Chesapeake Energy $CHK beat earnings expectations.

U.S. oil and gas company Chesapeake Energy Corp $CHK beat first-quarter earnings expectations on Tuesday, May 2, thanks to higher natural gas production.

The United States has become the world's largest LNG exporter following Western sanctions on major supplier Russia, which has boosted demand for U.S. natural gas.

According to UBS, 70% of US 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% liquids.

The Oklahoma City-based company reported adjusted earnings of $1.87 per share, while analysts were expecting $1.72 per share, according to data from Refinitiv.