U.S. liquefied natural gas (LNG) exporter Venture Global more than doubled its revenue in the first quarter of 2025 compared to the same period last year, driven by rising exports from its Calcasieu Pass and Plaquemines LNG plants.
The company reported $2.894 billion in revenue for the first quarter, up from $1.414 billion a year ago. However, net income fell by 39% to $396 million, mainly due to non-cash losses tied to interest rate swaps, the company said.
Operating income rose 75% year-over-year, supported by higher LNG volumes and stronger sales prices, which lifted the total margin on LNG sold.
Venture Global forecasts adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) between $6.4 billion and $6.8 billion for the full year. The midpoint of that range slightly exceeds Wall Street’s consensus of $6.54 billion.
In 2025, the company expects to ship 145–150 LNG cargoes from Calcasieu Pass and 222–239 cargoes from the Plaquemines project, including those already delivered in the first quarter.
Last month, Venture Global began contractual deliveries from Calcasieu Pass to long-term buyers. This marks a key step for the project, which has faced delays in reaching full commercial operations. The delays have sparked disputes with major energy firms, including Shell and BP. These companies accuse Venture Global of selling LNG on the spot market to capitalize on higher prices, while deferring long-term contract deliveries.
Meanwhile, rival U.S. exporter Cheniere Energy also reported higher first-quarter revenue, as global demand for American LNG remained strong. U.S. LNG exports surged 20% between January and April compared to the same period last year, fueled by a cold winter and low gas inventories in Europe.
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