$VG · Venture Global, Inc.

Venture Global filed an 8-K disclosing that an ICC arbitration tribunal issued a partial final award finding that VGCP breached its obligation to timely declare commercial operations at the Calcasieu Project under its long-term SPA with Galp Trading S.A. Remedies will be determined in a separate damages hearing anticipated in 2027 or 2028, with the final award subject to a $170 million seller aggregate liability cap. One arbitrator dissented. The company is evaluating options and notes the award does not impact ongoing performance under the SPA, under which 20 cargos have already been deliver

Extended-hours trading shows VG at $13.38, up 2.52% from the regular-session close of $13.05 — suggesting the market may be relieved the liability is capped at $170 million and the SPA remains in force with 20 cargos already delivered.

This is Venture Global's first arbitration loss in its long-running LNG contract disputes, breaking a winning streak and introducing new legal and financial uncertainty even with the $170M cap.

This is the first adverse arbitration ruling for Venture Global in its multi-year disputes with LNG offtakers over delayed commercial operations at Calcasieu Pass. Prior rulings involving Shell and Repsol had favored VG, making this Galp decision a notable reversal that could influence remaining or

The filing warns that if VG is unsuccessful in customer legal proceedings, post-COD SPAs could be terminated, potentially triggering acceleration of all project-level debt and adversely impacting the stock price. The Galp award, while capped at $170M, may embolden other counterparties or set a不利prec