What is Venture Global's updated 2026 adjusted core earnings forecast, and how does it compare to its previous guidance?

Venture Global has raised its 2026 adjusted core earnings forecast to a range of $8.7 billion to $9.1 billion, up from its prior guidance of $8.2 billion to $8.5 billion — an increase of $500 million at both the low and high ends. This marks the second consecutive quarter the company has lifted its full-year profit outlook, driven by higher expected liquefaction fees and stronger LNG sales volumes.

How have Venture Global's liquefaction fee assumptions for unsold 2026 cargoes changed, and why are these fees significant?

The company now assumes a fixed liquefaction fee of $12.50 to $13.50 per MMBtu for its remaining unsold LNG cargoes in 2026, up from $9.50 to $10.50 per MMBtu previously — representing a $3.00 per MMBtu midpoint increase. Liquefaction fees are a key source of earnings for U.S. LNG exporters and are largely secured through long-term contracts, though operators retain some flexibility to adjust pricing elements in response to global market conditions such as supply disruptions and surging demand.