Venture Global's latest update highlights that U.S. LNG margin performance is increasingly being shaped at the asset level, and the contrast between the Plaquemines and Calcasieu Pass LNG export projects clearly shows this dynamic.
Venture Global’s latest update highlights that U.S. LNG margin performance is increasingly being shaped at the asset level, and the contrast between the Plaquemines and Calcasieu Pass LNG export projects clearly shows this dynamic.
Plaquemines, which is still in the commissioning stage, shipped 90 cargoes in Q4 2025 with an implied liquefaction fee of more than $6/MMBTU - a margin largely driven by spot-market exposure ahead of long-term contracts coming into effect.
With roughly 17 MMT/Y of expected LNG exports in 2025, the facility is already operating at the level of a fully commissioned plant.
Calcasieu Pass, by comparison, exported 38 cargoes at about $2/MMBtu, reflecting the limits of long-term contracted volumes and capping upside despite roughly 10.6 MMT/Y of expected LNG exports.
Therefore, it can be concluded that commissioning-phase assets with spot exposure are capturing higher margin potential, while fully contracted plants offer predictability but structurally lower returns.
When elevated feedgas volatility and tight shipping markets are added to the mix, this margin gap becomes even more pronounced.
As Venture Global trims its 2025 EBITDA guidance, the performance of Plaquemines and Calcasieu Pass shows exactly where margin pressure and margin opportunity is emerging across U.S. LNG.
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