In Texas, Bloomberg reports that Valero’s Q1 Renewable Fuel Standard compliance costs fell by more than half to just $91 million compared to $206 million last year, thanks to lower RIN costs. The lower RIN costs more than compensated for losses in the company’s ethanol sector that saw operating profit fall to just $3 million […]
by Bruce Comer, Founder and Managing Director, Ocean Park Special to The Digest Convergence reigns as the North American biofuels industry witnesses a resurgence in mergers and acquisitions, including exceptionally large deals Merger and acquisition (M&A) activity in biofuels picked up considerably in 2018 after a slowdown in 2017, and by historic standards, the deals […]
In Texas, Valero Energy Corporation announced that its Board of Directors approved a project to expand the Diamond Green Diesel plant in Norco, LA, to 675 million gallons per year renewable diesel production capacity. With low carbon mandates in North America and Europe projected to continue driving strong demand and premium pricing for renewable diesel, […]
In Texas, Reuters reports that Valero expects to pay between 40% and 50% of what it did last year for its RIN obligations, somewhere between $450 million and $550 million compared to its 2017 RIN spend of $975 million. RIN prices have collapsed this year in response to expectations that the Renewable Fuels Standard would […]
In Nebraska, Green Plains Inc. entered into an asset purchase agreement with Valero Renewable Fuels Company LLC to sell three of its ethanol plants located in Lakota, Iowa, Bluffton, Ind., and Riga, Mich. for $300 million in cash, plus approximately $28 million of working capital also paid in cash. The transaction involves 280 million gallons […]
In New York, Pegasus Capital Advisors, Company Management and minority shareholders have sold their equity interests in Pure Biofuels Del Peru, SAC to a subsidiary of Valero Energy Corporation. PBF, as the third largest fuels importer in Peru, maintains a leading supply platform with a base of over 500 customers, including retailers, miners, and airlines. […]
In Texas, Valero Energy Corporation reported net income attributable to Valero stockholders of $2.4 billion, or $5.42 per share, for the fourth quarter of 2017 compared to $367 million, or $0.81 per share, for the fourth quarter of 2016. Biofuel blending costs were $311 million in the fourth quarter of 2017, which is $94 million […]
In Texas, Valero Energy Corporation and Darling Ingredients Inc. announced today that in anticipation of growing demand for renewable diesel due to the Renewable Fuel Standard (RFS) and global low carbon markets, the companies will initiate an engineering and construction cost review to analyze an additional project that would grow annual production capacity to 550 […]
In Washington, Reuters has uncovered a behind-the-scenes lobbying campaign led by Valero to build a stable of supporters in its efforts to have the point of obligation under the Renewable Fuel Standard shifted away from refiners in order for the policy move to be seen as more palatable by policymakers. Valero was apparently part of […]
In Texas, Valero Energy Corp. still pulled off a quarterly profit despite an increase in RIN spend during Q2 that contributed to $255 million in blending costs from $173 million last year and lower ethanol revenues at just $31 million from $69 million last year. The increased profit was a result of higher throughput at […]
