Shell & BP File Lawsuit Against Venture Global, Claim Billions Of Dollars Sales Loss: Report
Portfolio Pulse from Lekha Gupta
Shell PLC (NYSE:SHEL) and BP PLC (NYSE:BP) have filed arbitration claims against Venture Global LNG for failure to supply contracted cargoes, leading to billions of dollars in revenue losses. Similar cases were previously filed by Edison International (NYSE:EIX) and Repsol SA (OTC:REPYY). Shell recently updated its production outlook, and BP was fined for air pollution charges at an Indiana-based refinery.
July 12, 2023 | 11:52 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
BP has filed a lawsuit against Venture Global LNG for failure to supply contracted cargoes, leading to significant revenue losses. The company was recently fined for air pollution charges at an Indiana-based refinery.
The lawsuit against Venture Global LNG could potentially lead to financial recovery for BP, but the ongoing legal proceedings and the associated uncertainty, along with the recent fine for air pollution, could negatively impact the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shell has filed a lawsuit against Venture Global LNG for failure to supply contracted cargoes, leading to significant revenue losses. The company recently updated its production outlook.
The lawsuit against Venture Global LNG could potentially lead to financial recovery for Shell, but the ongoing legal proceedings and the associated uncertainty could negatively impact the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Edison International had previously filed a similar lawsuit against Venture Global LNG for failure to supply contracted cargoes.
The mention of Edison International's previous lawsuit against Venture Global LNG is not new information and is unlikely to have a significant impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Repsol SA had previously filed a similar lawsuit against Venture Global LNG for failure to supply contracted cargoes.
The mention of Repsol SA's previous lawsuit against Venture Global LNG is not new information and is unlikely to have a significant impact on the company's stock in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50