VG Venture Global (VG) Q2 FY25 earnings call
Venture Global delivered a strong second quarter, marked by the Final Investment Decision for CP2 Phase 1, record LNG cargo shipments, and robust financial results. The company maintained its full-year adjusted EBITDA guidance, supported by continued Plaquemines ramp-up and strategic cargo contracting. Management emphasized the validity of its contract terms following a favorable arbitration ruling, while acknowledging modest increases in CP2 project costs due to market conditions.
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VG operating KPIs by quarter
| KPI | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | 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.