01—Abstract
Summary
Summary of the 8-K filed May 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Venture Global, Inc. (NYSE: VG) reported first quarter 2026 results in a press release furnished as Exhibit 99.1 to this 8-K.
Revenue rose to $4.6 billiona, a 59% increase from Q1 2025, while income from operations reached $1.2 billion (up 7%), net income attributable to common stockholders was $488 million (up 23%), and Consolidated Adjusted EBITDA was $1.4 billion (up 2%). The company exported a record 130 cargos and sold 481 TBtu of LNG in the quarter. Growth in LNG sales volumes, driven mainly by Plaquemines commissioning, was partly offset by lower LNG sales prices net of feed gas cost of $1.9 billion.
Interest expense, net rose $168 million to $444 millionb for the quarter. The company raised its full-year 2026 Consolidated Adjusted EBITDA guidance to $8.2 billion to $8.5 billion, up from $5.2 billion to $5.8 billion, based on an assumed weighted average liquefaction fee of $9.50 to $10.50 per MMBtu for remaining unsold cargos. It tightened its 2026 cargo range to 494 to 523 and said 84% of available 2026 cargos are sold at a weighted average liquefaction fee of $4.51 per MMBtu.
The company reaffirmed targeting Plaquemines Phase I commercial operations in Q4 2026 and Plaquemines Phase II in mid-2027, and it reached FID on CP2 Phase II with an $8.6 billionc project financing, bringing total CP2 financing to $20.7 billion. The guidance raise depends heavily on unsold cargo pricing, and management notes that natural gas price changes could affect results.
The release also cites ongoing Middle East conflict and the closure of the Strait of Hormuz as factors in the LNG market. Total assets increased to $56.3 billiond from $45.1 billion a year earlier.
02—Key points
Key Highlights
- Q1 2026 revenue of $4.6 billion, up 59% from Q1 2025, with a record 130 cargos exported and 481 TBtu of LNG sold
- Net income attributable to common stockholders of $488 million, up 23%; Consolidated Adjusted EBITDA of $1.4 billion, up 2%
- Full-year 2026 Consolidated Adjusted EBITDA guidance raised to $8.2–$8.5 billion from $5.2–$5.8 billion, assuming a $9.50–$10.50/MMBtu liquefaction fee for remaining unsold cargos
- 84% of 2026 available cargos sold at a weighted average liquefaction fee of $4.51/MMBtu; 2026 cargo range tightened to 494–523
- Plaquemines Phase I COD targeted for Q4 2026 and Phase II for mid-2027; CP2 Phase II reached FID with an $8.6 billion project financing, bringing total CP2 financing to $20.7 billion
- Total assets of $56.3 billion, up from $45.1 billion at March 31, 2025; long-term debt, net of $36.5 billion at March 31, 2026
03—Questions
Frequently Asked Questions
Why did Venture Global raise its 2026 EBITDA guidance?
The company raised full-year 2026 Consolidated Adjusted EBITDA guidance to $8.2–$8.5 billion from $5.2–$5.8 billion. The guidance assumes a weighted average liquefaction fee of $9.50–$10.50/MMBtu for remaining unsold cargos, in line with current forward curves. Each $1.00/MMBtu change in fixed liquefaction fees is stated to affect full-year 2026 Consolidated Adjusted EBITDA by $300–$350 million.
Is the Plaquemines project on schedule?
The company reaffirmed targeting Plaquemines Phase I commercial operations (COD) in Q4 2026 and Phase II COD in mid-2027. It said it is advancing construction, commissioning and assurance testing, and that the Calcasieu Pass project reached one year of commercial operations in April with no missed cargos.
How did the quarter's net income compare with last year, and what drove the change?
Net income attributable to common stockholders was $488 million, up $92 million or 23% from Q1 2025. The increase was largely driven by higher income from operations, favorable changes in interest rate swaps of $207 million, and lower development expense of $136 million, partly offset by lower LNG sales prices net of feed gas cost of $1.9 billion and higher interest expense of $168 million.
What is the status of contracting and financing?
84% of available 2026 cargos are sold at a weighted average liquefaction fee of $4.51/MMBtu. The company reached FID on CP2 Phase II with an $8.6 billion project financing, bringing total CP2 financing to $20.7 billion. It also reported over 3 MTPA sold under five-year agreements, including an increased Vitol agreement of approximately 1.7 MTPA and a new TotalEnergies agreement of approximately 0.85 MTPA.
What risks does the company flag?
The company notes that natural gas price changes could affect EBITDA guidance and that LNG market volatility affects uncontracted commissioning and excess cargo sales. It also cites the ongoing Middle East conflict and the closure of the Strait of Hormuz, the need for significant additional capital, construction and commissioning risks, and tariff-related uncertainty. It refers readers to its 2025 Form 10-K for a full discussion.
04—Continue