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The company said on Tuesday that its net income increased primarily due to higher LNG sales volumes of $1.8 billion predominantly at the Plaquemines project as a result of commissioning progress, favorable changes in interest rate swaps of $207 million, and lower development expense of $136 million.
These increases were partially offset by lower LNG sales prices net of the cost of feed gas of $1.9 billion, and higher interest expense of $168 million.
Venture Global said consolidated adjusted Ebitda for the three months ended March 31, 2026, increased by $26 million, or 2 percent, compared to 2025.
The company shipped a total of 130 LNG cargoes from its Calcasieu Pass and Plaquemines LNG export terminals in the first quarter of this year.
Venture Global expects to export 147-154 cargoes from the Calcasieu project and 347-369 cargoes from the Plaquemines project in 2026.
Combined, Venture Global anticipates 494-523 total cargoes in 2026.
Based on this cargo range and the current forward curves for LNG and natural gas prices, the company expects 2026 full-year consolidated adjusted Ebitda to be $8.2-$8.5 billion.
Venture Global reaffirmed that it is targeting Plaquemines project Phase I COD in the fourth quarter of 2026 and Phase II COD in mid-2027.
“Construction at our CP2 project is progressing well, and we remain on track to produce first LNG in the second half of 2027, considerably faster from FID than any large-scale project in the history of the LNG industry,” the company said.
Venture Global noted that it has raised the roofs on two of the four CP2 LNG storage tanks, while the perimeter wall protecting the facility is watertight, and 12 of the 36 LNG liquefaction trains are on their foundations.
“The first quarter of 2026 was a dynamic, and at times volatile, period for the global LNG market, and we are proud that our company has played a critical role in helping maintain supply stability,” said Venture Global CEO Mike Sabel.
“As the market navigates the ongoing impacts of the conflict in the Middle East, Venture Global remains focused on the safe, disciplined execution of our operating, commissioning, and construction plans,” he said.