Chevron Renewable Energy Group Reports Fourth Quarter and Full Year 2021 Financial Results
Fourth Quarter 2021 Highlights:
- Revenues of $882 million
- Net income available to common stockholders of $52 million, or $1.03 per diluted share
- Adjusted EBITDA of $57 million
- Acquired Amber Resources, a leading Southern California full-service distributor
- Entered strategic partnership with Booster to offer mobile delivery of sustainable fuels
- Carbon reduction of over one million metric tons from fuels produced by Chevron Renewable Energy Group in the quarter
- Appointed two new members to Board of Directors
Full Year 2021 Highlights:
- Record revenues of $3.2 billion
- Net income available to common stockholders of $212 million, or $4.44 per diluted share
- Adjusted EBITDA of $285 million
- Sales of UltraClean BlenD™ blends of biodiesel with renewable diesel increased 58%
- Raised a combined $935 million in gross proceeds from equity sale and green bond offering
- Progressed into construction phase of Geismar improvement and expansion project
- Carbon reduction of 4.1 million metric tons from fuels produced by Chevron Renewable Energy Group for the full year
- Record safety achievement: 0.23 OSHA incident rate (industry leading performance)
Post Year 2021 Highlights:
- Announced strategic investment in expanded low carbon feedstock processing in Europe
- Launched strategic partnership to advance biodiesel use in marine markets with Bunker Holding Group
Ames, IA, March 1, 2022 - Chevron Renewable Energy Group announced its financial results for the fourth quarter and year ended December 31, 2021.
Revenues for the fourth quarter were $882 million on 148 million gallons of fuel sold, and for the full year were $3.2 billion on 621 million gallons. Net income available to common stockholders was $52 million in the fourth quarter of 2021, and was $212 million for full year. Adjusted EBITDA was $57 million in the fourth quarter of 2021, and was $285 million for the full year.
"Delivering a 46% increase in Adjusted EBITDA over 2020 demonstrates ongoing strong growth and further reflects our focus on operational excellence coupled with an exceptional safety achievement." said Cynthia (CJ) Warner, President and Chief Executive Officer.
Warner continued, "Chevron Renewable Energy Group was recently named to the 2022 Carbon Clean200 list by Corporate Knights and As You Sow. As one of only two energy firms making the list, we are proud to be a leader in the transition to sustainability by providing low carbon fuels from renewable resources that help our customers achieve their climate goals NOW."