Venture Global, Inc.
For the period ended Mar 31, 2026. Filed May 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 12, 2026
VG$11.80+2.3%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0002007855-25-000066
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-12.
0002007855-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 247 previous paragraphs and 164 current paragraphs.
53 unchanged; 37 reworded; 69 added; 147 removed; 10 previous and 5 current paragraphs rearranged.
Tables are not compared: 9 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (69)
Current report
(1) Includes fixed liquefaction fees and fees indexed to foreign gas markets, exclusive of an implied commodity fee.
Current report
Plaquemines Project. Production and sales of LNG from our second LNG export facility increased during the period while physical construction and commissioning continued to advance. In March 2026, the DOE approved our application to increase authorized exports to Non-FTA Nations from 24.0 mtpa to 27.2 mtpa. Additionally, we submitted a new DOE export application to further increase the authorized export volumes to 35.0 mtpa.
Current report
CP2 Project. In March 2026, Phase 2 of the CP2 Project achieved FID and obtained $8.6 billion in additional project financing to fund the development and construction of Phase 2 of the CP2 Project. During the three months ended March 31, 2026, we incurred $2.9 billion of project costs, the majority of which were capitalized, primarily associated with construction activities and purchases of equipment.
Current report
In February 2026, the CP2 Project executed a 20-year post-COD SPA for the delivery of 1.5 mtpa from Phase 2 of the CP2 Project, increasing the total expected post-COD capacity under contract from 26.0 mtpa to 27.5 mtpa.
Current report
Other Developments.
Current report
In 2026, VG Commodities has executed various new five-year LNG sales agreements totaling approximately 3.0 mtpa, further advancing our strategy of maintaining a diversified portfolio of short- medium- and long-term LNG sales agreements to optimize pricing and manage risk across our portfolio of assets.
Current report
In April 2026, we strengthened our financial position by redeeming, in full, the CP Funding Redeemable Preferred Units, which carried a stated cash interest rate of 10% and various liquidity restrictions, using proceeds from the newly issued variable rate Calcasieu Funding TLB Facility. Additionally, we repaid, in full, the outstanding balance of the Calcasieu Pass Construction Term Loan, which was due in August 2026, with proceeds from the newly issued VGCP 2036 Notes.
Current report
Consolidated Results of Operations
Current report
The following table shows a summary of our consolidated results of operations for the periods indicated:
Current report
NM Percentage not meaningful.
Current report
Revenue was $4.6 billion for the three months ended March 31, 2026, a $1.7 billion, or 59%, increase from $2.9 billion for the three months ended March 31, 2025. This increase was primarily due to $3.1 billion from higher LNG sales volumes primarily at the Plaquemines Project due to the continued ramp up of LNG production. This increase was partially offset by lower net LNG sales prices of $1.4 billion due to lower commissioning sales prices at our Plaquemines Project and the transition from commissioning sales to sales under our post-COD SPAs at our Calcasieu Project.
Current report
Cost of sales was $2.8 billion for the three months ended March 31, 2026, a $1.7 billion, or 163%, increase from $1.1 billion for the three months ended March 31, 2025. This increase was due to $1.3 billion from higher LNG sales volumes primarily at the Plaquemines Project due to the continued ramp up of LNG production, and $531 million from higher costs of feed gas. These increases were partially offset by an $83 million favorable change in the fair value of our natural gas supply contracts.
Current report
Operating and maintenance expense was $270 million for the three months ended March 31, 2026, an $18 million, or 7%, increase from $252 million for the three months ended March 31, 2025. This increase was primarily due to:
Current report
•$31 million at Plaquemines for higher maintenance and operational insurance costs in support of the ramp up of LNG production;
Current report
•$21 million at the CP2 Project due to an increase in personnel costs primarily associated with higher headcount; and
Current report
•$19 million primarily due to a higher number of LNG tankers in operation and an increase in regasification costs.
Current report
Development expense was $46 million for the three months ended March 31, 2026, a $136 million, or 75%, decrease from $182 million for the three months ended March 31, 2025. This decrease was primarily due to lower development costs of $137 million due to costs being expensed prior to the CP2 Project being declared probable during 2025, and the majority of the costs to develop the facility subsequently being capitalized.
Current report
Depreciation and amortization was $251 million for the three months ended March 31, 2026, a $35 million, or 16%, increase from $216 million for the three months ended March 31, 2025. This increase was primarily due to placing a portion of the Plaquemines Project assets and additional LNG tankers in service from an accounting perspective throughout 2025 and 2026. This increase was partially offset by a decrease of $91 million due to an extension of the estimated useful lives of certain LNG facility assets in the third quarter of 2025 to align with the extended remaining terms of certain land leases to which the LNG facility assets are affixed.
Current report
Loss on foreign currency transactions was $1 million for the three months ended March 31, 2026.
Current report
Net income attributable to redeemable stock of subsidiary was $42 million for the three months ended March 31, 2026, a $4 million, or 11%, increase from $38 million for the three months ended March 31, 2025. This increase was due to a higher average balance of the CP Funding Redeemable Preferred Units.
Current report
Dividends on VGLNG Series A Preferred Shares were $68 million for the three months ended March 31, 2026 and 2025.
Current report
(1) Inclusive of 7.6 TBtu and 14.8 TBtu sold to VG Commodities and eliminated in consolidation during the three months ended March 31, 2026 and 2025, respectively.
Current report
(2) Inclusive of $4.91 and $11.47 weighted average price of LNG sold to VG Commodities and eliminated in consolidation during the three months ended March 31, 2026 and 2025, respectively.
Current report
For the three months ended March 31, 2026, the Calcasieu Project had income from operations of $182 million, a $720 million, or 80%, decrease from $902 million for the three months ended March 31, 2025.
Current report
•a decrease in revenue of $553 million due to:
Current report
◦lower LNG sales prices of $764 million under our post-COD SPAs in 2026 as compared to our LNG Commissioning Sales Agreements in 2025, partially offset by
Current report
◦an increase in LNG sales volumes of $210 million.
Current report
•an increase in cost of sales of $243 million due to:
Current report
◦higher costs of feed gas of $210 million, and
Current report
◦higher LNG sales volumes of $64 million, partially offset by
Current report
•a decrease in depreciation and amortization expense of $20 million primarily due to an extension of the estimated useful lives of certain LNG facility assets in the third quarter of 2025 to align with the extended remaining terms of certain land leases to which the LNG facility assets are affixed.
Current report
(1) Inclusive of 78.7 TBtu and 25.5 TBtu sold to VG Commodities and eliminated in consolidation during the three months ended March 31, 2026 and 2025, respectively.
Current report
(2) Inclusive of $8.37 and $10.40 weighted average price of LNG sold to VG Commodities and eliminated in consolidation during the three months ended March 31, 2026 and 2025, respectively.
Current report
•an increase in revenue of $2.2 billion due to:
Current report
◦higher LNG sales volumes of $2.8 billion due to the continued ramp up of LNG production, partially offset by
Current report
◦lower LNG sales prices of $619 million under our LNG Commissioning Sales Agreements.
Current report
•an increase in cost of sales of $1.5 billion primarily due to
Current report
◦higher LNG sales volumes of $1.1 billion due to the continued ramp up of LNG production, and
Current report
◦higher cost of feed gas of $466 million, partially offset by
Current report
•an increase in depreciation and amortization expense of $105 million due to placing a portion of the Plaquemines Project assets in service from an accounting perspective throughout 2025 and 2026, partially offset by decreased depreciation and amortization expense of $68 million due to an extension of the estimated useful lives of certain LNG facility assets in the third quarter of 2025 to align with the extended remaining terms of certain land leases to which the LNG facility assets are affixed; and
Showing the first 40 of 69 passages. Open the source sections for the rest.
Removed paragraphs (147)
Previous report
Our income from operations for the nine months ended September 30, 2025 increased compared to the corresponding period in the prior year primarily due to higher sales volumes at our Plaquemines Project from the commencement of LNG production in December 2024 and continued ramp up of LNG production during 2025 and higher weighted average LNG sales prices at the Calcasieu Project prior to COD in April 2025 offset by lower LNG sales prices after COD in April 2025, partially offset by the higher cost of feed gas.
Previous report
Plaquemines Project. Production and sales of LNG from our second LNG export facility increased during the period while physical construction and the commissioning program of the project continued to advance. During the nine months ended September 30, 2025, we incurred $3.3 billion of project costs, the majority of which were capitalized, and we placed an additional $11.7 billion of assets in service in accordance with the applicable accounting guidance.
Previous report
CP2 Project. In June 2025, we commenced site work on the first phase of our third LNG export facility, following receipt of final approval and notices to proceed with on-site construction from the FERC. In October 2025, CP2 received the final authorization from the DOE to export LNG to Non-FTA Nations. During the nine months ended September 30, 2025, we incurred $4.0 billion of project costs primarily associated with equipment procurement, off-site manufacturing work, and engineering and design, of which $3.8 billion was capitalized and $193 million was expensed.
Previous report
In April 2025 and July 2025, CP2 entered into two SPAs for an additional 3.0 mtpa of LNG and increased the volumes sold under two existing SPAs by a combined 1.25 mtpa of LNG, increasing the total mtpa contracted for sale from the CP2 Project under long term post-COD SPAs from 9.25 mtpa as of December 31, 2024 to 13.5 mtpa of LNG as of September 30, 2025.
Previous report
Our Strategic Developments. We took delivery of the Venture Acadia, Venture Creole, and Venture Pelican LNG tankers during the nine months ended September 30, 2025. This brought our total owned fleet of LNG tankers to five with an additional four LNG tankers that we have contracted to construct. In 2025, we used our LNG tankers to transport 38 cargos from our LNG facilities.
Previous report
In April 2025, the FERC approved our request to enter into the FERC's pre-filing environmental review process for the planned additional facilities at the Plaquemines Project for 18.6 mtpa of incremental bolt-on expansion peak production capacity (the "Plaquemines Expansion Project"). In May 2025, we submitted a request to the FERC to increase the capacity for the Plaquemines Expansion Project from 18.6 mtpa to 24.8 mtpa. In June 2025, we withdrew our Delta Project from the FERC pre-filing environmental review process to focus on the Plaquemines Expansion Project.
Previous report
In November 2025, we entered into a 20-year SPA with Naturgy of Spain for the sale of 1.0 mtpa of LNG from the second phase of the CP2 Project. Additionally, we entered into a 20-year SPA with Atlantic-SEE LNG Trade of Greece for the sale of a minimum of 0.5 mtpa of LNG commencing in 2030.
Previous report
Our Sources of Capital. In January 2025, we completed our IPO, issuing 70 million shares of our Class A common stock at a public offering price of $25.00 per share for total net proceeds of $1.7 billion. In connection with the IPO, we effectuated a 4,520.3317-for-one forward stock split of our Class A common stock.
Previous report
In April 2025 and July 2025, VGPL issued $2.5 billion and $4.0 billion, respectively, of aggregate senior secured notes, and concurrently settled a pro rata portion of its interest rate swaps for aggregate cash proceeds of $869 million. Net proceeds from these issuances and the swap breakage proceeds were used to prepay $7.2 billion of principal outstanding under the Plaquemines Construction Term Loan.
Previous report
In May 2025, CP2 entered into the CP2 Bridge Facilities totaling $3.0 billion. The net proceeds from the CP2 Bridge Facilities were used to fund a portion of the development and construction costs, including interest, of the CP2 Project prior to closing the full project debt and equity financing for the first phase of the CP2 Project.
Previous report
In July 2025, the first phase of the CP2 Project achieved FID. We obtained $15.1 billion in project financing to fund the development and construction of the first phase of the CP2 Project. A portion of the proceeds from the project financing were used to prepay the outstanding CP2 Bridge Facilities in full and pay costs incurred in connection with the project financing. The remaining proceeds from the project financing will be used to fund the costs of financing, developing, constructing, and placing in service the first phase of the CP2 Project.
Previous report
In September 2025, Blackfin entered into the Blackfin Credit Facilities totaling $1.6 billion. Proceeds from the Blackfin Credit Facilities were used to reimburse $859 million to VGLNG for prior expenditures related to the development and construction of the Blackfin pipeline, and pay certain costs incurred in connection with the project financing. The remaining proceeds will be used to fund a portion of the costs to develop, construct and manage the Blackfin pipeline.
Previous report
Results of Operations
Previous report
Three months ended September 30, 2025 compared to three months ended September 30, 2024
Previous report
The following table shows a summary of our results of operations for the periods indicated:
Previous report
The gross proceeds, before deducting the cost of natural gas, attributable to Test LNG sales generated prior to the Plaquemines Project facilities being in service from an accounting perspective, and therefore recognized as an adjustment to construction in progress and not as revenue, were $18 million for the three months ended September 30, 2025.
Previous report
Cost of sales was $1.4 billion for the three months ended September 30, 2025, a $1.1 billion increase from $272 million for the three months ended September 30, 2024. This increase was primarily due to $1.0 billion from higher LNG sales volumes, primarily at the Plaquemines Project. All of the Calcasieu Project facility assets and a portion of the Plaquemines Project facility assets were in service from an accounting perspective and incurring cost of sales for the three months ended September 30, 2025, as compared to only the Calcasieu Project facility assets being in service from an accounting perspective for the three months ended September 30, 2024. Cost of sales further increased $128 million due to higher costs for the purchase of feed gas at the Calcasieu Project. These increases were partially offset by a $24 million favorable change in the fair value of our natural gas supply contracts.
Previous report
The costs attributable to the production of Test LNG sales, primarily consisting of the cost of feed gas, incurred prior to the Plaquemines Project facilities being in service from an accounting perspective, and therefore recognized as an adjustment to construction in progress and not as cost of sales, was $7 million for the three months ended September 30, 2025.
Previous report
General and administrative expense was $105 million for the three months ended September 30, 2025, a $28 million, or 36%, increase from $77 million for the three months ended September 30, 2024. This increase was primarily due to increased personnel costs of $14 million due to compensation increases and higher employee headcount.
Previous report
Depreciation and amortization was $218 million for the three months ended September 30, 2025, a $129 million, or 145%, increase from $89 million for the three months ended September 30, 2024. This increase was primarily attributable to an increase of $141 million due to placing $23.2 billion of property, plant and equipment at the Plaquemines Project in service from an accounting perspective as of September 30, 2025 compared to no
Previous report
Plaquemines Project assets being depreciated as of September 30, 2024. This increase was partially offset by a decrease of $31 million at the Calcasieu Project primarily due to an extension of the estimated useful lives of certain LNG facility assets in 2025.
Previous report
Income from Operations
Previous report
Income from operations was $1.3 billion for the three months ended September 30, 2025, a $1.1 billion increase from $189 million for the three months ended September 30, 2024. This increase was primarily the result of higher sales volumes, primarily at the Plaquemines Project, and decreased development expense, partially offset by lower weighted average LNG sales prices at the Calcasieu Project subsequent to COD in April 2025, higher cost of feed gas, and higher depreciation expense, as discussed above.
Previous report
Loss on Interest Rate Swaps
Previous report
Loss on interest rate swaps was $144 million for the three months ended September 30, 2025, a $336 million, or 70%, decrease from $480 million for the three months ended September 30, 2024. This decrease was primarily due to smaller decreases in the forward interest rate curves during the three months ended September 30, 2025, as compared to the same period in 2024, resulting in the following:
Previous report
•a loss of $153 million on the CP2 Project interest rate swaps, which were entered into in 2025.
Previous report
Loss on foreign currency transactions was $4 million for the three months ended September 30, 2025.
Previous report
Income (Loss) before Income Tax Expense (Benefit)
Previous report
Income before income tax expense was $637 million for the three months ended September 30, 2025, a $1.0 billion increase from a loss before income tax benefit of $372 million for the three months ended September 30, 2024. This increase was primarily the result of higher income from operations and a favorable change in the fair value of interest rate swaps, partially offset by higher interest expense and loss on financing transactions, as discussed above.
Previous report
Income Tax Expense (Benefit)
Previous report
Income tax expense was $87 million for the three months ended September 30, 2025, a $165 million increase from an income tax benefit of $78 million for the three months ended September 30, 2024. This was primarily driven by an increase in income before income tax expense, discussed above. Our effective tax rate was 13.7% for the three months ended September 30, 2025, as compared to 21.0% for the three months ended September 30, 2024. The 2025 effective tax rate was different from the statutory income tax rate primarily due to the recognition of stock option windfall tax benefits.
Previous report
Net Income (Loss)
Previous report
Net income was $550 million for the three months ended September 30, 2025, a $844 million increase from a net loss of $294 million for the three months ended September 30, 2024. This increase was primarily the result of an increase in income before income tax expense, partially offset by higher income tax expense, as discussed above.
Previous report
Net income attributable to redeemable stock of subsidiary was $44 million for the three months ended September 30, 2025, a $7 million, or 19%, increase from $37 million for the three months ended September 30, 2024. This increase was from higher paid-in-kind distributions on the CP Funding Redeemable Preferred Units.
Previous report
Dividends on VGLNG Series A Preferred Shares were $67 million for the three months ended September 30, 2025, a $66 million increase from $1 million for the three months ended September 30, 2024. This increase was due to the issuance of the VGLNG Series A Preferred Shares in late September 2024 and the corresponding difference in the accumulation of dividends.
Previous report
Net Income (Loss) Attributable to Common Stockholders
Previous report
Net income attributable to common stockholders was $429 million for the three months ended September 30, 2025, a $776 million increase from a net loss attributable to common stockholders of $347 million for the three months ended September 30, 2024. This increase was primarily the result of the changes discussed above.
Previous report
The following table shows a summary of our results of operations for the periods indicated:
Previous report
Revenue
Previous report
Revenue was $9.3 billion for the nine months ended September 30, 2025, a $5.9 billion, or 170%, increase from $3.4 billion for the nine months ended September 30, 2024. This increase was primarily due to $6.2 billion from higher LNG sales volumes, primarily at the Plaquemines Project. All of the Calcasieu Project facility assets and a portion of the Plaquemines Project facility assets were in service from an accounting perspective and generating revenue for the nine months ended September 30, 2025, as compared to only the Calcasieu Project facility assets being in service from an accounting perspective and therefore generating revenue for the nine months ended September 30, 2024. This increase was partially offset by lower LNG sales prices of $398 million at the Calcasieu Project after COD in April 2025, partially offset by higher LNG sales prices prior to COD in April 2025.
Showing the first 40 of 147 passages. Open the source sections for the rest.
Reworded paragraphs (37)
Previous wording
The condensed consolidated financial statements and the accompanying notes thereto, included in Item 1.—Financial Statements of this Form 10-Q, and discussion and analysis of our financial condition and results of operations should be read in conjunction with our 2024 Form 10-K. In addition to historical condensed consolidated financial information, this Form 10-Q contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and in the Cautionary Statement on Forward Looking Statements in this Form 10-Q and elsewhere in Item 1A.—Risk Factors of our 2024 Form 10-K. Except for per share, per MMBtu, volumetric amounts, or as otherwise specified, dollar amounts presented within tables are stated in millions.
Current wording
The condensed consolidated financial statements and the accompanying notes thereto, included in Item 1.—Financial Statements of this Form 10-Q, and discussion and analysis of our financial condition and results of operations should be read in conjunction with our 2025 Form 10-K. In addition to historical condensed consolidated financial information, this Form 10-Q contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and in the Cautionary Statement on Forward-Looking Statements in this Form 10-Q and elsewhere in Item 1A.—Risk Factorsof our 2025 Form 10-K. Except for per MMBtu amounts, or as otherwise specified, dollar amounts presented within tables are stated in millions.
Previous wording
Our income from operations for the three months ended September 30, 2025 increased compared to the corresponding period in the prior year primarily due to higher sales volumes at our Plaquemines Project from the commencement of LNG production in December 2024 and continued ramp up of LNG production during 2025, partially offset by lower weighted average LNG sales prices at the Calcasieu Project due to the commencement of LNG sales under its post-COD SPAs and the higher cost of feed gas.
Current wording
Our income from operations for the three months ended March 31, 2026 increased compared to the prior year primarily due to higher sales volumes at our Plaquemines Project as a result of the continued ramp up of LNG production, and lower development costs at our CP2 Project following its declaration as probable during 2025, after which the majority of development costs were capitalized. These increases were partially offset by lower weighted average LNG sales prices, driven by lower prices under our Plaquemines Project LNG Commissioning Sales Agreements and lower prices under our Calcasieu Project post-COD SPAs as compared to prices under its LNG Commissioning Sales Agreements, as well as higher costs of feed gas.
Previous wording
Calcasieu Project. Our initial LNG export facility declared COD and commenced the sale of LNG to its customers under our post-COD SPAs on April 15, 2025. Prior to COD, the Calcasieu Project sold LNG under LNG Commissioning Sales Agreements. In August 2025, the DOE approved our request to increase the authorized level of LNG exports from the Calcasieu Project to Non-FTA Nations from 12.0 mtpa to 12.4 mtpa.
Current wording
Calcasieu Project. Our initial LNG export facility declared COD and commenced the sale of LNG to its customers under its post-COD SPAs on April 15, 2025. Prior to COD, the Calcasieu Project sold LNG under LNG Commissioning Sales Agreements.
Previous wording
Operating and maintenance expense was $245 million for the three months ended September 30, 2025, a $102 million, or 71%, increase from $143 million for the three months ended September 30, 2024. This increase was primarily due to $73 million in higher operating costs in support of the ramp up of LNG production at the Plaquemines Project primarily due to an increase in non-capitalizable personnel costs, commissioning work, and operational insurance costs, as well as a $35 million increase in operating costs primarily for our LNG tankers. These were partially offset by a decrease of $23 million in operating costs at the Calcasieu Project primarily due to lower commissioning and remediation work and legal costs.
Current wording
These increases were partially offset by a $56 million reduction in operating costs at the Calcasieu Project primarily due to lower commissioning and remediation work and legal fees.
Previous wording
General and administrative expense was $313 million for the nine months ended September 30, 2025, an $89 million, or 40%, increase from $224 million for the nine months ended September 30, 2024. This increase was primarily due to increased personnel costs of $59 million due to compensation increases and higher employee headcount, as well as $31 million primarily due to increases in legal and other professional service fees, IT and insurance costs.
Current wording
General and administrative expense was $97 million for the three months ended March 31, 2026, an $8 million, or 8%, decrease from $105 million for the three months ended March 31, 2025. This decrease was primarily due to lower compensation expense of $21 million. This decrease was partially offset by increased non-personnel costs of $13 million primarily due to increases in legal and management fees.
Previous wording
Interest income was $27 million for the three months ended September 30, 2025, a $26 million, or 49%, decrease from $53 million for the three months ended September 30, 2024. This decrease was primarily due to lower average cash balances and interest rates during the three months ended September 30, 2025, compared to the same period in 2024.
Current wording
Interest income was $28 million for the three months ended March 31, 2026, a $28 million, or 50%, decrease from $56 million for the three months ended March 31, 2025. This decrease was primarily due to lower average cash balances and interest rates during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
Previous wording
Interest expense, net was $421 million for the three months ended September 30, 2025, a $293 million, or 229%, increase from $128 million for the three months ended September 30, 2024. This increase was primarily due to higher non-capitalizable interest costs due to placing a portion of the Plaquemines Project assets in service in accordance with the applicable accounting guidance and an increase in our outstanding debt.
Current wording
Interest expense, net was $444 million for the three months ended March 31, 2026, a $168 million, or 61%, increase from $276 million for the three months ended March 31, 2025. This increase was primarily due to higher non-capitalizable interest costs due to placing a portion of the Plaquemines Project assets in service in accordance with the applicable accounting guidance and higher commitment fees.
Previous wording
Loss on interest rate swaps was $448 million for the nine months ended September 30, 2025, a $518 million decrease from a gain on interest rate swaps of $70 million for the nine months ended September 30, 2024. This decrease was primarily due a decrease in the forward interest rate curves during the nine months ended September 30, 2025, compared to an increase in the nine months ended September 30, 2024, resulting in the following:
Current wording
Gain on interest rate swaps was $15 million for the three months ended March 31, 2026, a $207 million, or 108%, favorable change from a loss on interest rate swaps of $192 million for the three months ended March 31, 2025. This favorable change was primarily due to an increase in the forward interest rate curves during the three months ended March 31, 2026, compared to a decrease during the three months ended March 31, 2025, resulting in:
Previous wording
•a $467 million favorable change on the Plaquemines Project interest rate swaps, which were partially settled during the three months ended September 30, 2025; and
Current wording
•a $195 million favorable change on the Plaquemines Project interest rate swaps; and
Previous wording
•a $14 million unfavorable change on the Calcasieu Project interest rate swaps.
Current wording
•a $10 million favorable change on the Calcasieu Project interest rate swaps.
Previous wording
Loss on financing transactions was $141 million for the three months ended September 30, 2025, a $135 million increase from $6 million for the three months ended September 30, 2024. This increase was due to the write-off of debt issuance costs associated with the partial prepayment of the Plaquemines Construction Term Loan and the prepayment of CP2 Bridge Facilities during the three months ended September 30, 2025, as compared to the write-off of debt issuance costs associated with the full prepayment of the Plaquemines Equity Bridge Facility during the three months ended September 30, 2024.
Current wording
Loss on financing transactions was $13 million for the three months ended March 31, 2026. This increase was due to the write-off of debt issuance costs associated with the partial prepayment of the CP2 Holdings EBL Facilities during the three months ended March 31, 2026. There was no similar activity during the same period in 2025.
Previous wording
Income tax expense was $354 million for the nine months ended September 30, 2025, a $165 million, or 87%, increase from $189 million for the nine months ended September 30, 2024, primarily driven by an increase in income before income tax expense, discussed above. Our effective tax rate was 18.7% for the nine months ended September 30, 2025, compared to 20.0% for the nine months ended September 30, 2024. The 2025 effective tax rate was impacted primarily by the recognition of stock option windfall tax benefits as well as a combination of non-deductible expenses and changes in the valuation allowance against certain deferred tax assets.
Current wording
Income tax expense was $111 million for the three months ended March 31, 2026, a $40 million, or 26%, decrease from $151 million for the three months ended March 31, 2025, primarily due to an increase in tax benefits associated with employee stock option exercises and the impact of the FDDEI deduction, partially offset by an increase in income before income tax expense. Our effective tax rate was 15.1% for the three months ended March 31, 2026, compared to 22.6% for the three months ended March 31, 2025. The 2026 effective tax rate was impacted primarily by the recognition of tax benefits upon the exercise of employee stock options, the impact of the FDDEI deduction, as well as a combination of non-deductible expenses and changes in the valuation allowance against certain deferred tax assets.
Previous wording
Net income attributable to non-controlling interests was $10 million for the three months ended September 30, 2025, a $5 million, or 33%, decrease from $15 million for the three months ended September 30, 2024. This decrease was primarily due to the allocation of earnings to the Calcasieu Holdings Class B common unit holders based on ownership interests subsequent to COD of the Calcasieu Project.
Current wording
Net income attributable to non-controlling interests was $27 million for the three months ended March 31, 2026, a $12 million, or 80%, increase from $15 million for the three months ended March 31, 2025. This increase was due to the allocation of earnings to the Calcasieu Holdings Class B common unit holders based on ownership interests subsequent to COD of the Calcasieu Project, compared to a stated allocation of 10% per annum prior to COD in for the three months ended March 31, 2025.
Previous wording
We have four reportable segments, which consist of the Calcasieu Project, the Plaquemines Project, the CP2 Project, and the DS&S business. Each LNG project includes activity of both the respective liquefaction and export terminal and the associated pipeline facilities that will supply the natural gas to that export terminal. The DS&S business is engaged in the sale and delivery of LNG to our customers and includes the operating costs associated with our fleet of LNG tankers. Activities reported in corporate, other and eliminations include immaterial operating segments, overhead costs not directly associated with our reportable segments (for example, general and administrative and marketing expenses), and inter-segment eliminations. Prior period presentations have been recast to conform to the current segment reporting structure to separately disclose our DS&S business that is now quantitatively material.
Current wording
We have four reportable segments, which consist of the Calcasieu Project, the Plaquemines Project, the CP2 Project, and our sales and shipping business. Activities reported in corporate, other and eliminations include immaterial operating segments, overhead costs not directly associated with our reportable segments (for example, general and administrative and marketing expenses), and inter-segment eliminations.
Previous wording
Development expense was $53 million for the three months ended September 30, 2025, a $103 million, or 66%, decrease from $156 million for the three months ended September 30, 2024. This decrease was primarily due to lower development costs that were expensed of $79 million for the CP2 Project, which was deemed probable during the nine months ended September 30, 2025, and $26 million for our pipeline infrastructure projects primarily related to the Blackfin pipeline, which was deemed probable in the second half of 2024, resulting in the capitalization of more of the costs for the projects.
Current wording
This decrease was primarily due to:
Previous wording
•an increase in cost of sales of $631 million primarily due to an increase in the average costs for the purchase of feed gas of $568 million, an increase in LNG sales volumes of $33 million, and an unfavorable change in fair value of natural gas supply contracts of $30 million; and
Current wording
◦a favorable change in fair value of natural gas supply contracts of $30 million;
Previous wording
•a decrease in operating and maintenance expense of $23 million primarily due to the completion of commissioning and remediation work prior to COD and lower legal costs.
Current wording
•a decrease in operating and maintenance expense of $56 million due to lower commissioning and remediation work and a decrease in legal fees; and
Previous wording
For the three months ended September 30, 2025, the Plaquemines Project had income from operations of $1.3 billion, a $1.3 billion increase from a loss of $57 million for the three months ended September 30, 2024.
Current wording
For the three months ended March 31, 2026, the Plaquemines Project had income from operations of $1.0 billion, a $626 million, or 151%, increase from $415 million for the three months ended March 31, 2025.
Previous wording
Revenue was $3.3 billion for the three months ended September 30, 2025, a $2.4 billion, or 260%, increase from $926 million for the three months ended September 30, 2024. This increase was primarily due to $2.9 billion from higher LNG sales volumes, primarily at the Plaquemines Project. All of the Calcasieu Project facility assets and a portion of the Plaquemines Project facility assets were in service from an accounting perspective and generating revenue for the three months ended September 30, 2025, as compared to only the Calcasieu Project facility assets being in service from an accounting perspective and therefore generating revenue for the three months ended September 30, 2024. This increase was partially offset by lower LNG sales prices of $517 million at the Calcasieu Project due to the commencement of LNG sales under its post-COD SPAs in April 2025.
Current wording
This increase was primarily due to:
Previous wording
•a decrease in depreciation and amortization expense of $31 million primarily due to an extension of the estimated useful lives of certain LNG facility assets in 2025; and
Current wording
•an increase in operating and maintenance expense of $31 million primarily due to maintenance and operational insurance costs in support of the ramp up of LNG production.
Previous wording
For the three months ended September 30, 2025, the CP2 Project had a loss from operations of $45 million, a $61 million, or 58%, decrease from $106 million for the three months ended September 30, 2024. This decrease was primarily driven by lower engineering and development costs that were expensed of $79 million as a result of the CP2 Project being declared probable during 2025.
Current wording
For the three months ended March 31, 2026, the CP2 Project had a loss from operations of $50 million, a $113 million, or 69%, decrease from $163 million for the three months ended March 31, 2025. This decrease was primarily driven by lower engineering and development costs of $137 million due to costs being expensed prior to the CP2 Project being declared probable during 2025, and the majority of the costs to develop the facility subsequently being capitalized. This was partially offset by higher operating and maintenance expense of $21 million due to an increase in personnel costs primarily associated with higher headcount.
Previous wording
We expect to meet our short-term cash requirements using operating cash flows and available liquidity, consisting of cash and cash equivalents, restricted cash, and available borrowing capacity under our existing credit facilities. Additionally, we expect to meet our long-term cash requirements by using operating cash flows and other future potential sources of liquidity, which may include debt and equity offerings by us or our subsidiaries.
Current wording
We expect to meet our short-term cash requirements using operating cash flows and available liquidity, consisting of cash and cash equivalents, restricted cash, and available borrowing capacity under our existing credit facilities. Additionally, we expect to meet our long-term cash requirements using operating cash flows and other future potential sources of liquidity, which may include debt and equity offerings by us or our subsidiaries.
Previous wording
The Company has entered into certain credit arrangements to secure the transportation of natural gas. As of September 30, 2025, the maximum undiscounted potential exposure associated with these arrangements was $110 million. This amount is not currently recognized as a liability on our condensed consolidated balance sheet. To date, no amounts have been drawn against these arrangements.
Current wording
The Company has entered into certain credit arrangements to secure the transportation and supply of natural gas, regasification capacity, and certain equity guarantees for the CP2 Credit Facilities. As of March 31, 2026, the maximum undiscounted potential exposure associated with these arrangements was $825 million. This amount is not currently recognized as a liability on our condensed consolidated balance sheet. To date, no amounts have been drawn against these arrangements.
Previous wording
In July 2025, the first phase of the CP2 Project achieved FID and we obtained $15.1 billion in project financing to fund the development and construction of the first phase of the CP2 Project. CP2 Holdings entered into the $3.0 billion secured CP2 Holdings EBL Facilities, due July 28, 2028. Borrowings under the CP2 Holdings EBL Facilities bear interest at a set margin rate over the debt term plus, at the Company's election, either a SOFR or base rate. The set margin rate for SOFR-based loans is 3.500% and the set margin rate for base rate loans is 2.500%. Interest on SOFR-based loans is due and payable at the end of each interest period (but at least every three months) and interest on base rate loans is due and payable at the end of each calendar quarter. CP2, as borrower, and CP2 Procurement and CP Express, as guarantors, entered into the $12.1 billion senior secured CP2 Credit Facilities, due July 28, 2032. Borrowings under the CP2 Credit Facilities bear interest at a set margin rate over the debt term, plus, at the Company's election, either a SOFR or base rate. The set margin rate for the SOFR-based loans ranges from 2.250% to 2.750% and the set margin rate for the base rate loans ranges from 1.250% to 1.750%. The Company also incurs commitment fees from 0.788% to 0.963% of the undrawn available commitments of the CP2 Working Capital Facility. Interest on SOFR-based loans is due and payable at the end of each interest period (but at least every three months) and interest on base rate loans is due and payable at the end of each calendar quarter.
Current wording
CP2 Project. In March 2026, Phase 2 of the CP2 Project achieved FID. The Company obtained $8.6 billion in additional project financing to fund the development and construction of Phase 2 of the CP2 Project by amending and restating its CP2 Credit Facilities to upsize (i) the $11.3 billion CP2 Construction Term Loan by $7.9 billion and (ii) the $850 million CP2 Working Capital Facility by $750 million. Borrowings under the CP2 Credit Facilities bear interest at a set margin rate over the debt term, plus, at the Company's election, either a SOFR or base rate. The set margin rate for the SOFR-based loans ranges from 2.250% to 2.750% and the set margin rate for the base rate loans ranges from 1.250% to 1.750%. The Company also incurs commitment fees from 0.788% to 0.963% of the undrawn available commitments of the CP2 Working Capital Facility. Interest on SOFR-based loans is due and payable at the end of each interest period (but at least every three months) and interest on base rate loans is due and payable at the end of each calendar quarter. This resulted in an aggregate amount of $20.7 billion available under the CP2 Credit facilities to fund a portion of the project costs for Phases 1 and 2 of the CP2 Project and select activities for CP2 Expansion.
Previous wording
Pipeline infrastructure projects. In September 2025, our subsidiary, Blackfin, entered into the $1.6 billion senior secured Blackfin Credit Facilities. Under the Blackfin Credit Facilities, the Blackfin TLA Facility and Blackfin Working Capital Facility are due September 29, 2030 and the Blackfin TLB Facility is due September 29, 2032 . Borrowings under the Blackfin TLA Facility and Blackfin TLB Facility bear interest at a set margin over the debt term, plus, at the Company's election, either a SOFR or base rate. The set margin rate for the Blackfin TLA Facility for SOFR-based loans is 2.250% and the set margin rate for base rate loans is 1.250%, subject to future increases. The set margin rate for the Blackfin TLB Facility for SOFR-based loans is 3.000% and the set margin rate for base rate loans is 2.000%. The Company also incurs commitment fees from 0.438% to 0.875% of the undrawn available commitments under the Blackfin TLA Facility and Blackfin Working Capital Facility. Interest on SOFR-based loans is due and payable at the end of each interest period (but at least every three months) and interest on base rate loans is due and payable at the end of each calendar quarter.
Current wording
Calcasieu Funding. In April 2026, Calcasieu Funding (as borrower) entered into a senior secured term loan B facility ("Calcasieu Funding TLB Facility") due 2033 with an aggregate principal amount of $1.75 billion which was drawn in full on closing. Borrowings under the Calcasieu Funding TLB Facility bear interest at a set margin rate over the debt term, plus, at the Company's election, either a SOFR or base rate. The set margin rate for the SOFR-based loans is 3.250% and the set margin rate for the base rate loans is 2.250%. Interest on SOFR-based loans is due and payable at the end of each interest period (but at least every three months) and interest on base rate loans is due and payable at the end of each calendar quarter. Proceeds from the Calcasieu Funding TLB Facility were used to redeem, in full, the CP Funding Redeemable Preferred Units, and pay costs incurred in connection with the offering, thereby removing the requirement to settle accrued distributions on the CP Funding Preferred Units prior to distributing available cash to VGLNG or its affiliates.
Previous wording
In July 2025, VGPL issued $4.0 billion aggregate principal amount of senior secured notes, consisting of $2.0 billion of senior secured notes due 2034, or the VGPL 2034 notes, and $2.0 billion of senior secured notes due 2036, or the VGPL 2036 notes. The VGPL 2034 notes bear interest at a rate of 6.500% per annum and the VGPL 2036 notes bear interest at a rate of 6.750% per annum, with interest on each series of notes payable semi-annually in arrears on January 15 and July 15 of each year. The VGPL 2034 notes will mature on January 15, 2034 and the VGPL 2036 notes will mature on January 15, 2036. The proceeds from this issuance, along with swap breakage proceeds, were used to prepay $4.5 billion outstanding under the Plaquemines Construction Term Loan.
Current wording
Calcasieu Pass. In April 2026, VGCP issued $750 million aggregate principal amount of senior secured notes due 2036. The VGCP 2036 Notes bear interest at a rate of 6.000% per annum with interest payable semi-annually in arrears on November 1 and May 1 of each year. The VGCP 2036 notes will mature on May 1, 2036. The proceeds from the issuance of the VGCP 2036 Notes, hedge termination proceeds and cash on hand were used to prepay, in full, the $757 million outstanding under the Calcasieu Pass Construction Term Loan.
Previous wording
Net cash from operating activities for the nine months ended September 30, 2025 was $4.5 billion, a $3.0 billion, or 202%, increase from $1.5 billion for the nine months ended September 30, 2024.
Current wording
Net cash from operating activities for the three months ended March 31, 2026 was $763 million, a $351 million, or 32%, decrease from $1.1 billion for the three months ended March 31, 2025.
Previous wording
Net cash used by investing activities for the nine months ended September 30, 2025 was $9.6 billion, a $859 million, or 8%, decrease from $10.4 billion for the nine months ended September 30, 2024.
Current wording
Net cash used by investing activities for the three months ended March 31, 2026 was $3.0 billion, a $0.5 billion, or 14%, decrease from $3.5 billion for the three months ended March 31, 2025. The decrease in net cash outflows was primarily due to:
Previous wording
Net cash from financing activities for the nine months ended September 30, 2025 was $4.1 billion, a $4.7 billion, or 54%, decrease from $8.7 billion for the nine months ended September 30, 2024.
Current wording
Net cash from financing activities for the three months ended March 31, 2026 was $1.9 billion, a $0.1 billion, or 5%, increase from $1.8 billion for the three months ended March 31, 2025. The increase in net cash inflows was primarily due to:
Previous wording
•proceeds from the issuance of Class A Common Stock of $1.8 billion in connection with our IPO in January 2025, with no similar activity during the same period in 2024.
Current wording
•The change in the proceeds from the issuance of Class A Common Stock of $1.8 billion is due to our IPO during the three months ended March 31, 2025, with no similar activity during the same period in 2026.
Previous wording
Labor market —A recent shortage in the labor pool of skilled workers to construct LNG facilities and other major infrastructure projects could make it more difficult to attract and retain qualified personnel for future projects. In addition, competition for skilled labor from other LNG projects under development in Louisiana could exacerbate this shortage, potentially increasing labor retention costs. This could materially increase our estimated project costs, which include significant labor costs, and could have a material impact on our financial condition, results of operations and/or cash flows.
Current wording
Labor market —Competition for skilled labor along the Gulf Coast remains intense. Persistent shortages in highly skilled construction labor—driven by concurrent LNG construction and major infrastructure and data center development—may amplify wage pressure, recruitment and retention difficulty. Sustained tightness in the labor pool could raise project costs or extend construction timelines. This could materially increase our estimated project costs, which include significant labor costs, and could have a material impact on our financial condition, results of operations and/or cash flows.
Previous wording
Capital markets and interest rates— Capital markets have experienced recent volatility and liquidity constraints due to uncertainty around the global economic impact of tariffs and inflation. Such volatility may adversely impact access to the market for corporate or project lending or lead to higher borrowing costs. We aim to mitigate our exposure to interest rate volatility through interest rate swaps, but we will not be able to mitigate all interest rate risk. Additionally, we may sometimes prioritize access to capital or capital recycling over interest rates when determining when to access capital markets.
Current wording
Capital markets and interest rates— Capital markets have experienced recent volatility and liquidity constraints due to uncertainty around the global economic impact of tariffs, inflation and monetary policy. Although the annual rate of inflation has moderated, future changes in interest rate policy could reignite inflationary pressures or increase the overall cost of capital. Such volatility may adversely impact access to the market for corporate or project lending or lead to higher borrowing costs. We aim to mitigate our exposure to interest rate volatility through interest rate swaps, but we will not be able to mitigate all interest rate risk. Additionally, we may sometimes prioritize access to capital or capital recycling over interest rates when determining when to access capital markets.
Previous wording
Recent shifts in U.S. environmental and energy policy have resulted in increased opportunities to continue the development of our various projects. This includes the DOE lifting its pause on new authorizations to export LNG to Non-FTA Nations, the DOE's completion of the 2024 LNG export study and concluding that the authorizations of export of LNG from the US should resume and continue, the final approval of the CP2 Project by the FERC in May 2025, the DOE's final authorization for LNG exports from the CP2 Project to Non-FTA Nations in October 2025, and the US Supreme Court ruling that federal district courts likely lack the authority to issue universal injunctions. While we cannot predict whether these trends will continue or whether our applications, approvals or permits will attract significant opposition in the permitting processes, we intend to continue to progress our projects through the various permitting and regulatory channels over their expected timelines. Any future significant changes in this trend could have a material impact on our financial condition, results of operations and/or cash flows.
Current wording
Recent U.S. policy actions have generally supported continued LNG development, including the DOE's resumption of Non-FTA Nation export authorizations and final approvals for our CP2 Project. While these trends are favorable, they remain subject to change. These actions have resulted in increased opportunities to continue development of our projects, including our expansion projects. While we cannot predict whether these trends will continue or whether our applications, approvals or permits will attract significant opposition in the permitting processes, we intend to continue to progress our projects through the various permitting and regulatory channels over their expected timelines. Any future significant changes in this trend could have a material impact on our financial condition, results of operations and/or cash flows.
Previous wording
The Calcasieu Project is involved in disputes and arbitration proceedings with its post-COD SPA customers. Such customers are asserting, among other claims, that the Calcasieu Project was delayed in achieving COD under its post-COD SPAs. The remedies originally sought by these customers included damages ranging between $6.7 billion and $7.4 billion. Following the positive resolution of two arbitration proceedings, the Calcasieu Project remains involved in arbitration proceedings with five of its post-COD SPA customers. The remedies sought by these customers include damages ranging between $4.8 billion and $5.5 billion.
Current wording
The Calcasieu Project is involved in disputes and arbitration proceedings with certain of its post-COD SPA customers. Such customers are asserting, among other claims, that the Calcasieu Project was delayed in achieving COD under its post-COD SPAs. Following the positive resolution of three arbitration proceedings, the Calcasieu Project remains involved in arbitration proceedings with four of its post-COD SPA customers, including Edison S.p.A. ("Edison").
Previous wording
We were notified in October 2025 that a partial final award had been issued in the arbitration proceedings with BP. The award issued by the arbitration tribunal found that the Calcasieu Project had breached its obligations to declare COD of the Calcasieu Project in a timely manner and act as a “Reasonable and Prudent Operator” pursuant to the BP post-COD SPA, along with certain other obligations. Remedies were not addressed in the partial final award and will be determined in a separate damages hearing, but we do not anticipate that the final award will be subject to the seller aggregate liability limitation in the BP post-COD SPA. The remedies sought by BP include damages in excess of $1.0 billion, as well as interest, costs and attorneys’ fees.
Current wording
We were notified in October 2025 that a partial final award had been issued in the arbitration proceedings with BP Gas Marketing Limited (“BP”). The award issued by the arbitration tribunal found that the VGCP had breached its obligations to declare COD of the Calcasieu Project in a timely manner and act as a “Reasonable and Prudent Operator” pursuant to the BP post-COD SPA, along with certain other obligations. Remedies were not addressed in the partial final award and will be determined in a separate damages hearing which is scheduled to occur in May 2027. A final award is expected to be issued following the damages portion of the hearing. Based on the terms of the award, the Company does not anticipate that the final award will be subject to the seller aggregate liability limitation in the BP post-COD SPA. The remedies sought by BP include damages ranging from $3.7 billion to potentially in excess of $6.0 billion, as well as interest, costs and attorneys’ fees. We believe BP’s theory and calculations of damages are without merit and that the magnitude of damages sought by BP is not recoverable under the express terms of the post-COD SPA, which include express limits on the tribunal’s jurisdictional authority, although there can be no assurance as to the outcome of the damages portion of the hearing.
Previous wording
The remedies sought by the remaining four Calcasieu Project post-COD customers in arbitration proceedings include damages ranging between $3.8 billion and $4.5 billion in the aggregate, rather than the termination of the post-COD SPA. We believe these disputes are subject to the relevant seller aggregate liability limitation under the applicable post-COD SPA, which amount to $765 million in the aggregate. However, these customers are also disputing whether the liability limitations in such post-COD SPAs are applicable, and therefore are claiming damages in excess of the liability limitations.
Current wording
The remedies sought by the other two Calcasieu Project post-COD customers in arbitration proceedings include damages in excess of $2.4 billion, in the aggregate, rather than the termination of the post-COD SPA. We believe these two disputes are subject to the relevant seller aggregate liability limitation under the applicable post-COD SPA, which amount to $425 million in the aggregate. However, these customers are also disputing whether the liability limitations in such post-COD SPAs are applicable, and therefore are claiming damages in excess of the liability limitations.
Previous wording
For further discussion, see Item 1A.—Risk Factors—Risks Relating to Regulation and Litigation—If we are unsuccessful in any current or potential future arbitration proceedings with customers, the amounts that we are required to pay may be substantial or certain of our post-COD SPAs may be terminated, which may lead to an acceleration of all our debt for the relevant project of our 2024 Form 10-K, Note 3 – Revenue from Contracts with Customersin Item 1.—Financial Statements of this Form 10-Q, and Part IIItem 1.—Legal Proceedings of this Form 10-Q.
Current wording
For further discussion, see Item 1A.—Risk Factors—Risks Relating to Regulation and Litigation—If we are unsuccessful in any current or potential future legal proceedings with customers, the amounts that we are required to pay may be substantial or certain of our post-COD SPAs may be terminated, which may lead to an acceleration of all our debt for the relevant project and adversely impact the trading price of our Class A common stockon our 2025 Form 10-K, and Part IIItem 1.—Legal Proceedings of this Form 10-Q.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
This increase was partially offset by:
Current report — wording carried from elsewhere
◦a favorable change in fair value of natural gas supply contracts of $53 million.
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This increase was primarily due to:
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This increase was partially offset by:
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Change in cash used by investing activities (in billions)
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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•a $21 million favorable change on the Calcasieu Project interest rate swaps; partially offset by
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Net Income Attributable to Redeemable Stock of Subsidiary
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Net Income Attributable to Non-controlling Interests
Previous report — wording carried elsewhere
Net income attributable to non-controlling interests was $26 million for the nine months ended September 30, 2025, a $18 million, or 41%, decrease from $44 million for the nine months ended September 30, 2024. This decrease was primarily due to the allocation of earnings to the Calcasieu Holdings Class B common unit holders based on ownership interests subsequent to COD of the Calcasieu Project.
Previous report — wording carried elsewhere
Dividends on VGLNG Series A Preferred Shares
Previous report — wording carried elsewhere
The following table shows a summary of our segment income (loss) from operations for the periods indicated:
Previous report — wording carried elsewhere
The increase in net cash inflows was primarily due to:
Previous report — wording carried elsewhere
The decrease in net cash outflows was primarily due to:
Previous report — wording carried elsewhere
The decrease in net cash inflows was primarily due to: