Venture Global LNG expects to win remaining arbitration cases against major energy companies
The Arlington-based company's stock rose 8% at midday, a day after it won the legal battle over Shell's failure to deliver LNG under long-term contracts starting in 2023.
The remaining cases are over similar contract disputes with companies that include BP (BP.L), opens new tab, Edison (EDNn.MI), opens new tab, Orlen (PKN.WA), opens new tab, Repsol (REP.MC), opens new tab and Galp (GALP.LS), opens new tab.
"We remain confident of similar outcomes in the balance because it's the same contracts and facts around construction, and the facts around the completion of the facility are all the same," Sabel told investors on an earnings call.
The energy companies filed arbitration claims against Venture Global starting in 2023, accusing it of profiting from LNG sales on the spot market while not providing them with their contracted cargoes from its Calcasieu Pass export facility in Louisiana.
The companies accused Venture Global of profiteering by selling commissioning cargoes at higher prices on the spot market, rather than lower prices set under long-term contracts.
Venture Global denied the claim, saying it delayed moving to commercial operations because of a faulty electric system that did not allow the plant to operate optimally.
"This was an unnecessary distraction because this contract language has always been clear and standard," Sabel said.
Venture Global is the second largest LNG exporter in the U.S. It expects that by 2027 it will surpass Cheniere (LNG.N), opens new tab as the largest LNG company in North America and plans to produce over 100 million metric tons of the superchilled gas by 2030, Sabel said.
To get to 100 million metric tons per annum, Venture Global will expand its 28 million mtpa CP2 export facility under construction and build a 10 mtpa CP3 export plant, he said.
Venture Global also plans a 24 mtpa expansion project at its Plaquemines export facility, also in Louisiana, but CP3 will be built before Plaquemines Phase 2 because it will be easier and quicker to contract the volumes required to get to a positive financial decision on the CP2 project, said Sabel.
Wage and supply chain inflation, high interest rates and tariff uncertainty are pressuring construction costs for its CP2 expansion project, and the price tag has increased to between $28.5 and $29 billion from between $27 billion and $28 billion, Chief Financial Officer Jonathan Thayer said during the earnings call.
CP2, which began construction just over a month ago, is ahead of schedule, with two of its liquefaction plants, or trains, already built and in storage, said Sabel. Another two are almost complete in Italy, he added.
With the three LNG export plants under construction or built, Venture Global will have at least 17 mtpa of the superchilled gas not under long-term contracts, which it can sell on a short-term basis or on the spot market, said Sabel.
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