(Reuters) – U.S. oil and gas company Chesapeake Energy Corp on Tuesday beat first-quarter profit expectations on higher production of natural gas.
The United States has emerged as the world’s largest LNG exporter after Western sanctions on major supplier Russia, boosting demand for U.S. natural gas.
According to UBS, 70% of U.S. LNG cargoes went to Europe in the first quarter.
Chesapeake’s net production in the first quarter was about 4.1 billion cubic feet equivalent per day and consisted of about 90% natural gas and 10% total liquids.
The Oklahoma City-based company reported adjusted earnings of $1.87 per share, while analysts had expected $1.72 per share, according to Refinitiv data.
(Reporting by Arshreet Singh; Editing by Shailesh Kuber)
