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Venture Global 8-K Report, Financial Results (May 13, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 13, 2025
Period End
May 13, 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 May 13, 2025. Cited figures are marked; the original filing is the authoritative source.

Venture Global, Inc. (NYSE: VG) reported first-quarter 2025 results for the quarter ended March 31, 2025, furnishing its earnings press release as Exhibit 99.1 to this Form 8-K.

Revenue was $2.9 billiona, up 105% from Q1 2024, and income from operations was $1.1 billion, up 75%. Net income attributable to common stockholders was $396 million, down 39% from $648 million a year earlier, which the company attributes largely to non-cash unfavorable changes in the fair value of interest rate swaps. Consolidated Adjusted EBITDA, a non-GAAP measure, was $1.3 billion ($1,346 million), up 94%.

The company exported a record 234 TBtu of LNG, with higher volumes and higher LNG sales prices driving the margin gains. Operationally, Calcasieu Pass commenced Commercial Operations on April 15, 2025, and has delivered cargos on schedule to all foundational customers. Eighteen Phase 1 liquefaction trains at Plaquemines demonstrated production of approximately 140%b of nameplate capacity.

For CP2, the U.S. Department of Energy authorized exports to non-FTA nations on March 19, 2025, the project closed a $3.0 billionc credit facility from 20 banks on May 1, 2025, and FERC issued a Final Supplemental Environmental Impact Statement on May 9, 2025. Venture Global updated its 2025 guidance, lowering Consolidated Adjusted EBITDA to $6.4 billion to $6.8 billion. The company cited compressed spreads between domestic and international gas and LNG prices, and it now assumes a fixed liquefaction fee of $6.00 to $7.00/MMBtu for remaining unsold 2025 cargos.

Each $1.00d/MMBtu change in fixed liquefaction fees is now expected to affect 2025 Consolidated Adjusted EBITDA by $460 million to $480 million, down from $625 million to $675 million previously. The company expects to export 145 to 150 cargos from Calcasieu Pass and 222 to 239 cargos from Plaquemines in 2025.

02—Key points

Key Highlights

  1. Revenue of $2,894 million, up 105% from $1,414 million in Q1 2024; income from operations of $1,080 million, up 75%.
  2. Net income attributable to common stockholders of $396 million, down 39% from $648 million, largely driven by non-cash unfavorable changes in the fair value of interest rate swaps (a $192 million loss versus a $374 million gain a year earlier).
  3. Consolidated Adjusted EBITDA (non-GAAP) of $1,346 million, up 94% from $693 million.
  4. Record LNG exports of 233.6 TBtu in Q1 2025 (63 cargos), up 62% from 144.5 TBtu; LNG volumes sold rose 62% to 228.3 TBtu.
  5. Calcasieu Pass commenced Commercial Operations on April 15, 2025, and CP2 secured a $3.0 billion credit facility on May 1, 2025.
  6. 2025 Consolidated Adjusted EBITDA guidance updated to $6.4 billion to $6.8 billion, with the sensitivity to a $1.00/MMBtu change in fixed liquefaction fees reduced to $460 million to $480 million from $625 million to $675 million.
  7. Calcasieu Pass and Plaquemines expected to export 145 to 150 and 222 to 239 cargos in 2025, respectively.

03—Questions

Frequently Asked Questions

  1. How did Venture Global perform financially in Q1 2025?

    Revenue rose 105% to $2,894 million and income from operations rose 75% to $1,080 million, driven mainly by higher LNG sales volumes and higher LNG sales prices. Consolidated Adjusted EBITDA rose 94% to $1,346 million.

  2. Why did net income decline despite strong operating growth?

    Net income attributable to common stockholders fell 39% to $396 million, largely due to non-cash unfavorable changes in the fair value of interest rate swaps, which produced a $192 million loss compared with a $374 million gain in Q1 2024. Interest expense, net also increased to $276 million from $186 million.

  3. What changed in Venture Global's 2025 guidance?

    Consolidated Adjusted EBITDA guidance is now $6.4 billion to $6.8 billion. The company cited compressed domestic and international gas and LNG price spreads and now assumes a fixed liquefaction fee of $6.00 to $7.00/MMBtu for remaining unsold 2025 cargos. Sensitivity to a $1.00/MMBtu fee change is now $460 million to $480 million, versus $625 million to $675 million previously.

  4. What are the key project milestones investors should note?

    Calcasieu Pass commenced Commercial Operations on April 15, 2025. Eighteen Plaquemines Phase 1 liquefaction trains demonstrated production of approximately 140% of nameplate capacity. For CP2, DOE authorized non-FTA exports on March 19, 2025, a $3.0 billion credit facility was entered into on May 1, 2025, and FERC issued a Final Supplemental Environmental Impact Statement on May 9, 2025.

04—Continue

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