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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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LNG bunker supplier Clean Energy posts Q2 loss, $43.2m H1 profit

04 Aug 2017 14:17 GMT

LNG sales volume dipped in both periods.



US LNG bunker supplier Clean Energy Fuels Corp has posted a second-quarter (Q2) loss as LNG sales volume dipped and overall delivered quantities rose.

The net loss for the three months ended June 30 was $17.8 million compared to the net profit of $1.5 million recorded during the corresponding period last year.

For the April-June period, LNG sales fell 1.7 million gallons, or 9.2 percent, to 16.7 million gallons. The total amount of gallons delivered - including non-LNG products - increased by 5.5 million gallons to 88.4 million gallons. Revenue decreased by $27 million, or 25 percent, to $81.0 million.

H1 results

For the first half (H1) of the year the company posted a net income of $43.2 million, which was $38.9 million higher than last year.

LNG sales volume between January and June fell 1.1 million gallons, or 3.3 percent, to 32.7 million gallons. Total quantities delivered increased by 13.1 million gallons to 173.5 million gallons.

Revenue, meanwhile, dropped $33.3 million, or 16.3 percent, to $170.5 million.

Commenting on the results, Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated: "Continued volume growth and positive adjusted EBITDA made for a favorable second quarter with what we believe is positive momentum moving forward. Particularly of note were several significant customer wins with our Redeem renewable natural gas, demonstrating how the transportation industry continues to embrace the cleanest fuel available."


Image: Clean Energy Fuels' LNG facility in Boron, California. Image Credit: Clean Energy Fuels




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