Venture Global Reports Fourth Quarter and Full Year 2024 Results

Rhea-AI Summary

Venture Global (NYSE: VG) reported strong financial results for Q4 and full year 2024, with revenue of $1.5B for Q4 and $5.0B for the full year. The company achieved net income of $0.9B in Q4 and $1.5B for 2024, along with Consolidated Adjusted EBITDA of $0.7B and $2.1B respectively.

Key operational highlights include the Plaquemines Project achieving first LNG production and cargo export in December 2024. The project's liquefaction trains demonstrated 140% of nameplate capacity. The company advanced its CP2 development with $4.0B spent on construction and is launching the FID process.

For 2025 outlook, Venture Global projects Consolidated Adjusted EBITDA between $6.8B-$7.4B, with expected cargo exports of 140-148 from Calcasieu Project and 219-239 from Plaquemines Project. Commercial operations at Calcasieu Pass are anticipated to commence on April 15, 2025.

Positive

• Q4 net income increased $921M compared to Q4 2023 loss
• Plaquemines Project liquefaction trains operating at 140% of nameplate capacity
• Strong 2025 guidance: $6.8B-$7.4B Consolidated Adjusted EBITDA
• Significant cargo export forecast for 2025: 359-387 total cargos
• $5.0B annual revenue for 2024

Negative

• Full year 2024 net income decreased $1.2B compared to 2023
• Full year Consolidated Adjusted EBITDA decreased $3.1B vs 2023
• Lower LNG sales volumes in Q4
• Higher costs for Calcasieu Project remediation and commissioning
• Significant decline in international LNG prices impacting margins

Insights

Financial Analyst

Venture Global's Q4 and FY2024 results present a mixed financial picture with both operational achievements and financial challenges. The company reported Q4 revenue of $1.5 billion and full-year revenue of $5.0 billion, generating net income of $0.9 billion for Q4 and $1.5 billion for the full year. However, there are concerning year-over-year performance declines, with full-year net income dropping $1.2 billion and Consolidated Adjusted EBITDA decreasing by $3.1 billion compared to 2023.

The financial headwinds stemmed primarily from a significant decline in international LNG prices and higher costs related to the Calcasieu Project remediation. Despite these challenges, VG's forward guidance signals a dramatic improvement, projecting 2025 Consolidated Adjusted EBITDA between $6.8 billion and $7.4 billion - a potential tripling from the $2.1 billion reported in 2024.

The operational milestones are impressive, with the Plaquemines Project achieving first LNG production and cargo export in December. Notably, the activated liquefaction trains are performing at approximately 140% of nameplate capacity, demonstrating engineering efficiency. The company's continuation of the CP2 development ($4.0 billion already spent) and launch of its FID process signals management's confidence in future growth despite recent financial pressures.

This creates an inflection point story where 2024's challenges appear set to transition into 2025's potential substantial growth, assuming the company can deliver on its guidance and successfully navigate the LNG pricing environment.

ARLINGTON, Va.--(BUSINESS WIRE)-- Venture Global, Inc. (“Venture Global” or “we”) (NYSE: VG) today reported financial results for the quarter and full year ended December 31, 2024.

Summary Financial Highlights

(in billions)	Three months ended December 31, 2024		Twelve months ended December 31, 2024
Revenue	$1.5		$5.0
Net income(1)	$0.9		$1.5
Consolidated Adjusted EBITDA(2)	$0.7		$2.1

• During the three and twelve months ended December 31, 2024, Venture Global generated revenue of approximately $1.5 billion and $5.0 billion, net income⁽¹⁾ of approximately $0.9 billion and $1.5 billion, and Consolidated Adjusted EBITDA⁽²⁾ of approximately $0.7 billion and $2.1 billion, respectively.
• On December 13, 2024, the Plaquemines Project achieved first LNG, and on December 26, 2024, the Plaquemines Project exported its first cargo, making it one of the fastest greenfield projects to achieve first production, along with the Calcasieu Project, Venture Global's first facility.
• Venture Global progressed CP2 development, with $4.0 billion spent on construction, engineering, and design through December 31, 2024. Venture Global is launching the FID process for CP2.
• During 2024, Venture Global deployed its first two LNG tankers, Venture Gator and Venture Bayou.

“Venture Global is proud to present our inaugural earnings report which demonstrates tremendous growth. We have achieved strong results as we continued to reach important milestones across our projects,” said Venture Global CEO Mike Sabel. “We have brought much needed incremental LNG capacity to the market from Calcasieu Pass and Plaquemines – the majority of which went to our allies in Europe. We continue to improve and optimize production, most recently at Plaquemines, where every liquefaction train we have activated thus far has consistently demonstrated pro rata production levels of approximately 140% of nameplate capacity. We also recently announced that we anticipate commencing commercial operations at Calcasieu Pass on April 15, 2025, and are thrilled to report that we are launching the FID process for CP2.”

Mike Sabel also added, “Our continued record of execution is a testament to the hard work and dedication of our team, which continues to exceed expectations and prove our critics wrong. Our core business is building and operating facilities that produce a valuable commodity, and we are focused on delivering our product faster, more safely and at a lower cost than the rest of the market. We believe this is a winning formula in the commodity space and we intend to prove it with our earnings and returns in the years to come.”

Summary and Review of Financial Results

(in millions, except LNG data)		Three months ended December 31,						Years ended December 31,
		2024		2023		% Change		2024		2023		% Change
Revenue		$1,524		$1,632		(7)%		$4,972		$7,897		(37)%
Net income (loss)(1)		$871		$(50)		NM		$1,475		$2,681		(45)%
Consolidated Adj. EBITDA(2)		$688		$813		(15)%		$2,104		$5,155		(59)%
LNG volumes exported:
Cargos		33		40		(18)%		141		143		(1)%
TBtu		121		144		(16)%		508		506		—%
LNG volumes sold (TBtu)		128		147		(13)%		501		510		(2)%
____________ NM Percentage not meaningful.

Net income⁽¹⁾ for the three months ended December 31, 2024, increased $921 million, as compared to a loss for the three months ended December 31, 2023. This increase was primarily due to a favorable variance related to changes in the fair value of our interest rate swaps, partially offset by higher income tax expense, lower sales volumes of LNG, and higher costs to remediate and commission the Calcasieu Project.

Net income⁽¹⁾ for the twelve months ended December 31, 2024, decreased $1.2 billion, as compared to 2023. This decrease was primarily due to a significant decline in international LNG prices, resulting in lower total margin for LNG sold, and higher costs to remediate and commission the Calcasieu Project and to develop the CP2 Project. These were partially offset by the reduction of third party ownership interests in a consolidated subsidiary in 2023, favorable changes in the fair value of our interest rate swaps, and lower income tax expense.

Consolidated Adjusted EBITDA⁽²⁾ for the three months ended December 31, 2024, decreased $125 million, as compared to the three months ended December 31, 2023. This was primarily due to lower sales volumes of LNG and higher costs to remediate and commission the Calcasieu Project.

Consolidated Adjusted EBITDA⁽²⁾ for the twelve months ended December 31, 2024, decreased $3.1 billion, as compared to 2023. This decrease was primarily due to a significant decline in international LNG prices, resulting in lower total margin for LNG sold, and higher costs to remediate and commission the Calcasieu Project and to develop the CP2 Project.

___________
(1)		Net income as used herein refers to net income attributable to common stockholders on our Consolidated Statements of Operations.
(2)		Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures below for further information, including a reconciliation of Consolidated Adjusted EBITDA to net income attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP. Consolidated Adjusted EBITDA incorporates contributions from non-controlling interests.

2025 Outlook

Our guidance for 2025 is as follows:

• Consolidated Adjusted EBITDA⁽¹⁾ is expected to be between $6.8 billion and $7.4 billion.
• We expect to export 140 - 148 cargos from the Calcasieu Project and 219 - 239 cargos from the Plaquemines Project.

We do not provide a reconciliation of forward-looking amounts of Consolidated Adjusted EBITDA to net income attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Many of the adjustments and exclusions used to calculate the projected Consolidated Adjusted EBITDA may vary significantly based on actual events, so we are not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP measure being materially different from (including materially less than) the projected non-GAAP measures. The guidance in this press release is only effective as of the date it is given and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance.

___________
(1)		Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures below for further information, including a reconciliation of Consolidated Adjusted EBITDA to net income attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP. Consolidated Adjusted EBITDA incorporates contributions from non-controlling interests. For 2025, the non-controlling interest share of Consolidated Adjusted EBITDA is projected to be $215MM - $235MM.

Webcast and Conference Call Information

Venture Global will host a conference call to discuss fourth quarter and full year results for 2024 and provide guidance for the 2025 fiscal year at 9:00 am Eastern Time (ET) on March 6, 2025. The live webcast of Venture Global’s earnings conference call can be accessed at our website at www.ventureglobal.com along with the earnings press release, financial tables, and slide presentation. After the conclusion of the webcast, a replay will be made available on the Venture Global website.

About Venture Global

Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global’s business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global’s first facility, the Calcasieu Project, commenced producing LNG in January 2022. Venture Global’s second facility, the Plaquemines Project, achieved first production of LNG in December 2024. Venture Global is currently constructing and developing over 100 mtpa of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities.

Forward-Looking Statements

This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts, included herein are “forward-looking statements.” In some cases, forward-looking statements can be identified by terminology such as “may,” “might,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology.

These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, expectations regarding the development, construction, commissioning and completion of our projects, expectations regarding sales of LNG cargos, estimates of the cost of our projects and schedule to construct and commission our projects, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors are more fully detailed in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition, please note that the date of this press release is March 6, 2025, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

VENTURE GLOBAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share information)
	Three months ended December 31,(1)								Twelve months ended December 31,
		2024				2023				2024				2023
REVENUE	$	1,524			$	1,632			$	4,972			$	7,897
OPERATING EXPENSE
Cost of sales (exclusive of depreciation and amortization shown separately below)		414				489				1,351				1,684
Operating and maintenance expense		211				112				589				391
General and administrative expense		88				60				312				224
Development expense		124				165				635				490
Depreciation and amortization		93				69				322				277
Insurance recoveries, net		—				—				—				(19	)
Total operating expense		930				895				3,209				3,047
INCOME FROM OPERATIONS		594				737				1,763				4,850
OTHER INCOME (EXPENSE)
Interest income		57				69				244				172
Interest expense, net		(117	)			(193	)			(584	)			(641	)
Gain (loss) on interest rate swaps		704				(656	)			774				174
Loss on financing transactions		—				(10	)			(14	)			(123	)
Total other income (expense)		644				(790	)			420				(418	)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		1,238				(53	)			2,183				4,432
Income tax expense (benefit)		248				(52	)			437				816
NET INCOME (LOSS)	$	990			$	(1	)		$	1,746			$	3,616
Less: Net income attributable to redeemable stock of subsidiary		37				34				144				130
Less: Net income attributable to non-controlling interests		15				15				59				805
Less: Dividends on VGLNG Series A Preferred Shares		67				—				68				—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	871			$	(50	)		$	1,475			$	2,681
BASIC EARNINGS PER SHARE
Net income (loss) attributable to common stockholders per share—basic	$	0.37			$	(0.02	)		$	0.63			$	1.30
Weighted average number of shares of common stock outstanding—basic		2,350				2,350				2,350				2,070
DILUTED EARNINGS PER SHARE
Net income (loss) attributable to common stockholders per share—diluted	$	0.33			$	(0.02	)		$	0.57			$	1.25
Weighted average number of shares of common stock outstanding—diluted		2,610				2,350				2,585				2,143

_____________
(1)		Unaudited.

VENTURE GLOBAL, INC. CONSOLIDATED BALANCE SHEETS (in millions, except share information)
	December 31,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents	$	3,608			$	4,823
Restricted cash		169				520
Accounts receivable		364				265
Inventory, net		171				44
Derivative assets		154				164
Prepaid expenses and other current assets		93				143
Total current assets		4,559				5,959
Property, plant and equipment, net		34,675				19,439
Right-of-use assets		602				381
Noncurrent restricted cash		837				529
Deferred financing costs		384				464
Noncurrent derivative assets		1,482				899
Equity method investments		327				539
Other noncurrent assets		625				253
TOTAL ASSETS	$	43,491			$	28,463
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	1,536			$	436
Accrued and other liabilities		1,816				1,701
Current portion of long-term debt		190				178
Total current liabilities		3,542				2,315
Long-term debt, net including $0 and $4,944, respectively, of debt related to variable interest entities		29,086				20,607
Noncurrent operating lease liabilities		536				383
Deferred tax liabilities, net		1,637				1,149
Other noncurrent liabilities		794				539
Total liabilities		35,595				24,993
Redeemable stock of subsidiary		1,529				1,385
Equity
Venture Global, Inc. stockholders' equity
Class A common stock, par value $0.01 per share (2,350 million shares issued and outstanding for each period presented)		23				23
Additional paid in capital		512				519
Retained earnings		2,611				1,228
Accumulated other comprehensive loss		(249	)			(260	)
Total Venture Global, Inc. stockholders' equity		2,897				1,510
Non-controlling interests		3,470				575
Total equity		6,367				2,085
TOTAL LIABILITIES AND EQUITY	$	43,491			$	28,463

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

This earnings release contains references to Consolidated Adjusted EBITDA, which is not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”).

We believe Consolidated Adjusted EBITDA provides investors and other users of our consolidated financial statements with useful supplemental information to evaluate the financial performance of our business on an unleveraged basis, to enable comparison of our operating performance across periods. Consolidated Adjusted EBITDA also allows investors and other users of our financial statements to evaluate our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

We define Consolidated Adjusted EBITDA as net income attributable to Venture Global Inc., as determined in accordance with GAAP, adjusted to exclude net income attributable to non-controlling interests, income taxes, gain/loss on interest rate swaps, gain/loss on financing transactions, interest expense, net of capitalized interest, interest income, depreciation and amortization, stock-based compensation expense and gain/loss from changes in the fair value of forward natural gas supply contracts. We believe the exclusion of these items enables investors and other users of our consolidated financial statements to assess our sequential and year-over-year performance and operating trends on a more comparable basis.

Consolidated Adjusted EBITDA has material limitations as an analytical tool and should be viewed as a supplement to and not a substitute for measures of performance, financial results and cash flow from operations calculated in accordance with GAAP. For example, Consolidated Adjusted EBITDA excludes certain recurring, non-cash charges such as stock-based compensation expense and gain/loss from changes in the fair value of forward natural gas supply contracts, and does not reflect changes in, or cash requirements for our working capital needs. In addition, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Consolidated Adjusted EBITDA does not reflect cash requirements for such replacements. Other companies, including companies in our industry, may also calculate Consolidated Adjusted EBITDA differently, which may limit its usefulness as a comparative measure.

The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three and twelve months ended December 31, 2024 and 2023 (in millions) to net income attributable to common stockholders, the most directly comparable financial measure prepared and presented in accordance with GAAP:

	Three months ended December 31,								Twelve months ended December 31,
		2024				2023				2024				2023
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	871			$	(50	)		$	1,475			$	2,681
Net income attributable to non-controlling interests		119				49				271				935
Income tax expense (benefit)		248				(52	)			437				816
(Gain) loss on interest rate swaps		(704	)			656				(774	)			(174	)
Loss on financing transactions		—				10				14				123
Interest expense, net		117				193				584				641
Interest income		(57	)			(69	)			(244	)			(172	)
INCOME FROM OPERATIONS	$	594			$	737			$	1,763			$	4,850
Adjustments to reconcile income from operations to Consolidated Adjusted EBITDA:
Depreciation and amortization		93				69				322				277
Stock based compensation expense		4				7				22				28
Gain from changes in fair value of other derivatives(1)		(3	)			—				(3	)			—
Consolidated Adjusted EBITDA	$	688			$	813			$	2,104			$	5,155

_____________
(1)		Change in fair value of forward natural gas supply contracts.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250306093085/en/

Investors:

Michael Pasquarello

IR@ventureglobalLNG.com

Media:

Shaylyn Hynes

press@ventureglobalLNG.com

Source: Venture Global Inc.

FAQ

What are Venture Global's (VG) revenue and net income figures for full year 2024?

VG reported revenue of $5.0 billion and net income of $1.5 billion for full year 2024.

When did Venture Global's Plaquemines Project achieve first LNG production?

The Plaquemines Project achieved first LNG on December 13, 2024, and exported its first cargo on December 26, 2024.

What is Venture Global's (VG) projected Consolidated Adjusted EBITDA for 2025?

VG expects Consolidated Adjusted EBITDA between $6.8 billion and $7.4 billion for 2025.

How many LNG cargo exports does VG expect from its projects in 2025?

VG expects to export 140-148 cargos from Calcasieu Project and 219-239 cargos from Plaquemines Project in 2025.

What is the performance level of Plaquemines Project's liquefaction trains?

The liquefaction trains at Plaquemines consistently demonstrated production levels of approximately 140% of nameplate capacity.