Cheniere Energy posts Q2 profit on strong LNG demand

Western sanctions imposed on Moscow in response to its war on Ukraine has fueled a scramble for alternatives to Russian gas, sending global gas prices soaring, with forecast for LNG demand expected to double by 2040.

The United States, which has committed to deliver additional liquefied natural gas (LNG) to European countries, became the top exporter of the supercooled fuel in the first half of 2022.

Cheniere, which accounts for around 50% of U.S shipments of LNG, said it loaded 570 trillion British thermal unit (TBtu) of LNG volumes, up from 499 TBtu a year earlier.

The Houston-based company’s quarterly net income attributable to common stockholders came in at $741 million, or $2.9 per share, compared with a loss of $329 million, or $1.30 per share, a year earlier.