Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America reported a net loss for the third quarter of 2017 of $94.1 million.
This compares to a net loss of $12.6 million, for the third quarter of 2016, Clean Energy said in its quarterly report.
The third quarter of 2017 was negatively impacted by charges resulting from the steps taken to minimize and eliminate underperforming assets and lower operating expenses going forward. These charges include $73.8 million in asset impairments and other charges.
Net loss for the nine months ended September 30, 2017, was $50.9 million compared to a net loss of $8.3 million.
Revenue for the third quarter of 2017 was $81.8 million, a 15.7 percent decrease from $97.0 million of revenue for the third quarter of 2016. This decrease was primarily due to a lower effective price per gallon, largely attributable to the effects of the company’s sale of certain assets related to the upstream production portion of its RNG business to BP Products North America in the first quarter of 2017.
The company delivered 91.5 million gallons in the third quarter of 2017, compared to 84.5 million gallons delivered in the same period in 2016. For the nine months ended September 30, 2017, the company delivered 265 million gallons, compared 244.9 million gallons delivered in the same period in 2016.
Deliveries of liquefied natural gas for the third quarter edged up from 17.1 million gallons in 2016 to 17.3 million gallons in the quarter under review.
For the first nine months of 2017, Clean Energy delivered 50 million gallons of LNG, compared to 50.9 million gallons in the corresponding period in 2016.