Venture Global Q4 2024 Earnings Call Transcript

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Operator

Good morning, and welcome to the Venture Global Fourth Quarter and Full Year twenty twenty four Earnings Call. At this time, I would like to turn the conference call over to Michael Parcariello, Senior Vice President, Investor Relations. Please go ahead.

Michael Pasquarello
Michael Pasquarello
SVP - Corporate Strategy & Development at Venture Global LNG

Thank you, operator. Good morning, everyone, and welcome to Venture Global's fourth quarter and full year twenty twenty four earnings call. I'm joined this morning by Mike Sable, Venture Global's CEO, Executive Co Chairman and Founder Jack Baer, our CFO and other members of Venture Global's senior management team. Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward looking statements and actual results could differ materially from what is described in this statement. I encourage you to refer to the disclaimers in our earnings presentation, which is available on the Investors section of our website.

Michael Pasquarello
Michael Pasquarello
SVP - Corporate Strategy & Development at Venture Global LNG

Additionally, we may include references to certain non GAAP metrics, such as consolidated adjusted EBITDA. The reconciliation of these metrics to the most relevant GAAP measures can be found in the appendix of the earnings presentation posted on our website. Finally, the guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance other than through broadly disseminated public disclosure. I will now turn the call over to Mike Sabin.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Thank you, Michael. Good morning, everyone, and thank you for joining us today. This call is an important milestone for Venture Global as this is our inaugural earnings report as a public company. We are excited to share our fourth quarter and full year 2024 results along with our guidance for 2025, which we believe will be an exceptional year for the company. I will begin the call with an overview of our fourth quarter and full year 2024 key accomplishments and results before shifting to our LNG projects individually.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

I will then make some remarks on the LNG industry broadly before turning over the call to Chuck, who will provide a more detailed review of our financial results and guidance for fiscal year twenty twenty five. Following all prepared remarks, we will open the call to Q and A. Turning to Page six of the presentation. I'm happy to report that Venture Global performed well during the fourth quarter of twenty twenty four generating $1,500,000,000 of revenue, dollars $871,000,000 of net income attributable to common stockholders, which we will refer to as net income and $688,000,000 of consolidated adjusted EBITDA, breaking our full year 2024 revenue net income and consolidated adjusted EBITDA totals to $5,000,000,000 1 point 5 billion dollars and $2,100,000,000 respectively. Additionally, we finished 2024 with over $43,000,000,000 of assets on our balance sheet and realized return on equity of 41.3%.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We achieved these results as we continued to commission and perform rectification work on our CapSheet Pass project, commenced commissioning at our Bakken's project and progressed our subsequent LNG and ancillary projects including CP2. At Capshoe Pass, we exported 32 commissioning cargos during the fourth quarter resulting in 140 commissioning cargos in total for 2024 And we recently gave notice to our long term SPA customers that the commercial operations date or COD for the project will occur on 04/15/2025. At Plaquemines, we achieved first production of LNG on 12/13/2024 and exported our first cargo on 12/26/2024, just thirteen days later. This remarkable performance showcases the hard work and dedication of our team at Plaquemines and our innovative approach to constructing LNG facilities. I'll provide further details, Plaquemines momentarily, but I'd like to highlight upfront that every liquefaction train we have activated thus far at Plaquemines has consistently demonstrated per production levels equivalent to approximately 140% of the nameplate capacity of the facility based on the aggregate outlet flow from Marjuez, One Hundred And Forty Percent.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

This gives us confidence that following completion of our construction, Blachmann's will be able to perform at a recently FERC authorized uprated capacity of 27.2 MTPA. Looking ahead to 2025, we expect that our consolidated adjusted EBITDA will be between $6,800,000,000 and $7,400,000,000 This reflects a $7 per MMBtu to $8 per MMBtu fixed liquefaction fee range for available commissioning cargos, which is consistent with recently executed transactions. We believe the next four quarters will constitute a period of meaningful growth for our company and we are focused on delivering a consolidated adjusted EBITDA in this range for our shareholders. We will also evaluate opportunities to deploy our surplus capital including through potential share repurchases. Turning to Page seven of the presentation, I would like to touch on our compelling growth in hard machine assets over the last few years and give a preview of how we aim to continue to expand in 2025.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

As many of you know, our look up action trains are factory built and arrive ready for installation into our facilities are the thousands of men and women we employ across our growing list of projects here in The United States. We are proud that the contractors and subcontractors supporting our projects employ people in over 30 states across the country. Through our commissioning programs, we currently have 18 trains producing at Cauchy Pass and another 16 trains producing during construction at Plockman's. Additionally, we have installed 16 more trains on their foundations at Plockman's, accepted delivery of two more trains this week and have our final two trains currently in transit. We expect that these trains will be incrementally commissioned and will increase the production from our second facility.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Through our investment in our third project, CP2, we have executed purchase orders for another 36 trains, of which 12 are already being fabricated and will arrive on a rolling basis at storage sites on the Gulf Coast beginning at the end of the second quarter in twenty twenty five. In all, by the end of twenty twenty five, we expect to have 54 trains either commissioned at Cauchy Pass or producing during construction at Plaquemines with another 16 trains fabricated and ready for installation at CP2 subject to FERC authorization, capping off a rapid expansion from 18 trains to 70 trains in aggregate over the course of just twenty nine months. Combined with the extraordinary production performance of our new trains at Blachemans, which I've discussed a moment ago, we believe this asset base will serve as ballast for our growth in the coming years, providing cash flow to help fund our future projects and expansions for decades. Shifting gears a bit, I would now like to focus on Calcutta Pass, which is covered by page nine of the presentation. As mentioned, during the fourth quarter of twenty twenty four, we were able to successfully export 32 commissioning cargos, including four cargos utilized in Venture Global owned or charter ships, bringing our full year 2024 export total to 140 commissioning cargos.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We realized a weighted average fixed liquefaction fee of $8.79 per MMBtu for cargoes in the fourth quarter and seven point two eight dollars per MMBtu across the entire year. Although Kaapschi Pass has yet to produce above its 10 MTPA nameplate capacity on an aggregate basis for an extended period due to ongoing power plant, pretreatment and other rectification work, the trains at Cap Shoe Pass have performed well beyond nameplate capacity on an individual discrete basis. While we continue to produce substantial quantities of LNG at Cap Shoe Pass, we are simultaneously navigating the remaining work related to commissioning, carryover, completions, rectification work, reliability testing and other unfinished items. We have given notice to our long term SPA customers that COD will occur on 04/15/2025 and are focused on completing final performance tests before this milestone, which we should achieve just sixty eight months after FID. We look forward to servicing our off date contracts for the full duration of their largely twenty year tenders.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

For 2025, based on liquefaction fees achieved via cargo sold on a forward basis today, we anticipate capturing a fully weighted average liquefaction fee of $3.85 per NWTU across all forward sold CapEx II Pass production. I'll sum up my remarks on CapEx II Pass with a brief note on safety, which is our top priority here at Venture Global. Today, approximately 25,000,000 work hours have been completed at CapEx II Pass with only 13 recordable incidents sustained. This performance has produced a total recordable incident rate, TRIR, of 0.1, far outperforming the national industry average of 1.9. We are very proud of our outstanding team for achieving and maintaining the safety record, especially while performing significant equipment rectification work and construction.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Moving on to Plaquemines and flipping to page 10 in the presentation, I will focus on the remarkable progress we are achieving at our 20 mcpa nameplate project South Of New Orleans. The incredible focus, diligence and craftsmanship of our team allowed us to implement a complicated reverse cooldown process, which enabled the production of first LNG on 12/13/2024. By December 26, we had successfully exported our first target from the facility only thirty one months after our Phase one FID. We have delivered 34 liquefaction trains to the site and produced LNG from 16 trains during construction to date, maintaining an unparalleled pace of execution for a greenfield project of this scale, underpinned by our commitment to safety. So far, each of our 16 trains has regularly demonstrated pro rata production levels that equate to approximately 140% of the nameplate capacity of the facility based on aggregate outflow from Arjegis.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

This performance has enabled by the engineering and design improvements we implemented at Plaquemines which were informed by the significant operational data collected and lessons learned from Tapestry Pass. These exciting results were only possible through our innovative approach and the relentless execution of our team. At Flockemans, we have permitted and incorporated, for example, 400 megawatts of temporary power at the facility, which has allowed us to mitigate contractor delays, especially from the power island. This approach allows us to progress commissioning efforts and recoup project costs through the sale of commissioning cargoes while we complete the construction of our combined cycle power plants, commission and test our pretreatment systems, booster compressors and other balance of plant work streams in parallel. Although we are very encouraged by our commission success thus far, we recognize the challenging and highly variable process laying ahead.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

I want to note that achieving this considerable progress and our construction speed has been an active strategy and has commented increased costs. By investing capital and enabling increased construction staffing levels on-site, we have pulled forward the production of LNG by months against the original baseline despite substantial delays in portions of the facility's construction, in particular with our islands. Over the course of construction, we have invested approximately $2,800,000,000 of incremental equity to fund these expanded work fronts and mitigate delays. We believe this is a differentiated approach from the rest of the industry enabled by our modular design, early investment in module fabrication and engaged on-site construction management. It is also emblematic of the creative problem solving and tenacity is a bedrock of our unique corporate culture, which despite setbacks, positions Plaquemines to achieve Phase one COD approximately fifty four months post FID.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

For 2025, we anticipate exporting two nineteen to two thirty nine cargos from Plaquemines and have contracted 78 of these cargos thus far, capturing a weighted average fixed liquefaction fee of $7.94 per MMBtu. Again, I want to highlight our leading safety performance at Plaquemines. To date, over 50 million work hours have been completed at the project with a TRIR of only 0.2, roughly one tenth of the national average TRIR of 1.9. And I want to turn to our next project, CP2, which is covered on Page 11. CP2 is a 20,000,000 ton per annum nameplate capacity facility consisting of 36 of our factory built liquefaction trains.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Based on the performance of these trains at CapExchange Pass, the design improvements implemented at Plaquemines and the performance of those strains to date, we believe CP2 will produce at least 28 MTPA. Further, we currently estimate approximately five fifty cargoes will be exported during the construction of the facility across the commissioning programs of the project's two phases due to the company's innovative phased commissioning and startup approach. We have deployed over $4,000,000,000 thus far with our key equipment suppliers and contractors for CP2, supporting thousands of jobs in dozens of states across our country and are ready to commence on-site construction as soon as we receive all necessary approvals. As widely reported, the Department of Energy's pause on issuing LNG export approvals to countries that do not have a free trade agreement with The United States, commonly known as non FTA nations, has been reversed by the Trump administration. While there can be no assurance as to the timing of regulatory approvals, we believe we may receive our non FTA export approval from the DOE in the near term.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We are also pleased that the Federal Energy Regulatory Commission's supplemental environmental impact statement issued last month reiterated that CP2 would have no significant emissions impacts and we are awaiting a notice to proceed from FERC. The current regulatory environment is supportive of The U. S. LNG industry and we have been thrilled with the backing we have received from President Trump and the current administration, members of Congress, governors including Governor Landry, Louisiana state legislators from both sides of the aisle and government and industry representatives from allied nations. Taking advantage of these permitting tailwinds, we have commenced the FID process for Phase one of the CP2 project with our well established banking syndicate.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Our bold investments in the project to date will position CP2 as potentially the most advanced project in the history of the LNG industry by the time we officially break ground in Cameron Parish. We currently aim to begin receiving major Power Island equipment and with the faction trains number 5556 in the first half of twenty twenty five and are targeting first production of LNG in mid-twenty twenty seven. We believe CP2 has the potential to be a key source of LNG for critical United States allies such as Germany and Japan and others, and we look forward to our role in providing their citizens clean, affordable American LNG and bolstering their energy security. Continuing with this discussion of an advantageous regulatory environment, we are pleased to announce today our plan to expand the Plaquemines project, which is detailed on Page 12. We have begun the pre filing process at FERC for a brownfield expansion, Phase III expansion, configuration consisting of 24 liquefaction trains and related infrastructure, which we expect to provide 18.6 MTPA of export capacity.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We believe this expansion will be highly accretive as the new liquefaction trains would leverage existing infrastructure developed during Bakken and Phase one and Phase two, including but not limited to LNG tanks, marine jetties, pipe racks and marine offloading facilities. We are targeting FID for this expansion project in mid twenty twenty seven after achieving first production of CP2 and believe this flexible incremental capacity would 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. Simply stated, we believe our Plaquemines expansion, along with projects we pursue in the future, has the potential to displace more expensive development projects with longer construction durations, enabling us to offer lower long term LNG prices to global markets, while also delivering very attractive returns to our shareholders. Turning to Page fourteen, we have noticed a misconception among some investors and analysts that our production outside of our twenty year contracts is fully exposed to spot for merchant prices and that our contracted revenue profile is insubstantial, neither of which is the case.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

100% of the nameplate production capacity of Capshoe Pass and Plaquemines is contracted. Including CP2, 39.25 of 50 MPPA of the nameplate capacity of our first three projects is contracted at an average tenure of slightly under twenty years, representing over $100,000,000,000 of illustrative total contracted revenue. For our commissioning cargos, we are continuously seeking to lock in advantageous fixed liquefaction fees and anticipate contracting board sales of strips of cargos on an ongoing basis. We plan on contracting our currently uncontracted capacity at CP2 as well as our expansion capacity at Plaquemines under a blend of three to twenty year contract tenders. In the coming years, long term contracts representing hundreds of MTPA of demand are set to expire offering a significant opportunity for Venture Global to secure incremental pricing certainty and build a balanced portfolio of contract terms.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Throughout the history of our company, incumbent industry participants, including LNG producers and global super majors, have questioned our disruptive approach. Despite this skepticism, we have continued to execute and prove our critics wrong. Our core business is building and operating machines that produce a valuable commodity and we are focused on delivering our product faster, more safely and at a lower cost than the rest of the market. We believe this is a winning formula in our commodity market and look forward to proving it with our earnings and returns in the years to come. I'll now turn it over to our CFO, Jack Thayer, to walk through our fourth quarter and full year 2024 financials as well as our guidance for 2025.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

Thank you, Mike, and good morning to those on the line. I will be referring to the Venture Global Incorporated Form 10 ks as of and for the year ended 12/31/2024. The 10 ks is available on our website and some of the key results are summarized on Page 16 of the presentation. During this call, I will highlight results that believe are salient to this audience and I encourage you to review the entirety of our financial statements in detail. Beginning with revenue, our top line revenue was $1,500,000,000 for the fourth quarter of twenty twenty four and $5,000,000,000 for the full year, a $108,000,000 and a $2,900,000,000 decrease or a 737% decline respectively from $1,600,000,000 and $7,900,000,000 during the equivalent periods in 2023.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

This decrease in revenue year over year was driven by one, lower weighted average fixed liquefaction fees of $7.28 per MMBTU versus $12.23 per MMBTU and lower natural gas commodity fees of $2.61 per MMBTU versus $3.2 per MMBtu, resulting in a decrease of $2,800,000,000 And two, lower LNG sales volumes of five zero one TBtu versus five ten TBtu resulting in an additional decrease of $139,000,000 Our net income attributable to common stockholders was $871,000,000 for the fourth quarter of twenty twenty four and $1,500,000,000 for the full year, a $921,000,000 increase and a $1,200,000,000 decrease from a loss of $50,000,000 and net income of $2,700,000,000 during the fourth quarter and full year of 2023, respectively. These shifts were driven by the stabilization of international LNG prices, resulting in lower total margin for LNG sold and higher cost to remediate and commission the CapEx II project, personnel expenses reflecting higher headcounts and costs to develop the CP2 project. These declines were partially offset by the reduction of third party ownership interest in a consolidated subsidiary in 2023, favorable changes in the fair value of our interest rates swaps and lower income tax expense. Shifting to consolidated adjusted EBITDA, we realized six eighty eight million dollars during the fourth quarter of twenty twenty four and $2,100,000,000 for the full year, a $125,000,000 and $3,100,000,000 decrease or a 1559% decline respectively from August from $5,200,000,000 during the equivalent periods 2023.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

This decrease in consolidated adjusted EBITDA year over year was driven chiefly by the stabilization of international LNG prices resulting in lower total margin for LNG sold and higher O and M, G and A and development expenses, including cost to remediate and commission cap to shoot pass, costs associated with personnel growth to support our growing business and design and development costs for CP2 among other development projects. As Mike discussed, we exported a total of 33 commissioning cargos in Q4 and 01/1941 commissioning cargos over the entire year, which declined from 4,143 respectively compared with the same periods in 2023. Of these cargos, 128 tbtu of volumes are reflected in our results for Q4 and '5 zero '1 TBtu of volumes are reflected in the full year 2024 figures. Advancing to Page 17, we are guiding to a consolidated adjusted EBITDA range of $6,800,000,000 to $7,400,000,000 for 2025 incorporating in a forecasted 140 to 148 cargos from CapEx II Pass and two nineteen to two thirty nine cargos from Plattens. This EBITDA range was determined assuming a fixed liquefaction fee of between $7 and $8 per MMBtu being contracted for cargoes remaining to be sold over 2025 consistent with current TTF and JKM forward price expectations.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

This consolidated adjusted EBITDA forecast also assumes over $500,000,000 expense development spending relating primarily to CP2 and regulatory and engineering design spend on our other developmental projects as well as the conclusion of one time rectification O and M spent at Couch Street Pass to ready the plant for an April 15 COB. On average, if fixed slip of action fees over 2025 increased or decreased by $1 per MMBtu, we expect our consolidated adjusted EBITDA range to adjust accordingly by between $625,000,000 and $675,000,000 I will now turn the call back over to Mike.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Thank you, Jack. At this point, we would like to open the call for Q and A.

Operator

Thank you. Your first question comes from the line of John McKay from Goldman Sachs. Please go ahead.

John Mackay
John Mackay
VP - Equity Research at Goldman Sachs

Hey, good morning all. Thank you for the time. I just wanted to start a lot of moving pieces, but I want to start on the 25% guide. Maybe you could just walk us through again a little bit some of the moving pieces on kind of your assumptions on the margin. And then also how much of this continued quick ramp at plaque meetings is baked in there?

John Mackay
John Mackay
VP - Equity Research at Goldman Sachs

I think it's relative to the range you guys have given for the plus or minus $1 in spread. It's ultimately narrow EBITDA range for the year. So maybe just unpacking a few more of the moving pieces would be helpful. Thank you.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Sure. Good morning, John. Thank you. Thanks for the question. We, the obviously the largest moving piece is just the forward curve for the remaining of the year.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And so since the IPO, the, the forward curve is compressed on the if you're looking at ETF in particular, but we also sell to Asia too. But the European markets come in approximately 20% and Henry Hub has come up a little bit. And so we factored in a conservative view on what we're anticipating for the rest of the year blended in with, of course, what we've already contracted. I'll let Jack give you a little bit more detail on what's on some of the pieces we have on that.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

Great. Thanks, Mike. So I think it might be instructive to walk you through how we're forecasting the EBITDA for the year and maybe an illustrative example would be helpful.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

A

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

number of investors have looked at net spreads and here we provide guidance in the form of a fixed liquefaction fee. So I think it might be helpful if we kind of walk from net spread to that fixed liquefaction fee. So starting with the net spread, this is an entirely market based measure, so it's visible to all participants using the available market data. And for simplicity, I'll provide some example numbers that reflect the current market. So to calculate a net spread, you start with ETF.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

In this example, I'll use a $14 per MBTU net spread, which is roughly where the market is right now. And then from this, we'd subtract shipping at approximately $0.7 per MMBtu and then regasification costs of $0.5 per MMBtu. Those two values can vary, but generally there's some correlation between them. And then we subtract 115% of Henry Hub, which for simplicity here, I'll just assume to be $4 So, when you, gross that up to 115%, that's $4.6 in this instance. So the math is $14 for TTF minus the $0.7 for shipping minus $0.5 for Regas minus the $4.6 for,

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

before Henry Hub grossed up and that yields an estimate of $8.2 per MBTU. So,

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

let me compare this measure to how we calculate the fixed liquefaction fees. So when we're contracting with off takers, we negotiate our contracts reflect the fixed liquefaction fee plus 115% of end retail. These contracts for apartments are negotiated between buyer and seller and generally capture the net spread as well as provide a margin for the buyer. For context, recently, TTF has generally been trading at an approximately $1.2 per MMBTU premium to Gulf Coast market forwards. So in the same example, dollars 14 for MMBTU for TTF minus the $1.2 discount for Gulf Coast marker, which not surprisingly generally reflects the shipping and re gas, minus the 115 of Henry Hub, so $4.6 in the $4 Henry Hub example I provided, that yields a face liquefaction fee of $8.2 for MMBtu less buyer margin, which varies depending on the market.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

So, you know, in the guidance, we provided a range of effectively $7 to $8 of fixed refaction fee in our EBITDA forecast. And then you need to think about our contribution margin from that. So from that, the 115% of Henry Hub generally covers the LNG feedstock, transportation of pipeline gas to the facility and our internal gas burn at our power islands. We receive the liquefaction fee as gross margin and deduct other cost of liquefaction including O and M, which is generally $0.5 to $0.7 per MBTU depending on the facility. So, the fixed liquefaction fee in this example of $8.2 minus the $0.5 to $0.7 per MBTU of O and M costs yields, contribution margin between $7.5 and $7.7 and that's ultimately what is factored into our our EBITDA guidance.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

Hopefully, that walk was helpful.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

John, the back half of your question about, the incorporation of the ramp up on documents, we are incredibly pleased as, I described in our earlier comments with the, the rapid ramp up that the team's been able to achieve as that that platform is really an unprecedented ramp up for a retail project of this scale. And, we are excited about, what we think, we're going to be able to achieve for the balance of this year and, for both Plaquemines and, and CP2 as well. The biggest news that, we're we're excited about related to the the trains is the performance of the trains in our view has been spectacular so far and, something that, hasn't been seen before relative to, nameplate capacity. And, since we're in the business of manufacturing, installing, sequentially our liquefaction trains, to be able to achieve the performance out of the trains that we've been, demonstrating now for the first, 16 of the the the trains that have produced LMG at Plockenland is, incredibly exciting for us. And, and we have we have in addition to to, you know, view this year, we're we're really looking at the medium to long term to be able to install as many of these trains as possible and produce, you know, ultimately for for fifty years from, from from, from our liquefaction trains.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We there's a ramp up, for Plockerman's, trains for the balance of this year that, incorporates, our views of the of the performance of the trains and the sequence of the trains coming out. And it's it's incorporated into the cargo count, that we described before.

John Mackay
John Mackay
VP - Equity Research at Goldman Sachs

That's really clear. Appreciate all that color. Second question, maybe just on the Plaquemines expansion, between signing longer term contracts there, you mentioned also potentially adding some more contracts for CP3. Can you maybe just talk about where you're seeing your appetite sorry, where you're seeing appetite in the market for signing these long term contracts right now? Kind of when could we expect those in general and maybe just broadly the competitive market versus other Gulf Coast facilities?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Sure. No. So of the, if you include CP2, we have 50,000,000 tonnes of nameplate capacity, 39 in a quarter of of that 50 are contracted on on, largely a twenty year basis. And so of CP2, we're 9.25 up to 20. And we, are gonna contract the balance of, roughly half of the nameplate capacity of CP2, on a on a blended basis.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Let's say, three to twenty years is probably gonna be the range of, of tenors that we're gonna target for the balance of the nameplate capacity of CP2. And then, for the, expected capacity production above nameplate capacity, we also are going to layer on blended contract terms that will be, you know, multi year, tenures on those contracts. For the bolt on that we just announced, this morning that we that we moved into prefer, the 24 trains that that, we're developing, at, as a Phase three at Plockerman's. That is, larger than what we were expecting to be able to layer on. But upon, more extensive engineering, We were able to, really leverage existing infrastructure like tanks and pipe racks and jetties and other systems.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And, that enabled us to land around more potential trains there than we originally participated. But what that means then is we have more, capacity there that we're able to contract on a long term basis. And so our plan is to contract on a, you know, a ten and twenty year basis more of that full blown Phase three capacity at Plaquemines. And that levels that we view are material discounts, relative to the rest of the market, because of what we view are very sustainable cost advantages relative to the rest of the market. And so our plan there and we're going to endeavor to demonstrate here is to do more long term contracts for this capacity.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We think there's very, very good demand in the market for long term contracts and and, and, at prices that are very attractive to us. And again, as I described it, at points that we think are substantial discounts to where other projects are are economic. And so we think that, we're in a position to displace, other companies' plans for their growth because of our advantages. Our plan is to use these substantial expansions to do just that to, grab the additional market share to grow earnings, but also to do it with more long term contracts, to to continue to build a balanced a balanced portfolio. So over time, as we incrementally add our confaction trains, we will be blending in, layers of more multiyear contracts that, we think is an attractive way to capture, more of the upside, earnings of these large facilities, than you would realize if you did it with all twenty year contracts.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

But by plugging in shorter turns into that, we'll be able to in a balanced way achieve substantially more earnings is the goal.

John Mackay
John Mackay
VP - Equity Research at Goldman Sachs

All right.

John Mackay
John Mackay
VP - Equity Research at Goldman Sachs

That's clear. Appreciate it, Mike. Appreciate the time.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

Thank you.

Operator

Thank you. And your next question comes from the line of Jeremy Tonet from JPMorgan Securities. Please go ahead.

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

Hi, good morning.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Good morning, Jeremy.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Good morning.

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

Hi. Just wanted to come back to the guide, if I could. And we've seen assets running above nameplate here, pretty encouraging numbers. And so we just want to see,

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

I guess,

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

for calc, maybe there wasn't as much potential excess cargos that outlined there. Just wondering for the potential could this number be higher? Could volume surprise the upside for the year? I mean, we're looking potential for EBITDA numbers $10,000,000,000 or more. And just wanted to see if we get higher volumes here, could we start moving upside to the guide as you described?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

The, so there is a ramp up of the production capacity at Clafamons as we layer on more trains. And, we are as we say, we're we're incredibly excited about the performance of the trains after, after years of incorporating, our data and our and our process engineering and, data science to see to see it play out with the performance of the trains has been, has been quite exciting for us and the and the whole team. We we we are trying to be, reasonable and conservative and balanced about our EBITDA projections and give ourselves appropriate kind of the advance for the performance, you know, to achieve the EBITDA projections. The, dollars 10,000,000,000 number that you're referencing is obviously sensitive to, the, what the forward curve, is that's realized a little bit more so this year. And so, as we continue to contract forward strips of our production for Plaquemines this year and next year, then the relative sensitivity of our earnings goes down as we do that.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

You know, and it's it's it's the TTF price or the JKN price, you know, relative to the Henry Hub price, it generates that spread that Jack Jack went around, described earlier. And, you know, all all of it's gonna be sensitive to, the the demand side of zero. It fills up its storage because it's well in storage and, and, you know, we watch what what the what the demand looks like, coming out of the rest of the market. It would not see including including Asia. I will remind we will remind, you know, everybody though that we are, you know, manufacturing, installing, turning on, operating, liquefaction trains for decades.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

You know, ultimately we think we'll be operating these machines for fifty years or more. And we have we have a very bullish word, view that five years, ten years, fifteen years, twenty years from now, the world will be using more and more electricity, and a large portion of that is going to be supplied by gas. And being a low cost producer of lithium factory capacity is, enormously valuable and and that's what we're we're layering in. So as we layer in these, trains and and and I spent some time in my comments, a couple of paragraphs really, trying to describe, the scale of the trains that we're layering in that will compound the earnings that we're able to achieve in the in the market in the future. And, you know, to go from 18 trains to 70 trains that are either, you know, producing, sitting on pads, on ships arriving, being manufactured, to go from 18 trains to 70 trains in twenty nine months.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And then to have those trains outperform, expectations, the way we're demonstrating right now is something incredibly exciting for us. And we're we're, we're we're very focused on continuing to do that as safely as possible and methodically as possible. I answered more than you asked, Jeremy, but Got it.

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

That's helpful.

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

Thank you for that. And just wondering with future LNG development, just wondering if you could provide some backdrop how you see the regulatory environment now. It's a bit choppy under the prior administration. Just wondering how you see things currently? And did that kind of feed into your thought, I guess, with potential with Plaque here in this timeframe that's very quick to get something new going here?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

No, we think our view is that, that, the permitting environment that we're in and going into now is likely the best in decades. And the, the, it makes us very, bullish on on the the the ability to, to, permit our expansion plans. It puts us in a position to be responsive to to market demand. And in the we think as as, in our view, the low cost liquefier and the fastest to ramp up in the market that it positions us to be able to be responsive to demand. And as as we were describing a few minutes ago, puts us in a position because of that with those two factors, to, offer prices to customers that are extremely attractive on a on a long term and and medium term in a contract center.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

That is gonna be extremely difficult for other boards to, compete with their justified FID decisions for prospective projects. So, we think we're, and which has been our plan, are in a position to displace those growth plans for, global competitors.

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

That's helpful. And just to be clear, quote, lines of communication to Trump at this point and moving forward, just wondering if you could talk a bit more, I guess, on the contrast today versus before?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Well, the, there is, obviously, there is an LNG on it and we're waiting we're waiting for our non FTA export authorization for CP2. And, we can't, as I said in my comments, we can't predict any exact date, but we feel we feel pretty good based on what's been said publicly and and privately that, that, people are gonna get their their non FTA permits from the the Department of Energy. The, work, chairman new chairman has been designated, by by Trump as happens with a change in, in administration. And, we feel that the the direction is to, move projects forward as they satisfy the FERC requirements. And then ultimately, what's left is is, businesses, follow the rules, get their permits, and then they have to compete, commercially to sell their product into the market.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And in the commodity market that that we're in, you know, price and timing, are gonna determine market share. And so we our view is that that permits will go, faster than they have in the past, the permitting process, and that, people will get their permits. So that that's something that, has really been our primary constraint from a timing standpoint because we are in a position where we're repeating from our soft supply chain to the factories that produces our our trains, really, really, we're repetitively systematically successfully as as we described in in what's already going on in our supply chain. We've dramatically grown our team that has executed the exact same trains that we've installed now at Capuchin Pass and are installing at Plockerman's and and, about to receive for CP2 and we'll do the same thing for our whole time expansions at at Plaquemines and others in the future. So, we think we're in a very, very positive environment.

Jeremy Tonet
Jeremy Tonet
Equity Research Analyst, Executive Director at JP Morgan

Got it. Thank you for that. I'll leave it there.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Thanks, Jeremy.

Operator

Thank you. And your next question comes from the line of JaneAnne Salisbury from Bank of America. Please go ahead.

Jean Ann Salisbury
Jean Ann Salisbury
Managing Director at Bank of America

Hi, good morning.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Good morning, JaneAnne.

Jean Ann Salisbury
Jean Ann Salisbury
Managing Director at Bank of America

Good morning.

Jean Ann Salisbury
Jean Ann Salisbury
Managing Director at Bank of America

I just had a question about page 10 and the, the weighted average fixed liquefaction fee, the 7.94 at Plaquemines that you've had already. I and thank you so much for walking us through the math of how you define that. That that is kind of where it is at now, I suppose, for the rest of the year, but it seems a little bit lower than what I would have thought it had been year to date. Can you kind of just kind of talk about, I guess, the buyer margin and if that's a bit more material maybe than I had, calculated?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Sure. I'll I'll take a couple comments and then I'll let Jack, provide some additional detail. The, we we we had, sold contracts, historically forward for some of that flatulence contract, which is, you know, what we what we, strive to do is to run, you know, multi tenor strips of forward sales. And so some of those cargos were sold, into this year, historically. And they are just lower prices than what the the, you know, the full occurred was during, during the winter.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And so that's just blended into, higher price contracts, from the current forward curve.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

Julianne, this is Jack. I'd also I'd also maybe just suppose what we experienced at Kapiti Pass, what we're able to capture, higher, higher, market prices and higher margins because of the maturity of that facility. For 2025, thus far there, we've achieved 8.97 per MMBT margins. With platinum's, with the initiation of first LNG and then the ramp up, that is always the most challenging period of a plant's evolution. When you're getting those trains up and running and you're going through all your teething issues and identifying the challenges that are complicit within or a part of the whole, construction and commissioning process.

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

And so there we were, I would say contracting on a much more real time basis extensively using our own shipping fleets, as well to, to load the LNG that was being produced that allowed us the flexibility, to ramp, but also go through those teething issues. And that's why you're seeing a pretty market differential, almost more than a dollar between the contracting thus far for blackness and the contracting year to date that counts as you pass.

Jean Ann Salisbury
Jean Ann Salisbury
Managing Director at Bank of America

Okay, got it. So basically, longer term, the sort of count as you pass versus where prices are is a better indicator to use of where buyer margin would be?

Jonathan Thayer
Jonathan Thayer
CFO at Venture Global

I would say our range currently as providing guidance, is highly reflective of where we've been tracking many of our cargos and can certainly is consistent with the cargos we've sold in the last number of days, given the pace of production that we have. And our marketing team is constantly in the market, managing the production that we have and finding buyers for that. And, we're very comfortable with the range we provided as reflective of of where the market is, currently transacting.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We Jeanette, we've been going through, this, inflection point just in our growth where we're transitioning from just just having a one facility with 18 trains and we're turning on another facility that will take us from 18 trains to 54 trains. And so as we've just turned that project on, we're now layering in, more strips of forward contracts. And so, if we had if we had been, adding less trains or growing slower, obviously, our future earnings will be lower. But the the, the percentage of of, of, trains that we're turning on that have been contracted in multi year four periods would be lower. And so then when we layer on CP two, we'll be layering on those 36 trains on top of 54 trains.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And so the, the impact will be will be different. And we don't try and and and and, make guesses on, what the LNG prices are gonna be. We just systematically, you know, our cost average, layering on our contracts incrementally over time. And so we're layering on, more tenure as we, as time passes and we grow.

Jean Ann Salisbury
Jean Ann Salisbury
Managing Director at Bank of America

That makes sense. Thank you. And then as a kind of higher level follow-up, there's obviously a lot of concern that potential Russia Ukraine piece could lead to Russian pipeline flows returning to Europe in the near and medium term, which could sort of materially bring down global LNG prices. How would your future development plans for CP2 and Plaquemines change if that environment came to be, if at all?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Well, the the we we obviously watch that and think think about that a lot. You know, we we we think that, we think that the the short term impacts that might or will happen as more gas comes online will be temporary. And so it's a question of duration. A long term contract price today, delivered from The U. S.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And Europe, you know, at the at the power plant is a very, very low kilowatt hour electricity price that we think that there's a lot of demand for for, you know, $0.06.0.07 dollars kilowatt hour equivalent electricity at the power plant. And so we think that really low price, power electricity gets Hoover up, pretty quickly and and with demand expanding to to to utilize it. And we think that's the case and, you know, that that that medium along, term for for sure, but also we think in the words of the short term. The prices before the Ukraine Russia war, are also instructive when you had all the gas flows going, that that that pricing was also, higher than I think people remember and very attractive prices. You know, for us, we continue to build and get very attractive returns, you know, $3 next spread prices, over the long term, still give us, you know, very attractive, you know, IRRs for building our projects in, you know, the high teens or low 20s if that happened forever.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

So we can build extremely competitively. We think that's way below replacement costs for projects and we also think that there is tremendous global demand for electricity that can be produced at that price point over time. So, we will, are in a position to modulate if we have to, our growth. The the photons that block them in. The Phase three there, we're beginning the pre FERC process now, which we think will go pretty quickly.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

But it will still, you know, still take, you know, a year to eighteen months. And so during that time, we'll be we'll be watching how how the market, the how the the market pricing is behaving and we'll we'll be responsive to that of course.

Jean Ann Salisbury
Jean Ann Salisbury
Managing Director at Bank of America

Great. Thank you. That's all for me.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Yes.

Operator

Thank you. And your next question comes from the line of Chris Robertson from Deutsche Bank. Please go ahead.

Christopher Robertson
Christopher Robertson
Analyst at Deutsche Bank

Hey, good morning, everybody. Thank you for taking my questions. Hi,

Christopher Robertson
Christopher Robertson
Analyst at Deutsche Bank

Mike.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Good morning, Chris.

Christopher Robertson
Christopher Robertson
Analyst at Deutsche Bank

This is just a broader market question. I guess, as you're going out into the market, seeking additional contracting for CP2, can you talk about what types of Northwest Europe? Or are you seeing increasing engagement from places like South Or Southeast Asia and emerging markets? And of these customers, which ones are leaning more towards shorter term duration like three to five years versus leaning more towards the twenty year tenure?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

That's a great question. Our marketing is very broad. So we're speaking to, all interested buyers. And what's what's, new for us though is that our balance sheet is is is grown and our our business has matured, we're in a position now where we don't have to, primarily just offer twenty year contracts. So we're we're able to offer, a blend of shorter term contracts in the twelve years, ten years, eight years, three years, five years that we can blend into our portfolios, taking advantage of not just our main flight capacity growth, but the excess capacity growth in our commissioning cargos.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And so we see, very strong demand still on the twenty year contracts because there was long term fuel prices are extremely attractive. You know, but I I would say it's pretty it the the interest in tender is pretty broad because, the demand side are filling, various buckets of their fuel portfolios. And, you know, if you're at a utility and and you run you run a a blended portfolio of term, you know, half of it traditionally can be longer term, a quarter, another quarter can be, you know, shorter five to ten years and then your final quarter can be less than five five years. And so there's there's always contract roll off, all those terms from customers that creates demand.

Christopher Robertson
Christopher Robertson
Analyst at Deutsche Bank

Okay. Yeah. Thanks for the detail on that. As it relates to the FID process for CP2, do you need to secure any additional long term contracts there or renegotiate any previous contracts in order to satisfy any lender requirements to move forward with FID or is it all just regulatory and procedural at this point

Christopher Robertson
Christopher Robertson
Analyst at Deutsche Bank

as it relates to that facility?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We're in a good position with our 9,250,000 tons that we've contracted for CPQ already. And and and, and we're we're in a we're in a a strong position from from, from a an update perspective. The, remaining pieces are just finishing up the regulatory receiving. The big one is receiving the non FTA from the Department of Energy, FERC, as as as they indicated in the comments.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

A week a week or two ago reiterated, as it relates to the supplemental environmental impact statement that they asked for that we have, no significant impacts, which are their magic threshold words. And so they reiterated that previously. They they reiterated the overall FERC authorization. And so FERC is running through its remaining process, as it relates to that supplemental EIS. Is that according to their schedule, we'll run it for sure in the next few months.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And, we're running our FID process for CP2 in parallel to that.

Christopher Robertson
Christopher Robertson
Analyst at Deutsche Bank

Got it. That's very helpful. I'll turn it over. Thank you very much for the time.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Thank you.

Operator

Thank you. And your next question comes from the line of Shadi Yarpereza from Guggenheim Partners. Please go ahead.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Hi, good morning, team.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Good morning.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Hi, good morning.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Hi, good morning. Hi, good morning. Hi, good morning. Hi, good morning. Hi, good morning.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Hi, good morning.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Hi, good morning. Hi, good morning. Hi, good morning. Hi, good morning. Hi, good morning.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Good morning.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Hi, good morning. Congrats on the inaugural call and thanks for taking the questions.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Thank you.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

A lot of questions have been answered. I think maybe taking it to a little bit more to the broader kind of LNG market environment, especially as we look to Europe maintaining their gas storage quotas coming off of historically low storage levels in '25 and more broadly looking at long term LNG supply agreements. Have you participated in any incremental discussions on that front?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Yeah, we're between, between blockaments and CPQ. We have substantial new supply that's coming into the market that is, is gonna be critical to supplying, Europe's needs and Asia's needs. And so we we we we do follow closely and we do, answer questions when we're asked about, our views on it and also kind of our our, our views on the timing of being able to execute and provide, additional capacity. In in our in our view, the markets are much tighter, from a supply demand standpoint globally than I know a lot of consultants, not a guide to. And we think that the demand in the market is in the need, even beyond just the need to to resupply storage is, is more significant and we think it's it's growing.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

And so we're going to watch that really carefully as we, go through our permitting process for additional capacities beyond CP2, to be in a position to rapidly, rapidly respond to those carrier signals.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Okay. Thanks for that. And maybe just a quick follow-up on CP2 and the expansion projects, just with where you're seeing and I think I heard this on the last question too, where you're seeing the 26, 20 seven forwards and the contracted market signals, are those fully supportive of going to FID on those projects? And just as we're thinking about the volatility, does it change anything on timing, hurdle rates or the need for longer term subscription for those projects to support the project financing?

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

No, we're in a good spot on CP2, from a return standpoint, even at much lower prices than we have in the forward curve. So, the, the the the returns that we have there are still very attractive and puts it in a strong competitive position relative to where, the bulk of the rest of the market needs to contract. And so, no more refill will do that. We're standing with a CP2 standpoint even if demand is flatter than we think it's going to be.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Excellent.

Constantine Lednev
Vice President - Equity Research at Guggenheim Partners

Appreciate it. Thanks so much.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Yes. I think that's the go ahead.

Operator

Thank you. That ends your question and answer session. I would now hand the call back to Mr. Mike Sable for any closing remarks.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

Thank you very much. Thank you. Thank you, everybody. We, we appreciate all the time and the questions and look forward to answering, more questions in, in coming days. And, we encourage you to please, watch the, the gas flows going into our facilities because it's a great way to, track on a continuous basis, our performance, the teams are working safely as always, but very hard to, layer in, incremental, trains and and production capacity.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

We are, very, very happy as as I've mentioned a few times about the performance of our trainings. And as we as we, continue to to to build our facilities, we, think about the earnings that will be possible to produce from those facilities over many years to come and how, as you layer on incremental trains, how that increases. And we will be very prudent in, in, taking a view on short term changes in market prices and volatility as it relates to the timing of our growth. But, we will also be looking to be opportunistic in earning or achieving market share, because we even at low market prices still achieve very attractive very attractive returns. Obviously, as prices go higher, we do better, but we still do we just we still do well in in, in these lower markets as well, lower price markets as well.

Michael Sabel
Michael Sabel
CEO, Executive Co-Chairman & Founder at Venture Global

So, thank you very much. We appreciate it and look forward to speaking to you in the near term and the years to come. Thank you, everybody.

Operator

Thank you. And this concludes today's call. Thank you for participating. You may all disconnect.

Executives
    • Michael Pasquarello
      Michael Pasquarello
      SVP - Corporate Strategy & Development
    • Michael Sabel
      Michael Sabel
      CEO, Executive Co-Chairman & Founder
    • Jonathan Thayer
      Jonathan Thayer
      CFO
Analysts
Earnings Conference Call
Venture Global Q4 2024
00:00 / 00:00

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