Venture Global Surges After Arbitration Win Against Repsol
(Bloomberg) -- Venture Global Inc. won a dispute with Spain’s Repsol SA involving the sale of liquefied natural gas shipments from its export plant in Louisiana.
An arbitration tribunal found Venture Global acted as a “reasonable and prudent operator,” the company said in a filing Wednesday. The tribunal also awarded fees to Venture Global.
The company’s shares jumped as much as 10% during after-hours trading after disclosing it had prevailed in the case.
The win is a shot in the arm for Venture Global, which lost a similar arbitration fight in October with BP Plc seeking $1 billion and has struggled with a falling share price since it went public last year. The company triumphed in a case against Shell that was decided in August.
“We view the decision positively for VG and believe the announcement should drive share price outperformance tomorrow given the arbitrations have represented a significant stock overhang,” analysts from RBC Capital Markets including Elvira Scotto said in a note.
A spokesperson for Repsol could not be reached for comment outside of normal business hours.
“Multiple proceedings have now affirmed what we have stated from the outset: Venture Global has fully honored the clear and mutually agreed-upon terms of our long-term contracts without exception,” a Venture Global spokeswoman said in a statement. “We believe the remaining cases should reach the same conclusion.”
BP, Shell and other long-term contract holders lodged arbitration claims against Venture Global after its Calcasieu Pass LNG complex on the US Gulf Coast shipping fuel in 2022. Instead of sending cargoes to those customers, Venture Global sold them directly into the spot market, where prices were higher.
Venture Global has argued its contracts permitted it to sell LNG into the spot market before the plant was fully operational and still in its “commissioning phase.” It nonetheless outraged companies that had signed 20-year deals.
Other arbitration cases against Venture Global were filed by Polish utility Orlen SA, Portugal’s Galp Energia SGPS SA, Edison International and China’s Sinopec. The initial claims against the company totaled about $6 billion. A third company separately settled with Venture Global in October.
Also See: Venture Global Triumphs Over Shell in LNG Arbitration Fight
The arbitration cases lent uncertainty to Venture Global’s initial public offering in January. It was the worst-performing major energy market debut in at least the last three decades.
(Updates with analyst’s comment in the fifth paragraph.)
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