Cheniere Reports Record Profit Even as LNG Prices Plummet
(Bloomberg) -- Cheniere Energy Inc. announced record profit even as liquified natural gas prices plummeted, boosted by hedging gains.
The largest US exporter of liquefied natural gas reported first-quarter net income attributable to common stockholders of $5.4 billion, beating estimates by a wide margin, the company said in a statement.
The value of outstanding contracts aimed at protecting it from lower commodity prices surged by $4.7 billion, the company said. Prices for the heating and power-generation fuel have fallen by half this year both in the US and Europe mostly because of mild winter conditions.
The terminal developer and operator, which exported a record number of LNG cargoes in the first quarter amid booming demand overseas, raised its forecast for 2023 earnings before items including derivative gains by $200 million to a midpoint $8.5 billion.
©2023 Bloomberg L.P.
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