Chevron Renewable Energy Group Reports Second Quarter 2020 Financial Results
- 183 million gallons of fuel sold
• 132 million gallons of fuel produced
- Revenues of $546 million
- Net income from continuing operations available to common stockholders of $1 million, or $0.02 per diluted share ($76 million, or $1.77 per diluted share for the first half)
- Adjusted EBITDA of $8 million ($99 million for the first half)
- Carbon reduction from REG produced fuels of over one million metric tons
- Initial ESG report issued and available on REGI.com
- UltraClean BlenD™ branded fuel supply agreement with Hunt & Sons
Ames, IA, August 4, 2020 - Chevron Renewable Energy Group announced its financial results for the second quarter ended June 30, 2020.
Revenues for the second quarter were $546 million on 183 million gallons of fuel sold. Net income from continuing operations available to common stockholders was $1 million in the second quarter of 2020, compared to a net loss of $58 million in the second quarter of 2019. The net loss in the second quarter of 2019 does not include the Biodiesel Mixture Excise Tax Credit ("BTC") allocation, which was retroactively reinstated in December 2019. Adjusted EBITDA in the second quarter was $8 million, compared to $36 million in the second quarter of 2019 including the allocation of the BTC.
"With $99 million of Adjusted EBITDA, our financial performance for the first half of 2020 was relatively strong despite the oil price war, the impact of the historic pandemic and resulting volatile energy market,” said Cynthia (CJ) Warner, President and Chief Executive Officer. “We continued our focus on optimizing the underlying operational performance of our business while maintaining the health and safety of our employees."
Warner continued, "With the impacts of the pandemic on our business beginning to subside, the feedstock complex and energy markets improved since late April, as represented by improved margins. In spite of the significant April and May headwinds, we are pleased with what we were able to deliver in the first half of 2020, and intend to build on those results."