The company said on Monday that this increase was primarily due to $2.9 billion from higher LNG sales volumes, primarily at the Plaquemines project.
According to the firm, this increase was partially offset by lower LNG sales prices of $517 million at the Calcasieu project due to the commencement of LNG sales under its post-COD SPAs in April 2025.
Venture Global’s second-quarter revenue reached $3.1 billion, a rise of 180 percent compared to the second quarter last year.
Income from operations was $1.3 billion for the three months ended September 30, a $1.1 billion increase from $189 million in the same period last year.
Moreover, Venture Global reported net income attributable to common stockholders of $429 million, compared with a loss of $347 million in the same period last year.
The company said this increase was driven mainly by “higher income from operations of $1.1 billion primarily due higher LNG sales volumes of $1.9 billion primarily at the Plaquemines project.”
Venture Global reported consolidated adjusted Ebitda of $1.5 billion in the third quarter.
It also reduced and tightened the range of its consolidated adjusted ebitda guidance to $6.35 billion – $6.50 billion from $6.40 billion – $6.80 billion.
Venture Global sai it is adjusting for lower expected fixed liquefaction fees reflecting higher domestic natural gas prices, two expected DES loadings that will be realized upon delivery at their destinations in early 2026, and accounting reserves relating to ongoing arbitrations.
382 – 386 LNG cargoes
Venture Global LNG shipped 100 LNG cargoes totaling 372 TBtu of LNG from its Calcasieu Pass and Plaquemines LNG export terminals in the third quarter of this year.
This marks a new record for Venture Global, and an increase of 69 cargoes totaling 261 TBtu, or 237 percent, from the third quarter of 2024.
Ventu Global now expects to export 148 cargoes from the Calcasieu project and 234 – 238 cargoes from the Plaquemines project in 2025, inclusive of the 108 and 144 cargoes it exported from the two projects in the first nine months of this year.
“We are pleased with the construction and commissioning process at Plaquemines, which is progressing well and safely despite power island construction delays and normal-course challenges inherent in projects of this scale and complexity,” said Venture Global CEO Mike Sabel.
“This quarter, we reaffirmed our COD timing for Phase 1 and Phase 2, and thanks to incremental investments made by VG, including temporary power at no additional cost to our customers, we remain on track to reach COD at Phase 1 in 54 months. The early-stage construction progress at CP2 is also well positioned to bring new LNG supply to global markets on schedule,” he said.
Arbitrations
Venture Global also provided an update in the quarterly report on arbitration proceedings over the launch of the Calcasieu Pass terminal in Louisiana.
In August, Venture Global announced that it had won an arbitration case against UK-based LNG giant Shell over LNG sales from the Calcasieu Pass plant.
Moreover, UK-based energy giant BP recently won an arbitration case against Venture Global.
Portuguese energy firm Galp does not expect a decision in its arbitration proceedings with Venture Global before 2026.
Besides Shell, BP, and GALP, other customers of the Calcasieu pass facility include Repsol, Edison, Galp, PGNiG, now part of Orlen, Sinopec’s unit Unipec, and CNOOC.
Ventur Global noted that the Calcasieu project is involved in disputes and arbitration proceedings with its post-COD SPA customers.
“Such customers are asserting, among other claims, that the Calcasieu project was delayed in achieving COD under its post-COD SPAs,” the firm said.
According to Venture Global, the remedies originally sought by these customers included damages ranging between $6.7 billion and $7.4 billion.
“Following the positive resolution of two arbitration proceedings, the Calcasieu project remains involved in arbitration proceedings with five of its post-COD SPA customers. The remedies sought by these customers include damages ranging between $4.8 billion and $5.5 billion,” Venture Global said.
The remedies sought by BP include damages in excess of $1 billion, as well as interest, costs, and attorneys’ fees, the firm said.
$3.8 billion – $4.5 billion
Venture Global said the remedies sought by the remaining four Calcasieu project post-COD customers in arbitration proceedings include “damages ranging between $3.8 billion and $4.5 billion in the aggregate, rather than the termination of the post-COD SPA.”
“We believe these disputes are subject to the relevant seller aggregate liability limitation under the applicable post-COD SPA, which amount to $765 million in the aggregate,” the company said.
“However, these customers are also disputing whether the liability limitations in such post-COD SPAs are applicable, and therefore are claiming damages in excess of the liability limitations,” Venture Global added.
The company also said in its third-quarter results presentation that it expects “one other customer arbitration to be decided as soon as the end of 2025.”
“The remaining four separate VGCP post-COD offtaker arbitration proceedings are not expected to be decided until 2026 at the earliest,” it said.
