By Echo Wang, Curtis Williams and David French
(Reuters) - Venture Global LNG was forced to nearly halve the valuation it is seeking in its U.S. initial public offering (IPO) after investors balked at the company's estimated long-term profit for liquefying gas for export, investors told Reuters.
The company is the second-largest exporter of liquefied natural gas in the United States, itself the world's largest exporter of the supercooled fuel.
The listing is a rare opportunity for investors to gain equity-market exposure to U.S. LNG, and a test of both the company's potential in the energy export business and market faith in the pro-oil and gas policies expected from President Donald Trump's administration.
The Arlington, Virginia-based firm on Wednesday slashed its price range by more than 40% to upper guidance of $65 billion, down from $110 billion. The revised IPO plan, first reported by Reuters on Tuesday, offers additional shares to bridge some of the gap in fundraising from the lower valuation.
Investors questioned whether Venture Global makes enough money to justify the initial IPO price, several investor sources invited to buy shares in the proposed New York flotation told Reuters.
"We are having a hard time getting to the market cap, and I know a few other dedicated funds we've spoken to are not remotely close either," said one investor prior to the revision who, like all the sources who spoke to Reuters, did so on condition of anonymity to discuss confidential information.
Venture Global did not respond to a request for comment.
The initial prospective asking price greatly exceeded Cheniere Energy on an earnings multiple basis, the sources said. Cheniere is the largest U.S. LNG exporter and the best comparison for Venture Global, the sources said.
"I would feel better if the valuation were closer to Cheniere," said a second investor.
Future earnings forecasts would require Venture Global to hit all its growth targets and need market and pricing dynamics to go its way, investor sources said.
For example, Venture Global said in its IPO filing it expects to earn around $4.52 per million British thermal unit "over time" on what it charges customers for its service.
This is despite liquefaction fees traditionally being between $2 and $3 per MMBtu in the United States, according to the document.
Even after the revision to price guidance and the number of shares offered, the top end of the proposed $23-$27 per share price range would still raise as much as $1.9 billion and value Venture Global as highly as $65.3 billion, per Reuters calculations. That would make it one of the ten largest U.S. energy companies by market capitalization.
We all know the struggles of not being able to see far away and if you need to, you have to carry around bulky binoculars. If you're hunting, at a sporting event, or doing any outdoor activity - you need the Starscope.
The Starscope was designed by the finest engineering and is all you need - It's small, light-weight, waterproof, and compact so you can take it with you anywhere.
You are able to see for miles with precision and depth to get the best view and amazing photos. It also turns your smartphone camera into a high-quality zoom lens that will bring your pictures to the professional level!
The Starscope is made of real, high-quality optical glass. They are multicoated just like the most expensive camera lenses, to give you super-clear images.
For a Limited Time, Get 50% Off
Oshenwatch is the latest bestselling smart watch that can help you to achieve yout health and fitness goal at home. Oshenwatch has biometric sensors that automatically measure your heart rate, blood pressure, blood oxygen, and even your sleep quality automatically. It is also designed to track your progress with apps designed to count your steps, record distances, and calculate all those calories you burn. You can also receive notifications for phone calls and text messages without even touching your phone with Oshenwatch. Oshenwatch is using advanced Bluetooth 4.0 technology lets you sync with any iOS or Android device wirelessly and provides about 96 hours of normal use and up to 15 days of standby time.
You can use it to monitor your health and crush those fitness goals all while staying connected to your family and friends. Its ideal as a gifts for this seasons, since everyone is looking to stay healthy and safe at home.
Do you also hate having slow Internet and losing the WLAN connection in some rooms? Nothing is worse than Internet sites that load forever and videos that don't start.
With Nettec Booster you can ensure that your entire home is optimally covered, no matter how far away you are from the router! Nettec Booster improves not only the WLAN signal strength in your home, but also the Internet speed! A device that everyone should have in their home.
DangoBuds's Wireless Bluetooth 5.0 Earbuds delivers incredible performance for at much cheaper price than nearest competitors. These high quality premium earbuds are perfect for taking hands free phone calls, working out, and delivers one of the the best voice and sound quality available on the market, comparable to the premium brands in the market.
DangoBuds comes with their ergonomic design give extreme wear-ability and comfort. Once in your ears, they stay there. You can take part in intense activities like running, climbing, camping or horse-riding without the slightest worry that your earphones are going to slip out.
The DangoBuds next generation earbuds have a 3-hour battery life (100 hours on standby) and each set includes a charging case that can power up your buds in just minutes. DangoBuds can also be used separately, or as a pair.
It's ideal as a gifts for your friends and family members.
TVCasterMax is a new device that's disrupting the cable TV industry. It uses cutting-edge technology to let you mirror all audio and video from your smartphone to your TV. The possibilities are endless. Watch YouTube, TV streaming services, powerpoint presentations, or simply browse the internet using your large TV as the screen and sound!
It is incredibly easy to use and small enough to be taken anywhere. Use it at home or bring it to the office. Simply plug it into any TV screen using an HDMI Cable, link it with your smartphone and you're ready to watch your mobile on the big screen! It's a perfect device you should have at home.
Your home's air can be 2-5 times more polluted than outside, containing dust, microbes and pollutants that can cause fatigue, headaches, congestion, and allergic reactions. When you spend 90% of your time indoors, this is major health issue. In fact, polluted air is ranked in the EPA's top five environmental dangers.
Proton Pure is a smart home device that improves the quality of your air indoors. In 30 minutes, it automatically filters 99.7% of invisible 0.1 micron particles - including dust, pollen, pet dander, and mold - in a 500 square feet space.
The MUAMA translator is the ideal device for all holidaymakers, business travellers and employees who frequently encounter language barriers. Difficulties caused by language barriers will soon be a thing of the past!
With just a few button clicks, language can be translated into over 43 languages in real time. The ultimate gadget for every traveller.
As we all know, loud snoring can sound like a freight train! The loud and awful noise can positively RUIN your partner’s sleep - leading to bad moods, arguments, even resentment!
Thankfully, this new breakthrough device can put an end to snoring forever! It uses intelligent technology to monitor for any indication of snoring – and if it detects any, it emits sensory feedback which stops the snoring dead in its tracks!
Copyright © 2025 drtrumpcare.com