Clean Energy cuts losses on rising fuel deliveries

Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America reported a net loss of US$12.6 million for the third quarter 2016. 

The company narrowed its loss from $23.1 million in the corresponding quarter of 2015, as the company’s deliveries rose 5 percent from 80.6 million gallons in the third quarter of 2015 to 84.5 million gallons in the quarter under review.

Revenue for the third quarter of 2016 was $97.0 million, a 5 percent increase from $92.3 million for the third quarter of 2015, Clean Energy said in its report.

The company’s deliveries of vehicle fuel, renewable natural gas, customer station construction activity and excise tax credits for alternative fuels increased revenue in the third quarter of 2016.

Andrew J. Littlefair, Clean Energy’s president and CEO, stated, that with the company’s growth in volumes and reduction in debt balance, Clean Energy continues “to see positive momentum in the use of natural gas and renewable natural gas as a vehicle fuel as demonstrated by multiple customer gains and expansions.”

During the quarter, Clean Energy delivered 17.1 million gallons of liquefied natural gas, a slight drop from 18.2 million gallons delivered in the third quarter of 2015. However, CNG deliveries rose from 66.1 million gallons to 66.7 million gallons bringing the total deliveries up for the quarter.