Adjusted EBITDA for Q2 2025 was $17.5 million, slightly down from $18.9 million in Q2 2024, but improved when excluding noncomparable income from 2024.
Clean Energy Fuels reported $102 million in revenue for Q2 2025, with over 61 million gallons of renewable natural gas (RNG) sold.
GAAP net loss for Q2 2025 was $20.2 million compared to $16.3 million in Q2 2024, impacted by the expiration of a $6 million alternative fuel tax credit.
Operating cash and investments increased to $241 million at the end of June 2025, up from $217 million at the start of the year.
RNG volumes increased 21% compared to Q1 2025, recovering from production challenges due to cold weather earlier in the year.
Adjusted EBITDA was $201 million, up from $181 million in the prior quarter, exceeding guidance of $140 million to $160 million, partly due to a favorable $24 million arbitration outcome.
Adjusted free cash flow was $63 million, supported by $120 million cash flow from operations and $10 million proceeds from sale for recycling of semisubmersibles.
CapEx totaled $67 million in Q2, below guidance due to timing shifts, with Q3 expected at $100 million to $110 million including maintenance and survey costs.
Cash and cash equivalents stood at $516 million with nearly $900 million total liquidity including revolving credit facility.
Contract drilling expense was $396 million in Q2, with an expected increase in Q3 due to the arbitration benefit not recurring.
Revenue efficiency was strong at 96%, contributing to meaningful EBITDA and free cash flow.
Valaris reported total revenues of $615 million in Q2 2025, slightly down from $621 million in Q1 2025, primarily due to VALARIS DS-12 completing a contract without follow-on work.
Centuri's quarterly earnings improved due to reduced interest expense, and Southwest Gas Holdings used over $470 million in net proceeds from Centuri share sales to repay debt.
Deferred tax liabilities and assets related to Centuri deconsolidation resulted in a net $45 million impact excluded from adjusted net income.
Depreciation and amortization increased by $9.3 million reflecting a 7% increase in average gas plant in service.
Interest expense rose by $4.9 million primarily due to interest on the over-collected PGA balance, which flipped from an $82 million asset to a $349 million liability.
O&M expenses increased by $7 million year-over-year, mainly due to higher labor and benefit costs and contractor services, but year-to-date O&M expense growth remains below inflation at just over 2%.
Other income increased by $3.6 million, including a $4.5 million gain from COLI policy value increases and a $1.6 million one-time nonoperating gain from an asset sale.
Southwest Gas Holdings reported record net income for the first half of 2025 with modest increases in O&M expenses compared to the prior year.
Utility operating margin increased by $26.6 million in Q2 2025, driven by $24 million of combined rate relief and $2 million from customer growth.
Dafinchi