Chevron Renewable Energy Group Reports First Quarter 2022 Financial Results

Q1 2022 Highlights

• Revenues of $936 million

• Net income available to common stockholders of $12 million, or $0.25 per diluted share

• Adjusted EBITDA of $40 million

• Entered into the previously announced merger agreement with Chevron for $61.50 per share in cash

• Launched branded fuel product line to enable customers to increase biodiesel blending levels

• Carbon reduction of over 800,000 metric tons from Chevron Renewable Energy Group-produced fuels in the quarter

Post-Quarter Events:

• Geismar turnaround completed as planned

• Acquired Northern California distributor Dawson Oil Company

Ames, IA, May 4, 2022 - Chevron Renewable Energy Group today announced its financial results for the quarter ended March 31, 2022.

Revenues for the first quarter were $936 million on 157 million gallons of fuel sold. Net income available to common stockholders was $12 million in the first quarter of 2022, compared to net income of $39 million for the first quarter of 2021. Adjusted EBITDA was $40 million in the first quarter of 2022, compared to $56 million for the first quarter of 2021. Both net income and adjusted EBITDA were negatively impacted by the hedge-related timing impact from a $64 million risk management loss in the quarter. 

About Chevron Renewable Energy Group

Chevron Renewable Energy Group is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, lower carbon fuels. Chevron Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Chevron Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2021, Chevron Renewable Energy Group produced 480 million gallons delivering 4.1 million metric tons of carbon reduction. Chevron Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.