HomeIndustriesCheniere Energy Reports Record Profit Despite Natural Gas Price Fall

Cheniere Energy Reports Record Profit Despite Natural Gas Price Fall

Cheniere Energy Inc. reported a record first quarter profit despite being faced with falling natural gas prices. The company drew a net income for the period attributable to common stockholders of $5.4 billion, thereby beating estimates by a wide margin, the company confirmed in a public statement.

According to the press release, the total value of Cheniere Energy’s outstanding contracts prior to the decline in natural gas prices amounts to $4.7 billion, thereby hedging the company against potential losses resulting from the recent price fall.

The largest US exporter of liquefied natural gas, Cheniere Energy confirmed that its exports of LNG hit record numbers over the first quarter amid a surge in overseas demand. The bulk of these cargos were delivered before milder than expected weather conditions curbed European demand for LNG.

Following its stronger than expected quarterly performance, the company raised its 2023 annual earnings forecast before items including derivative gains by $200 million to a midpoint of $8.5 billion.

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