Skip to main content

Clean Energy announces 2Q16 results

Published by , Editorial Assistant
Hydrocarbon Engineering,


Clean Energy Fuels Corp. (Clean Energy or the company) has announced operating results for the second quarter ended 30 June 2016. The company delivered 82.9 million gal. in the 2Q16, an 11% increase from 74.4 million gal. delivered in the 2Q15.

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

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “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."

Adjusted EBITDA for the 2Q16 was US$26.7 million compared with adjusted EBITDA of US$2.6 million in the 2Q15. Adjusted EBITDA for the 2Q16 included the VETC revenue and a gain of US$10.1 million from the repayment or repurchase of a portion of the company’s convertible debt (the ‘debt repurchase’). For the six months ended 30 June 2016, adjusted EBITDA was US$56.5 million compared with adjusted EBITDA of US$8.2 million for the same period in 2015. Adjusted EBITDA for the six months ended 30 June 2016 included VETC revenue and a gain of US$26 million from the debt repurchase. Adjusted EBITDA is described below and reconciled to GAAP net income (loss) attributable to Clean Energy Fuels Corp.

On a GAAP basis, net income for the 2Q16 was US$1.5 million, or US$0.01 per share, compared to a net loss of US$30 million, or US$0.33 per share, for the 2Q15. Net income on a GAAP basis for the 2Q16 included the VETC revenue and the gain from the debt repurchase. For the six months ended 30 June 2016, net income was US$4.4 million, or US$0.04 per share, compared to a net loss of US$61.1 million, or US$0.67 per share, for the same period in 2015. Net income on a GAAP basis for the six months ended 30 June 2016 included the VETC revenue and the gain from the debt repurchase.

Non-GAAP income per share for the 2Q16 was US$0.03, compared with a non-GAAP loss per share for the 2Q15 of US$0.29. Non-GAAP income per share for the 2Q16 included the VETC revenue and the gain from the debt repurchase. For the six months ended 30 June 2016, Non-GAAP income per share was US$0.08, compared with a non-GAAP loss per share for the same period in 2015 of US$0.61. Non-GAAP income per share for the six months ended 30 June 2016 included the VETC revenue and the gain from the debt repurchase. Non-GAAP income (loss) per share is described below and reconciled to GAAP net income (loss) attributable to Clean Energy Fuels Corp.

Subsequent to 30 June 2016, the company entered into privately negotiated exchange agreements with the holders of its convertible notes due in August 2016 (SLG Notes). Under the exchange agreements, the holders of the SLG Notes agreed to exchange all outstanding principal and interest owed under the SLG Notes, totalling US$85 million in principal plus US$0.2 million in interest, for an aggregate of 14 million shares of the company's common stock plus US$38.2 million in cash. Following the exchange, the company has no further obligations related to the SLG Notes.


Adapted from press release by Francesca Brindle

Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/10082016/clean-energy-fuels-corp-announce-2q16-results-3897/

You might also like

TotalEnergies and SINOPEC join forces to produce SAF

TotalEnergies and China Petroleum and Chemical Corp. (SINOPEC) have signed a Heads of Agreement (HoA) to jointly develop a sustainable aviation fuel (SAF) production unit at a SINOPEC's refinery in China.

 
 

Embed article link: (copy the HTML code below):