Clean Energy tightens losses

Clean Energy tightens losses
Image courtesy of Clean Energy

Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America tightened its losses in the second quarter of the year. 

Net loss for the second quarter of 2018 was $12.0 million, compared to net loss of $17.8 million in the second quarter last year.

Revenue for the second quarter of 2018 was $70.5 million, a 13.0 percent decrease from $81.0 million of revenue for the second quarter of 2017.

The company delivered 89.4 million gallons in the second quarter of 2018, a 1.1 percent increase from 88.4 million for the second quarter of 2017. For the six months ended June 30, 2018, the company delivered 174.5 million gallons, a 0.6 percent increase from 173.5 million delivered in the same period in 2017.

Growth in CNG volumes was offset principally by a reduction in LNG volumes due to the non-renewal of two contracts and a decrease in RNG volumes for non-vehicle fuel that were included in contracts sold to BP.

Deliveries of liquefied natural gas dropped from 16.7 million gallons in the second quarter of 2017 to 15.6 million gallons in the quarter currently under review. Deliveries of the compressed natural gas (CNG) on the other hand rose from 71.1 million gallons to 73.8 million gallons.

For the first six months, deliveries of LNG dropped from 32.7 million gallons in 2017 to 29.9 million gallons this year.

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