (Q3)	64	CEO
Plaquemines weighted avg fixed fee (Q3 commissioning)	$6.79/MMBtu	CEO
Plaquemines full-year 2025 forecast exports	234–238	CEO
Plaquemines Q4 contracted cargos / % of potential	79 / 84% at $6.41/MMBtu weighted fee	CEO
2025 consolidated adj. EBITDA guidance	$6.35B–$6.50B (was $6.4B–$6.8B)	CFO
Sensitivity to $1/MMBtu change in fees (remaining 2025)	~$50M–$60M change in EBITDA	CFO
CP2 Phase 1 & 2 total all-in cost	~$1,000/ton; net cost ~$21B after pre-COD EBITDA	CEO
CP2 Phase 1 & 2 expected annual EBITDA contribution	$4B–$5.2B (at $4–$6/MMBtu non-20-year fees)	CEO
CP2 Phase 1 & 2 available capacity (non-20-year)	9M–11M tons	CEO

Mgmt Quotes

"This range reflects a forecasted $4.50 per MMBtu to $5.50 per MMBtu fixed liquefaction fee range for available cargos remaining in the quarter, which is consistent with current TTF and JKM forward price expectations." (CEO)
"Including the 3 offtake commitments we previously announced and signed in July, Venture Global has now added 5.25 MTPA of new 20-year SPAs in the second half of 2025, which I think might be the most in the market globally." (CEO)
"The key to success in any commodity business is being the low-cost producer which for CP2 Phases 1 and 2, should be just above $1,000 a ton all in." (CEO)
"Importantly, while we ardently disagree with the BP award, the result does not impact our strategy for growth and providing low-cost LNG to our customers throughout the world." (CEO)
"Year-to-date, we have now raised approximately $30 billion and closed 8 separate billion-dollar-plus transactions to further grow our business and optimize our capital structure." (CEO)