Venture Global Swings to Third-Quarter Profit on Record LNG Exports, New Supply Deals

By Curtis Williams

Nov 10 (Reuters) – Venture Global VG.N swung to a profit in the third quarter, it reported on Monday, as record liquefied natural gas exports and a flurry of new long-term supply deals boosted earnings.

The company, the second largest LNG exporter in the U.S., saw net profit rise to $429 million in the quarter ended September 30, compared to a loss of $347 million in the same period last year. Revenue rose 260% to $3.3 billion.

Venture Global exported a record 100 cargoes in the third quarter as its Plaquemines LNG facility continued to ramp up capacity.

The company, however, trimmed its full-year adjusted core profit forecast to between $6.35 billion and $6.50 billion, from $6.40 billion to $6.80 billion, citing lower liquefaction fees and reserves tied to ongoing arbitrations.

“While there has been modest softening of winter 2026 LNG spreads, demand remains healthy, and the margins are robust,” CEO Mike Sabel said in an earnings call on Monday.

The company’s shares had spiked 10% in premarket trading but settled in morning trading to rise 1% from Friday’s close.

Venture Global is not concerned about its ability to continue growing even if it loses pending arbitration cases because it has significant cash on hand and potential for future earnings, Sabel added.

ARBITRATION CASES LOOM

Long-term customers of its Calcasieu Pass plant, including Repsol REP.MC, Galp GALP.LS, Orlen PKN.WA and Edison EDNn.MI are seeking billions of dollars in compensation for what they say were delays in receiving contracted cargoes that allowed Venture Global to profit from spot market sales after Russia’s invasion of Ukraine.

Venture Global has denied the allegations, saying the plant had a problem with the power island and could not begin formal commercial operations even though it was exporting billions of dollars of LNG. So far, BP BP.L has won its case, while Shell SHEL.L lost.

“There are four separate outstanding proceedings now which we expect should be determined over the course of the next few years in the absence of settlements,” Sabel said.

Venture Global estimates that even if it loses all pending cases, liabilities from the unresolved proceedings should be capped at $765 million, Sabel said. Total remedies being sought have been reduced to $4.8 billion to $5.5 billion from $6.7 billion to $7.4 billion.

NEW SUPPLY DEALS

Venture Global, meanwhile, signed new 20-year supply deals with Naturgy NTGY.MC of Spain and Atlantic-SEE LNG Trade of Greece, adding to recent agreements with Petronas, SEFE Energy and Eni ENI.MI. The new contracts bring total long-term sales commitments to 5.25 million metric tons per year in the second half of 2025.

Sabel said it showed the market had confidence that Venture Global could deliver its product on time and at the lowest cost. He said the company does not need many more sales agreements to get to a financial investment decision on the second phase of its CP2 facility.

Venture Global said 34 of 36 liquefaction trains at its Plaquemines project are now producing LNG, while its CP2 project received final authorization from the U.S. Department of Energy to export to non-free trade countries.

Sabel also announced the CP2 plant, under construction in Louisiana, would produce 30 million tons per annum, up from a previous design capacity of 28 mtpa.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Shailesh Kuber, Nathan Crooks and Chris Reese)

(c) Copyright Thomson Reuters 2025.

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