U.S. LNG exporter Venture Global more than doubled its first-quarter revenue from a year earlier as its Plaquemines and Calcasieu Pass plants have launched operations and exports in recent months.
Venture Global reported on Tuesday revenues of $2.894 billion for the first quarter of the year, more than double compared to $1.414 billion for the same period in 2024.
Net income dropped by 39% to $396 million, largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps, the company said.
Income from operations jumped by 75% on the year, primarily due to higher LNG sales volumes and higher LNG sales prices, which resulted in a greater total margin for LNG sold, Venture Global noted.
The company expects adjusted core earnings – or EBITDA – to be in the $6.4 billion – $6.8 billion range for the full year, with the midpoint above the Wall Street consensus of $6.54 billion.
Venture Global now expect to export 145-150 cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025, including those already shipped in the first quarter.
Last month, Venture Global started contractual deliveries from its first LNG export project, Calcasieu Pass, to its long-term customers amid an ongoing dispute with major oil and gas firms over the delays to the official commercial operations date at the export project.
Shell, BP, and several other European energy majors have been in a dispute with Venture Global after the U.S. LNG exporter refused to start deliveries to them under long-term contracts in favor of selling its LNG on the spot market, making billions of dollar, according to the clients.
Last week, the biggest U.S. LNG exporter, Cheniere Energy, reported higher revenues for the first quarter compared to a year earlier as demand for American LNG continues to grow and natural gas prices have strengthened.
U.S. LNG exports jumped by 20% between January and April from a year earlier as buying activity in Europe remained strong amid a cold winter and low gas inventory levels.
By Tsvetana Paraskova for Oilprice.com
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