Cheniere Energy Inc. reported a big boost from customers that elected to cancel liquefied natural gas (LNG) cargoes in the second quarter, earning $708 million in fixed fees from those opting out of lifting scheduled volumes. 

In the first quarter, the Houston operator earned $53 million in revenue associated with canceled cargoes. The 2Q2020 revenue associated with the cancellations included $458 million that would have been recognized after June 30 had the cargoes been lifted as scheduled. 

The cancellations helped push up margins that led Cheniere to a profit during what was a painful second quarter for the global gas trade. Excess supplies continued to hit lackluster demand dented by the Covid-19 pandemic, which weighed heavily on prices. 

Chief Commercial Officer Anatol...