Venture Global falls on downbeat annual core profit outlook, higher project expense

Shares of LNG Producer Venture Global VG.N down 22.7% at $11.00, its lowest level since its debut

VG reports a 6.6% decline in Q4 revenue to $1.52 billion from a year earlier, hurt by a 13% fall in volumes of LNG sold

*Forecasts adjusted core profit between $6.8 billion and $7.4 billion for this year vs est. of $8.66 billion

Co posts adjusted core profit of $700 million for Q4 vs est. of $1.34 billion

Co expects the project cost for its Plaquemines LNG plant in Louisiana to be around $2 bln higher than previous expectations due to inflation and other factors

Expects the plant to now cost between $23.3 billion and $23.8 billion, compared to an earlier range of $21 billion to $22 billion

VG adds, costs to complete the project may increase further

*Stock has lost 40.7% since its debut on January 24