2025 Q4 -tulosraportti
64 päivää sitten
‧1 t 3 min
0,018 USD/osake
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0,54%Tuotto/v
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Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 12.5. | 7 päivää |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 2.3. | ||
2025 Q3 -tulosraportti 10.11.2025 | ||
2025 Q2 -tulosraportti 13.8.2025 | ||
2025 Q1 -tulosraportti 13.5.2025 | ||
2024 Q4 -tulosraportti 6.3.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·18.3.I asked Nordnet about the lending value for VG and got the answer today. The stock gets 70% lending value. It should be visible on our page from tomorrow.
·18.3.It was about time. It Has always bothered me regarding VG. And then even 70%.
·3.3.Shell lost the appeal of the judgment against Venture Global, so now there will be an extra good boost upwards for the company.- 3.3.3.3.Q4 earnings call. Overall company performance and strategy 2025 described as a “landmark year”: IPO completed, first project (Calcasieu Pass) at commercial operations, Plaquemines ramping, CP2 Phase 1 under construction and financed. Company is simultaneously constructing over 57 MTPA of LNG capacity across Plaquemines and CP2. Total assets grew ~+$10 billion to $53 billion; EBITDA and income from operations nearly tripled year over year. Venture Global positions itself to become the largest LNG producer in North America, supported by $134+ billion of contracted third‑party revenue and 49 MTPA of long- and intermediate-term offtake. For 2026, 69% of expected production capacity is already contracted; management expects that percentage to rise quickly via additional short-, intermediate-, and long-term contracts. Strategy is to maintain a balanced portfolio of long-, mid-, and short‑term sales to combine visibility of cash flows with upside optionality on uncontracted volumes. Operational model, efficiency, and safety Emphasis on modular design, heavy data capture, and in‑house EPC capabilities as core competitive advantages. Claims project-level operating and maintenance costs ~30% below industry averages, with room for further improvement. Construction timelines reportedly less than half those of conventional LNG projects; faster commissioning ramp also highlighted. Company increasingly internalizes traditional EPC functions, viewed as key to cost and schedule control. Safety remains described as top priority, with a total recordable incident rate of 0.16 versus a cited U.S. national average of 2.2. Venture Global views its plants as “technology assets,” continuously optimized for higher throughput and lower cost through data science and AI-driven operations. Project portfolio and capacity build‑out Current and near-term portfolio: Calcasieu Pass (operational), Plaquemines (Phase 1 approaching COD in Q4 2026, Phase 2 targeting mid‑2027 COD), CP2 Phase 1 under construction; CP2 Phase 2 approaching FID and financing. Near-term production outlook from Calcasieu Pass, Plaquemines, and CP2 Phases 1 & 2: ~68+ MTPA annualized, with upside from optimization and peak production. Of the 68 MTPA, about 72% is already contracted long term. Beyond base projects, management expects ~13 MTPA of “bolt‑on” capacity across Plaquemines and CP2 at significantly lower cost and faster timelines than the initial phases. Monthly ship loadings expected to more than double from ~43 per month today to ~90 per month by 2029, driven by added trains and bolt‑ons. Financial performance (Q4 and full‑year 2025) Q4 2025 revenue: $4.4 billion, up from $1.5 billion in Q4 2024, driven by higher sales volumes (478 TBtu vs. 128 TBtu) partially offset by lower net pricing, mainly at Calcasieu Pass as SPAs commenced. Full-year 2025 revenue: $13.8 billion vs. $5.0 billion in 2024, again largely volume-driven. Q4 2025 income from operations: $1.7 billion vs. $594 million a year earlier, reflecting volume growth with higher Opex, G&A, and D&A. Full-year 2025 income from operations: $5.2 billion vs. $1.8 billion in 2024. Q4 2025 net income attributable to common stockholders: $1.1 billion vs. $871 million, despite higher interest expense and adverse interest rate swap impacts. Full-year 2025 net income: $2.3 billion vs. $1.5 billion in 2024. Consolidated adjusted EBITDA: $2.0 billion in Q4 2025 (vs. $688 million), and $6.3 billion for 2025 (vs. $2.1 billion), driven by increased volumes. Capital structure and financing In Q4, issued $3.0 billion of Plaquemines notes; with swap breakage proceeds, repaid $3.2 billion of Plaquemines construction loans. For 2025, raised $33.0 billion in total, for development and refinancing. Secured a new undrawn $2.0 billion corporate revolver. Reduced leverage: $190 million at Calcasieu Pass and $919 million at Plaquemines over 2025. Company’s stated plan is to fund all project CapEx and growth via construction loans, retained earnings, and incremental project-level borrowing, with no new parent-level equity, preferred, or debt assumed at this time. For CP2 Phase 2, ~$1.7 billion of equity has already been invested; management expects to complete financing and FID “in coming weeks” and to keep 100% project ownership.3.3.3.3.Contracting and commercial activity Since re‑entering the market in April 2025, Venture Global signed 9.25 MTPA of new 20‑year SPAs, claiming more volume than any other LNG company over that period. New deals highlighted: A new five‑year contract (~0.5 MTPA) with Trafigura via Venture Global Commodities, described as generating a net spread above $3/MMBtu. A new 20‑year 1.5 MTPA SPA with Hanwha Aerospace, first long‑term South Korean customer. Additional 20‑year SPAs signed in Q4 2025 with Naturgy Atlantic LNG, Mitsui, and Tokyo Gas. Management indicates nearly 50 MTPA of 20‑year contracts in place, roughly equivalent to the “traditional nameplate” capacity of Calcasieu Pass, Plaquemines, and CP2 combined. Strategy is to price long‑term SPAs at a steady, intentionally held level (not disclosing exact numbers), which management believes offers attractive returns while undercutting other projects’ costs, thereby capturing market share. Strong ongoing demand seen for both 20‑year SPAs and mid‑term deals; further announcements expected in coming quarters. Guidance and 2026 outlook 2026 cargo guidance: 486–527 cargoes from Calcasieu Pass and Plaquemines combined. 69% of potential 2026 cargoes are already contracted (including SPA volumes). Calcasieu Pass: Exported 38 cargoes in Q4 2025; realized implied liquefaction fee of $2.10/MMBtu (including arbitration reserves). 2026 export guidance: 145–156 cargoes. Expected 2026 implied weighted average liquefaction fee: $1.98/MMBtu (including arbitration reserve adjustments). Plaquemines: Exported 90 commissioning cargoes in Q4 2025 with weighted average liquefaction fee of $6.20/MMBtu; margins temporarily compressed in December due to higher Henry Hub, higher shipping day rates, and flat TTF. Owned/chartered fleet partially offset shipping cost spikes, illustrating the benefit of controlled shipping capacity. 2025 total: 234 cargoes; 2026 guidance: 341–370 cargoes, with wider range due to commissioning variability. For 2026, including Phase 1 COD in Q4, Plaquemines has contracted 59% of potential cargoes at a weighted average liquefaction fee of $4.50/MMBtu on contracted commissioning and Q4 SPA cargoes. 2026 consolidated adjusted EBITDA guidance: $5.2–$5.8 billion. Assumes $5–$6/MMBtu liquefaction fee on uncontracted 2026 cargoes, consistent with then-current TTF and JKM forward prices. EBITDA sensitivity: a $1/MMBtu change in realized liquefaction fee on remaining 2026 volumes shifts EBITDA guidance by approximately $575–$625 million. Q1 2026 color (one‑time): guidance of $1.15–$1.25 billion in consolidated adjusted EBITDA, reduced by an estimated ~$500 million vs. a $5.50/MMBtu fee framework due to: Higher Henry Hub prices, Lost cargoes (e.g., Winter Storm Fern impacts), Basis impact at Plaquemines. Calcasieu Pass operations and arbitrations Q4 2025: 38 cargoes exported; slightly below prior expectations due to ship availability issues and Atlantic storms delaying expected cargoes. Arbitration update: Received a favorable no-liability decision in the Repsol arbitration in January. Remaining arbitrations (BP and three others) are reflected via a non‑cash reserve, currently estimated at ~$13 million per quarter revenue adjustment across the 20‑year SPA terms. EBITDA impact is less than the revenue adjustment due to noncontrolling interest and tax considerations. No current cash impact from these reserves; estimates will be updated quarterly as outcomes are known. BP has raised the size of its claimed damages, but management asserts its view of exposure is unchanged, citing contractual limits on recoverable damages. BP arbitration timeline: no hearing expected in 2026; process likely to continue into late 2027 before major developments. Plaquemines project status All 30 liquefaction trains have completed initial startup using an “innovative temporary power solution.” Substantial completion under EPC scopes targeted for late summer 2026; project described as on schedule. Transition from temporary power to permanent power plant for Phase 1 expected in Q2 2026. Regulatory filings made to FERC to increase authorized peak liquefaction capacity at Plaquemines to 35 MTPA and DOE/FERC filings submitted for up to 31 MTPA of bolt‑on expansion. 2025 TRIR safety metrics cited as evidence of safe construction execution.3.3.3.3.Impact of Middle East events and Qatar disruptions Management sees the Middle East situation as: A humanitarian concern and geopolitical risk, A key source of current LNG price volatility and higher spreads, especially with Qatar volumes constrained. With Qatar “for the moment turned off and potentially damaged,” management says the market is reassessing the timing of Qatar’s return and resumption of shipping flows. U.S. LNG, and Venture Global in particular (given its uncontracted volumes and fleet), is positioned to supply incremental cargoes during this period; shipping capacity becomes critical as both LNG prices and vessel day rates spike. Overall stance is that, while the situation is volatile, Venture Global is operationally ready to help stabilize supply and benefit from higher spreads in the short term, while still basing long‑term planning on lower, more stable price expectations.
·26.1.Here it can be an intense shirt squeeeeze
26.1.26.1.Niin kauan kuin trumppi on vallassa kannattaa hankkia. Tämä on iso tekijä ja "puhdas" jenkki, jolla jo poliittinen lupa tuoda LNG laivasto Eurooppaa kohti. Venture juuri viime viikolla voitti oikeusjutun Repsol kärhämästä, joten puhdas tie kulkea. Tankkasin lisää kun vielä saa alle kympillä.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
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Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2025 Q4 -tulosraportti
64 päivää sitten
‧1 t 3 min
0,018 USD/osake
Viimeisin osinko
0,54%Tuotto/v
Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·18.3.I asked Nordnet about the lending value for VG and got the answer today. The stock gets 70% lending value. It should be visible on our page from tomorrow.·18.3.It was about time. It Has always bothered me regarding VG. And then even 70%.
- ·3.3.Shell lost the appeal of the judgment against Venture Global, so now there will be an extra good boost upwards for the company.
- 3.3.3.3.Q4 earnings call. Overall company performance and strategy 2025 described as a “landmark year”: IPO completed, first project (Calcasieu Pass) at commercial operations, Plaquemines ramping, CP2 Phase 1 under construction and financed. Company is simultaneously constructing over 57 MTPA of LNG capacity across Plaquemines and CP2. Total assets grew ~+$10 billion to $53 billion; EBITDA and income from operations nearly tripled year over year. Venture Global positions itself to become the largest LNG producer in North America, supported by $134+ billion of contracted third‑party revenue and 49 MTPA of long- and intermediate-term offtake. For 2026, 69% of expected production capacity is already contracted; management expects that percentage to rise quickly via additional short-, intermediate-, and long-term contracts. Strategy is to maintain a balanced portfolio of long-, mid-, and short‑term sales to combine visibility of cash flows with upside optionality on uncontracted volumes. Operational model, efficiency, and safety Emphasis on modular design, heavy data capture, and in‑house EPC capabilities as core competitive advantages. Claims project-level operating and maintenance costs ~30% below industry averages, with room for further improvement. Construction timelines reportedly less than half those of conventional LNG projects; faster commissioning ramp also highlighted. Company increasingly internalizes traditional EPC functions, viewed as key to cost and schedule control. Safety remains described as top priority, with a total recordable incident rate of 0.16 versus a cited U.S. national average of 2.2. Venture Global views its plants as “technology assets,” continuously optimized for higher throughput and lower cost through data science and AI-driven operations. Project portfolio and capacity build‑out Current and near-term portfolio: Calcasieu Pass (operational), Plaquemines (Phase 1 approaching COD in Q4 2026, Phase 2 targeting mid‑2027 COD), CP2 Phase 1 under construction; CP2 Phase 2 approaching FID and financing. Near-term production outlook from Calcasieu Pass, Plaquemines, and CP2 Phases 1 & 2: ~68+ MTPA annualized, with upside from optimization and peak production. Of the 68 MTPA, about 72% is already contracted long term. Beyond base projects, management expects ~13 MTPA of “bolt‑on” capacity across Plaquemines and CP2 at significantly lower cost and faster timelines than the initial phases. Monthly ship loadings expected to more than double from ~43 per month today to ~90 per month by 2029, driven by added trains and bolt‑ons. Financial performance (Q4 and full‑year 2025) Q4 2025 revenue: $4.4 billion, up from $1.5 billion in Q4 2024, driven by higher sales volumes (478 TBtu vs. 128 TBtu) partially offset by lower net pricing, mainly at Calcasieu Pass as SPAs commenced. Full-year 2025 revenue: $13.8 billion vs. $5.0 billion in 2024, again largely volume-driven. Q4 2025 income from operations: $1.7 billion vs. $594 million a year earlier, reflecting volume growth with higher Opex, G&A, and D&A. Full-year 2025 income from operations: $5.2 billion vs. $1.8 billion in 2024. Q4 2025 net income attributable to common stockholders: $1.1 billion vs. $871 million, despite higher interest expense and adverse interest rate swap impacts. Full-year 2025 net income: $2.3 billion vs. $1.5 billion in 2024. Consolidated adjusted EBITDA: $2.0 billion in Q4 2025 (vs. $688 million), and $6.3 billion for 2025 (vs. $2.1 billion), driven by increased volumes. Capital structure and financing In Q4, issued $3.0 billion of Plaquemines notes; with swap breakage proceeds, repaid $3.2 billion of Plaquemines construction loans. For 2025, raised $33.0 billion in total, for development and refinancing. Secured a new undrawn $2.0 billion corporate revolver. Reduced leverage: $190 million at Calcasieu Pass and $919 million at Plaquemines over 2025. Company’s stated plan is to fund all project CapEx and growth via construction loans, retained earnings, and incremental project-level borrowing, with no new parent-level equity, preferred, or debt assumed at this time. For CP2 Phase 2, ~$1.7 billion of equity has already been invested; management expects to complete financing and FID “in coming weeks” and to keep 100% project ownership.3.3.3.3.Contracting and commercial activity Since re‑entering the market in April 2025, Venture Global signed 9.25 MTPA of new 20‑year SPAs, claiming more volume than any other LNG company over that period. New deals highlighted: A new five‑year contract (~0.5 MTPA) with Trafigura via Venture Global Commodities, described as generating a net spread above $3/MMBtu. A new 20‑year 1.5 MTPA SPA with Hanwha Aerospace, first long‑term South Korean customer. Additional 20‑year SPAs signed in Q4 2025 with Naturgy Atlantic LNG, Mitsui, and Tokyo Gas. Management indicates nearly 50 MTPA of 20‑year contracts in place, roughly equivalent to the “traditional nameplate” capacity of Calcasieu Pass, Plaquemines, and CP2 combined. Strategy is to price long‑term SPAs at a steady, intentionally held level (not disclosing exact numbers), which management believes offers attractive returns while undercutting other projects’ costs, thereby capturing market share. Strong ongoing demand seen for both 20‑year SPAs and mid‑term deals; further announcements expected in coming quarters. Guidance and 2026 outlook 2026 cargo guidance: 486–527 cargoes from Calcasieu Pass and Plaquemines combined. 69% of potential 2026 cargoes are already contracted (including SPA volumes). Calcasieu Pass: Exported 38 cargoes in Q4 2025; realized implied liquefaction fee of $2.10/MMBtu (including arbitration reserves). 2026 export guidance: 145–156 cargoes. Expected 2026 implied weighted average liquefaction fee: $1.98/MMBtu (including arbitration reserve adjustments). Plaquemines: Exported 90 commissioning cargoes in Q4 2025 with weighted average liquefaction fee of $6.20/MMBtu; margins temporarily compressed in December due to higher Henry Hub, higher shipping day rates, and flat TTF. Owned/chartered fleet partially offset shipping cost spikes, illustrating the benefit of controlled shipping capacity. 2025 total: 234 cargoes; 2026 guidance: 341–370 cargoes, with wider range due to commissioning variability. For 2026, including Phase 1 COD in Q4, Plaquemines has contracted 59% of potential cargoes at a weighted average liquefaction fee of $4.50/MMBtu on contracted commissioning and Q4 SPA cargoes. 2026 consolidated adjusted EBITDA guidance: $5.2–$5.8 billion. Assumes $5–$6/MMBtu liquefaction fee on uncontracted 2026 cargoes, consistent with then-current TTF and JKM forward prices. EBITDA sensitivity: a $1/MMBtu change in realized liquefaction fee on remaining 2026 volumes shifts EBITDA guidance by approximately $575–$625 million. Q1 2026 color (one‑time): guidance of $1.15–$1.25 billion in consolidated adjusted EBITDA, reduced by an estimated ~$500 million vs. a $5.50/MMBtu fee framework due to: Higher Henry Hub prices, Lost cargoes (e.g., Winter Storm Fern impacts), Basis impact at Plaquemines. Calcasieu Pass operations and arbitrations Q4 2025: 38 cargoes exported; slightly below prior expectations due to ship availability issues and Atlantic storms delaying expected cargoes. Arbitration update: Received a favorable no-liability decision in the Repsol arbitration in January. Remaining arbitrations (BP and three others) are reflected via a non‑cash reserve, currently estimated at ~$13 million per quarter revenue adjustment across the 20‑year SPA terms. EBITDA impact is less than the revenue adjustment due to noncontrolling interest and tax considerations. No current cash impact from these reserves; estimates will be updated quarterly as outcomes are known. BP has raised the size of its claimed damages, but management asserts its view of exposure is unchanged, citing contractual limits on recoverable damages. BP arbitration timeline: no hearing expected in 2026; process likely to continue into late 2027 before major developments. Plaquemines project status All 30 liquefaction trains have completed initial startup using an “innovative temporary power solution.” Substantial completion under EPC scopes targeted for late summer 2026; project described as on schedule. Transition from temporary power to permanent power plant for Phase 1 expected in Q2 2026. Regulatory filings made to FERC to increase authorized peak liquefaction capacity at Plaquemines to 35 MTPA and DOE/FERC filings submitted for up to 31 MTPA of bolt‑on expansion. 2025 TRIR safety metrics cited as evidence of safe construction execution.3.3.3.3.Impact of Middle East events and Qatar disruptions Management sees the Middle East situation as: A humanitarian concern and geopolitical risk, A key source of current LNG price volatility and higher spreads, especially with Qatar volumes constrained. With Qatar “for the moment turned off and potentially damaged,” management says the market is reassessing the timing of Qatar’s return and resumption of shipping flows. U.S. LNG, and Venture Global in particular (given its uncontracted volumes and fleet), is positioned to supply incremental cargoes during this period; shipping capacity becomes critical as both LNG prices and vessel day rates spike. Overall stance is that, while the situation is volatile, Venture Global is operationally ready to help stabilize supply and benefit from higher spreads in the short term, while still basing long‑term planning on lower, more stable price expectations.
- ·26.1.Here it can be an intense shirt squeeeeze26.1.26.1.Niin kauan kuin trumppi on vallassa kannattaa hankkia. Tämä on iso tekijä ja "puhdas" jenkki, jolla jo poliittinen lupa tuoda LNG laivasto Eurooppaa kohti. Venture juuri viime viikolla voitti oikeusjutun Repsol kärhämästä, joten puhdas tie kulkea. Tankkasin lisää kun vielä saa alle kympillä.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 12.5. | 7 päivää |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 2.3. | ||
2025 Q3 -tulosraportti 10.11.2025 | ||
2025 Q2 -tulosraportti 13.8.2025 | ||
2025 Q1 -tulosraportti 13.5.2025 | ||
2024 Q4 -tulosraportti 6.3.2025 |
2025 Q4 -tulosraportti
64 päivää sitten
‧1 t 3 min
Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: FactSet, Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q1 -tulosraportti 12.5. | 7 päivää |
| Menneet tapahtumat | ||
|---|---|---|
2025 Q4 -tulosraportti 2.3. | ||
2025 Q3 -tulosraportti 10.11.2025 | ||
2025 Q2 -tulosraportti 13.8.2025 | ||
2025 Q1 -tulosraportti 13.5.2025 | ||
2024 Q4 -tulosraportti 6.3.2025 |
0,018 USD/osake
Viimeisin osinko
0,54%Tuotto/v
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·18.3.I asked Nordnet about the lending value for VG and got the answer today. The stock gets 70% lending value. It should be visible on our page from tomorrow.·18.3.It was about time. It Has always bothered me regarding VG. And then even 70%.
- ·3.3.Shell lost the appeal of the judgment against Venture Global, so now there will be an extra good boost upwards for the company.
- 3.3.3.3.Q4 earnings call. Overall company performance and strategy 2025 described as a “landmark year”: IPO completed, first project (Calcasieu Pass) at commercial operations, Plaquemines ramping, CP2 Phase 1 under construction and financed. Company is simultaneously constructing over 57 MTPA of LNG capacity across Plaquemines and CP2. Total assets grew ~+$10 billion to $53 billion; EBITDA and income from operations nearly tripled year over year. Venture Global positions itself to become the largest LNG producer in North America, supported by $134+ billion of contracted third‑party revenue and 49 MTPA of long- and intermediate-term offtake. For 2026, 69% of expected production capacity is already contracted; management expects that percentage to rise quickly via additional short-, intermediate-, and long-term contracts. Strategy is to maintain a balanced portfolio of long-, mid-, and short‑term sales to combine visibility of cash flows with upside optionality on uncontracted volumes. Operational model, efficiency, and safety Emphasis on modular design, heavy data capture, and in‑house EPC capabilities as core competitive advantages. Claims project-level operating and maintenance costs ~30% below industry averages, with room for further improvement. Construction timelines reportedly less than half those of conventional LNG projects; faster commissioning ramp also highlighted. Company increasingly internalizes traditional EPC functions, viewed as key to cost and schedule control. Safety remains described as top priority, with a total recordable incident rate of 0.16 versus a cited U.S. national average of 2.2. Venture Global views its plants as “technology assets,” continuously optimized for higher throughput and lower cost through data science and AI-driven operations. Project portfolio and capacity build‑out Current and near-term portfolio: Calcasieu Pass (operational), Plaquemines (Phase 1 approaching COD in Q4 2026, Phase 2 targeting mid‑2027 COD), CP2 Phase 1 under construction; CP2 Phase 2 approaching FID and financing. Near-term production outlook from Calcasieu Pass, Plaquemines, and CP2 Phases 1 & 2: ~68+ MTPA annualized, with upside from optimization and peak production. Of the 68 MTPA, about 72% is already contracted long term. Beyond base projects, management expects ~13 MTPA of “bolt‑on” capacity across Plaquemines and CP2 at significantly lower cost and faster timelines than the initial phases. Monthly ship loadings expected to more than double from ~43 per month today to ~90 per month by 2029, driven by added trains and bolt‑ons. Financial performance (Q4 and full‑year 2025) Q4 2025 revenue: $4.4 billion, up from $1.5 billion in Q4 2024, driven by higher sales volumes (478 TBtu vs. 128 TBtu) partially offset by lower net pricing, mainly at Calcasieu Pass as SPAs commenced. Full-year 2025 revenue: $13.8 billion vs. $5.0 billion in 2024, again largely volume-driven. Q4 2025 income from operations: $1.7 billion vs. $594 million a year earlier, reflecting volume growth with higher Opex, G&A, and D&A. Full-year 2025 income from operations: $5.2 billion vs. $1.8 billion in 2024. Q4 2025 net income attributable to common stockholders: $1.1 billion vs. $871 million, despite higher interest expense and adverse interest rate swap impacts. Full-year 2025 net income: $2.3 billion vs. $1.5 billion in 2024. Consolidated adjusted EBITDA: $2.0 billion in Q4 2025 (vs. $688 million), and $6.3 billion for 2025 (vs. $2.1 billion), driven by increased volumes. Capital structure and financing In Q4, issued $3.0 billion of Plaquemines notes; with swap breakage proceeds, repaid $3.2 billion of Plaquemines construction loans. For 2025, raised $33.0 billion in total, for development and refinancing. Secured a new undrawn $2.0 billion corporate revolver. Reduced leverage: $190 million at Calcasieu Pass and $919 million at Plaquemines over 2025. Company’s stated plan is to fund all project CapEx and growth via construction loans, retained earnings, and incremental project-level borrowing, with no new parent-level equity, preferred, or debt assumed at this time. For CP2 Phase 2, ~$1.7 billion of equity has already been invested; management expects to complete financing and FID “in coming weeks” and to keep 100% project ownership.3.3.3.3.Contracting and commercial activity Since re‑entering the market in April 2025, Venture Global signed 9.25 MTPA of new 20‑year SPAs, claiming more volume than any other LNG company over that period. New deals highlighted: A new five‑year contract (~0.5 MTPA) with Trafigura via Venture Global Commodities, described as generating a net spread above $3/MMBtu. A new 20‑year 1.5 MTPA SPA with Hanwha Aerospace, first long‑term South Korean customer. Additional 20‑year SPAs signed in Q4 2025 with Naturgy Atlantic LNG, Mitsui, and Tokyo Gas. Management indicates nearly 50 MTPA of 20‑year contracts in place, roughly equivalent to the “traditional nameplate” capacity of Calcasieu Pass, Plaquemines, and CP2 combined. Strategy is to price long‑term SPAs at a steady, intentionally held level (not disclosing exact numbers), which management believes offers attractive returns while undercutting other projects’ costs, thereby capturing market share. Strong ongoing demand seen for both 20‑year SPAs and mid‑term deals; further announcements expected in coming quarters. Guidance and 2026 outlook 2026 cargo guidance: 486–527 cargoes from Calcasieu Pass and Plaquemines combined. 69% of potential 2026 cargoes are already contracted (including SPA volumes). Calcasieu Pass: Exported 38 cargoes in Q4 2025; realized implied liquefaction fee of $2.10/MMBtu (including arbitration reserves). 2026 export guidance: 145–156 cargoes. Expected 2026 implied weighted average liquefaction fee: $1.98/MMBtu (including arbitration reserve adjustments). Plaquemines: Exported 90 commissioning cargoes in Q4 2025 with weighted average liquefaction fee of $6.20/MMBtu; margins temporarily compressed in December due to higher Henry Hub, higher shipping day rates, and flat TTF. Owned/chartered fleet partially offset shipping cost spikes, illustrating the benefit of controlled shipping capacity. 2025 total: 234 cargoes; 2026 guidance: 341–370 cargoes, with wider range due to commissioning variability. For 2026, including Phase 1 COD in Q4, Plaquemines has contracted 59% of potential cargoes at a weighted average liquefaction fee of $4.50/MMBtu on contracted commissioning and Q4 SPA cargoes. 2026 consolidated adjusted EBITDA guidance: $5.2–$5.8 billion. Assumes $5–$6/MMBtu liquefaction fee on uncontracted 2026 cargoes, consistent with then-current TTF and JKM forward prices. EBITDA sensitivity: a $1/MMBtu change in realized liquefaction fee on remaining 2026 volumes shifts EBITDA guidance by approximately $575–$625 million. Q1 2026 color (one‑time): guidance of $1.15–$1.25 billion in consolidated adjusted EBITDA, reduced by an estimated ~$500 million vs. a $5.50/MMBtu fee framework due to: Higher Henry Hub prices, Lost cargoes (e.g., Winter Storm Fern impacts), Basis impact at Plaquemines. Calcasieu Pass operations and arbitrations Q4 2025: 38 cargoes exported; slightly below prior expectations due to ship availability issues and Atlantic storms delaying expected cargoes. Arbitration update: Received a favorable no-liability decision in the Repsol arbitration in January. Remaining arbitrations (BP and three others) are reflected via a non‑cash reserve, currently estimated at ~$13 million per quarter revenue adjustment across the 20‑year SPA terms. EBITDA impact is less than the revenue adjustment due to noncontrolling interest and tax considerations. No current cash impact from these reserves; estimates will be updated quarterly as outcomes are known. BP has raised the size of its claimed damages, but management asserts its view of exposure is unchanged, citing contractual limits on recoverable damages. BP arbitration timeline: no hearing expected in 2026; process likely to continue into late 2027 before major developments. Plaquemines project status All 30 liquefaction trains have completed initial startup using an “innovative temporary power solution.” Substantial completion under EPC scopes targeted for late summer 2026; project described as on schedule. Transition from temporary power to permanent power plant for Phase 1 expected in Q2 2026. Regulatory filings made to FERC to increase authorized peak liquefaction capacity at Plaquemines to 35 MTPA and DOE/FERC filings submitted for up to 31 MTPA of bolt‑on expansion. 2025 TRIR safety metrics cited as evidence of safe construction execution.3.3.3.3.Impact of Middle East events and Qatar disruptions Management sees the Middle East situation as: A humanitarian concern and geopolitical risk, A key source of current LNG price volatility and higher spreads, especially with Qatar volumes constrained. With Qatar “for the moment turned off and potentially damaged,” management says the market is reassessing the timing of Qatar’s return and resumption of shipping flows. U.S. LNG, and Venture Global in particular (given its uncontracted volumes and fleet), is positioned to supply incremental cargoes during this period; shipping capacity becomes critical as both LNG prices and vessel day rates spike. Overall stance is that, while the situation is volatile, Venture Global is operationally ready to help stabilize supply and benefit from higher spreads in the short term, while still basing long‑term planning on lower, more stable price expectations.
- ·26.1.Here it can be an intense shirt squeeeeze26.1.26.1.Niin kauan kuin trumppi on vallassa kannattaa hankkia. Tämä on iso tekijä ja "puhdas" jenkki, jolla jo poliittinen lupa tuoda LNG laivasto Eurooppaa kohti. Venture juuri viime viikolla voitti oikeusjutun Repsol kärhämästä, joten puhdas tie kulkea. Tankkasin lisää kun vielä saa alle kympillä.
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