The 128 LNG cargoes compare to 100 LNG cargoes in the third quarter, 89 LNG cargoes in the second quarter, and 63 LNG cargoes in the first quarter of 2025.
Venture Global said in an SEC filing that its sales totaled 478.3 TBtu of LNG at an implied weighted average fixed liquefaction fee of $5.15 per MMBtu during the quarter.
During the quarter, both the volume and pricing of cargoes exported were impacted by changes in Henry Hub prices and international LNG prices as well as limited vessel availability in the Atlantic basin, the company said.
“In addition, by being able to utilize our shipping fleet of owned and chartered vessels, the company and its subsidiaries were able to mitigate some of the impact from tight shipping markets. Forward pricing for such factors in February and March of 2026 have improved from year-end levels,” the company said.
Calcasieu Pass
For the quarter ended December 31, 2025, Venture Global exported 38 cargoes from its Calcasieu Pass facility.
According to Venture Global, its third-party sales of LNG sourced from the Calcasieu Pass facility totaled 140.1 TBtu at an implied weighted average fixed liquefaction fee of $2.01 per MMBtu, inclusive of adjustments for estimated arbitration reserves, during the quarter.
In April 2025, 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.
The Calcasieu Pass facility consists of 18 modular units configured in 9 blocks.
Customers of the Calcasieu Pass facility include Shell, BP, Repsol, Edison, Galp, PGNiG, now part of Orlen, Sinopec’s unit Unipec, and CNOOC.
Plaquemines LNG
Venture Global said in the filing that it has exported 90 cargoes from its Plaquemines LNG facility in Louisiana during the fourth quarter.
The company said that its third-party sales of LNG sourced from the Plaquemines facility totaled 338.2 TBtu at an implied weighted average fixed liquefaction fee of $6.02 per MMBtu during the quarter.
For the quarter ended December 31, 2025, Venture Global exported one DES cargo from its Plaquemines facility on its owned or chartered LNG vessels that will be recognized in the following quarter.
Venture Global is currently seeking approval from the US FERC to boost the capacity of its Plaquemines LNG terminal to 35 mtpa.
Last year, Venture Global received approval from FERC to boost the capacity of its Plaquemines LNG terminal to 27.2 mtpa, without any new facilities, construction activities, or modifications to the previously authorized facilities.
The company is targeting a COD (commercial operations date) for the Plaquemines project in the fourth quarter of 2026 for Phase 1 and in mid-2027 for Phase 2.
Ebitda
Venture Global said its net income, cash flow, and other results will be reported alongside the rest of its financial performance when it releases fourth-quarter earnings.
“The volume of LNG cargoes exported and the implied weighted average fixed liquefaction fee realized by the company represent only a few measures of the company’s operating performance for the quarter ended December 31, 2025, and should not be relied on as sole indicators of quarterly financial results, which depend on a variety of factors,” it said.
“Due to the unusual factors impacting those measures during the quarter ended December 31, 2025, Venture Global is reducing and tightening the range of its full-year 2025 consolidated adjusted Ebitda guidance to $6.180 billion to $6.240 billion,” Venture Global added.
Venture announced in its third-quarter results that its consolidated adjusted Ebitda guidance for the full year 2025 was reduced and tightened from $6.40 billion – $6.80 billion to $6.35 billion – $6.50 billion
The company said at the time that the reduction accounts for a lower assumed fixed liquefaction fee on the remaining unsold cargoes and the impact of reserves taken relative to ongoing arbitrations.
