Cheniere's adjusted profit, revenue more than double on soaring LNG demand

The top U.S. exporter of LNG said it took a $5.49 billion loss on derivatives and foreign exchange from mark-to-market declines in the value of its long-term gas contracts. Shares rose a fraction to $178.85 in mid-day trading as the company disclosed an October 1 million share buyback that was double its third-quarter purchases and as executives pointed to demand for new LNG supplies lasting late into the decade. 

Cheniere reported a net loss of $2.39 billion for the quarter ended Sept. 30, up from a loss of $1.08 billion in the same quarter a year ago. Revenue rose to $8.85 billion for the three months, from $3.20 billion a year earlier, on higher volumes and prices for its LNG.

(US.LNG)

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