VG
Venture Global, Inc.5.92
-0.01-0.17%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms amid Qatar chaos; bolt-on details.
Q&A largely reaffirmed prepared remarks on robust execution and market outlook amid Qatar disruptions, with management highlighting available cargoes and owned fleet advantages in spiking shipping rates. They detailed data-driven ops—500,000 points every 10 seconds fueling AI tweaks—for 35 MTPA peak capacity at Plaquemines/CP2, enabling low-cost bolt-ons in 20 months at 6.5 MTPA each. Funding stays project-level via loans and retained earnings; no parent debt or equity planned. Steady 20-year SPA pricing discounts market peers; new five-year deal tops $3 net spread. Confident tone persists. Arbitrations eyed for resolution soon. Investors watch bolt-on FIDs, contracting momentum.
Key Stats
Market Cap
14.49BP/E (TTM)
6.80Basic EPS (TTM)
0.87Dividend Yield
0.01%Recent Filings
8-K
CP2 financing closed at $20.7B
Venture Global's CP2 subsidiary closed $20.7 billion in project financing on March 13, 2026, upsizing Phase 1 by $7.85 billion and the working capital facility by $750 million to fund Phases 1 and 2 of the Louisiana LNG export project. This caps five FIDs in under seven years, with no outside equity needed. CP2 targets 29 MTPA peak capacity, nearly fully contracted to Europe and Asia. Facilities mature July 28, 2032.
10-K
FY2025 results
Venture Global's FY2025 10-K shows Calcasieu Pass achieving COD in April 2025 after extended commissioning, shifting to post-COD SPAs while Plaquemines ramped LNG production from December 2024, driving revenue to $13.8B (up 177% y/y) and income from operations to $5.2B (up 192%). Q4 momentum accelerated with Plaquemines exporting 234 cargos (876 TBtu), contributing most topline growth amid sequential volume gains, though Calcasieu's fixed fees compressed pricing post-COD. No quarterly breakdowns disclosed; non-GAAP metrics not reconciled. $34.8B debt funded CP2 FID ($32.5-33.5B total cost) and $13.2B capex, with $16.9B liquidity. Regulatory appeals risk quarterly permitting delays.
8-K
Record LNG results, new SPAs
Venture Global crushed Q4 and full-year 2025 results, posting $13.8B revenue (up 177% YoY) and $6.3B Consolidated Adjusted EBITDA (up 198%) on record 380 LNG cargos exported. New SPAs with Hanwha (1.5 MTPA/20 years from 2030) and Trafigura (0.5 MTPA/5 years from 2026) fuel growth. Plaquemines hits COD Q4 2026. Guidance: $5.20B-$5.80B EBITDA in 2026.
8-K
CP2 Phase 2 EPC contract signed
Venture Global's CP2 subsidiary inked a Phase 2 EPC contract with Worley on January 30, 2026, for design, procurement, construction management, and integration of LNG export facilities. Worley guarantees full operation via performance tests and warranties, paid on a reimbursable target price basis with schedule bonuses. Contract locks in milestones for timely delivery.
8-K
Wins Repsol arbitration fully
Venture Global's subsidiary VGCP won its arbitration against Repsol on January 21, 2026. The tribunal ruled VGCP acted as a 'Reasonable and Prudent Operator' in declaring COD on April 15, 2025, denying Repsol's claims entirely and awarding fees to VGCP. Another win bolsters contract defenses. Yet litigation risks persist.
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