Venture Global, Inc.

Hey there! Let's break down some recent news about Venture Global, Inc. in a way that makes sense, even if you're not a finance guru. Think of this as me explaining it to you over coffee.

---

1. What happened?

Alright, so here's the scoop: Venture Global, a company that's big into turning natural gas into a liquid (called LNG) so it can be shipped worldwide, just gave us a peek into how they performed at the end of 2025.

They announced their results for the fourth quarter of 2025, specifically how many LNG cargos they shipped, how much gas they sold, and how much money they made per unit of gas (what they call the "liquefaction fee"). They also mentioned they've updated their financial outlook for the full year 2025 (their "Consolidated Adjusted EBITDA guidance").

In short, they're showing us their report card for the last three months of 2025 and giving us a heads-up on their overall financial expectations for that year.

2. When did it happen?

The company officially announced these results and updated guidance on January 12, 2026, through a regulatory filing (an 8-K form with the SEC). This report covers their performance for the quarter that ended on December 31, 2025.

3. Why did it happen?

This announcement is part of their regular reporting to investors, giving them a snapshot of the company's recent performance. The results themselves were influenced by a few things during that quarter:

• Gas Prices: Both the price of natural gas in the US (Henry Hub prices) and international LNG prices changed, which affects how much they can sell their product for.
• Shipping Challenges: There were some difficulties getting ships in the Atlantic ocean, which made it harder to move their LNG around.
• Maintenance: They took advantage of the shipping constraints to do some scheduled maintenance on their facilities earlier than planned. This is like doing your car's oil change when traffic is light, rather than waiting for a busy day.
• Company's Own Fleet: Luckily, Venture Global has its own ships (or ones they've rented), which helped them deal with the tight shipping market and keep things moving.

4. Why does this matter?

This isn't just a bunch of numbers; it's a pretty big deal for a few reasons:

• Financial Health Check: These numbers give investors a real-time look at how much gas Venture Global is actually selling and how profitable those sales are. It's a key indicator of the company's financial health.
• Performance Comparison: We can see how their two main operational facilities, Calcasieu Pass and Plaquemines, are performing individually.
  • Calcasieu Pass exported 38 cargos and sold 140.1 TBtu of LNG, but its average liquefaction fee was only $2.01 per MMBtu. This lower number is important because it "includes adjustments for estimated arbitration reserves." This means they're setting aside money because of ongoing disputes or disagreements, likely with customers, which is a red flag.
  • Plaquemines exported a much larger 90 cargos and sold 338.2 TBtu of LNG, with a significantly higher average liquefaction fee of $6.02 per MMBtu. This facility seems to be performing much stronger on a per-unit basis.
• Future Outlook: The updated full-year guidance tells us if the company expects to make more or less money than they previously thought for 2025. While the specific updated number isn't in this report, the fact that it was updated is important.
• Market Conditions: The report highlights how external factors like shipping availability and global gas prices directly impact their business. It's good to know they expect shipping conditions to improve in early 2026.

5. Who is affected?

• Investors (that's you!): The company's stock price will react to these numbers. Strong performance or positive outlooks can boost confidence, while lower-than-expected results or issues like "arbitration reserves" can make investors nervous.
• Customers: Companies that buy LNG from Venture Global are indirectly affected by the efficiency and profitability of their operations. The mention of "arbitration reserves" at Calcasieu Pass suggests some customers might be in dispute with the company.
• Venture Global Management: These results are a report card on their operational efficiency and ability to navigate market challenges.

6. What happens next?

• Market Reaction: Expect the stock to be volatile as traders and investors digest these numbers, especially the difference in performance between the two facilities and the mention of arbitration.
• Full Earnings Report: This 8-K is just a snapshot. The full quarterly earnings report will provide much more detail, including the actual updated EBITDA guidance, explanations for the arbitration reserves, and a more comprehensive financial picture.
• Operational Focus: Venture Global will continue to manage its operations, address any issues at Calcasieu Pass, and capitalize on the stronger performance at Plaquemines. They'll also be watching those shipping and gas price trends closely.

7. What should investors/traders know?

Here's the practical takeaway for you:

• Dig Deeper into Calcasieu Pass: The $2.01/MMBtu fee and the "arbitration reserves" are a significant detail. This suggests potential problems or disputes at that facility that could impact future earnings or reputation.
• Plaquemines is a Strong Performer: The $6.02/MMBtu fee from Plaquemines shows that their newer facility is generating much better returns per unit of gas.
• Watch for the Full Earnings Report: This initial filing is a teaser. The full report will contain the actual updated guidance and more context, which is crucial for understanding the complete financial picture.
• External Factors Matter: Remember that global gas prices and shipping logistics are big drivers for this company. Keep an eye on those trends.
• Volatility Ahead: News like this, especially with mixed signals (strong Plaquemines, weaker Calcasieu Pass with arbitration), often creates price swings. Be aware of the increased risk if you're trading short-term.

In essence, Venture Global just gave us a look at how they did at the end of 2025. While one facility (Plaquemines) is doing great, the other (Calcasieu Pass) seems to be facing some challenges, including disputes. Keep an eye out for their full financial report for all the details!