Chevron Renewable Energy Group Reports Third Quarter 2020 Financial Results
- 176 million gallons of fuel sold
- 137 million gallons of fuel produced
- Revenues of $576 million
- Net income from continuing operations available to common stockholders of $26 million, or $0.60 per diluted share ($102 million, or $2.38 per diluted share, for the nine months ended September 30, 2020)
- Adjusted EBITDA of $58 million ($157 million for the nine months ended September 30, 2020)
- Carbon reduction from fuels produced by REG in the quarter of over one million metric tons
- Announced planned expansion of renewable diesel plant in Geismar, Louisiana to 340 million gallons per year
- Built on board and executive talent with Walter Berger joining the Chevron Renewable Energy Group Board of Directors, Trisha Conley joining as Vice President, People Development and Bob Kenyon joining as Vice President, Sales & Marketing
Ames, IA, November 5, 2020 - Chevron Renewable Energy Group today announced its financial results for the third quarter ended September 30, 2020.
Revenues for the third quarter were $576 million on 176 million gallons of fuel sold. Net income from continuing operations available to common stockholders was $26 million in the third quarter of 2020, compared to a net loss of $14 million in the third quarter of 2019. The net loss in the third 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 third quarter was $58 million, compared to $88 million in the third quarter of 2019, including the allocation of the BTC.
"We delivered a relatively strong third quarter and are on track for a strong full year. We are especially pleased with these results considering the price volatility and overall energy demand slowdown due to COVID-19," said Cynthia (CJ) Warner, President and Chief Executive Officer. "Demand for our low carbon fuels was resilient, which we believe further demonstrates that the renewable fuel industry is at an inflection point driven by customer demand."
Warner continued, "Chevron Renewable Energy Group is positioned to lead and capitalize on this unique opportunity with strong ongoing production, and our focused downstream strategy to deliver value to our customers while expanding our margins. We are building upon this momentum with the planned Geismar expansion."