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Wed, Jul. 29, 4:16 PM
Tue, Jul. 14, 2:41 AM
- As U.S. demand remains plagued by political uncertainty, Valero Energy (NYSE:VLO) is preparing to sell ethanol for export for the first time.
- The move will pit the company against Archer Daniels Midland (NYSE:ADM), privately-held Marquis Energy, and Pacific Ethanol (NASDAQ:PEIX).
- For now, Valero will sell the material on a freight-on-board basis for shipment overseas, although it eventually plans to sell its output and third-party production directly to buyers.
Fri, May 29, 11:15 AM
- Ethanol companies rise while refiners are off session highs after the EPA announces its renewables fuels mandate.
- The EPA proposes requiring 15.93B gallons of total renewable fuel in 2014, 16.3B gallons in 2015, and 17.4B gallons in 2016, but the proposal for the total renewable fuel requirement falls short of levels Congress mandated, which were 20.5B gallons in 2015 and 22.5B gallons in 2016.
- Also, the EPA cuts 2016 corn-ethanol quota to 14B gallons; U.S. law required 15B gallons of ethanol for 2016.
- Ethanol exposed companies are mostly higher: ADM +0.7%, GPRE +4.2%, PEIX +4.1%, REX +1%, DAR +2%, CZZ -2.2%.
- Among refiners: HFC +0.3%, TSO +1.3%, VLO +0.8%, WNR +1.9%, PBF -1%.
- Biofuel related stocks: GEVO -8.3%, SZYM -2.7%, CDTI -1%, REGI -0.7%.
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Thu, Mar. 5, 12:45 PM
Thu, Mar. 5, 9:15 AM
Wed, Mar. 4, 6:58 PM
- Pacific Ethanol (NASDAQ:PEIX) +11.6% AH after Q4 earnings routed analyst expectations and revenues jumped 19% Y/Y and also beat estimates.
- PEIX's ethanol production gallons sold in Q4 totaled 50.4M, up +24% Y/Y from 40.5M gallons, while third-party gallons sold totaled 84.2M, up 26% from 66.5M; however, the average sales price in the quarter fell to $2.15/gal from $2.36/gal in the same quarter last year.
- Q4 gross profit was $18.4M vs. $21.6M in the year-ago quarter, which the company says was due to particularly strong production margins in Q4 2013.
- Expects to complete its acquisition of Aventine this year to become the fifth-largest ethanol producer and marketer in the U.S.
Wed, Mar. 4, 4:07 PM
Tue, Mar. 3, 5:35 PM
Thu, Jan. 8, 3:58 PM
- Pacific Ethanol (PEIX -0.8%) is reiterated with a Buy rating and $16 price target at Roth Capital, which sees the Aventine acquisition as positive for PEIX shareholders, who will retain ~58% ownership in the public company with PEIX contributing 39% of the combined plant capacity.
- Roth says PEIX management confirmed in the recent conference call discussing the deal that the Canton plant is included in the transaction but is not currently operating, and could require significant capital to successfully restart.
Tue, Jan. 6, 12:45 PM
Mon, Jan. 5, 6:43 PM
- Crude oil's latest skid added more pressure on shares of ethanol producers today, reflecting concerns that cheaper gasoline prices could further depress ethanol prices following last year's big profits.
- Archer Daniels Midland (NYSE:ADM), which maintains the largest U.S. ethanol production capacity, tumbled 3.5%; Green Plains (NASDAQ:GPRE), whose plants boast production capacity of ~1B gal./year of ethanol, plunged 10.2%; and Pacific Ethanol (NASDAQ:PEIX), which just last week added to its bet on ethanol by acquiring a rival, fell 7.7%.
- Falling profit margins in the U.S. ethanol industry may cause some companies to cut production in 2015, yet some observers think ethanol demand may remain steady or even rise if cheap gasoline spurs U.S. motorists to drive more, easing the hit to earnings.
- Count Roth Capital in the latter camp, as the firm awarded Buy ratings to GPRE and PEIX (I, II), seeing incrementally improving demand on top of an already tight supply-demand balance as supporting an improving profit outlook.
Dec. 31, 2014, 11:36 AM
- Pacific Ethanol (PEIX -5%) is merging with Midwestern ethanol maker Aventine Renewable Energy in an all-stock deal. Pacific is issuing 17.75M shares (current value of $181M), and assuming $135M in term loan debt.
- Aventine's production capacity (spread out over four mills) totals 315M gallons/year, handily eclipsing Pacific's 200M. After factoring Pacific's ethanol marketing ops, the company expects to sell 800M+ gallons of ethanol annually post-merger (#5 in the U.S.).
- Pacific: "With this transaction, Pacific Ethanol strengthens its unique production and marketing advantages by diversifying into two additional discrete markets and connecting its Western markets with Aventine's Midwest and Eastern markets." The deal is expected to close in Q2 2015.
- Shares have sold off after initially trading higher in response to the deal.
Pacific Ethanol Inc is engaged in producing and marketing low-carbon renewable fuels in the Western United States. It also sells ethanol co-products, including wet distillers grain, a nutritious animal feed, and corn oil.
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