Chevron Renewable Energy Group Reports First Quarter 2021 Financial Results
- 134 million gallons of fuel sold
- 99 million gallons of fuel produced
• Revenues of $540 million
- Net income available to common stockholders of $39 million, or $0.88 per diluted share
- Adjusted EBITDA of $56 million
- Raised $385 million in gross proceeds from equity sale
- Safely completed scheduled turnaround at the Geismar biorefinery on time and on budget
- Carbon reduction from Chevron Renewable Energy Group-produced fuels in the quarter of over eight hundred thousand metric tons
Ames, IA, May 3, 2021 - Chevron Renewable Energy Group today announced its financial results for the first quarter ended March 31, 2021.
Revenues for the first quarter were $540 million on 134 million gallons of fuel sold. Net income available to common stockholders was $39 million in the first quarter of 2021, compared to $73 million in the first quarter of 2020. Adjusted EBITDA in the first quarter was $56 million, compared to $89 million in the first quarter of 2020 which included a $54 million risk management gain.
"We are pleased with the strong financial performance in the first quarter," said Cynthia (CJ) Warner, President and Chief Executive Officer. "There was significant volatility, as we saw both feedstock and RIN prices rise rapidly. Strong operations and commercial optimization within this dynamic market environment enabled us to deliver exceptional financial results well in excess of our guidance."
Warner added that, "We continue to see signals for growing demand for lower carbon fuels and believe we are well positioned to help drive the energy transition and deliver additional value for our customers and shareholders."