Clean Energy posts loss as LNG deliveries slide
Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America reported a net loss of $17.8 million during the second quarter of 2017.
This compares to the net income of $1.5 million in the corresponding quarter last year, the company showed in its quarterly report.
The second quarter of 2017 included a $0.8 million reduction to the gain from the asset sale and the second quarter of 2016 included VETC revenue of $6.5 million and a gain of $10.1 million from the repurchase of debt at a discount to the face amount.
However, for the first six months period, Clean Energy reported a rise in net profit from $4.4 million in the first half of 2016 to $43.3 million this year.
The six months ended June 30, 2017, included gains of $3.2 million and $69.9 million from the company’s repurchase of a portion of its outstanding debt at a discount to the face amount and from the asset sale, respectively.
The company delivered 88.4 million gallons in the second quarter of 2017, a 6.6 percent increase from 82.9 million gallons delivered in the same period in 2016. For the six months ended June 30, 2017, the company delivered 173.5 million gallons, an 8.2 percent increase from 160.4 million gallons delivered in the same period in 2016.
Deliveries of liquefied natural gas for the second quarter dropped from 18.4 million gallons in 2016 to 16.7 million gallons in the quarter under review.
For the first six months of 2017, Clean Energy delivered 32.7 million gallons of LNG, compared to 33.8 million gallons in the corresponding period in 2016.