01—Abstract
Summary
Summary of the 8-K filed January 12, 2026. Cited figures are marked; the original filing is the authoritative source.
On January 12, 2026, Venture Global, Inc. furnished an Item 2.02 8-K disclosing preliminary operating metrics for the quarter ended December 31, 2025 and narrowing its full year 2025 Consolidated Adjusted EBITDA guidance to $6.180 billion to $6.240 billiona.
Across its facilities, the company exported 128 LNG cargos and sold 478.3 TBtu of LNG at an implied weighted average fixed liquefaction fee of $5.15b per MMBtu during the quarter. Volume and pricing were affected by changes in Henry Hub and International LNG prices and limited Atlantic basin vessel availability, and the company said it pulled forward scheduled maintenance late in the quarter. It also said forward pricing for February and March 2026 had improved from year-end levels.
By facility, Calcasieu Pass exported 38 cargos with third-party sales of 140.1 TBtu at an implied fee of $2.01c per MMBtu, inclusive of adjustments for estimated arbitration reserves. Plaquemines exported 90 cargos with third-party sales of 338.2 TBtu at an implied fee of $6.02 per MMBtu. One DES cargo from Plaquemines will be recognized as revenue in the following quarter.
The filing states that net income, cash flow and other full quarter results will be released with fourth-quarter earnings. It cautions that the 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 guidance is not updated unless the company publicly announces new guidance, and no GAAP reconciliation of the forward-looking EBITDA figure is provided.
02—Key points
Key Highlights
- Venture Global exported 128 LNG cargos in Q4 2025 and sold 478.3 TBtu at an implied weighted average fixed liquefaction fee of $5.15 per MMBtu.
- Full year 2025 Consolidated Adjusted EBITDA guidance was reduced and tightened to $6.180 billion to $6.240 billion.
- Calcasieu Pass exported 38 cargos, with third-party sales of 140.1 TBtu at an implied fee of $2.01 per MMBtu, inclusive of estimated arbitration reserve adjustments.
- Plaquemines exported 90 cargos, with third-party sales of 338.2 TBtu at an implied fee of $6.02 per MMBtu.
- Quarterly volumes and pricing were affected by Henry Hub and International LNG price changes and limited Atlantic basin vessel availability.
- The company pulled forward scheduled maintenance late in the quarter and used its owned and chartered fleet to mitigate tight shipping markets.
- Forward pricing for February and March 2026 has improved from year-end levels, per the filing, and one Plaquemines DES cargo will be recognized in the following quarter.
03—Questions
Frequently Asked Questions
What did Venture Global report for LNG exports in the fourth quarter of 2025?
The company exported 128 cargos from its LNG facilities and sold 478.3 TBtu of LNG at an implied weighted average fixed liquefaction fee of $5.15 per MMBtu during the quarter ended December 31, 2025.
Why did the company narrow its full year 2025 Adjusted EBITDA guidance?
The filing says it is reducing and tightening the range of full year 2025 Consolidated Adjusted EBITDA guidance to $6.180 billion to $6.240 billion due to unusual factors affecting volume and pricing measures during the quarter.
What factors affected pricing and volumes in the quarter?
The filing cites changes in Henry Hub and International LNG prices and limited vessel availability in the Atlantic basin. The company says it pulled forward scheduled maintenance late in the quarter and used its owned and chartered vessels to mitigate shipping constraints.
When will full quarter financial results be reported?
Net income, cash flow and other financial results will be announced with fourth-quarter earnings, which is a later report than this 8-K. The operating metrics in this filing should not be treated as sole indicators of quarterly results.
Is the updated guidance expected to be revised again?
The guidance is effective only as of the date given and will not be updated or affirmed unless the company publicly announces updated or affirmed guidance. The filing also provides no GAAP reconciliation for the forward-looking Adjusted EBITDA figure.
04—Continue