Clean Energy Fuels Trims 2Q Loss
Clean Energy Fuels, the natural gas for transportation business launched more than 20 years ago by energy pioneer T. Boone Pickens, said August 7 it trimmed its second quarter loss this year to $12mn from $17.8mn a year ago.
Revenue in the quarter fell 13%, to $70.5mn from $81mn in the year-ago period, reflecting reduced station construction revenue and the sale of its compressor business to Italy’s Landi Renzo in November 2017.
CEO Andrew Littlefair, who co-founded Clean Energy’s predecessor with Pickens in 1996, said the second quarter was “transformative” for the company, with French Total’s acquisition of a 25% interest in the company.
“Total is already proving to be a tremendous strategic partner for us and we are looking forward to working with Total to accelerate use of natural gas by heavy-duty trucks in the US,” Littlefair said. “We believe we are at an optimal time for the company and the natural gas vehicle fuel industry, particularly with the increasing focus on the environmental and economic benefits of renewable natural gas and conventional natural gas.”
Clean Energy’s natural gas fuel deliveries – in the form of compressed natural gas (CNG), LNG and renewable natural gas (RNG) – increased slightly in the second quarter, to 89.4mn gallons (338,400 m3) from 88.4mn gallons (334,600 m3), as increased CNG deliveries more than offset the non-renewal of two LNG contracts and a decrease in RNG volumes resulting from the sale of its upstream RNG production business to BP Products North America in 1Q 2017.