The $6.79/MMBtu implied fee is below the Q2 2026 implied range of $12.50-$13.50/MMBtu used for guidance, but the filing notes this excludes gas supply basis — wait for full Q3 earnings to assess margin trajectory and any guidance revision.
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Executive Summary
Venture Global disclosed preliminary Q3 2026 operating metrics: 465.8 TBtu of LNG sold at an implied weighted average fixed liquefaction fee of $6.79/MMBtu, with 124 cargos exported. This is a pre-earnings operational update — no full financial results or guidance changes are provided. The implied fee of $6.79/MMBtu is a key revenue driver, but the filing explicitly warns these metrics alone are not reliable indicators of quarterly financial results.
Key Facts
- Q3 2026 LNG sold and recognized in revenue: 465.8 TBtu
- Implied weighted average fixed liquefaction fee: $6.79/MMBtu
- Total cargos exported: 124 (37 from Calcasieu Pass, 87 from Plaquemines)
- 5 DES cargos (20.4 TBtu) exported in Q3 but revenue recognition deferred to Q4
- Full Q3 financial results (net income, cash flow) to be announced later in earnings report
Financial Impact
Revenue from recognized LNG sales at $6.79/MMBtu on 465.8 TBtu implies ~$3.16B in recognized LNG revenue for Q3, but this excludes gas supply basis and deferred DES cargos; full financials pending
Risk Factors
- Implied liquefaction fee of $6.79/MMBtu is significantly below the $12.50-$13.50 range assumed in 2026 guidance, though the fee excludes gas supply basis
- 5 DES cargos (20.4 TBtu) revenue deferred to Q4 creates a timing mismatch between cash generation and reported revenue
- Plaquemines Phase 1 COD target of Q4 2026 remains a binary catalyst risk
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002007855-26-000069 |
| Document: 0002007855-26-000069-index-headers.html | 0002007855-26-000069 |
| Document: 0002007855-26-000069-index.html | 0002007855-26-000069 |
| Document: 0002007855-26-000069.txt | 0002007855-26-000069 |
| 8-K Data (Synthetic) | 0002007855-26-000069 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Insider Cluster | $12.85 | awaiting T+5 | — | $14.00 (−8.95%) |
Oct 19, 2026 7d ago | 144 | $12.61 | awaiting T+5 | — | $14.00 (+11.02%) |
Oct 15, 2026 11d ago | 8-K | $12.50 $12.81 | ▲ +2.48% | ▲ +3.49% | $14.00 (+12.00%) |
Oct 12, 2026 14d ago | Institutional Cluster | $13.13 $12.81 | ▼ −2.44% | ▼ −0.94% | $14.00 (+6.63%) |
Oct 8, 2026 18d ago | 8-K | $13.29 $12.50 | ▲ +5.94% | ▲ +5.67% | $14.00 (−5.34%) |
Oct 7, 2026 19d ago | 8-K | $13.05 $13.27 | ▲ +1.69% | ▲ +2.67% | $14.00 (+7.28%) |
Sep 21, 2026 5w ago | Insider Cluster | $12.91 $12.54 | ▲ +2.87% | ▲ +1.68% | $14.00 (−8.44%) |
Sep 17, 2026 5w ago | Insider Cluster | $14.02 $12.62 | ▲ +9.99% | ▲ +11.25% | $14.00 (+0.14%) |
Sep 14, 2026 6w ago | Insider Cluster | $15.29 $12.91 | ▼ −15.57% | ▼ −17.69% | $14.00 (−8.44%) |
Aug 20, 2026 9w ago | Insider Cluster | $14.21 $14.18 | ▼ −0.21% | ▼ −0.69% | $14.00 (−1.48%) |
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