U.S. exports of liquefied natural gas have been on a record-breaking streak this year, on track to book a 40% annual surge in November, thanks to strong European demand. There is just one problem: this strong demand is fueling higher prices; higher prices are eating into LNG exporters’ profits. When European energy supermajors went after Venture Global, they accused the company of making billions on the spot market while violating its contracts with the supermajors. Venture Global did indeed make billions ...

Robert Pender, one of the co-founders of Venture Global, speaks at the CERAWeek conference in Houston in March 2019.Photograph: F Carter/Bloomberg via Getty Images Two fossil-fuel billionaires with close ties to Donald Trump bought millions of shares in the company they co-founded just days after a meeting with senior White House officials, who then issued a key regulatory permit that helped expand the company’s fortunes in Europe. Robert Pender, an energy lawyer, and Michael Sabel, a former investment ba ...

Core Points - The US Export-Import Bank will invest $100 billion to secure supply chains for critical minerals, nuclear energy, and LNG as part of President Trump's plan [1][2] - The agency aims to reduce reliance on China and Russia for critical materials, with initial projects in Egypt, Pakistan, and Europe [2][4] - The bank has $100 billion available for deployment out of $135 billion authorized by Congress, with $8.7 billion in new transactions authorized in the past year [3] Investment Focus - The first deals include a $4 billion credit insurance guarantee for LNG from Egypt and a $1.25 billion loan for the Reko Diq mine in Pakistan [2] - Ex-Im Bank is experiencing high demand for support for US LNG exports from Europe, Africa, and Asia, with multibillion-dollar deals expected soon [4] - The bank's focus has shifted from renewable energy projects to supporting LNG exports and energy security [6] Strategic Importance - The new chair, John Jovanovic, emphasized that secure supply chains for critical raw materials are essential for achieving broader US objectives [2][4] - Ex-Im Bank's role in providing energy security through American LNG is highlighted, especially in regions that require it most [5]

Core Insights - The Australian Fair Work Commission has authorized industrial action at Woodside Energy's Pluto LNG 2 project due to wage disputes between trade unions and the company [1][2] - A vote by the Offshore Alliance on whether to strike must occur by December 4, which could delay production start from the planned second half of 2026 [1] - Workers at Pluto LNG 2 are reportedly paid 30% less per hour compared to those at Chevron's Wheatstone LNG project, leading to the wage dispute [2] Company Overview - Pluto LNG 2 is currently 91% completed and is an expansion of the original Pluto LNG project, which sources natural gas from the Scarborough gas project operated by Woodside [3] - The expansion will add a capacity of 5 million tons of LNG annually, with construction having started in 2022 [3] - The original Pluto facility has delivered over 500 LNG cargos to date [3] Industry Outlook - Woodside Energy anticipates significant growth in oil and gas sales over the next seven years, primarily driven by liquefied natural gas [4] - By 2032, the company expects to increase its annual capacity from 19 million tons to 40 million tons, with Pluto LNG 2 contributing an additional 5 million tons [4] - Global LNG demand is projected to grow by 60% by 2035, positioning Woodside to optimize its capabilities across the Atlantic and Pacific basins [5]

Core Viewpoint - Venture Global is seeking regulatory approval for the Plaquemines LNG brownfield expansion project, which will significantly increase its liquefied natural gas production capacity due to strong market demand and optimization efforts [1][2][3]. Group 1: Project Details - The expansion project will increase the expected output by nearly 40% since its announcement earlier this year [1]. - The expansion will add over 30 million tonnes per annum (mtpa) in peak production capacity, raising the total peak production capacity at the Plaquemines complex to more than 58 mtpa [4]. - The expansion will be implemented incrementally in three phases and will consist of 32 modular liquefaction trains [3]. Group 2: Market Context - The increase in LNG production is attributed to the continued optimization of liquefaction trains and strong market demand [2]. - The CEO of Venture Global emphasized that the expansion is a logical and economically efficient opportunity to leverage existing infrastructure [2]. - The decision to increase the project's permitted capacity reflects ongoing strong market demand [3]. Group 3: Regulatory Process - Venture Global has applied to the US Federal Energy Regulatory Commission (FERC) for a permit and approval for the expansion project [1]. - The company has also filed a request with the US Department of Energy (DoE) for export authorizations related to the expansion [1]. - FERC granted Venture Global an extension to continue the commissioning phase of its Plaquemines LNG plant, allowing the company to delay full commercial operations and sell LNG on the spot market at potentially higher prices [4][5].

Core Insights - Baker Hughes has committed to invest in Glenfarne Alaska LNG to support the project [1] Company Summary - Baker Hughes is actively investing in the Glenfarne Alaska LNG project, indicating a strategic move to enhance its portfolio in the LNG sector [1]

Core Insights - Venture Global reported Q3 2025 revenue of $3.33 billion and net income of $429 million, driven by record cargo exports and new SPAs, while narrowing full-year EBITDA guidance to $6.35–$6.50 billion [1][4] Financial Performance - For the first nine months of 2025, revenue reached $9.32 billion, a 170% increase year over year, with income from operations rising 194% to $3.44 billion and net income climbing 98% to $1.19 billion [2] - Q3 revenue rose 260% year over year to $3.33 billion, with income from operations climbing 598% to $1.32 billion and Consolidated Adjusted EBITDA jumping 439% to $1.53 billion [4] Export and Cargo Details - The company exported a record 100 cargos of LNG in Q3, compared to 31 a year earlier, bringing year-to-date shipments to 252 cargos and 373 TBtu sold in the quarter [3][4] - For the full year, Venture Global expects to export 148 cargos from Calcasieu Pass and 234 to 238 cargos from Plaquemines [3] Strategic Developments - The company is focusing on a vertically integrated model and flexible cargo marketing to secure new long-term offtake agreements amid steady trans-Atlantic price spreads [1] - New long-term SPAs include 5.25 MTPA of commercial momentum in 2H25, with significant contracts signed with various partners [4] Guidance and Future Outlook - Full-year Consolidated Adjusted EBITDA guidance has been trimmed to $6.35–$6.50 billion, reflecting lower expected fixed liquefaction fees and accounting reserves tied to ongoing arbitrations [4] - With DOE approval and CP2 Phase 1 financed, the company is positioning for further growth in the U.S. Gulf Coast LNG sector despite industry-wide challenges [1] Operational Milestones - Calcasieu Pass marked its 500th cargo on November 8, and CP2 LNG received final DOE non-FTA export authorization [4] - Phase 1 of CP2 and the CP Express Pipeline reached FID with $15.1 billion in project financing [4] Balance Sheet and Liquidity - Total assets increased to $50.1 billion, with the company securing a $2 billion corporate revolver and raising $1.575 billion via the Blackfin Pipeline JV [4]

Core Insights - Venture Global reported significant financial growth in Q3 2025, with revenue reaching $3.3 billion, a 260% increase from Q3 2024, and net income of $0.4 billion, compared to a net loss in the same period last year [2][9][10] Financial Performance - Revenue for Q3 2025 was $3.3 billion, with a year-to-date total of $9.3 billion, reflecting a 170% increase compared to the first nine months of 2024 [2][24] - Income from operations for Q3 2025 was $1.3 billion, marking a 598% increase year-over-year, and $3.4 billion for the nine months ended September 30, 2025, a 194% increase [2][10] - Consolidated Adjusted EBITDA for Q3 2025 was $1.5 billion, a 439% increase from Q3 2024, and $4.3 billion for the nine months, a 201% increase [2][10] LNG Export Achievements - Venture Global exported 100 cargos totaling 372 TBtu of LNG in Q3 2025, a record for the company and a 237% increase from Q3 2024 [2][9] - The company has signed multiple long-term LNG sales and purchase agreements, totaling 5.25 MTPA for the second half of 2025 [2][6] Project Developments - The Calcasieu Project achieved a milestone by exporting its 500th cargo on November 8, 2025 [2][6] - The CP2 Project received final authorization for LNG exports to non-free trade agreement nations and reached a final investment decision with $15.1 billion in project financing [2][6] Financial Position - Total assets increased to $50.1 billion, up from $39.4 billion as of September 30, 2024 [2][26] - The company secured a $2 billion corporate revolving credit facility and raised $1.575 billion through a joint venture, enhancing liquidity [2][10] Updated Guidance - The guidance for Consolidated Adjusted EBITDA for the full year 2025 has been adjusted to a range of $6.35 billion to $6.50 billion, reflecting changes in expected liquefaction fees and ongoing arbitrations [14][10]

November 5, 2025 Golar LNG Limited 2025 I Forward looking statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "if," "subject to," ...

Core Insights - Golar LNG Limited has reported a net income of $31 million for Q3 2025, with an Adjusted EBITDA of $83 million and total cash of $661 million, prior to bond offering proceeds in October 2025 [6][21][26] - The company has secured long-term contracts for its FLNG fleet, with a combined Adjusted EBITDA backlog of $17 billion, indicating strong future earnings visibility [6][8][11] - Golar is actively pursuing growth opportunities in the FLNG sector, with plans for new projects and potential expansions in existing contracts [12][15][19] Financial Performance - Q3 2025 net income attributable to Golar was $31 million, a significant improvement from a net loss of $34.8 million in Q3 2024 [21] - Total operating revenues for Q3 2025 reached $122.5 million, an increase of 89% compared to $64.8 million in Q3 2024 [21] - Adjusted EBITDA for Q3 2025 was $83.4 million, up 41% from $59 million in Q3 2024 [21] Operational Highlights - FLNG Hilli has completed its 142nd cargo and is set for upgrades at Seatrium's Singapore yard in Q3 2026 before commencing operations in Argentina in Q2 2027 [1][6] - FLNG Gimi is performing well under its 20-year charter with BP, with production frequently exceeding base capacity, contributing to a net earnings backlog of approximately $3 billion [4][6] - The MKII FLNG project has received all necessary governmental approvals and is expected to solidify an $8 billion Adjusted EBITDA backlog over 20 years [7][8] Debt and Financing - As of Q3 2025, Golar's share of contractual debt stood at $2.03 billion, with a net debt position of $1.37 billion [28][39] - The company is in advanced stages of securing a new $1.2 billion bank financing agreement for Gimi, expected to close in Q4 2025 [5] - Golar has entered the U.S. bond market with a $500 million offering of senior unsecured notes, which will be used to repay existing debt [6][25] Strategic Initiatives - Golar is focusing on enhancing operational efficiencies and debottlenecking production capacity for the GTA project [5] - The company is evaluating asset-level financing to support growth opportunities in the FLNG sector [10] - A new $150 million share buyback program has been approved, reflecting confidence in the company's financial position and growth outlook [19]