Cheniere doubles revenues in 2022 on strong LNG demand
US LNG producer Cheniere Energy said February 23 its revenues in 2022 doubled on the strength of a 14% increase in the volume of LNG exported and increased margins on those exports.
Revenues for the year rose to $33.4bn from $15.9bn, 638 cargoes were shipped, up from 566 in 2021, and total volumes exported rose to 2,306 trillion Btu (TBtu) from 2,108 TBtu.
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Consolidated adjusted EBITDA rose to $11.6bn from $4.9bn, while net income for the year was $1.4bn, reversing a $2.3bn loss in 2021.
“Reflecting on an incredible 2022, I am most proud of the Cheniere team’s unwavering commitment to safety and operational excellence, which enabled us to answer the call for reliable, cleaner-burning energy supply during a critical time in energy markets across the globe,” CEO Jack Fusco said.
Revenues in Q4 increased 39% from a year earlier, to $9.1bn from $6.6bn, while consolidated adjusted EBITDA for the quarter rose to $3.1bn from $1.3bn.
Net income was $3.9bn, reversing a $1.32bn loss in Q4 2021. Alongside stronger margins and increased volumes in the quarter, Cheniere benefited from a favourable $3.9bn change in the fair value of its derivatives portfolio in Q4, but for the full year, that portfolio saw an unfavourable change of $1.4bn.