Venture Global nearly doubles LNG exports in first quarter, executives add to expected 2025 cargo count
Executives of Venture Global Inc., Arlington, Va., have increased their 2025 guidance for cargos from the company’s Calcasieu Pass and Plaquemines LNG plants by about 5 and say customers’ appetite for shipments is “fairly steady.”
In first-quarter 2025, Venture Global exported 34 cargos from Calcasieu Pass and 29 cargos from Plaquemines; both of those numbers were slightly above management’s earlier guidance. For all of 2025, chief executive officer Mike Sabel and his team now expect the two plants to export 378 cargos at the midpoint of their range, up from 373 just 2 months ago—when the company announced plans to add a third phase to Plaquemines (OGJ Online, March 6, 2025).
Discussing first-quarter net earnings of $517 million on revenues of nearly $2.9 billion, executives said 109 of the possible 116 export cargos remaining in 2025 from Calcasieu are contracted. At Plaquemines, which is ramping up production, 42% of the roughly 200 potential remaining 2025 cargos have been contracted.
The company exported 234 trillion btu during first-quarter 2025, a jump of 93% from the last quarter of 2024. Sabel told analysts on a conference call customer demand for Venture Global’s services is holding up and that his sales team is looking to sign more 20-year supply contracts that will smooth out the company’s growth path.
Looking ahead, executives have lowered full-year guidance for adjusted earnings before interest, taxes, depreciation and amortization by about $500 million to $6.4-6.8 billion. That move is based on an assumed fixed liquefaction fee of $6-7/MMbtu on unsold remaining cargos, which is down a dollar from the company’s previous forecast and based on lower market prices and recent contracts.
The Venture Global team continues to build out the company’s infrastructure and is on pace to finish 2025 with 54 liquefaction trains producing LNG versus 18 early last year. The company also recently received a positive review from the US Federal Energy Regulatory Commission of its plans to build the 28-million tonnes/year CP2 LNG Plant in Cameron Parish, La. (OGJ Online, May 12, 2025).
Venture Global has so far invested $5 billion in that project and executives—who have secured $3 billion in bank loans for the project—say they will quickly move forward once FERC officials give their full approval of the project.
Shares of Venture Global (Ticker: VG) popped nearly 10% to about $10.85 on the earnings report and conference call. That move has grown the company’s market capitalization to about $26 billion still leaves the shares far short of the $25 price at which they went public early this year.
Geert De Lombaerde | Senior Editor
A native of Belgium, Geert De Lombaerde has more than two decades of business journalism experience and writes about markets and economic trends for Endeavor Business Media publications Healthcare Innovation, IndustryWeek, FleetOwner, Oil & Gas Journal and T&D World. With a degree in journalism from the University of Missouri, he began his reporting career at the Business Courier in Cincinnati and later was managing editor and editor of the Nashville Business Journal. Most recently, he oversaw the online and print products of the Nashville Post and reported primarily on Middle Tennessee’s finance sector as well as many of its publicly traded companies.
