Cheniere Energy Inc. on May 4 raised its profit forecast for the year on the back of surging demand and production for LNG.

Demand for LNG has skyrocketed in recent months as Russia's invasion of Ukraine has forced European nations to seek alternative supplies, pushing up prices and output globally.

"We are raising our 2022 financial guidance due to the sustained strength in the global LNG market and an increase in expected LNG production," Cheniere CEO Jack Fusco said.

"The current volatility in the global energy markets signals the need for additional investment in new LNG capacity," he added.

The top U.S. LNG producer raised its full-year adjusted core earning estimate to $8.2 billion to $8.7 billion, from a prior forecast of $7 billion to $7.5 billion, helped by the ramp-up of a new train at Sabine Pass plant and sustained higher LNG margins through 2022.

The company, which expects to reach a final investment decision on the expansion of its Corpus Christi project in the coming months, also delivered 23% more LNG volumes in the first quarter.

Cheniere posted a net loss in the quarter compared with a profit a year earlier, due to $3.5 billion in derivative losses mainly related to international LNG prices.

Net loss attributable to common stockholders was $865 million, or $3.41 cents per share, in the period ended March 31, from a profit of $393 million, or $1.54 per share, a year earlier.

Cheniere's LNG revenue more doubled to $7.34 billion in the first quarter, and it loaded 585 TBtu of LNG volumes from 476 TBtu a year earlier.

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