Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America reported a rise in profit in the first quarter of 2017.
The company’s profit for the quarter was at $61.1 million compared to net income of $2.8 million for the first quarter of 2016.
The first quarter of 2017 included gains of $3.2 million and $70.6 million, respectively, from the company’s repurchase of a portion of its outstanding debt at a discount to the face amount and the sale of certain assets related to the upstream production portion of the company’s RNG business to BP.
The company delivered 85.1 million gallons in the first quarter of 2017, a 9.8 percent increase from 77.5 million gallons delivered in the first quarter of 2016.
Liquefied natural gas deliveries rose to 16 million gallons from 15.4 million gallons in the corresponding quarter in 2016. Compressed natural gas deliveries, that make up the majority of natural gas deliveries, rose from 61.1 million gallons in the first quarter of 2016 to 68.5 million in the quarter under review.