The company said on Tuesday its second-quarter income from operations of $1 billion rose 186 percent year-on-year, net income $0.4 billion rose 21 percent year-on-year, and consolidated Adjusted Ebitda of $1.4 billion increased 217 percent from the second quarter of 2024.
During the first quarter of this year, Venture Global’s revenue jumped to $2.89 billion, while its net income decreased to $396 million.
According to Venture Global, the increase in its net income in the second quarter was largely driven by higher income from operations of $675 million primarily due to higher LNG sales volumes at the Plaquemines project.
This was partially offset by lower LNG sales prices of $241 million at the Calcasieu Pass project due to the start of LNG sales under its post-COD SPAs in April 2025, non-cash unfavorable changes in interest rates swaps of $288 million, and higher interest expense of $157 million, the firm said.
367 – 389 LNG cargoes
Venture Global exported 89 cargoes from its Calcasies Pass and Plaquemines LNG projects in the second quarter, totaling 331 TBtu of LNG, a new record for Venture Global, and an increase of 53 cargoes totaling 202 TBtu from the second quarter last year.
With 28 of 36 liquefaction trains at the Plaquemines project now producing LNG, Venture Global expects total LNG cargoes across its projects to be at the high end of the previous guidance range of 367 – 389 cargoes for the year.
The company expects to export 144 – 149 cargoes from the Calcasieu Pass project and 227 – 240 cargoes from the Plaquemines project in 2025, inclusive of the 72 and 80 cargoes it exported from the Calcasieu Pass project and the Plaquemines project, respectively, in the first half of this year.
Consolidated adjusted Ebitda guidance of $6.4 billion – $6.8 billion remains unchanged relative to Venture Global’s first-quarter update as the company continues to contract available commissioning cargoes through the remainder of 2025 and into 2026, the company said.
“We are pleased to announce another strong quarter for Venture Global, delivering on our commitments with exceptional project execution,” said Venture Global CEO Mike Sabel.
“In July, we moved forward with a final investment decision for CP2 Phase 1 without the issuance of incremental equity, signed multiple 20-year sales and purchase agreements with high credit quality counterparties, and continued safely ramping up Plaquemines production while progressing construction and commissioning,” he said.
Arbitration
Venture Global also provided an update in the quarterly report on arbitration proceedings over the launch of the Calcasieu Pass terminal in Louisiana.
Shell, BB, and other Calcasieu Pass customers are in a dispute with Venture Global over the launch of commercial operations at the facility, and they previously launched arbitration proceedings against Venture Global.
Besides Shell and BP, customers of the Calcasieu pass facility include Repsol, Edison, Galp, PGNiG, now part of Orlen, Sinopec’s unit Unipec, and CNOOC.
Venture Global said in the report that the Calcasieu project is involved in disputes and arbitration proceedings with “certain of its post-COD SPA customers.”
“Such customers are asserting, among other claims, that the Calcasieu project was delayed in achieving COD under our post-COD SPAs,” it said.
According to Venure Global, the remedies sought by these customers include damages ranging between $6.7 billion and $7.4 billion, rather than the termination of the post-COD SPA.
These disputes are subject to the relevant seller aggregate liability cap of approximately $1.6 billion under the relevant post-COD SPAs.
“Certain of these customers are also disputing whether the liability limitations in the Calcasieu project’s post-COD SPAs are applicable, and therefore are claiming damages, including amounts in excess of the liability limitations,” Venture Global said.
The company expects a decision in one of the arbitration proceedings “imminently.”
