In Texas, Sundive Commodity Group, the company sued by Valero and allegedly others for failure to provide RINs despite contracts to do so which led to Valero spending more than $10 million extra to comply with its 2020 obligations, has filed for Chapter 11 bankruptcy protection in Bankruptcy Court for the Southern District of Texas. […]
In Texas, Reuters reports that RIN prices have soared yet again, this time following a lawsuit filed by Valero against Sundive accusing the latter of failing to provide its required Q4 RINs on time, leading to an additional $10 million in costs. The lawsuit was filed on December 31, 2020 in a Texas district court. […]
In Texas, Barron’s reports that Valero’s bet on renewable diesel has paid off, with the success at Diamond Green Diesel helping to offset the otherwise dismal quarterly reporting. Not only did the company sell 870,000 gallons per day of renewable diesel during Q3 compared to just 232,000 gallons during the same period last year, but […]
In Texas, Seeking Alpha reports that Valero’s most recent Q2 earnings show that renewable diesel has surpassed refining and ethanol as the primary source of operating income. The other two segments suffered severe losses due to the impacts of the COVID-19 pandemic. The company expects renewable diesel margins to remain about $2 per gallon throughout […]
In Texas, the San Antonio Business Journal reports that the Supreme Court has refused to hear Valero’s spat with the Environmental Protection Agency where the oil company argues that blenders should have to bear some of the cost of blending biofuel under the Renewable Fuels Standard. Typically, the Supreme Court gives a reason for rejecting […]
In Texas, ICIS reports that Valero supports the request by four Republican and one Democratic governor from Louisiana, Texas, Oklahoma, Utah and Wyoming for the Environmental Protection Agency to issue blending waivers. The EPA has the power to issue waivers in emergencies, which the states believe the COVID-19 pandemic counts as one, but farm states […]
In Texas, ICIS reports that Valero said in an investor call that the company sees significant ethanol demand destruction due to COVID-19. Its own production is running at less than 50% production capacity with eight plants mothballed and six currently operating. Valero expects fuel demand to eventually return to normal with ethanol playing its role […]
In Texas, Valero said in an SEC 8-K filing that it has temporarily idled eight of its ethanol plants and reduced the amount of corn feedstock processed at its remaining six ethanol plants to address the decreased demand for ethanol. It said demand for renewable diesel is consistent with the demand for diesel as a […]
In Texas, ICIS reports that Valero has declared force majeure and as a result shuttered two of its ethanol plants in Albion, Nebraska, and Albert City, Iowa, a move that is said to roil the animal feed market with concern about the availability of DDGS. The company no longer has sufficient storage to handle more […]
By Bruce Comer, Founder and Managing Director, Ocean Park Special to The Digest Slowdown in North American biofuels Mergers and Acquisitions as thin margins and policy uncertainty hung over industry. Biofuels Merger and Acquisition (M&A) activity in North America was subdued in 2019. Only four operating biodiesel, ethanol and advanced biofuels plants were sold during […]
