Cheniere Energy Inc LNG.A, the largest U.S. liquefied natural gas exporter, said on Thursday its full-year revenue more than doubled and also topped analysts’ estimate on surging demand for the commodity since Russia’s invasion of Ukraine.

Demand for U.S. LNG soared last year as Europe required vast amounts of gas to reduce its reliance on Russia imports, which used to make up nearly 40% of its supplies, following the curbs on the country due to the Ukraine war.

In 2022, U.S. exports of natural gas as LNG rose 8% to 10.6 bcfd (billion cubic feet per day), just shy of Australia’s 10.7 bcfd. The United States remained ahead of Qatar, which in the third place had shipped 10.5 bcfd, according to data provider Refinitiv.

Those exports were key to helping Europe rebuild its gas stockpiles after Russia’s invasion disrupted supplies. U.S. supplies will be more important this year with Russian deliveries to Europe largely cut.

Company’s net attributable profit to stockholders for 2022 stood at $1.43 billion or $5.64 per share, versus a loss of $2.34 billion or $9.25 per share in the year-ago period.

The Texas-based company posted a total revenue of $33.43 billion for the year ended Dec. 31, compared with $15.86 billion a year earlier.

Anlysts were expecting an annual revenue of $32.7 billion, according to Refinitiv data.
Source: Reuters (Reporting by Arunima Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)