Houston-based Stabilis Solutions Inc. reported record revenue last year, and in the fourth quarter bested the number of liquefied natural gas (LNG) volumes to customers with “broad-based increases” in Mexico.

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The Mexico business “continued to grow and mature in 2021 and was responsible for approximately 14% of total revenues,” executives said in a fourth quarter earnings call.

Stabilis in recent years had touted the potential for Mexico to be a large growth market ripe for expansion for small-scale suppliers. The company had several potential projects and agreements for Mexico in 2020, building on 2019 acquisitions of LNG marketer and distributor Diversenergy LLC, and a joint venture with CryoMex Investment Group LLC.

CEO Westervelt Ballard Jr. said the potential for...