Venture Global (NYSE:VG) shares rallied about 9% on Thursday morning after the company disclosed a favourable arbitration outcome in its long-running dispute with Repsol LNG Holding, S.A..
The International Chamber of Commerce International Court of Arbitration issued a final award on January 21, 2026, concluding that a Venture Global subsidiary acted as a “Reasonable and Prudent Operator” when it declared the commercial operations date (COD) on April 15, 2025. The tribunal rejected all claims brought by Repsol and awarded costs to Venture Global Calcasieu Pass, LLC.
The case stemmed from LNG sales linked to the Calcasieu Project under a long-term sales and purchase agreement between the two parties. Venture Global said the decision represents another legal win, adding that several proceedings have now confirmed the company has “fully honored the clear and mutually agreed-upon terms of its long-term contracts without exception.”
Analysts at RBC Capital Markets welcomed the ruling, arguing that the arbitration had weighed heavily on the stock. “We view the decision positively for VG and believe the announcement should drive share price outperformance tomorrow given the arbitrations have represented a significant stock overhang,” RBC analysts, including Elvira Scotto, said in a note.
The outcome appears to have lifted a key source of uncertainty for investors around Venture Global’s contractual disputes, helping to fuel the sharp rise in the share price.