Venture Global Q1 Earnings Call Highlights
Venture Global (NYSE:VG) raised its 2026 earnings outlook after reporting higher first-quarter revenue and profit, citing increased LNG sales volumes, progress on major construction projects and stronger commercial contracting activity.
On the company’s first-quarter 2026 earnings call, CEO, Executive Co-Chairman and Founder Mike Sabel said Venture Global remains on track for commercial operations at Plaquemines Phase I in the fourth quarter of 2026 and expects first LNG from CP2 in the second half of 2027. The company also said it is moving ahead with bolt-on expansion plans at CP2 and Plaquemines.
Revenue rises on higher LNG volumes
CFO Jack Thayer said first-quarter revenue totaled $4.6 billion, up from $2.9 billion in the prior-year period. The increase was driven by higher sales volumes of 481 TBtu, compared with 228 TBtu in the first quarter of 2025. That was partially offset by lower net LNG sales prices at Plaquemines and Calcasieu Pass, including the effect of Calcasieu Pass beginning LNG sales under post-commercial operations date sales and purchase agreements.
Income from operations rose to $1.2 billion from $1.1 billion a year earlier. Net Income attributable to common stockholders was $488 million, up from $396 million in the first quarter of 2025. Consolidated adjusted EBITDA was $1.4 billion, up 2% from $1.3 billion a year earlier.
Thayer said operating costs and general and administrative expenses were largely unchanged year over year, despite higher sales volumes and more company-owned vessels in operation. He said the company’s EBITDA margin was 30% for the quarter, which he attributed to operating efficiencies.
2026 EBITDA guidance increased
Venture Global raised its full-year 2026 consolidated adjusted EBITDA guidance to a range of $8.2 billion to $8.5 billion, up from its prior range of $5.2 billion to $5.8 billion. Thayer said the updated range assumes a liquefaction fee of $9.50 to $10.50 per MMBtu for cargoes remaining to be sold in 2026, consistent with current TTF and JKM forward price expectations.
Thayer added that, on average, a $1 per MMBtu increase or decrease in fixed liquefaction fees over the remainder of 2026 would affect the EBITDA range by $300 million to $350 million. He said that represented a “material reduction” in EBITDA sensitivity compared with the company’s year-end 2025 call, reflecting faster contracting and an 84% contracted position for 2026.
Sabel said first-quarter performance came despite the impact of Winter Storm Finn and spillover from market disruptions in late 2025. He also said Venture Global safely exported a record 130 cargoes during the quarter.
Commercial contracts and backlog expand
Sabel said Venture Global now has more than 52 million tonnes per annum, or MTPA, of long- and medium-term contracts, representing approximately $137 billion of revenue backlog.
The company highlighted several recent commercial agreements:
- A five-year offtake agreement with Trafigura finalized in the first quarter.
- A five-year agreement with Vitol, which Sabel said has been increased from 1.5 MTPA to about 1.7 MTPA.
- A 20-year offtake agreement with Hanwha Aerospace finalized in the first quarter.
- A new agreement with TotalEnergies for 0.85 MTPA for approximately five years.
In response to a question from UBS analyst Manav Gupta, Sabel said the company is active in long-, medium- and short-term contracting conversations. He said five-year agreements are a term the company has planned for and are expected to be serviced initially by Plaquemines, before CP2 commissioning cargoes become available.
Sabel also said the company has exported more than 150 contracted cargoes to customers since Calcasieu Pass reached commercial operations without missing a scheduled cargo.
CP2 construction and expansion plans advance
Sabel said the final investment decision for CP2 Phase II, supported by $8.6 billion of project financing, puts Venture Global on track to become the largest LNG producer in North America by the end of 2027. He said the company has “line of sight” to more than 100 MTPA of annual production by 2030.
At CP2, Sabel said the perimeter wall is complete, making the facility watertight. He said 12 liquefaction trains and three gas turbines for the power plant have been delivered to the site and placed on foundations, with more equipment on the way. The company expects first LNG in the second half of 2027.
Venture Global is also increasing the scope of its planned CP2 bolt-on expansion to 12 trains, or 10 MTPA. The planned Plaquemines bolt-on expansion remains around 6.4 MTPA. Sabel said the company has begun ordering long-lead equipment and aims to move forward with the first CP2 expansion by early 2027 and the Plaquemines expansion by mid-2027.
During the Q, Bank of America analyst Jean Salisbury asked about the larger CP2 bolt-on scope. Sabel said the decision to increase CP2 from eight trains to 12 trains was driven by strong demand and the company’s progress selling five-year deals.
Capital structure and market outlook
Thayer said Venture Global has raised more than $11 billion so far in 2026 to support development and refinance existing debt. That includes the $8.6 billion CP2 Phase II financing, a $1.75 billion term loan B facility used to redeem preferred equity held by Stonepeak Bayou Holdings, and $750 million of Calcasieu Pass notes used to repay the remaining Calcasieu Pass construction loan balance.
Thayer said redeeming the Stonepeak preferred equity interest should reduce cost of capital and tax expense by about $100 million per year and allow capital to move more fluidly to the parent company. Sabel said the transactions represent repayment of the original debt capital that helped launch the company’s first project.
On capital allocation, Thayer said Venture Global’s near-term priorities include investing in growth through bolt-on expansions and adjacent infrastructure, reducing leverage as CP2 cash flows begin to materialize, and simplifying the capital structure. Longer term, he said the company expects to grow its dividend and may repurchase shares.
Sabel also discussed global LNG market conditions, saying disruptions in Qatar and Abu Dhabi and low European gas storage levels have supported LNG forward curves. He argued that Henry Hub-linked pricing remains attractive relative to oil-linked pricing and said U.S. natural gas prices remain low despite growth in U.S. LNG infrastructure.
In response to Goldman Sachs analyst John Mackay, Sabel said market volatility can cause buyers to pause near-term purchasing decisions, but he added that low storage levels will require buying to rebuild inventories. He said Venture Global’s commercial team has continued to contract cargoes into that environment.
About Venture Global (NYSE:VG)
Venture Global (NYSE: VG) is a Houston-based energy company that develops, constructs and operates large-scale liquefied natural gas (LNG) export facilities in the United States. The company focuses on converting domestically produced natural gas into LNG for shipment to international markets, positioning itself as a supplier of pipeline-quality gas in vessel-ready form for global customers.
Venture Global's core activities include site development, engineering and construction of liquefaction and export terminals, commissioning and ongoing operations of those facilities, and commercial marketing of LNG under both long-term and short-term contracts.
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