Venture Global Shares Sink After BP Wins Arbitration Case Over LNG Dispute

By Connor Hart

Shares of Venture Global tumbled after the U.S. natural-gas exporter suffered a surprising loss in an arbitration case against customer BP.

The stock fell 19% to $10.25 in premarket trading Friday. Shares had their public debut in January and opened trading at $24.05 apiece, down 3.8% from their $25 IPO price.

BP was issued a partial final award by the International Chamber of Commerce's International Court of Arbitration, Venture Global said in a filing with the Securities and Exchange Commission late Thursday.

The award found that Venture Global had breached its obligations to declare a commercial operation date at its Calcasieu Pass liquefied natural gas facility in Louisiana in a timely manner and act as a "reasonable and prudent operator" pursuant to the companies' sale-and-purchase agreement, along with other obligations.

Separately, Venture Global said it had reached a settlement with another long-term customer that it didn't name.

Venture Global said it is disappointed by the decision, which it believes contradicts findings from its prior arbitration involving Shell, which it settled back in August.

The Arlington, Va., company for about two years has been embroiled in legal fights with some of the world's biggest oil-and-gas companies, who allege Venture Global enriched itself at their expense by withholding cargoes of LNG after Russia's invasion of Ukraine sent natural-gas prices soaring. The customers say Venture Global instead sold the cargoes on the spot market and raked in hefty profits.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 10, 2025 07:26 ET (11:26 GMT)