10 Firms Hit Hard in Thursday’s Trading

5. Venture Global Inc. (NYSE:VG)

Venture Global dropped its share prices for a third day on Thursday, by 11.18 percent to finish at $17.48 apiece, following news that TotalEnergies rejected opportunities to become a long-term customer of Venture Global, citing a lack of trust.

TotalEnergies CEO Patrick Pouyanne told Reuters on Wednesday that he was approached by Venture Global to see if the company would be interested in a long-term supply contract for liquefied natural gas from the Calcasieu Pass terminal in Louisiana, but rejected “because of what they are doing.”

Venture Global is facing legal challenges from huge clients namely BP and Shell for the delays in supply contracts as it commissions its projects.

Meanwhile, Venture Global said it was surprised by Pouyanne’s comments, but said that they continue to honor its contracts and execute the construction of its facilities safely and at a record pace.