Venture Global core profit beats on sales boost from lifting of LNG export permits

Aug 12 (Reuters) - Venture Global VG.N beat Wall Street expectations for second-quarter core profit, as a resumption of export permits for liquefied natural gas in the U.S. boosted sales, sending the shares of the LNG producer up over 8% before the bell on Tuesday.

Commercial activity in the sector picked up pace after President Donald Trump lifted a moratorium on new LNG export permits soon after taking office in January.

Venture Global, the country's second-largest LNG exporter after Cheniere Energy LNG.N, has been ramping up commercial operations at its Plaquemines and Calcasieu Pass export facilities, both located in Louisiana.

The company said it sold 329 trillion British Thermal Units (TBtu) of LNG during the quarter, a 149% jump from the 132 TBt units of the superchilled fuel it sold a year earlier.

Its total quarterly revenue came in at $3.1 billion, exceeding expectations of $2.89 billion, according to data compiled by LSEG.

The company expects to export 227 to 240 cargos of LNG from the Plaquemines project this year, compared with a prior view of 222 to 239 cargoes. The Calcasieu Pass project is expected to export 144 to 149 cargos, compared with its prior forecast of 145 to 150 cargoes.

The company said changes in fixed liquefaction fees would hit its adjusted earnings before interest, taxes, depreciation, and amortization by $230 million to $240 million in 2025, compared with a prior expectation of a $460 million to $480 million impact.

Venture Global became one of the most valuable U.S. LNG companies when it listed in January, though its stock has fallen nearly 50% as the company grapples with higher project costs.

Its operating expenses rose to $2.06 billion in the second quarter from $745 million a year ago.

The Arlington, Virginia-based company reported adjusted EBITDA of $1.39 billion for the three months ended June 30, compared with analysts' expectations of $1.25 billion.