Shares of Seal Beach-based Clean Energy Fuels Corp., a provider of natural gas for trucks, were higher Friday after the company reported a smaller loss that beat expectations.
Its stock was up about 4% in afternoon New York trading on a market value of $250 million.
The company backed by billionaire oilman T. Boone Pickens makes and operates natural gas fuel stations for fleets of vehicles like buses and taxis.
Demand for its services has been on the rise with increased environmental concerns and interest for less dependence on foreign oil, according to the company.
Excluding charges, Clean Energy on Thursday reported a loss of $4.3 million, better than the 17.3 million loss analysts were looking for.
Revenue came in at $29.6 million, which was flat from $29.7 million a year earlier.
For the quarter, Clean Energy said it delivered 18.7 million gallons of fuel compared to 18.2 million for the same period a year earlier.
Pickens is Clean Energy’s principal shareholder, founder and a director. He started Clean Energy as a tiny part of Dallas-based Mesa Petroleum in the late 1980s. He split it off in the late 1990s.
The company is part of Pickens’ push toward alternative sources of energy to become less dependent on foreign oil. Last year, he called for $1 trillion in government and private investment in windmill.
