Archaea Energy announces Q4 2021 financial statement

Archaea Energy Inc., Houston, a renewable natural gas (RNG) company, has announced preliminary financial and operating results for the fourth quarter and pro forma numbers for 2021.

“I’m proud of the financial and operational results we delivered for 2021, driven by the extraordinary hard work and dedication of the Archaea team,” says Nick Stork, Archaea’s co-founder and CEO. “Mitigating the impacts of climate change requires tackling the problem of methane, and Archaea is a leader in transforming landfill emissions into non-intermittent renewable energy, which drives decarbonization and air quality improvement and displaces fossil natural gas.”

Highlights of the statement include revenue of about $58.4 million and net equity investment income of $4.8 million for the fourth quarter of 2021.

Total revenue for the year was close to $205.8 million, but the company reported a pro forma net loss of 76.1 million for 2021.

The adjusted earnings before income taxation depreciation and amortization (EBITDA) for the year was about $16.3 million in the fourth quarter and pro forma-adjusted EBITDA earnings of $76.1 million for the year.

Archaea also invested $107.2 million in cash in various capital projects during 2021. It had additions to property, plant and equipment of $51.3 million, primarily related to the procurement of components and equipment for projects under development and the development of our Assai facility. The company also acquired certain assets for a total of $30.3 million, acquired certain biogas rights for $7.6 million, and contributed $18.1 million into its equity method investments.

During 2021, Archaea produced and sold 5.72 million MMBtu of RNG on a pro forma basis, exceeding the company’s projects for the year. The company also sold 872,000 MWh of electricity on a pro forma basis in 2021.