Venture Global LNG Fees Drop 25% Despite Higher Export Volumes

Venture Global reported a sharp drop in liquefaction fees in Q1 despite exporting more LNG cargoes, highlighting shifting market dynamics at its U.S. export facilities.

(Reuters) — U.S. LNG exporter Venture Global's average liquefaction fees fell by more than 25% in the first quarter of 2026 from the fourth quarter of last year, according to an SEC filing on April 10.

• Average liquefaction fees dropped to $3.82 per million British thermal units in the first quarter, from $5.15 per MMBtu in the final quarter of 2025.
• Liquefaction fees are a key earnings component for U.S. LNG plants, which typically charge fixed fees under long-term contracts, with the ability to adjust pricing based on global LNG market conditions.
• Venture Global exported 130 LNG cargoes from its Calcasieu Pass and Plaquemines facilities during the quarter, two more than in the final three months of 2025, as output at Plaquemines edged higher.
• The company said it generally recognizes revenue when LNG is loaded and a vessel departs, but in two cases last quarter earnings will be recognized upon delivery, pushing those revenues into the second quarter.
• Venture Global cautioned that cargo volumes and average liquefaction fees are only partial indicators of operating performance and should not be relied on as sole measures of quarterly financial results.