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Venture Global, Inc. (NYSE:VG), a $31.6 billion market cap LNG company with $3.57 billion in EBITDA over the last twelve months, reported Thursday it has received a partial final award in an arbitration proceeding with BP Gas Marketing Limited related to liquefied natural gas (LNG) sales from the Calcasieu Pass facility. The information was disclosed in a statement based on a Securities and Exchange Commission filing. According to InvestingPro data, the company maintains a healthy gross profit margin of 52.8%.
According to the company, the International Chamber of Commerce International Court of Arbitration notified its subsidiary, Venture Global Calcasieu Pass, LLC (VGCP), on Wednesday that the tribunal found VGCP breached its obligations to declare commercial operations (COD) for the Calcasieu Project in a timely manner and failed to act as a "Reasonable and Prudent Operator" under the long-term sales and purchase agreement with BP . The tribunal determined that remedies, including damages, will be addressed in a separate hearing expected in 2026. BP is seeking damages exceeding $1.0 billion, as well as interest, costs, and attorneys’ fees.
Venture Global stated that the final award is not expected to be subject to the seller aggregate liability cap in the sales agreement. The company indicated that the award does not affect the terms of the agreement as currently performed, noting that 14 cargos have been delivered to BP under the contract.
In a separate matter, Venture Global reported that it has resolved an arbitration with another post-COD sales and purchase agreement customer regarding the Calcasieu Pass facility. The company stated that the settlement has no material impact and that the arbitration is now fully resolved.
The company referenced prior disclosure of a favorable decision in an arbitration with Shell NA LNG LLC on August 12, 2025.
Venture Global said it is evaluating its options in response to the BP tribunal’s ruling and will continue to defend its position. The company also directed investors to its annual report for further discussion of risks related to ongoing litigation.
All information is based on a press release statement and the company’s SEC filing.
In other recent news, Venture Global reported its liquefied natural gas (LNG) export volumes and liquefaction fees for the third quarter of 2025. The company exported 100 LNG cargos, totaling 371.8 trillion British thermal units, with a weighted average liquefaction fee of $5.07 per million British thermal units. Deutsche Bank upgraded Venture Global’s stock rating from Hold to Buy, setting a price target of $17.00 after a site visit to the Plaquemines LNG facility. UBS also upgraded the stock from Neutral to Buy, citing a stronger-than-expected volume ramp at the Plaquemines project. Additionally, UBS maintained its Buy rating and $18.00 price target, noting the impressive scale and timeline of operations at the facility. Goldman Sachs reiterated its Buy rating with an $18.00 price target following a virtual investor meeting, pointing to positive developments such as new sales and purchase agreements and favorable arbitration outcomes. These updates reflect significant activity and interest in Venture Global’s operations and strategy.
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