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Shares of Venture Global plunged more than a quarter in early trading after the liquefied natural gas producer reported a revenue decline from lower LNG sales and exports.
The Virginia-based company, which just listed publicly in January, reported that fourth-quarter revenue fell 7 per cent to $1.5bn. The company said cargoes of LNG exports declined 18 per cent in the fourth quarter, with sales of LNG volumes falling 13 per cent in the three months to the end of December.
Full-year revenue came in at about $5bn, missing analysts’ expectations for $5.2bn.
Venture Global’s IPO broke below its listing price on its first day of trading. Shares have kept sliding, wiping out more than half of its market value since its float. Shares were down 21.2 per cent in early trading on Thursday.
This is a developing story.
