Venture Global LNG earned $4.85 bill in 2023, according to financial documents prepared for its $3 bill initial public offering (IPO).
The LNG export plant developer was expected to announce plans for a stock market listing in New York, according to a source talking with Reuters.
The documents showed Venture Global had operating income of $4.85 bill on revenue of $7.9 bill last year, compared to an operating profit of $3.56 bill on sales of $6.45 bill in 2022.
Estimated costs for building three new LNG export facilities in the US were revealed to top $100 bill, the documents showed.
The company, which has a controversial history with four contract arbitration cases with customers ongoing, has negotiated enough future volumes that if coming to fruition, could make it one of the three largest LNG producers in the world by 2030.
Venture Global’s share offering could find significant interest from institutional investors, analysts said.
A big draw for investors could be the "strategic advantages the sector may experience with the incoming Trump administration," said Alex Munton director of global gas and LNG research at consulting firm Rapidan Energy Group.
But the company is embroiled in contract disputes, including with bp, Shell, Edison and Orlen, that could cost it hundreds of million of dollars. If it loses the cases, the "amounts required to pay may be substantial ... and lead to the acceleration of all our debt for the relevant project," Venture Global warned.
Investors will weigh the potential losses because they could be significant, said Jason Feer, Poten and Partners Global head of business intelligence, talking with Reuters.
