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Venture Global 8-K Report, Financial Results (Mar 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed March 6, 2025
Period End
March 6, 2025
Security
VG
In the record · 2025–202610-K210-Q58-K38

VG filed 2 annual reports (10-K), 5 quarterly reports (10-Q) and 38 current reports (8-K) between 2025 and 2026.

  1. Material agreement8-K · Dec ’25Dec ’25
  2. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed March 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Venture Global, Inc. (NYSE: VG) reported fourth quarter and full year 2024 results on March 6, 2025, via Exhibit 99.1 press release.

For the full year 2024, revenue was $4.97 billiona (versus $7.90 billion in 2023), net income attributable to common stockholders was $1.48 billion (versus $2.68 billion), and Consolidated Adjusted EBITDA, a non-GAAP measure, was $2.10 billion (versus $5.16 billion). The company attributed the full-year decline primarily to a significant decline in international LNG prices, which lowered total margin on LNG sold, along with higher costs to remediate and commission the Calcasieu Project and to develop the CP2 Project. For the fourth quarter, revenue was $1.52 billion and net income attributable to common stockholders was $871 million, compared with a loss of $50 million in the prior-year quarter.

The swing was primarily driven by a $704 millionb gain on interest rate swaps in the quarter, while Consolidated Adjusted EBITDA fell to $688 million from $813 million, reflecting lower LNG sales volumes and higher Calcasieu remediation costs. The Plaquemines Project achieved first LNG on December 13, 2024 and exported its first cargo on December 26, 2024.

For 2025, the company guided to Consolidated Adjusted EBITDA of $6.8 billion to $7.4 billionc, with expected exports of 140 to 148 cargos from Calcasieu and 219 to 239 cargos from Plaquemines. Management stated it expects to commence commercial operations at Calcasieu Pass on April 15, 2025 and has launched the final investment decision (FID) process for CP2, on which it has spent $4.0 billion through December 31, 2024.

02—Key points

Key Highlights

  1. Full-year 2024 revenue of $4.97 billion, down from $7.90 billion in 2023; net income attributable to common stockholders of $1.48 billion versus $2.68 billion.
  2. Full-year 2024 Consolidated Adjusted EBITDA (non-GAAP) of $2.10 billion, down from $5.16 billion, driven mainly by a significant decline in international LNG prices.
  3. Fourth-quarter 2024 net income attributable to common stockholders of $871 million, compared with a loss of $50 million a year earlier, largely due to a $704 million gain on interest rate swaps.
  4. Fourth-quarter Consolidated Adjusted EBITDA of $688 million, down from $813 million, on lower LNG sales volumes and higher Calcasieu Project remediation costs.
  5. Plaquemines Project achieved first LNG on December 13, 2024 and exported its first cargo on December 26, 2024.
  6. 2025 guidance: Consolidated Adjusted EBITDA of $6.8 billion to $7.4 billion; exports of 140 to 148 cargos from Calcasieu and 219 to 239 cargos from Plaquemines.
  7. Calcasieu Pass expected to commence commercial operations on April 15, 2025; FID process launched for CP2, with $4.0 billion spent on CP2 through December 31, 2024.

03—Questions

Frequently Asked Questions

  1. Why did net income and Consolidated Adjusted EBITDA decline for full-year 2024?

    The filing attributes the full-year decline in net income to a significant decline in international LNG prices, which lowered total margin for LNG sold, plus higher costs to remediate and commission the Calcasieu Project and to develop the CP2 Project. These were partly offset by the reduction of third-party ownership interests in a consolidated subsidiary in 2023, favorable changes in the fair value of interest rate swaps, and lower income tax expense.

  2. Why did fourth-quarter net income turn positive despite lower EBITDA?

    Fourth-quarter net income attributable to common stockholders rose $921 million year over year, primarily due to a favorable variance in the fair value of interest rate swaps (a $704 million gain in the quarter). This was partially offset by higher income tax expense, lower LNG sales volumes, and higher costs to remediate and commission the Calcasieu Project. Consolidated Adjusted EBITDA, which excludes swap gains, fell to $688 million from $813 million.

  3. What is the 2025 outlook?

    Venture Global guided to 2025 Consolidated Adjusted EBITDA of $6.8 billion to $7.4 billion and expects to export 140 to 148 cargos from the Calcasieu Project and 219 to 239 cargos from the Plaquemines Project. The filing also states non-controlling interest share of Consolidated Adjusted EBITDA is projected at $215 million to $235 million.

  4. What are the company's key project milestones?

    Plaquemines achieved first LNG on December 13, 2024 and exported its first cargo on December 26, 2024. The company expects Calcasieu Pass to commence commercial operations on April 15, 2025, and has launched the FID process for CP2, with $4.0 billion spent on construction, engineering, and design through December 31, 2024.

  5. What does Consolidated Adjusted EBITDA measure, and how does it relate to GAAP results?

    Consolidated Adjusted EBITDA is a non-GAAP measure that starts from net income attributable to common stockholders and adds back items including non-controlling interests, income taxes, gains or losses on interest rate swaps and financing transactions, net interest expense, depreciation and amortization, and stock-based compensation, among other adjustments. The company states it is a supplement to, not a substitute for, GAAP measures, and a reconciliation is provided in the press release.

04—Continue

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