**Venture Global, Inc. Reports Fiscal Year 2025 Results**
Venture Global, Inc., a U.S. liquefied natural gas (LNG) provider, announced its financial results for the fiscal year ended December 31, 2025. The company reported income from operations of $5.2 billion, a significant increase from $1.8 billion in 2024. This growth was primarily driven by higher LNG sales volumes, particularly from the Plaquemines Project, which commenced LNG production in December 2024 and continued to ramp up production throughout 2025. The company's LNG volumes exported reached 1,415.4 TBtu in 2025, compared to 508.4 TBtu in the previous year. The weighted average price of LNG volumes sold was $9.80 per MMBtu, slightly lower than the $9.89 per MMBtu in 2024, with the liquefaction fee averaging $5.87 per MMBtu and the commodity fee averaging $3.93 per MMBtu.
The company's operating expenses totaled $8.6 billion, up from $3.2 billion in 2024. This increase was primarily due to higher cost of sales, operating and maintenance expenses, and depreciation and amortization. Cost of sales increased to $5.9 billion, driven by higher LNG sales volumes and increased feed gas costs. Operating and maintenance expenses rose to $975 million, reflecting increased operating costs at the Plaquemines Project and for the company's LNG tanker fleet. Depreciation and amortization also increased significantly to $941 million, due to the placement of Plaquemines Project assets in service. Development expense decreased to $344 million, primarily due to the CP2 Project being declared probable during 2025, leading to capitalization of development costs.
Strategic developments for Venture Global in 2025 included the formal initiation of the Plaquemines Expansion Project, targeting an annual peak production capacity of 31.0 mtpa. The company also took delivery of four LNG tankers, bringing its total owned fleet to seven, with two additional tankers scheduled for delivery in 2026. As of December 31, 2025, the company had executed 47.0 mtpa of SPAs with third-party customers. The CP2 Project has not yet commenced LNG production or commissioning activities. However, CP2 has executed post-COD SPAs with third-party customers and intercompany excess capacity SPA with VG Commodities.
Looking ahead, Venture Global anticipates that its financial performance will be influenced by several key factors, including global economic conditions, geopolitical developments, and regulatory changes. The company's ability to manage commodity price risk, control operating costs, and secure necessary regulatory approvals will be critical to its future success. As of December 31, 2025, Venture Global had cash and cash equivalents of $2.4 billion and available borrowing capacity of $13.5 billion, providing substantial liquidity to support its ongoing operations and future growth initiatives. The company's Class A common stock has been publicly traded on the New York Stock Exchange under the symbol "VG" since January 24, 2025.
About Venture Global, Inc.
Venture Global is a U.S.-based LNG producer specializing in the development, construction, and operation of natural gas liquefaction and export projects along the Gulf Coast. Its core activities include LNG production, natural gas transportation, shipping, and regasification. The company leverages modular, factory-fabricated technology to deliver low-cost, scalable LNG to global markets, supporting energy security and cleaner energy transition through long-term supply agreements.
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