Venture Global Stock Generates Retail Buzz After Prioritizing Plaquemines Expansion Over Delta LNG

Venture Global (VG) stock garnered retail attention on Tuesday after a report said that the company has withdrawn its application to build the proposed Delta liquefied natural gas export in Louisiana.

Reuters reported, citing a company filing, that the company believes that the 24 million metric tons per annum project would not be the best use of its corporate resources.

Venture Global planned to build the giant export facility on a 1,100-acre site south of New Orleans, adjacent to its Plaquemines facility.

The company reportedly said it would instead focus on the Plaquemines Expansion Project, which the Federal Energy Regulatory Commission accepted in its pre-filing review process on April 4.

"Venture Global LNG expects that, upon completion, the Plaquemines Expansion Project will produce approximately the same quantities of LNG as the proposed Delta LNG Project, but on a faster schedule," the company reportedly said.

The Plaquemines expansion is projected to produce 18 million metric tons of LNG annually.

The Reuters report said that Venture Global would retain the land for the Delta project, which could be revived if there is market support.

The company expects to have all the liquefaction trains operational at the first phase of Plaquemines LNG by the end of the year and is in talks with customers over long-term contracts.

The demand for U.S. LNG remains strong, with many of the United States' trading partners seeking to reduce their trade deficits through LNG purchases.

Retail sentiment on Stocktwits was in the ‘bullish’ (64/100) territory, while retail chatter was ‘high.’

Venture Global stock has fallen 31.8% this year since its listing.

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