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Clean Energy delivers more LNG in 2Q16 than in 2Q15

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LNG Industry,

Clean Energy Fuels Corp. has announced its operating results for 2Q16, delivering 82.9 million gal. in the period – an 11% increase from the 74.4 million gal. that was delivered in 2Q15. This includes an increase from 17.6 million gal. of LNG delivered in 2Q15 to 18.4 million gal. in 2Q16. Nevertheless, the company also reported that 33.8 million gal. of LNG was delivered in 1H16, compared to 35.8 million gal. of LNG delivered in 1H15.

In 2Q16, the company generated US$108 million in revenue. This is a 24% increase from the US$86.9 million that was generated during 2Q15. Revenue for 2Q16 included US$6.5 million of excise tax credits for alternative fuels (VETC), whereas 2Q15 did not include any VETC revenue. In addition to this, Clean Energy’s deliveries of vehicle fuel renewable gas and customer station construction activity favourably impacted revenue in 2Q16.

The President and CEO of Clean Energy, Andrew J. Littlefair, said: “We had another strong quarter with positive adjusted EBITDA and continued improvements to our capitalisation. We believe the increasing attention to the immediate favourable environmental impacts of natural gas and particularly our Redeem renewable natural gas, coupled with growing volumes through customer fleet expansions and increased market penetration, are coming through in our operating results."

Edited from press release by David Rowlands

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