VG Reports Q3 2025 Profit Surge, Driven by Plaquemines Project LNG Sales

Venture Global (VG) reported a significant increase in profit for Q3 2025, with net income attributable to common stockholders reaching $429 million, a substantial increase from a net loss of $347 million in Q3 2024. This turnaround was primarily driven by higher sales volumes from the Plaquemines Project, which began LNG production in December 2024 and saw continued ramp-up throughout 2025. Revenue for the quarter rose by 260% to $3.3 billion compared to $926 million in the same period last year, surpassing analyst revenue estimates of $3.259 billion. Diluted EPS for the quarter was $0.16, exceeding the analyst estimate of $0.22.

Plaquemines Project Fuels Revenue Growth

The Plaquemines Project was a key driver of financial performance, contributing significantly to the surge in revenue. LNG sales volumes from this project totaled 245.6 TBtu in Q3 2025, compared to no sales in Q3 2024. The Plaquemines Project incurred $3.3 billion in project costs during the first nine months of 2025, with $23.2 billion of property, plant, and equipment now in service, leading to a 145% increase in depreciation and amortization expense.

Calcasieu Project Performance and Disputes

The Calcasieu Project declared Commercial Operations Date (COD) on April 15, 2025, transitioning to sales under post-COD SPAs. This resulted in a 78% decrease in income from operations for the Calcasieu Project in Q3 2025 compared to the prior year, primarily due to lower LNG sales prices under the new agreements, partially offset by higher sales volumes. The company is currently involved in arbitration proceedings with five post-COD SPA customers, with remedies sought totaling between $3.8 billion and $4.5 billion in the aggregate for four customers, in addition to over $1.0 billion sought by BP Gas Marketing Limited.

Strategic Developments and Capital Expansion

Venture Global continues to expand its operations and secure significant financing for its projects. The company took delivery of three new LNG tankers, bringing its total owned fleet to five, facilitating the transport of 38 cargos from its LNG facilities in 2025. In July 2025, the first phase of the CP2 Project achieved Final Investment Decision (FID), securing $15.1 billion in project financing. Additionally, the Blackfin Credit Facilities, totaling $1.6 billion, were established in September 2025 to support pipeline infrastructure, with proceeds used to reimburse prior expenditures and fund ongoing development.