Venture Global, Inc. (NYSE: VG) returned to profitability in the third quarter as surging liquefied natural gas (LNG) volumes and fresh long‑term sales contracts lifted results. The company posted net income of $429 million on $3.33 billion in revenue and shipped a company‑record 100 cargoes in Q3, up 237% year over year. 1
In parallel, Venture Global announced a new 20‑year LNG sales and purchase agreement (SPA) with Spain’s Naturgy for 1 million tonnes per annum (MTPA) beginning in 2030—its second long‑term contract with a Spanish buyer this year and part of a broader commercial push that also included a Greece SPA late last week. Shares of VG rose in pre‑market trade following the results. 2
Q3 by the numbers
- Revenue: $3,329 million (+260% YoY)
- Income from operations: $1,320 million (+598% YoY)
- Net income: $429 million (vs. $(347) million a year ago)
- Consolidated Adjusted EBITDA: $1,525 million (+439% YoY)
- LNG volumes exported: 100 cargoes / 371.8 TBtu (up from 31 cargoes / 110.4 TBtu)
(All figures from the company’s Q3 release and financial tables.) 1
Operations update: Plaquemines ramps, Calcasieu hits 500th cargo; CP2 green‑lit for non‑FTA exports
Venture Global said 34 of 36 liquefaction trains at Plaquemines LNG have now produced LNG, helping it reach the high end of its full‑year cargo outlook. Over the weekend, Calcasieu Pass marked its 500th cargo, underscoring how both Louisiana facilities are anchoring the company’s growth. Meanwhile, CP2 LNG received final U.S. Department of Energy authorization to export to non‑FTA countries, and Phase 1 of CP2 reached final investment decision (FID) earlier this year via $15.1 billion in project financing. 1
The company also highlighted balance‑sheet moves designed to support execution: a $2 billion corporate revolver, $1.575 billion raised through the Blackfin Pipeline joint venture (including an $889 million distribution to VG), and a $4.0 billion senior secured notes offering for Plaquemines in July. 1
Fresh long‑term contracts: Spain and Greece
Today’s Naturgy SPA adds 1.0 MTPA of long‑term offtake beginning in 2030. Venture Global said it has supplied 35 cargoes to Spain to date and framed the Naturgy contract as Spain’s first new long‑term U.S. LNG agreement since 2018. Late last week in Athens, the company also signed a 20‑year, 0.5 MTPA SPA with Atlantic‑SEE LNG Trade S.A., a new JV formed by Greek companies AKTOR and DEPA—Greece’s first long‑term LNG supply deal with a U.S. exporter. 2
Taken together with previously announced deals with Petronas (1.0 MTPA), SEFE Energy (+0.75 MTPA) and Eni (2.0 MTPA), Venture Global says it has signed over 5 MTPA of new long‑term SPAs in the second half of 2025. 1
Guidance and 2025 outlook
Management tightened and reduced full‑year Consolidated Adjusted EBITDA guidance to $6.35–$6.50 billion (from $6.40–$6.80 billion), citing lower assumed fixed liquefaction fees on remaining unsold cargos amid higher domestic gas prices, timing for two DES cargo loadings that will be realized on delivery in early 2026, and accounting reserves related to ongoing arbitrations. VG now expects 382–386 total cargoes across its projects in 2025. 1
Market reaction and macro backdrop
VG shares jumped in pre‑market trading after the results as investors digested the return to profit, record shipments and deal momentum. The company also benefited from a buoyant export backdrop: U.S. LNG exports hit a record 10.1 million tonnes in October, with Venture Global and Cheniere together accounting for roughly 72% of the total, according to LSEG data cited by Reuters. 3
Regulatory and legal context
Regulators in October granted an extension allowing VG to keep its Plaquemines plant in commissioning longer, a common procedural step that Venture Global says does not change its commercial delivery timelines. Separately, a tribunal last month ruled in BP’s favor on elements of a dispute tied to Calcasieu Pass contract start‑up, while VG has prevailed in a prior case involving Shell and continues to defend its position in multiple proceedings. CP2 also received final DOE approval in late October to export to non‑FTA nations, a key milestone for long‑term sales to Europe and Asia. 4
Why it matters
- Security of supply for Europe: The Naturgy and Greece SPAs deepen trans‑Atlantic gas ties as the EU seeks diversified, long‑duration LNG supplies. 2
- Scale leadership: With Plaquemines nearly fully commissioned and CP2 advancing, VG’s output growth helped push the U.S. to a new global export record in October. 5
- Revenue mix shift: As Calcasieu Pass moved into post‑COD deliveries in April, the company’s pricing mix normalized even as overall volumes climbed—an important dynamic for margins going forward. 1
What’s next
Venture Global scheduled its Q3 2025 earnings call for 9:00 a.m. ET today. Key watch‑items include the pace for bringing the final two trains at Plaquemines to sustained output, timing and ramp at CP2, additional SPA signings, and any updates on arbitration exposure and cash needs. 1
Key facts at a glance
- Q3 revenue: $3.33B | Net income: $429M | Adj. EBITDA: $1.53B. 1
- Q3 cargoes: 100 (372 TBtu) | YTD cargoes: 252 (936 TBtu). 1
- Plaquemines status: 34/36 trains have produced LNG. 1
- New long‑term deals: 1.0 MTPA with Naturgy (Spain); 0.5 MTPA with Atlantic‑SEE LNG (Greece). 2
- 2025 guidance: Adj. EBITDA $6.35–$6.50B; total cargoes 382–386. 1
Sources: Company press materials and filings; Reuters reporting; Business Wire announcements. This article is for information only and does not constitute investment advice. 1
