Clean Energy Fuels Corporation has announced its operating results for Q3 2017, including continued volume growth for the period, as well as recent operational and strategic steps taken to streamline operations and reduce expenses.
During Q3 2017, the company initiated the following one-time actions, which it believes will significantly improve its operating and financial performance:
- Closing 42 underperforming and unprofitable stations.
- Reducing annual selling, general and administrative expenses by approximately US$15 million.
- Positioning its compressor business to benefit from consolidation in the natural gas compressor sector.
These Q3 Actions resulted in incremental charges of US$73.8 million.
Andrew Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “We continue to see great opportunity in our business model and have taken steps we believe will strengthen our core fueling network and our overall financial results and cash flows. Also, as another key element of our strategic plans, we have committed to position our compressor business to seek a strategic partner in a sector that we believe can grow and benefit from consolidation to address the compressor market in light of the anti-diesel movement, particularly in Europe.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06112017/clean-energy-moves-to-streamline-operations/