Venture Global LNG (VG) Q4 2024 earnings summary

Executive summary

• Achieved record FY2024 revenue, with figures ranging from $5.0B to $7.9B, and net income between $1.5B and $2.7B, with strong operational execution and rapid expansion in LNG capacity at Calcasieu Pass and Plaquemines.

• Commissioned first LNG and cargo at Plaquemines in December 2024, with 52 LNG trains received across Calcasieu Pass and Plaquemines.

• Deployed first two newbuild LNG tankers and ended 2024 with over $43B in assets.

• Achieved 41.3% ROE in 2024 and maintained industry-leading safety records.

Financial highlights

• Q4 2024 revenue was $1.5B–$1.52B, down 7% year-over-year; FY2024 revenue reported between $5.0B and $7.9B, with net income between $1.5B and $2.7B.

• Q4 2024 net income was $871M, reversing a $50M loss in Q4 2023; FY2024 net income fell 44–45% to $1.5B in some reports, while another reported $2.7B.

• Consolidated Adjusted EBITDA for FY2024 ranged from $2.1B to $5.2B.

• Exported 140–141 cargos in FY2024, nearly flat year-over-year.

Outlook and guidance

• 2025 consolidated adjusted EBITDA guidance is $6.8–$7.4B, assuming 140–148 cargoes from Calcasieu Pass and 219–239 from Plaquemines.

• Guidance based on $7–$8/MMBtu fixed liquefaction fees; $1/MMBtu change in fees impacts EBITDA by $625–$675M.

• Non-controlling interest share of 2025 Adjusted EBITDA projected at $215M–$235M.

• Key drivers include Calcasieu Pass COD, ramp-up of Plaquemines trains, and LNG pricing dynamics.