Venture Global lifts 2026 EBITDA outlook on record LNG volumes
Venture Global reported a 264% jump in net income and raised its full-year profit guidance after Plaquemines commissioning drove a 42% increase in sold volumes.
Venture Global (VG) posted second-quarter 2026 earnings of 51 cents per share, exceeding the Zacks Consensus Estimate by 4.08% and surging 264.3% from the prior year period. Quarterly revenue climbed 47.6% year over year to $4.58 billion, driven primarily by higher liquefied natural gas sales volumes and stronger net prices. According to GN markets/earnings (en-US), the company exported 127 cargoes during the quarter, a significant step up from the 330.8 TBtu exported volume in the same period last year.
The operational expansion was anchored by the Plaquemines project, which contributed 90 of the quarter’s total cargoes, while Calcasieu Pass added 37. This volume growth pushed consolidated adjusted EBITDA up 78.8% to $2.49 billion, achieving a 54% margin. Net income attributable to common stockholders reached $1.35 billion, a sharp increase from $368 million a year earlier, as higher sales volumes and improved price spreads offset rising operating costs.
Construction Progress Drives Capacity Growth
Venture Global is in the final stages of construction and commissioning for Plaquemines, targeting Phase 1 commercial operations in the fourth quarter of 2026. The company also reports that its CP2 project remains on schedule for first LNG in the second half of 2027. CP2 currently has 16 liquefaction modules on site, with roofs raised on all four storage tanks and five turbines installed. Engineering is complete, and procurement stands at 79%.
These additions are expected to significantly expand the company's export capabilities. The milestone of the 1,000th cargo export, reached about four years after the first shipment, underscores the rapid scaling of the business. As Plaquemines moves toward full commercial operation, the company anticipates a substantial increase in total annual cargoes, supporting the long-term revenue trajectory.
Guidance Raised Amid Higher Costs
Reflecting the improved operational outlook, Venture Global raised its 2026 consolidated adjusted EBITDA guidance to $8.70–$9.10 billion from the previous $8.20–$8.50 billion range. This update assumes a fixed liquefaction fee of $12.50–$13.50 per million British thermal units for remaining unsold cargoes. The company expects to deliver 500–518 cargoes in 2026, with 91% of those volumes already contracted as of August 11.
While profits grew, expenses also rose to support the increased output. Cost of sales increased to $1.66 billion from $1.42 billion, and operating and maintenance expenses climbed to $335 million due to commissioning work and a larger vessel fleet. Total operating expenses reached $2.39 billion, up from $2.06 billion in the prior year, reflecting the capital-intensive nature of bringing new LNG facilities online.
