A month has gone by since the last earnings report for Venture Global (VG Quick QuoteVG - Free Report) . Shares have added about 2.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Venture Global due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

Venture Global Q1 Earnings and Revenues Beat Estimates

Venture Global recorded first-quarter 2026 earnings per share of 19 cents, which topped the Zacks Consensus Estimate of 13 cents by 46.2%. The bottom line improved 18.7% from the year-ago quarter’s 16 cents per share.

Total quarterly revenues of $4.60 billion increased 59% from $2.89 billion in the year-ago quarter. The top line beat the Zacks Consensus Estimate of $4.17 billion by 9.5%.

The strong quarterly results can be attributed to higher liquified natural gas (LNG) sales volumes at the Plaquemines Project as commissioning advanced, along with favorable interest rate swaps and reduced development expenses. Lower LNG sales prices, net of feed gas costs at the Calcasieu project and higher interest expenses partially offset the positives.

Venture Global Sees Plaquemines Lead Segment Mix

Plaquemines continued to be the key earnings engine during the quarter as the asset advanced through commissioning. The Plaquemines segment generated revenues of $3.39 billion, while income from operations totaled $1.04 billion.

Calcasieu segment revenues were $1.09 billion, and income from operations totaled $182 million. The Sales and Shipping segment generated revenues of $818 million and income from operations of $99 million.

Operating Income Rises on Higher LNG Volumes

Income from operations totaled $1.15 billion compared with $1.08 billion in the first quarter of 2025. Adjusted EBITDA in the first quarter was $1.37 billion, up from the year-ago level of $1.35 billion, driven by higher LNG sales volumes, which helped offset pressure from lower LNG sales prices, net of feed gas costs.

Net income attributable to common stockholders increased to $488 million from $396 million in the prior-year period. The company attributed the earnings improvement primarily to higher income from operations, along with favorable interest rate swaps and reduced development expense. The positives were partly offset by lower LNG sales prices, net of the cost of feed gas and higher interest expenses.

Venture Global exported 130 cargoes in the first quarter, significantly higher than the 63 cargoes in the year-ago period. Total LNG volumes exported were 487.2 trillion British thermal units (TBtu), up from 233.6 TBtu in the year-ago quarter.

Costs & Expenses

The cost of sales in the quarter was $2.78 billion, up from the year-ago period’s $1.06 billion, reflecting a sharp increase in LNG volumes moving through the system. Operating and maintenance expenses were $270 million, higher than $252 million in the first quarter of 2025, while depreciation and amortization increased to $251 million from $216 million in the prior-year period.

General and administrative expenses declined to $97 million from $105 million, and development expenses decreased to $46 million from $182 million. Total operating expenses were $3.45 billion, up from $1.81 billion in the March-end quarter of 2025.

Balance Sheet

As of March 31, 2026, the company had $1.6 billion in cash and cash equivalents, restricted cash of $335 million and net long-term debt of $36.5 billion.

Cash Flows

Net cash from operating activities was $763 million, while capital expenditures were $3.18 billion at the end of the first quarter of 2026.

Full-Year Adjusted EBITDA Outlook

VG increased full-year 2026 consolidated adjusted EBITDA guidance to $8.2 billion to $8.5 billion. The guidance assumes a fixed liquefaction fee range of $9.50-$10.50 per million British thermal units for remaining unsold cargoes in 2026.

The company expects to export 147-154 cargoes from the Calcasieu Project and 347-369 cargoes from the Plaquemines Project during the year.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 21.47% due to these changes.

VGM Scores

At this time, Venture Global has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Venture Global has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Venture Global belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Murphy Oil (MUR Quick QuoteMUR - Free Report) , has gained 3.6% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Murphy Oil reported revenues of $733.55 million in the last reported quarter, representing a year-over-year change of +10.2%. EPS of $0.32 for the same period compares with $0.56 a year ago.

For the current quarter, Murphy Oil is expected to post earnings of $1.11 per share, indicating a change of +311.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +12.9% over the last 30 days.

Murphy Oil has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.