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Clean Energy Fuels announces 4Q15 results

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LNG Industry,

Clean Energy Fuels Corp. has announced its operating results for 4Q15. In the quarter, the company delivered 78.3 million gal., which signifies an increase of 8.1% from the 72.4 million gal. delivered in 4Q14. For 2015 as a whole, the company delivered a total of a 308.5 million gal., signifying an increase of 16.4% from the 265.1 million gal. delivered in 2014.

In addition to this, the company made US$119.3 million in revenue in 4Q15, compared to US$132.1 million in revenue in 4Q14 – a decrease by 9.7%. 4Q15 and 4Q14 included US$31 million and US$28.4 million, respectively, of excise tax credits for alternative fuels (VETC). VETC, which is in effect through 31 December 2016, will be recognised as earned during each quarter in 2016. The decline in revenue was partially offset by increased VETC revenue and US$4.9 million of revenue from incremental volumes.

Clean Energy made US$384.3 million for the year ended 31 December 2015, which was a 10.4% decrease from US$428.9 million for the previous year. The decline in revenue was partially offset by the revenue of US$36.6 million from incremental volumes.

The company’s revenue decreases can be largely attributed to the lower cost of natural gas, as well continued softness in the company’s global compressor business because of a strong US dollar and the low price of oil. Less construction revenue, which resulted from the type and timing of completed projects, also played a part.

The President and CEO of Clean Energy, Andrew J. Littlefair, said: “We continue to make progress and improve our results in a tough low oil price market. Year-over-year we experienced double-digit volume growth, and our adjusted EBITDA remained positive and improved over our last quarter and last year. We are encouraged by the many bright spots in our business, including the more than 100% increase in our Redeem™ renewable natural gas volumes in 2015, our substantial reductions in SG&A expenses, and the sustained strength of the refuse and transit markets. We continue to leverage our natural gas fuelling infrastructure and solid foundation of recurring volumes while remaining focused on our capital structure as evidenced by our recent reduction in our convertible debt by $92.5 million.”

Edited from press release by David Rowlands

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