Venture Global (VG) Gets 12% Boost From Legal Battle Win Vs. Shell

We recently published 10 Stocks With Whopping 11-97% Upside. Venture Global, Inc. (NYSE:VG) is one of the best-performing stocks on Wednesday.

Venture Global rallied for a second straight day on Wednesday, surging 11.99 percent to close at $13.64 apiece, following its legal battle victory against Shell PLC (NYSE:SHEL) and optimism that it would win similar arbitration cases with other companies.

Earlier this week, Venture Global, Inc. (NYSE:VG) won the battle against Shell over its failure to deliver liquefied natural gas under long-term contracts in 2023.

Other companies, namely BP, Edison, Orlen, Repsol, and Galp, similarly accused the LNG firm of profiting from the sale of natural gas on the spot market while failing to deliver them their contracted cargoes from the Calcasieu Pass export facility in Louisiana.

They said it was profiteering by selling commission cargoes at higher spot prices, a claim Venture Global, Inc. (NYSE:VG) firmly debunked, saying that it delayed commercial operations due to a faulty electric system that did not allow the plant to operate.

Venture Global (VG) Gets 12% Boost From Legal Battle Win Vs. Shell

Photo by Kwon Junho on Unsplash

In other news, Venture Global, Inc. (NYSE:VG) said it grew its net income in the second quarter of the year by 21 percent to $368 million from $303 million in the same period last year, on the back of higher income from operations of $675 million primarily due higher LNG sales volumes at the Plaquemines Project.

Revenues soared by 180 percent to $3.1 billion from $1.1 billion year-on-year.

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