Latest news with #Calcasieu
Yahoo
15-05-2025
- Business
- Yahoo
Venture Global Pushes Regulators To Greenlight LNG Plant
Venture Global, the LNG operator, has asked the Federal Energy Regulatory Commission to greenlight its third liquefaction plant, in Louisiana, by June 26. The company previously said it plans to make the final investment decision on the new facility by mid-2025 but, its chief executive said, it needs the go-ahead from the regulator. FERC had earlier rescinded its approval for the project on the grounds of concern related to its impact on air quality in the area. The concern prompted a second environmental assessment, which the regulator completed last week, concluding there was no danger for air quality, after all. 'We have clearly made the decision to invest our own capital and do everything we can do to move the Project forward... but we need the Commission to act,' Michael Sable said in a letter the company sent to FERC, as quoted by Reuters. Venture Global yesterday reported a twofold increase in revenues for the first quarter of the year, benefiting from strong LNG demand that drove an increase in exports of the superchilled fuel. Income from operations jumped by 75% on the year, Venture Global said, adding that it expects to export 145-150 cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025, including those already shipped in the first quarter. Venture Global gained not-too-positive notoriety recently after half a dozen European energy majors accused it of breaking long-term delivery contracts to sell LNG on the spot market at higher prices. This made Venture Global billions of dollars, while causing losses for the long-term clients, which contributed with the funding of the U.S. company's first LNG plant. The CP2 plant will add 28 million metric tons to the U.S. total LNG export capacity and will become the biggest LNG plant in the country. Currently, Venture Global is the second-largest LNG producer in the U.S., behind Cheniere Energy. Both have benefited from the surge in demand for LNG from Europe after the axing of Russian pipeline imports. By Irina Slav for More Top Reads From this article on
Yahoo
13-05-2025
- Business
- Yahoo
Venture Global Doubles Q1 Revenue as LNG Export Projects Ramp Up
U.S. LNG exporter Venture Global more than doubled its first-quarter revenue from a year earlier as its Plaquemines and Calcasieu Pass plants have launched operations and exports in recent months. Venture Global reported on Tuesday revenues of $2.894 billion for the first quarter of the year, more than double compared to $1.414 billion for the same period in 2024. Net income dropped by 39% to $396 million, largely driven by non-cash factors such as unfavorable changes in the fair value of our interest rate swaps, the company said. Income from operations jumped by 75% on the year, primarily due to higher LNG sales volumes and higher LNG sales prices, which resulted in a greater total margin for LNG sold, Venture Global noted. The company expects adjusted core earnings – or EBITDA – to be in the $6.4 billion – $6.8 billion range for the full year, with the midpoint above the Wall Street consensus of $6.54 billion. Venture Global now expect to export 145-150 cargoes from the Calcasieu project and 222-239 cargoes from the Plaquemines project in 2025, including those already shipped in the first quarter. Last month, Venture Global started contractual deliveries from its first LNG export project, Calcasieu Pass, to its long-term customers amid an ongoing dispute with major oil and gas firms over the delays to the official commercial operations date at the export project. Shell, BP, and several other European energy majors have been in a dispute with Venture Global after the U.S. LNG exporter refused to start deliveries to them under long-term contracts in favor of selling its LNG on the spot market, making billions of dollar, according to the clients. Last week, the biggest U.S. LNG exporter, Cheniere Energy, reported higher revenues for the first quarter compared to a year earlier as demand for American LNG continues to grow and natural gas prices have strengthened. U.S. LNG exports jumped by 20% between January and April from a year earlier as buying activity in Europe remained strong amid a cold winter and low gas inventory levels. By Tsvetana Paraskova for More Top Reads From this article on Sign in to access your portfolio
Reuters
13-05-2025
- Business
- Reuters
LNG firm Venture Global forecasts full-year core profit above expectations
May 13 (Reuters) - Venture Global (VG.N), opens new tab forecast higher-than-expected current-year core profit on Tuesday, on the back of higher LNG demand and shipments from its projects. The U.S. became the world's biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. The firm expects to export 145 to 150 cargos from the Calcasieu project and 222 to 239 cargos from the Plaquemines project this year. Its previous forecasts were 140 to 148 cargos from the Calcasieu project and 219 to 239 cargos from the Plaquemines project this year. While the company lowered its current year adjusted core profit forecast to be between $6.4 billion and $6.8 billion from its previous expectation of between $6.8 billion and $7.4 billion, its midpoint was still above Wall Street expectations of $6.54 billion according to data compiled by LSEG.
Yahoo
08-03-2025
- Business
- Yahoo
Venture Global to invest $18bn in Plaquemines LNG facility expansion
Venture Global has unveiled plans to expand its Plaquemines liquefied natural gas (LNG) facility south of New Orleans, Louisiana, US. The expansion will add 24 trains with an additional investment of approximately $18bn. This will bring Venture Global's total investment in its US projects to more than $75bn. The Plaquemines LNG facility, which received approval during President Trump's first term, is the most recent LNG export facility to begin operations in the US. It commenced LNG production in December 2024. With the expansion, Venture Global plans to increase the facility's anticipated total production capacity from 27 million tonnes per annum (mtpa) to more than 45mtpa. The expansion of Plaquemines LNG is set to support hundreds of new permanent jobs in Louisiana, along with tens of thousands of indirect and part-time roles across more than 30 states. At peak construction, the project will create thousands of direct construction jobs. Venture Global anticipates making a final investment decision on the expansion following first production at the Calcasieu Pass 2 facility. Venture Global CEO Mike Sabel said: 'Our planned expansion of Plaquemines will make it the largest LNG export facility built in North America, supplying LNG to our allies while making a substantial impact on the US balance of trade. 'We believe this flexible incremental capacity will position us to respond rapidly to market growth signals. In a capital-intensive commodity industry, capital will always flow to the most competitive projects, and we believe that an expansion of Plaquemines is one of the most economically efficient opportunities available to quickly meet growing LNG demand. 'We are grateful for the Trump Administration's commitment to building out our nation's critical energy infrastructure. We believe this will be the best regulatory environment in decades.' Venture Global has raised its construction cost estimates for the Plaquemines LNG plant. The cost is now projected to be between $23.3bn and $23.8bn, an increase from the previous $21bn–22bn estimate, reported Reuters. Last month, US federal regulators authorised Venture Global to increase the export capacity of the Plaquemines plant to 27.2mtpa from 24mtpa. This capacity boost comes amidst contract disputes with customers such as bp, Shell and Edison concerning the non-receipt of cargoes due to an extended testing and optimisation process. Venture Global also reported a 6.6% drop in fourth-quarter 2024 revenue to $1.52bn, impacted by a 13% decrease in the volume of LNG sold. For the current year, the company expects to export between 140 and 148 cargoes from the Calcasieu project and 219–239 cargoes from the Plaquemines project. "Venture Global to invest $18bn in Plaquemines LNG facility expansion" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
