$VG earnings report

This is an operating-metrics update rather than a full third-quarter earnings release. Venture Global reported that it sold and recognized in revenue 465.8 TBtu of LNG for the quarter ended September 30, 2026, exported 124 cargos, and realized an implied weighted average fixed liquefaction fee of $6.79 per MMBtu. The filing does not report total revenue in dollars, earnings, margins, or cash flow.

Facility-level reported volumes were 137.7 TBtu of LNG sold and recognized in revenue at Calcasieu Pass and 328.1 TBtu at Plaquemines. The facilities exported 37 cargos and 87 cargos, respectively. No prior-year or prior-quarter comparisons were provided for the consolidated or facility-level operating measures, so the filing does not establish the direction of volume, fee, or cargo trends.

Revenue timing is a key qualification in the update. Venture Global exported five DES cargos totaling 20.4 TBtu on owned or chartered LNG vessels during the quarter that will be recognized in the following quarter. The Company stated that revenue for DES, DPU, and other delivered cargos is generally recognized upon delivery at the vessel destination, which can shift recognition beyond the reporting period.

The reported $6.79 per MMBtu implied weighted average fixed liquefaction fee is explicitly stated to exclude the impact of gas supply basis. The Company cautioned that cargo volume and the fee are not sole indicators of quarterly financial results. It said net income, cash flow, and other results will be announced with third-quarter earnings, leaving profitability, liquidity, capital allocation, and detailed financial guidance unavailable in this filing.

Venture Global delivered strong second-quarter growth. Revenue was $4,578, up 48% from $3,101, while income from operations was $2,188, up 111%. Net income attributable to common stockholders reached $1,347, up 266%, and Consolidated Adjusted EBITDA was $2,491, up 79%. The financial results were driven by higher LNG sales volumes, predominantly from Plaquemines commissioning progress, and by higher LNG sales prices net of feed gas costs from higher implied liquefaction fees under commissioning sales agreements.

Physical activity also expanded materially. The company exported 127 cargos and 478.3 TBtu, while LNG volumes sold were 466.4 TBtu. These were increases of 43%, 45%, and 42%, respectively, from Q2 2025. Calcasieu Pass produced 37 cargos during a quarter that included major scheduled gas-turbine maintenance, and the company said this exceeded its SPA obligations. The release attributes the operational stability to its modular approach and associated redundancy of critical components.

The company increased full-year 2026 Consolidated Adjusted EBITDA guidance to $8.7 billion - $9.1 billion from $8.2 billion - $8.5 billion. The outlook assumes a $12.50/MMBtu - $13.50/MMBtu fixed liquefaction fee for remaining unsold 2026 cargos, and the company stated that a +/- $1.00/MMBtu change in such fees would affect full-year Consolidated Adjusted EBITDA by $180 million - $210 million. Venture Global also tightened and raised the midpoint of its expected cargo range to 500 - 518 from 494 - 523, with current guidance specifying 149 - 154 cargos from Calcasieu Pass and 351 - 364 cargos from Plaquemines.

Commercial and construction execution remain central to the outlook. Venture Global reported that 91% of available 2026 cargos were contracted at a weighted average liquefaction fee of $5.05/MMBtu and executed over 2 MTPA of new or increased LNG offtake agreements. Plaquemines Project Phase 1 COD is targeted for Q4 2026, while CP2 remains on schedule for first LNG in the second half of 2027. The timing of the Plaquemines and CP2 expansions remains subject to regulatory approvals.

Capital allocation combined a higher dividend with substantial refinancing activity. The board declared a $0.04 per share cash dividend, described as an increase of 122%, while multiple financings refinanced existing obligations, redeemed preferred equity interests, and added a term loan intended for general corporate purposes. Management stated that the refinancings translate into more than $100 million of annual cost savings. Total assets were $61.5 billion as of June 30, 2026, compared with $46.5 billion as of June 30, 2025.