Venture Global LNG reported a dramatic financial turnaround in the third quarter, moving from a $347 million loss in the previous year to a $429 million profit. This performance was driven by a significant increase in shipments, primarily from its Plaquemines LNG terminal.

Financial and Operational Performance

The company's revenue surged by 260% year-over-year to over $3.3 billion, as the total number of cargoes shipped more than tripled to 100. The Plaquemines facility was the main driver of this growth, shipping 64 cargoes in the quarter compared to 36 from the Calcasieu Pass terminal. This represents a substantial increase from the third quarter a year prior, when Venture Global shipped only 31 cargoes, all from Calcasieu Pass. Consolidated, adjusted EBITDA saw a massive 439% leap to $1.53 billion. The Plaquemines facility, which produced its first LNG in December of the previous year, is still in its commissioning phase and is operating on temporary power, with 34 of its 36 liquefaction trains currently available to produce LNG.

New Long-Term Agreements

Venture Global announced a new long-term sales and purchase agreement with Spain's Naturgy. This deal commits Venture Global to supply 1 million tonnes per annum of LNG to Naturgy for a 20-year period, starting in 2030. This follows another recently announced agreement with Atlantic-See LNG, a Greek joint venture. The company highlighted its existing relationship with the Spanish market, having already shipped 35 cargoes to Spain under a long-term deal signed with Repsol in 2018.

Strategic Developments and Future Outlook

The new contracts are intended to build momentum toward a Final Investment Decision (FID) for the second phase of the Calcasieu Pass 2 (CP2) project, which is scheduled for 2026. The first phase of CP2 reached its FID in July. The company has already invested $1 billion in CP2 and does not anticipate needing many more long-term SPAs to reach FID for the project's subsequent phases. Significant progress has been made on CP2, with 10,000 piles driven at the site and the first eight liquefaction trains completed by Baker Hughes and stored in Italy. The first LNG from the CP2 facility is scheduled for 2027. Venture Global is still negotiating additional deals and hopes to sign more before the end of the year. The Plaquemines facility is scheduled to reach full commercial operations in two phases: the first by the end of 2026 and the second by mid-2027.

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