01—Abstract
Summary
Summary of the 8-K filed October 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Venture Global, Inc. (VG) furnished a Form 8-K under Item 2.02 (Results of Operations and Financial Condition) on October 6, 2025, disclosing preliminary operating metrics for the quarter ended September 30, 2025.
Across all facilities, the company exported 100 cargos totaling 371.8 TBtu, realizing a weighted average fixed liquefaction fee of $5.07a/MMBtu. The filing breaks this out by facility: Calcasieu Pass exported 36 cargos totaling 133.0 TBtu at a weighted average fixed liquefaction fee of $1.97/MMBtu, and Plaquemines LNG exported 64 cargos totaling 238.8 TBtu at $6.79/MMBtu. The filing also addresses revenue recognition timing.
Two DES (Delivered Ex-Ship) cargos exported from Plaquemines during the quarter will be recognized as revenue in the following quarter, and revenue of 2.88 TBtu was recognized from a partially loaded cargo at Plaquemines. The company states that net income, cash flow and other full financial results will be announced with its third-quarter earnings report, and cautions that these volume and fee metrics are only a few measures of operating performance and should not be relied on as sole indicators of quarterly results. The filing includes standard forward-looking statement cautions, referring readers to the risk factors in the company's most recent Form 10-K.
The information furnished under Item 2.02 is not deemed filed for purposes of Section 18 of the Exchange Act. The only exhibit listed is the Cover Page Interactive Data File embedded in the Inline XBRL document.
02—Key points
Key Highlights
- Q3 2025 exports totaled 100 cargos and 371.8 TBtu across all facilities, with a weighted average fixed liquefaction fee of $5.07/MMBtu.
- Plaquemines LNG exported 64 cargos (238.8 TBtu) at a weighted average fixed liquefaction fee of $6.79/MMBtu, the higher of the two facilities disclosed.
- Calcasieu Pass exported 36 cargos (133.0 TBtu) at a weighted average fixed liquefaction fee of $1.97/MMBtu.
- Two DES cargos exported from Plaquemines in the quarter will be recognized as revenue in the following quarter due to vessel transit and unloading timing.
- Revenue of 2.88 TBtu was recognized from a partially loaded cargo at the Plaquemines facility during the quarter.
- Full third-quarter net income and cash flow results are deferred to the company's quarterly earnings announcement.
- The company cautions that these operating metrics are not sole indicators of quarterly financial results.
03—Questions
Frequently Asked Questions
What were Venture Global's key operating metrics for the quarter ended September 30, 2025?
The company exported 100 cargos totaling 371.8 TBtu from all facilities, realizing a weighted average fixed liquefaction fee of $5.07/MMBtu.
How did the two facilities compare in the quarter?
Plaquemines LNG exported 64 cargos totaling 238.8 TBtu at $6.79/MMBtu, while Calcasieu Pass exported 36 cargos totaling 133.0 TBtu at $1.97/MMBtu.
Why might some Q3 revenue shift into the next quarter?
Revenue on DES, DPU or other delivered-basis cargos is recognized upon delivery at the destination. The company exported two DES cargos from Plaquemines this quarter that will be recognized in the following quarter, because vessel travel and unloading take time.
Does this filing provide net income or cash flow for the quarter?
No. The company states that net income, cash flow and other results will be announced with its third-quarter earnings report.
Should investors rely solely on these volume and fee metrics?
No. The company says these measures represent only a few aspects of operating performance and should not be relied on as sole indicators of quarterly financial results, which depend on many factors.
04—Continue