Venture Global’s Q1 revenue jumps to $2.89 billion

On Tuesday, the US LNG exporter said that its revenue rose 105 percent compared to the same quarter in 2024.

Net income for the three months ended March 31, 2025, decreased 39 percent as compared to 2024.

Venture Global said this decrease was largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps.

Income from operations for the first quarter increased 75 percent year-on-year, primarily due to higher LNG sales volumes and higher LNG sales prices, which resulted in a greater total margin for LNG sold.

According to the firm, these increases were partially offset by $146 million higher depreciation and $143 million higher operating costs in support of the ramp up of LNG production at the Plaquemines project and operating Venture Global’s LNG tankers, as well as remediation and rectification costs associated with the preparation of the Calcasieu project for COD (commercial operations date).

Last month, Venture Global launched commercial operations at its Calcasieu Pass LNG terminal in Louisiana, some 68 months from its final investment decision and 38 months after production start.

Venture Global said consolidated adjusted Ebitda of $1.35 billion increased 94 percent year-over-year, mainly due to higher LNG sales volumes and higher LNG sales prices, resulting in greater total margin for LNG sold.

Also, the company updated its consolidated adjusted Ebitda guidance for the full year 2025 to $6.4 billion – $6.8 billion.

Up to 389 LNG cargoes

Venture Global now expects to export 145-150 LNG cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025.

This includes the 34 and 29 cargoes the company exported from the Calcasieu project and the Plaquemines project, respectively, in the first quarter.

Venture Global facilities exported a total of 234 TBtu of LNG, a new record for the company and an increase of 113 TBtu, or 93 percent, from the prior quarter.

Plaquemines LNG commissioning

The company continues to progress with the commissioning of the Plaquemines LNG project.

“Eighteen of the Phase 1 liquefaction trains at the Plaquemines project demonstrated production levels of approximately 140 percent of nameplate capacity,” the firm said.

Venture Global took a final investment decision on the first phase of the Plaquemines project with a capacity of 13.3 mtpa and the related pipeline in May 2022, while the company sanctioned the second phase in March 2023.

The full project, including the second stage, features 36 modular units, configured in 18 blocks. Each train has a capacity of 0.626 mtpa.

Venture Global recently also received approval from FERC to boost the capacity of its Plaquemines LNG terminal to 27.2 mtpa.

In December 2024, Venture Global shipped the first Plaquemines LNG cargo.

The company is targeting COD for the Plaquemines project in the fourth quarter of 2026 for Phase 1 and in mid-2027 for Phase 2.

In addition to these facilities, Venture Global is also working to take a final investment decision on the CP2 project.

The CP2 LNG plant will be located next to Venture Global’s existing 10 mtpa Calcasieu Pass liquefaction plant in Louisiana.

CP2 is expected to have peak production capacity of up to 28 mtpa.