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Clean Energy Reports 89.5 Million Gallons Delivered and Revenue of $59.9 Million for Second Quarter of 2020
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":" NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the second quarter of 2020.\n\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “Our second quarter results were better than expected given the COVID-19 circumstances. I am very proud of our workforce for their dedication to performing their jobs safely and with the same quality as always. We also ended the quarter with $96 million in cash and investments and $37 million of debt. And more recently we signed another important agreement with another world class energy major, Chevron, that will expand the use of clean carbon-negative RNG for trucks in the ports of Los Angeles and Long Beach. This partnership reflects further and continued recognition of the powerful clean air solution RNG represents, which is available today to fuel near-zero natural gas trucks.”\n\n\nThe Company delivered 89.5 million gallons in the second quarter of 2020, a 10% decrease from 99.6 million in the second quarter of 2019. This decrease was due to a slowdown in activity in the second quarter of 2020 as a result of COVID-19, which was primarily experienced in the airports (fleet services), public transit and government fleet customer markets.\n\n\nThe Company’s revenue for the second quarter of 2020 was $59.9 million, a decrease of 17.2% compared to $72.3 million for the second quarter of 2019. Revenue for the second quarter of 2020 included $4.4 million from U.S. federal excise tax credits for alternative fuels (\"AFTC\"), which applied to vehicle fuel sales made from April 1, 2020 through June 30, 2020, and an unrealized loss of $1.5 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program. Revenue for the second quarter of 2019 included an unrealized gain of $0.6 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now program. Excluding the AFTC revenue in the second quarter of 2020 and the unrealized loss and gain on commodity swap and customer fueling contracts in the second quarter of both 2020 and 2019, respectively, revenue for the second quarter of 2020 decreased by 20.6% to $57.0 million compared to $71.7 million for the second quarter of 2019. This decreas...