VG Venture Global (VG) Q1 FY26 earnings call
Venture Global reported strong Q1 FY26 results, driven by increased sales volumes and strategic project advancements, including the FID of CP2 Phase II. The company significantly raised its 2026 EBITDA guidance and continued to expand its contracted capacity, demonstrating robust operational execution and market positioning despite some prior market disruptions. Management remains focused on capital-efficient growth and debt reduction, aiming for investment-grade ratings across its portfolio.
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VG operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Weighted average fixed liquefaction fee Calcasieu Pass | $2.66During the second quarter of 2025, Calcasieu Pass was able to export 38 cargoes and realized a weighted average fixed liquefaction fee of $2.66 per MMBtu in the second quarter.Source: earnings call transcript | $1.76At Calcasieu Pass, we realized a weighted average fixed liquefaction fee of $1.76 per MMBtu in the third quarter.Source: earnings call transcript | — | — | — | -33.8% |
| Commissioning cargoes exported Plaquemines | 51The continued progress enabled Plaquemines to export 51 commissioning cargoes during the second quarter, surpassing the high end of our previously projected range by 1 cargo.Source: earnings call transcript | 64Despite these challenges, our continued construction and commissioning progress enabled Plaquemines to export 64 commissioning cargos during Q3, hitting the high end of our previously projected range.Source: earnings call transcript | 90At Plaquemines, the facility exported 90 cargoes at a realized weighted average liquefaction fee of $6.02 per MMBtu on our commissioning cargoes during the fourth quarter, which was negatively impacted by a brief period of margin compression in December as Henry Hub prices escalated, shipping day rates increased and TTF remained largely static.Source: earnings call transcript | — | — | +40.6% |
| Weighted average fixed liquefaction fee Plaquemines | $7.09The facility realized a weighted average fixed liquefaction fee of $7.09 per MMBtu on these cargoes.Source: earnings call transcript | $6.79The facility realized a weighted average fixed liquefaction fee of $6.79 per MMBtu on these commissioning cargos during the quarter.Source: earnings call transcript | — | — | — | -4.2% |
| Cargoes exported | — | — | — | 130Operationally, we safely exported a new record of 130 cargoes in the first quarter.Source: earnings call transcript | 127In the second quarter, we exported 127 cargoes, while maintaining our incredible record of safety.Source: earnings call transcript | -2.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.