(Reuters) – Venture Global swung to a profit in the third quarter, it reported on Monday, as record liquefied natural gas exports and a flurry of new long-term supply deals boosted earnings.
The company’s shares jumped 10% in premarket trading.
The U.S. exported a record 10.1 million metric tons of LNG in October, making it the world’s top exporter, according to LSEG data.
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Venture Global, the country’s second-largest exporter, accounted for more than 30% of those shipments.
The company said it exported a record 100 cargoes during the July-to-September quarter, totaling 372 trillion British thermal units (TBtu), up 237% from a year earlier.
It also signed new 20-year supply deals with Naturgy of Spain and Atlantic-SEE LNG Trade of Greece, adding to recent agreements with Petronas, SEFE Energy and Eni. The new contracts bring total long-term sales commitments to 5.25 million tonnes per year in the second half of 2025.
Venture Global said 34 of 36 liquefaction trains at its Plaquemines project are now producing LNG, while its CP2 project received final authorization from the U.S. Department of Energy to export to non-free trade countries.
However, the company trimmed its full-year adjusted core profit forecast to between $6.35 billion and $6.50 billion, from $6.40 billion to $6.80 billion, citing lower liquefaction fees and reserves tied to ongoing arbitrations.
Last month, BP won its arbitration case against Venture Global over its failure to deliver LNG under a long-term contract.
Firms, including Shell, BP, Edison and Galp have filed similar claims since 2023, accusing the U.S. supplier of selling cargoes on the spot market instead of honoring contracts from its Calcasieu Pass facility in Louisiana.
Venture Global reported net income attributable to common stockholders of $429 million for the quarter ended September 30, compared to a loss of $347 million a year earlier.
Reporting by Tanay Dhumal in Bengaluru; Editing by Shailesh Kuber
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