Cheniere Energy LNG.N raised its annual core profit forecast after higher demand for liquefied natural gas helped the company beat third-quarter estimates on Thursday.

Asian spot LNG prices rose to their highest in more than eight months in August, with warmer temperatures across the region boosting power demand for cooling purposes.

The company said earlier this year it had a more constructive outlook for the remainder of the year, betting on higher demand from Asia.

Houston, Texas-based Cheniere exported 158 LNG cargoes in the quarter, up about 4% over the year earlier.

The LNG producer also raised its 2024 adjusted core profit forecast to between $6 billion and $6.3 billion, from its previous range of $5.7 billion to $6.1 billion.

Cheniere’s Corpus Christi Stage 3 project, an export facility in South Texas, was 67.8% complete, as of Sept. 30, it said.

CEO Jack Fusco said the progress achieved on Stage 3 provides increased visibility into the company’s production forecast for 2025.

The Stage 3 project is expected to add 10 million metric tons per annum (mtpa) of LNG to Cheniere’s current production capacity of 15 mtpa at the Corpus Christi export facility.

The company posted an adjusted core profit of $1.5 billion for the quarter ended Sept. 30, beating analysts’ average estimate of $1.39 billion, according to data compiled by LSEG.

Its quarterly revenue of $3.76 billion also edged past estimates of $3.73 billion.
Source: Reuters (Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)