Chevron Renewable Energy Group Reports First Quarter 2020 Financial Results
Q1 2020 Highlights
- 140 million gallons of fuel sold
- 121 million gallons of fuel produced
- Revenues of $475 million
- Net income from continuing operations available to common stockholders of $75 million, or $1.72 per diluted share
• Adjusted EBITDA of $90 million
- Net cash proceeds of $500 million from the reinstatement of the Biodiesel Mixture Excise Tax Credit (BTC) related to 2018 and 2019 operations received in March and April 2020
- Established COVID-19 Emergency Response Team in January to monitor and react to the virus to protect our employees, vendors, customers and other business partners
- Biodiesel and renewable diesel production has been confirmed as an essential business enabling us to continue to operate our facilities
- Carbon reduction from Chevron Renewable Energy Group produced fuels of over one million metric tons
Ames, IA, April 30, 2020 - Chevron Renewable Energy Group today announced its financial results for the first quarter ended March 31, 2020.
Revenues for the first quarter were $475 million on 140 million gallons of fuel sold. Net income from continuing operations available to common stockholders was $75 million in the first quarter of 2020, compared to a net loss of $41 million in the first quarter of 2019, which does not include the BTC allocation. Adjusted EBITDA in the first quarter was $90 million, compared to $29 million in the first quarter of 2019 including the allocation of the BTC.
"First quarter performance was strong, buoyed by solid operations at our facilities, in spite of the headwinds from COVID-19 and significant feedstock and energy market disruptions. We remain focused on ensuring the health and safety of our employees and continuing to safely operate to meet the needs of our customers. We are grateful to be able to provide vital, sustainable products during this challenging time," said Cynthia (CJ) Warner, President and Chief Executive Officer.
Warner continued, "Biodiesel and renewable diesel production was confirmed as an essential business, and demand remained relatively stable in the quarter, enabling us to continue to operate robustly. Continued improvement in underlying performance further enhanced profitability through increased sales of UltraClean BlenD™ and gallons sold directly to end users.