Clean Energy Reports 85.1 Million Gallons Delivered and Revenue of $102.4 Million for First Quarter of 2018

Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the
"Company") today announced its operating results for the first quarter
of 2018.

The Company delivered 85.1 million gallons in the first quarter of 2018
and 2017. Growth in CNG volumes was offset principally by a reduction in
LNG volumes due to the non-renewal of two contracts and RNG volumes for
non-vehicle fuel that were included in contracts sold to BP, as noted
below.

Revenue for the first quarter of 2018 was $102.4 million, a 14.4%
increase from $89.5 million of revenue for the first quarter of 2017.
This increase was primarily due to $25.5 million in revenue from the
U.S. federal excise tax credits for alternative fuels ("AFTC"). The
AFTC, which had previously expired on December 31, 2016, was reinstated
on February 9, 2018 to apply to vehicle fuel sales made from January 1,
2017 through December 31, 2017. The increase in revenue was partially
offset by 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 Inc. ("BP") at the end of the first quarter of 2017 (the "BP
Transaction"), which has resulted in decreased revenue from the sale of
certain tradable credits the Company generates by selling CNG, LNG and
its Redeem™ RNG vehicle fuel. Station construction revenue decreased
between periods, principally due to fewer projects in process in the
current period compared to a year ago. Additionally, the combination of
our former compressor business (“CEC”) with Landi Renzo's compressor
business, SAFE, in the fourth quarter of 2017 resulted in CEC no longer
being consolidated in the Company’s financial results and instead being
reported as an equity method investment in first quarter of 2018, which
also decreased reported revenue in the period.

Andrew J. Littlefair, Clean Energy's President and Chief Executive
Officer, stated "Our financial performance in the first quarter was
solid, and in line with our expectations, as we believe we are realizing
the benefits of optimizing our station network, the Landi Renzo CEC
combination and the reinstatement of the AFTC for 2017. We believe our
clean natural gas and renewable natural gas for transportation fuel are
very attractive solutions to getting to zero emissions now."

On a GAAP basis, net income for the first quarter of 2018 was $12.2
million, or $0.08 per share, compared to net income of $61.1 million, or
$0.40 per share, for the first quarter of 2017. The first quarter of
2018 was positively impacted by AFTC revenue of $25.5 million. The first
quarter of 2017 was positively affected by 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 BP
Transaction.

Non-GAAP income per share and Adjusted EBITDA for the first quarter of
2018 was $0.10 and $32.4 million, respectively, which included the AFTC
revenue recognized in the period. Non-GAAP income per share and Adjusted
EBITDA for the first quarter of 2017 was $0.41 and $80.8 million,
respectively, which included the gains from the debt repurchase and the
BP Transaction in the period.

Non-GAAP income per share and Adjusted EBITDA are described below and
reconciled to GAAP net income and income per share attributable to Clean
Energy Fuels Corp.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which
statements are prepared and presented in accordance with accounting
principles generally accepted in the United States of America ("GAAP"),
the Company uses non-GAAP financial measures that it calls non-GAAP
income per share ("non-GAAP EPS" or "non-GAAP income per share") and
adjusted EBITDA ("Adjusted EBITDA"). Management presents non-GAAP EPS
and Adjusted EBITDA because it believes these measures provide
meaningful supplemental information regarding the Company’s performance,
for the following reasons: (1) these measures allow for greater
transparency with respect to key metrics used by management, as
management uses these measures to assess the Company’s operating
performance and for financial and operational decision-making; (2) these
measures exclude the impact of items that management believes are not
directly attributable to the Company’s core operating performance and
may obscure trends in the business; and (3) these measures are used by
institutional investors and the analyst community to help analyze the
Company’s business. In future quarters, the Company may make adjustments
for other expenditures, charges or gains in order to present non-GAAP
financial measures that the Company’s management believes are indicative
of the Company’s core operating performance.

Non-GAAP financial measures have limitations as an analytical tool and
should not be considered in isolation from, or as a substitute for, the
Company’s GAAP results. The Company expects to continue reporting
non-GAAP financial measures, adjusting for the items described below
(and/or other items that may arise in the future as the Company’s
management deems appropriate), and the Company expects to continue to
incur expenses, charges or gains similar to the non-GAAP adjustments
described below. Accordingly, unless expressly stated otherwise, the
exclusion of these and other similar items in the presentation of
non-GAAP financial measures should not be construed as an inference that
these costs are unusual, infrequent or non-recurring. Non-GAAP EPS and
Adjusted EBITDA are not recognized terms under GAAP and do not purport
to be an alternative to GAAP income, GAAP income per share or any other
GAAP measure as an indicator of operating performance. Moreover, because
not all companies use identical measures and calculations, the Company's
presentation of non-GAAP EPS and Adjusted EBITDA may not be comparable
to other similarly titled measures used by other companies.

Non-GAAP EPS

Non-GAAP EPS, which the Company presents as a non-GAAP measure of its
performance, is defined as net income attributable to Clean Energy Fuels
Corp., plus stock-based compensation expense, plus (minus) loss (income)
from equity method investments, the total of which is divided by the
Company’s weighted-average shares outstanding on a diluted basis. The
Company’s management believes excluding non-cash expenses related to
stock-based compensation provides useful information to investors
regarding the Company’s performance because of the varying available
valuation methodologies, the volatility of the expense (which depends on
market forces outside of management’s control), the subjectivity of the
assumptions and the variety of award types that a company can use under
the relevant accounting guidance, which may obscure trends in a
company’s core operating performance. Similarly, the Company's
management believes that excluding the non-cash results from equity
method investments is useful to investors because the charges are not
part of or representative of the core operations of the Company.

The table below shows GAAP and non-GAAP EPS and also reconciles GAAP net
income attributable to Clean Energy Fuels Corp. to an adjusted net
income figure used in the calculation of non-GAAP EPS:

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its
performance, is defined as net income attributable to Clean Energy Fuels
Corp., plus (minus) income tax expense (benefit), plus interest expense,
minus interest income, plus depreciation and amortization expense, plus
stock-based compensation expense, and plus (minus) loss (income) from
equity method investments. The Company’s management believes Adjusted
EBITDA provides useful information to investors regarding the Company’s
performance for the same reasons discussed above with respect to
non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to
determine elements of executive and employee compensation.

The table below shows Adjusted EBITDA and also reconciles this figure to
GAAP net income attributable to Clean Energy Fuels Corp.:

Definition of "Gallons Delivered"

The Company defines “gallons delivered” as its gallons of renewable
natural gas ("RNG"), compressed natural gas ("CNG") and liquefied
natural gas ("LNG"), along with its gallons associated with providing
operations and maintenance services, in each case delivered to its
customers in the applicable period, plus the Company's proportionate
share of gallons delivered by joint ventures in the applicable period.

The table below shows gallons delivered for the three months ended
March 31, 2017 and 2018:

(1) Represents RNG sold as non-vehicle fuel,. RNG sold as vehicle fuel
is sold under the brand name Redeem™, and is included in this table in
the CNG or LNG amounts as applicable based on the form in which it was
sold.

Sources of Revenue

The following table represents our sources of revenue for the three
months ended March 31, 2017 and 2018:

(1) Volume-related revenue primarily consists of sales of CNG, LNG and
RNG fuel, performance of operations and maintenance services, and sales
of certain tradable credits the Company generates by selling CNG, LNG
and its Redeem™ RNG vehicle fuel.

Today’s Conference Call

The Company will host an investor conference call today at 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.877.407.4018 from the U.S. and
international callers can dial 1.201.689.8471. A telephone replay will
be available approximately two hours after the call concludes
through Sunday, June 10, 2018, by dialing 1.844.512.2921 from the U.S.,
or 1.412.317.6671 from international locations, and entering Replay Pin
Number 13678852. There also will be a simultaneous live webcast
available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com,
which will be available for replay for 30 days.

About Clean Energy Fuels

Clean Energy Fuels Corp. is the leading provider of natural gas fuel for
transportation in North America. We build and operate CNG and LNG
vehicle fueling stations; manufacture CNG and LNG equipment and
technologies; and deliver more CNG and LNG vehicle fuel than any other
company in the United States. Clean Energy also sells Redeem™ RNG fuel
and believes it is the cleanest transportation fuel commercially
available, reducing greenhouse gas emissions by up to 70%. For more
information, visit www.cleanenergyfuels.com.

Safe Harbor Statement

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, including statements about, among
other things, the Company's expectations regarding volume growth and
other aspects of its performance in 2018; the level of acceptance of the
Company’s products and services, including in the market opportunity and
perceptions of the Company’s solutions; the impact on the Company’s
performance and financial condition of various actions taken in recent
periods to implement certain of its strategic plans; the market’s
perception of these actions and strategic plans; and the Company’s
overall financial and strategic position.

Forward-looking statements are statements other than historical facts
and relate to future events or circumstances or the Company’s future
performance, and they are based on the Company’s current assumptions,
expectations and beliefs concerning future developments and their
potential effect on the Company and its business. As a result, actual
results, performance or achievements and the timing of events could
differ materially from those anticipated in or implied by these
forward-looking statements as a result of many factors including, among
others: future supply, demand, use and prices of crude oil, gasoline,
diesel, natural gas, other vehicle fuels, and heavy-duty trucks and
other vehicles and engines powered by these fuels, including overall
levels of and volatility in these factors; the willingness of fleets and
other consumers to adopt natural gas as a vehicle fuel, and the rate of
any such adoption; the Company’s ability to capture a substantial share
of the market for alternative vehicle fuels and vehicle fuels generally
and otherwise compete successfully in these markets, including in the
event of advances or improvements in non-natural gas vehicle fuels or
engines powered by these fuels or other competitive developments and
particularly in light of increasing competition from new entrants in
these markets, expanded programs by existing competitors, or other
factors; the Company’s ability to accurately predict natural gas vehicle
fuel demand in the geographic and customer markets in which it operates
and effectively calibrate its strategies, timing and levels of
investments to be consistent with this demand; the Company’s ability to
recognize the anticipated benefits of its CNG and LNG station network;
future availability of capital, including equity or debt financing, as
needed to fund the growth of the Company’s business, repayment of its
debt obligations (whether at or before their due dates) or other
expenditures; the availability of environmental, tax and other
government regulations, programs and incentives, such as AFTC, that
promote natural gas or other alternatives as a vehicle fuel, including
long-standing support for gasoline- and diesel-powered vehicles and
growing support for electric and hydrogen-powered vehicles that could
result in programs or incentives that favor of these vehicles or vehicle
fuels over natural gas; changes to federal, state or local greenhouse
gas emissions regulations or other environmental regulations applicable
to natural gas production, transportation or use; compliance with other
applicable government regulations; the Company’s ability to manage and
grow its RNG business after the sale of the upstream production portion
of this business, including its ability to continue to receive revenue
from sales of certain tradable credits the Company generates by selling
conventional and renewable natural gas as vehicle fuel; construction,
permitting and other factors that could cause delays or other problems
at station construction projects; the Company’s ability to realize the
intended benefits of any mergers, acquisitions, divestitures,
investments or other strategic measures, transactions or relationships;
and general political, regulatory, economic and market conditions.

The forward-looking statements made in this press release speak only as
of the date of this press release and the Company undertakes no
obligation to update publicly such forward-looking statements to reflect
subsequent events or circumstances, except as otherwise required by law.
The Company’s Quarterly Report on Form 10-Q, filed on May 10, 2018 with
the Securities and Exchange Commission (www.sec.gov),
contains additional information on these and other risk factors that may
cause actual results to differ materially from the forward-looking
statements contained in this press release.

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