Venture Global (NYSE: VG) details Q3 2025 LNG exports and fees

Rhea-AI Filing Summary

Venture Global, Inc. reported operating metrics for the quarter ended September 30, 2025, highlighting LNG export volumes and associated liquefaction fees ahead of its full third-quarter earnings release. The company exported 100 cargos totaling 371.8 TBtu from all facilities, earning a weighted average fixed liquefaction fee of $5.07/MMBtu.

From the Calcasieu Pass facility, Venture Global shipped 36 cargos totaling 133.0 TBtu with a weighted average fixed liquefaction fee of $1.97/MMBtu. From the Plaquemines LNG facility, it shipped 64 cargos totaling 238.8 TBtu with a weighted average fixed liquefaction fee of $6.79/MMBtu.

The company explains that LNG revenue is recognized when control transfers to customers, typically when a vessel is loaded for FOB cargos or upon delivery for DES and other delivered terms. For this quarter, two DES cargos exported from Plaquemines will be recognized in the following quarter, while revenue was recognized from 2.88 TBtu of a partially loaded Plaquemines cargo. Management notes that these metrics reflect only part of overall performance, with full net income, cash flow and other financial results to be provided with the third-quarter earnings announcement.

Insights

Energy infrastructure and LNG markets analyst

Venture Global discloses Q3 2025 LNG volumes and liquefaction fees by facility ahead of full earnings.

Venture Global reports that for the quarter ended September 30, 2025, it exported 100 LNG cargos totaling 371.8 TBtu across all facilities, earning a weighted average fixed liquefaction fee of $5.07/MMBtu. Calcasieu Pass contributed 36 cargos and 133.0 TBtu at a lower average fee of $1.97/MMBtu, while Plaquemines LNG shipped 64 cargos and 238.8 TBtu at a higher average fee of $6.79/MMBtu. This split highlights differing contract and pricing structures between the more established and newer facilities.

The company reiterates a point-in-time revenue recognition model based on transfer of control, distinguishing between FOB cargos, recognized when vessels are loaded and unmoored, and DES/DPU cargos, recognized upon delivery to the destination. For this quarter, two Plaquemines DES cargos exported on owned or chartered vessels will be recognized in the following quarter, while 2.88 TBtu from a partially loaded Plaquemines cargo was recognized in the current period. This timing distinction can create mismatches between physical volumes shipped and revenue reported in any given quarter.

Because management emphasizes that these metrics represent only a few aspects of performance, they are best viewed as operational indicators rather than a proxy for full financial results. The company states that net income, cash flow, and broader financial performance will be disclosed with its third-quarter earnings, at which point the relationship between shipped volumes, realized fees, and reported revenue under its revenue recognition policy will be clearer. Overall, the information refines visibility into facility-level activity without yet indicating how margins and cash flows evolved during the quarter.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

0002007855false00020078552025-10-062025-10-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 6, 2025

Venture Global, Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-42486			93-3539083
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)
1001 19th Street North, Suite 1500						22209
Arlington, VA						(Zip Code)
(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (202) 759-6740

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

VG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 6, 2025, Venture Global, Inc. (“Venture Global” or the “Company”) announced the volume of LNG cargos exported from its facilities and the weighted averaged fixed liquefaction fee realized by the Company from such exports for the quarter ended September 30, 2025. During the commissioning or operations phases of one or more of the Company’s facilities, the Company may disclose after the end of the calendar quarter, but before the Company’s quarterly earnings report, certain key performance metrics.

Venture Global

For the quarter ended September 30, 2025, Venture Global exported 100 cargos totaling 371.8 TBtu from all facilities, realizing a weighted average fixed liquefaction fee of $5.07/MMBtu.

Calcasieu Pass

For the quarter ended September 30, 2025, Venture Global exported 36 cargos totaling 133.0 TBtu from its Calcasieu Pass facility, realizing a weighted average fixed liquefaction fee of $1.97/MMBtu.

Plaquemines LNG

For the quarter ended September 30, 2025, Venture Global exported 64 cargos totaling 238.8 TBtu from its Plaquemines facility, realizing a weighted average fixed liquefaction fee of $6.79/MMBtu.

Revenue Recognition

The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue from the sale of LNG is recognized by the Company at the point in time when the LNG is delivered to the customer at the agreed upon LNG terminal which is the point when legal title, physical possession and the risks and rewards of ownership transfer to the customer. Each individual molecule of LNG is viewed as a separate performance obligation.

Revenue associated with cargos exported on a Free on Board (“FOB”) basis is generally recognized when the LNG vessel is loaded and unmoors from one of our facilities. Revenue associated with cargos exported on a Delivered Ex-Ship (“DES”), Delivered Place Unloaded (“DPU”) or other delivered basis is generally recognized upon delivery of the LNG at the vessel destination. Occasionally, revenue associated with a cargo we export from our LNG terminals in a reporting period under such DES, DPU or other delivery terms will be recognized by the Company in a subsequent reporting period due to the time required for the vessel to successfully travel to its destination and unload its cargo.

For the quarter ended September 30, 2025, we exported two DES cargos from our Plaquemines LNG facility on our owned or chartered LNG vessels that will be recognized in the following quarter. Additionally, we recognized revenue from 2.88 TBtu from a partially loaded cargo at the Plaquemines facility.

Third Quarter 2025 Results

The Company’s net income, cash flow and other results will be announced along with the rest of its financial performance when the Company announces third quarter earnings. The volume of LNG cargos exported and weighted averaged fixed liquefaction fee realized by the Company represent only a few measures of the Company’s operating performance for the quarter ended September 30, 2025, and should not be relied on as sole indicators of quarterly financial results, which depend on a variety of factors.

Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts, included herein are “forward-looking statements.” In some cases, forward-looking statements can be identified by terminology such as “may,” “might,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,”

“estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology.

These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, including in relation to our recognition of revenue, expectations regarding the development, construction, commissioning and completion of our projects, expectations regarding sales of LNG cargos, estimates of the cost of our projects and schedule to construct and commission our projects, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors are more fully detailed in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) and any subsequent reports filed with the SEC. In addition, any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

The information furnished with this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Exhibit Title or Description

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Venture Global, Inc.

Dated: October 6, 2025

By: /s/ Jonathan Thayer

Jonathan Thayer

Chief Financial Officer

FAQ

What operating metrics did Venture Global (VG) report for Q3 2025?

For the quarter ended September 30, 2025, Venture Global exported 100 LNG cargos totaling 371.8 TBtu from all facilities and realized a weighted average fixed liquefaction fee of $5.07/MMBtu. These figures provide a snapshot of shipment volumes and average fees but do not represent complete quarterly financial results.

How did Calcasieu Pass and Plaquemines LNG contribute to Venture Global's Q3 2025 exports?

From Calcasieu Pass, Venture Global exported 36 cargos totaling 133.0 TBtu with a weighted average fixed liquefaction fee of $1.97/MMBtu. From the Plaquemines LNG facility, it exported 64 cargos totaling 238.8 TBtu with a higher weighted average fixed liquefaction fee of $6.79/MMBtu, showing the relative activity and pricing levels at each site.

How does Venture Global (VG) recognize revenue from LNG sales?

Venture Global recognizes LNG revenue when control of the product transfers to the customer in an amount that reflects the consideration expected. For FOB cargos, revenue is generally recognized when the LNG vessel is loaded and unmoors from a facility. For cargos on a DES, DPU, or other delivered basis, revenue is generally recognized upon delivery at the destination terminal, when legal title, physical possession, and risks and rewards of ownership pass to the customer.

Why will some Q3 2025 LNG cargos be recognized in a later quarter for Venture Global?

For the quarter ended September 30, 2025, Venture Global exported two DES cargos from its Plaquemines LNG facility on owned or chartered vessels that will be recognized in the following quarter. This timing arises because, under DES and similar terms, revenue is generally recognized upon delivery at the destination, and the voyage and unloading can extend beyond the quarter in which the cargo departs.

What special revenue recognition did Venture Global apply to a partially loaded Plaquemines cargo?

In Q3 2025, Venture Global recognized revenue associated with 2.88 TBtu from a partially loaded cargo at the Plaquemines LNG facility. This reflects its policy of viewing each individual molecule of LNG as a separate performance obligation, recognizing revenue as control of the LNG is transferred under the contract terms.

Will Venture Global's Q3 2025 LNG cargo data show full quarterly performance for VG?

No. Venture Global notes that the volume of LNG cargos exported and the weighted average fixed liquefaction fee are only a few measures of operating performance for the quarter ended September 30, 2025. The company states that net income, cash flow, and other results will be announced together with its broader third-quarter financial performance in its upcoming earnings release.