Venture Global (VG) Company Report

Venture Global, Inc.'s subsidiary, Venture Global Plaquemines LNG, LLC (VGPL), closed an offering of $3,000,000,000 aggregate principal amount of senior secured notes on December 9, 2025.
The offering included $1,750,000,000 of 6.125% senior secured notes due 2030 and $1,250,000,000 of 6.500% senior secured notes due 2034.
VGPL intends to use the net proceeds from this offering to prepay certain amounts outstanding under its existing senior secured first lien credit facilities and cover associated fees and expenses.
This latest issuance brings the combined aggregate amount of senior secured notes issued by VGPL to $9,500,000,000 since the project began producing LNG in December 2024.

Dec 9, 2025, 9:31 PM

Venture Global Reports Strong Q3 Profit and Revenue Surge

Earnings

Guidance Update

Revenue Acceleration/Inflection

Venture Global reported a third-quarter profit of $429 million, reversing a loss from the prior year, driven by a 259.6% surge in revenue to $3.33 billion.
Despite the strong revenue growth, the company revised its full-year adjusted EBITDA guidance downward and its GAAP EPS of $0.16 missed analyst expectations of $0.23.
Financial indicators reveal potential risks, including a low Altman Z-Score, insider selling, and a high debt-to-equity ratio of 5.79, suggesting substantial leverage.
Shares of Venture Global rose over 6% in premarket trading following the earnings announcement, though the stock remains down more than 60% since its public offering in January 2025.

Nov 10, 2025, 11:51 AM

Venture Global Faces Over $1 Billion Damages Claim in BP Arbitration

Legal Proceedings

Profit Warning

Venture Global Calcasieu Pass, LLC (VGCP) resolved an arbitration proceeding with a post-Commercial Operation Date (COD) Sales and Purchase Agreement (SPA) customer, which has no material impact on the company.
On October 8, 2025, a partial final award was issued in arbitration proceedings between VGCP and BP Gas Marketing Limited (BP), finding that VGCP breached its obligations regarding the Calcasieu Project.
BP is seeking damages in excess of $1.0 billion, plus interest, costs, and attorneys' fees, with remedies to be determined in a separate damages hearing anticipated in 2026.
The company does not anticipate the final award will be subject to the seller aggregate liability cap in the SPA.

Oct 9, 2025, 8:35 PM

Venture Global Discloses Q3 2025 LNG Export Performance

Earnings

For the quarter ended September 30, 2025, Venture Global, Inc. exported a total of 100 LNG cargos amounting to 371.8 TBtu from all facilities, achieving a weighted average fixed liquefaction fee of $5.07/MMBtu.
The Calcasieu Pass facility contributed 36 cargos and 133.0 TBtu at a weighted average fixed liquefaction fee of $1.97/MMBtu.
The Plaquemines LNG facility exported 64 cargos and 238.8 TBtu, realizing a weighted average fixed liquefaction fee of $6.79/MMBtu.
The company noted that two Delivered Ex-Ship (DES) cargos from Plaquemines LNG will be recognized in the subsequent quarter, and 2.88 TBtu from a partially loaded cargo at Plaquemines was recognized in the current quarter.
Full financial results, including net income and cash flow, are expected to be announced with the complete third-quarter earnings report.

Oct 6, 2025, 8:06 PM

Venture Global's Joint Venture Secures $1.55 Billion in Senior Secured Credit Facilities

Debt Issuance

New Projects/Investments

On September 29, 2025, Venture Global, Inc.'s joint venture, Blackfin Pipeline, LLC, secured up to $1.550 billion in senior secured credit facilities.
These facilities comprise a $1.050 billion term loan, a $425 million delayed draw construction loan, and a $75 million revolving facility.
The funds are designated for the development, construction, and maintenance of an approximately 3.3 Bcf/d natural gas pipeline system in Texas.
The term loan facility matures on September 29, 2032, and the delayed draw and revolving facilities mature on September 29, 2030.

Sep 29, 2025, 8:05 PM

Venture Global Reports Q4 and Full Year 2024 Results, Provides 2025 Guidance, and Announces Plaquemines Expansion

Earnings

Guidance Update

New Projects/Investments

Venture Global reported Q4 2024 revenue of $1.5 billion and full-year 2024 revenue of $5 billion, with full-year Consolidated Adjusted EBITDA reaching $2.1 billion.
The company issued 2025 Consolidated Adjusted EBITDA guidance of $6.8 billion to $7.4 billion, based on an expected fixed liquefaction fee of $7-$8 per MMBtu for commissioning cargoes.
Key operational updates include the Commercial Operations Date (COD) for Calcasieu Pass set for April 15, 2025, and the first LNG production at Plaquemines on December 13, 2024, where trains are producing at approximately 140% of nameplate capacity.
Venture Global plans a brownfield expansion (Phase Three) at Plaquemines, adding 24 liquefaction trains for 18.6 MTPA export capacity, targeting Final Investment Decision (FID) in mid-2027.
By the end of 2025, the company anticipates having 54 trains commissioned or producing across its projects, with 16 additional trains fabricated for the CP2 project, marking a rapid expansion from 18 to 70 trains in 29 months.