Chevron Renewable Energy Group Reports Third Quarter 2021 Financial Results
Q3 2021 Highlights
- Revenues of $1 billion
- Net income available to common stockholders of $42 million, or $0.83 per diluted share
- Adjusted EBITDA of $68 million, up 25% from Q3 2020
- Record quarterly UltraClean BlenD™ sales
- Increased Asset Backed Line of Credit to $250 million
- Geismar, LA renewable diesel improvement and expansion project on track to deliver 340 million gallons per year of site production capacity by early 2024
- Carbon reduction from Chevron Renewable Group-produced fuels in the quarter of over one million metric tons
- Initiated partnership with Canadian National Railway Company and Progress Rail to advance sustainability goals using bio-based diesel in locomotives (November 3)
- Agreement with GoodFuels to supply and develop sustainable marine solutions (October 26)
- Breaking ground on the Geismar improvement and expansion project (October 14)
- Hydrotreater operations and novel feedstock conversion pilot plant in collaboration with Iowa State University (October 5)
AMES, Iowa--(BUSINESS WIRE)-- Chevron Renewable Energy Group today announced its financial results for the quarter ended September 30, 2021.
Revenues for the third quarter were $1 billion on 176 million gallons of fuel sold. Net income available to common stockholders was $42 million in the third quarter of 2021, compared to net income of $22 million for the third quarter of 2020. Adjusted EBITDA was $68 million in the third quarter of 2021, compared to $55 million for the third quarter of 2020.
"Chevron Renewable Energy Group delivered another period of solid performance in the third quarter, with strong operations and commercial optimization," said Cynthia (CJ) Warner, President and Chief Executive Officer. "We delivered these results even while managing disruptions from Hurricane Ida and volatile energy and feedstock markets. Financial results were moderated by hedge-related timing, as a substantial rise in diesel prices at the end of the quarter resulted in a risk management loss in the period, most of which is expected to be offset in the fourth quarter when the hedged gallons are scheduled for delivery."
Warner added, "Our bio-based diesel is delivering critical and valuable carbon reductions now in the on-road sector, and we are continuing to advance our strategy by initiating sales to marine and rail customers, which we anticipate will enable further substantial growth."
Third Quarter 2021 Highlights
All figures refer to the quarter ended September 30, 2021, unless otherwise noted. All comparisons are to the quarter ended September 30, 2020, unless otherwise noted.