Venture Global, Inc. Q3 FY2025 earnings call

• Project Achievements: Calcasieu Pass shipped its 500th cargo, Plaquemines exported 64 commissioning cargos in Q3, and CP2 site work started with substantial progress. - Financing: Blackfin joint venture raised $1.575 billion and returned $889 million to Venture Global, and a new $2 billion revolving credit facility was secured. - SPAs: Signed new 20-year SPAs, including 1 MTPA with Naturgy and 0.5 MTPA with Atlantic-SEE LNG, adding 5.25 MTPA of new long-term SPAs in H2 2025. - CP2 Progress: Site work fully mobilized on June 3, FID announced on July 28, engineering 99% complete, and significant construction activities ongoing. - Plaquemines Status: On track for Q4 2026 COD for Phase 1 and mid-2027 for Phase 2, expected to export 234-238 cargos by year-end. - Arbitration: Some arbitrations resolved, 4 remaining, with financial impact accounted for in reserves.

In the third quarter of 2025, Venture Global generated $3.3 billion of revenue, $1.3 billion in income from operations, $429 million of net income attributable to common shareholders and $1.5 billion of consolidated adjusted EBITDA. Calcasieu Pass exported 36 cargos in the third quarter with a weighted average fixed liquefaction fee of $1.76 per MMBtu. Plaquemines exported 64 commissioning cargos during the quarter with a weighted average fixed liquefaction fee of $6.79 per MMBtu. CP2 project is progressing with site work started on June 3, engineering 99% complete, and significant construction equipment and personnel on site. Calcasieu Pass accounted for a portion of the revenue with adjustments due to arbitration reserves, while Plaquemines' production ramp-up contributed to increased volumes and revenue.

Venture Global is updating its guidance to a consolidated adjusted EBITDA range of $6.35 billion to $6.5 billion for 2025. This reflects improved cargo production forecasts for Calcasieu Pass and Plaquemines, adjustments for arbitration reserves, and consideration of fixed liquefaction fee changes. The sensitivity to market prices has reduced due to contracting executed in Q3 and Q4, with the range tightened from the prior $6.4 billion to $6.8 billion range.

• Arbitration Risks: Remaining arbitrations, including BP arbitration, pose potential financial impacts. However, the company believes it has sufficient liquidity, assets, and time to manage exposure, with the arbitration impacts reflected in reserves and spread over time.

Q: John Mackay at Goldman Sachs asked about funding worst-case arbitration scenarios and the $14-15 million per quarter estimate.

A: Michael Sabel stated the company has strong liquidity and assets, with arbitration impacts spread over years, and Jack Thayer explained it's the best estimate of award outcomes per accounting guidance.

Q: Manav Gupta at UBS inquired about Ukraine situation and data science.

A: Michael Sabel mentioned Plaquemines' contribution to global LNG pricing and data science team's role in facility operations and CP2 projections.

Q: Jean Ann Salisbury at Bank of America asked about CP1 volumes and power maintenance.

A: Michael Sabel said CP1 maintenance impacted volumes temporarily, but not expected for Plaquemines, with a path to sustained volumes.

Q: Christopher Robertson at Deutsche Bank asked about产能提升和合同结构。A: Michael Sabel said产能提升是逐步和阶段性的，合同结构考虑了 portfolio 灵活性，利用多设施组合提供优势。 Q: Bob Brackett at Bernstein Research asked about arbitration and customer relationships.

A: Michael Sabel stated good customer relationships, Plaquemines' progress towards COD, and confidence in maintaining schedules with customers.