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Clean Energy announces increase in gallons delivered in 1Q16

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LNG Industry,

Clean Energy Fuels Corp., which recently announced that it has secured a contract to provide LNG to Hawaii Gas, has reported a 3% increase from 75.2 million gal. delivered in 1Q15 to 77.5 million gal. delivered in 1Q16. CNG deliveries increased from 52.4 million gal to 61.1 million gal., but LNG deliveries decreased from 18.3 million gal. to 15.4 million gal. RNG deliveries also decreased from 4.5 million gal to 1 million gal.

The company also reported that its revenue increased by 12% from US$85.8 million in 1Q15 to US$95.8 million in 1Q16. 1Q16 revenue included US$6.4 million of excise tax credits for alternative fuels (VETC), while 1Q15 did not include any VETC revenue. In addition to this, 1Q16 revenue was positively impacted by the company’s natural gas deliveries.

The President and CEO of Clean Energy, Andrew J. Littlefair, said: “We had a strong first quarter and took significant steps in managing our capitalisation. Our operating results demonstrate the benefits of having a diverse product offering, good penetration into multiple transportation markets and the environmental attributes associated with natural gas vehicle fuel."

Edited from press release by David Rowlands

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