Venture Global loses BP arbitration on COD breach; faces $3.7B-$6B damages claim

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

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  Arbitration tribunal ruled VGCP breached BP contract by failing to declare commercial operation date timely; damages hearing set for May 2027 with BP seeking $3.7B to over $6B. Company does not expect contractual liability cap to apply.

  Legal Proceedings: BP arbitration verify on EDGAR →
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  Q1 2026 LNG volumes doubled to 480.8 TBtu (+111% YoY) on Plaquemines ramp-up, but weighted average price fell 26% to $9.51/MMBtu as Calcasieu transitioned from commissioning to lower post-COD contract pricing.

  MD&A: Operations verify on EDGAR →
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  CP2 Phase 2 reached final investment decision in March 2026 and secured $8.6B in project financing; company incurred $2.9B in Q1 construction costs. Tariffs estimated to add $600M to total project costs, though Supreme Court ruling and refund claims create uncertainty.

  MD&A: CP2 Project verify on EDGAR →