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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Clean Energy Fuels posts higher Q3 loss on incremental charges

03 Nov 2017 08:31 GMT

Operating expenses jumped 68.6% whilst revenue fell 15.7% despite an 8.3% rise in sales volume.

U.S. LNG bunker supplier Clean Energy Fuels Corp has posted a higher third-quarter (Q3) net loss in 2017 compared to last year.

In Q3, the company recorded a net loss of $94.89 million, compared to a net loss of $13.02 million during the corresponding period in 2016.

Clean Energy explained that, during the period, there were incremental charges of $73.8 million resulting from the closure of 42 underperforming and unprofitable stations; reducing annual selling, general and administrative expenses by approximately $15 million; and positioning its compressor business to benefit from consolidation in the natural gas compressor sector.

As a result, operating expenses in Q3 rose by $70.35 million, or 68.6 percent, to $172.89 million, whilst for the first nine months, the figure was up $56.56 million, or 18.2 percent, to $367.83 million.

Total company revenue in Q3 decreased by $15.23 million, or 15.7 percent, to $81.79 million. Between January and September, revenue fell $48.53 million, or 16.1 percent, to $252.3 million.

Explaining the reason for the decline in revenue, Clean Energy said it was mainly due to a lower effective price per gallon which was mainly linked to the sale of assets related to the upstream production portion of its RNG business to BP Products North America Inc.

The US firm said the revenue decrease was also attributable to the expiration of the U.S. federal excise tax credits for alternative fuels at the end of 2016, and due to fewer station upgrade projects.

These decreases were partially offset by a $4.9 million increase in revenue as a result of the increased gallons delivered in the third quarter of 2017 compared to the same period in 2016.

The total amount of gallons delivered in Q3 - including non-LNG products - increased by 7 million gallons, or 8.3 percent, to 91.5 million gallons. Between January and September, the figure was up 20.1 million gallons, or 8.2 percent, to 265 million gallons.

For the July-September period, LNG sales were up 0.2 million gallons year-on-year (YoY) to 17.3 million gallons, whilst for the first nine months of 2017, sales of LNG dipped 0.9 million gallons to 50.0 million gallons.

Commenting on the results, Andrew Littlefair, Clean Energy's President and Chief Executive Officer, said: "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."

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

Related Links:

LNG bunker supplier Clean Energy posts Q2 loss, $43.2m H1 profit

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