US liquefied natural gas exporter Cheniere is increasing its financial guidance for 2022 on the strength of increased demand, despite reporting an $865 million net loss for the first quarter against a profit of $393 million in the same period last year.

The company said the drop “was primarily due to an increase in derivative losses from changes in fair value and settlements… and a lower contribution from certain portfolio optimization activities”.

Revenue for the period was nearly $7.5