Venture Global Inc. (VG) shares plummeted over 28% in pre-market trading on Thursday as the liquefied natural gas (LNG) producer reported lower-than-expected fourth-quarter revenue and raised its cost forecast for a major LNG plant project.

The company's Q4 revenue fell short of Wall Street estimates, coming in at $1.52 billion, down from $1.63 billion a year earlier. Analysts had anticipated revenue of $1.92 billion, according to FactSet. Additionally, Venture Global's Q4 earnings per share (EPS) of $0.33 missed the consensus estimate of $0.76.

Further compounding the stock's decline, Venture Global announced that it expects the project cost for its Plaquemines LNG plant in Louisiana to be around $2 billion higher than its previous forecast due to inflation and other factors. The company now estimates the plant's cost to be between $23.3 billion and $23.8 billion, compared to the earlier range of $21 billion to $22 billion.