Venture Global (VG) initial public offering (IPO)

Natural gas exporter Venture Global The shares fell 4% on its first day of trading, as the company seemed to test the investor’s appetite for energy stocks against the Trump administration’s efforts to implement a metallic agenda aimed at strengthening oil and gas production.

“The Trump administration has become very clear that they support the growing export of liquefied natural gas,” Venture CEO Mike Sabel told CNBC in an interview on Friday.

The shares ended the day of $ 24, launching the company’s market capitalization of about $ 58 billion. Venture is the second largest exporter of liquefied natural gas in the US back CheniereS

The company had appreciated its Initial public offering Of the $ 70 million at $ 25 per meeting of $ 1.75 billion for a total estimate of about $ 60.5 billion. But the shares opened 3.8% below this price at $ 24.05, when the trade started on the New York Stock Exchange on Friday afternoon.

Even before this opening trade, Venture has already sharply reduced the price of IPO from its original purpose. The company had initially planned to offer 50 million shares in the range of $ 40 to $ 46, which would raise about $ 2.2 billion in the average point for a total estimate of $ 110 billion.

However, Venture’s IPO is the largest of oil and gas company for a decade and the fourth largest since 2000. With about $ 60 billion, it will be the tenth largest publicly traded energy company.

Venture is at different stages of commissioning, construction and development of five natural gas liquefaction facilities near the Gulf of Mexico in Louisiana. These projects are expected to have peak production capacity of 143.8 million tonnes a year, according to the company’s prospectus.

However, the venture is locked in customer arbitration, including specialties such as Shellwho accuse the company of not supplying loads of liquefied natural gas under a long -term contract from its Calcasieu Pass in Louisiana.

Meanwhile, President Donald Trump On Monday announce a Energy Emergency and issued an enforcement order revoking the pause of Biden’s administration on new export projects for liquefied natural gas, eliminating a potential obstacle to Venture’s growth.

Trump’s policies, combined with the cold winter weather and the expected stable demand for artificial intelligence, help to increase both natural gas prices and their shares. Cheniere’s shares, for example, increased more than 20% of Trump’s election. Natural gas prices increased by 44% at the same time.

Correction: The CEO of Venture Global is Mike Sabel. A larger version of this story mistakenly wrote his name.