Cheniere posts quarterly profit on strong demand

The United States has emerged as the world’s largest LNG exporter after Western sanctions on major supplier Russia left Europe scrambling to find alternate sources of the commodity.

According to UBS, 70% of U.S. LNG cargoes went to Europe in the first quarter.

The Houston, Texas-based energy firm said it delivered 619 trillion British thermal units (tbtu) of LNG in the quarter ended March 31, compared with 592 tbtu in the year-earlier period.

It posted a net income of $5.4 billion, or $22.1 cents per share, compared to a year-ago loss of $865 million, or $3.41 per share.