Venture Global records $1.3bn quarterly profit

Venture Global posted a $1.3bn profit in Q2 as it capitalised on higher liquefied natural gas sales volumes predominantly tied to the soon-to-launch Plaquemines LNG facility in Louisiana.

Revenues rose to $4.6bn, up 48% year-on-year, as it exported 127 cargoes and sold 466.4 Tbtu of LNG.

More than two million tonnes per annum of new or increased LNG offtake agreements were signed, with deals including Atlantic-SEE, EnBW, .

Plaquemines is targeting a commercial operations date of Q4, and phase 2 from mid-2027.

CEO Mike Sabel said, “We are focused on moving Plaquemines Phase I into commercial operations, continuing construction momentum at CP2, and progressing commercial and financial activities in support of FID at the brownfield expansions at both CP2 and Plaquemines.”

The US Department of Energy approved a 13% export expansion for Plaquemines .

Subject to regulatory approval, Venture Global is targeting FID on CP2 expansion in early 2027 with first production in late 2028, following .

Calcasieu Pass (CP) completed major scheduled maintenance on gas turbines and produced 37 cargoes in Q2.

Construction of the CP2 project is on schedule to produce first LNG in the second half of 2027. It has 16 liquefaction modules already on site, roofs raised on all four LNG tanks, and five of the gas and steam turbines on foundations.

Global energy company Baker Hughes will supply to support the second phase of Venture Global’s 29 million tonnes per annum CP2 LNG export facility.