REX American Resources CorporationNYSE
Tue, Nov. 29, 7:01 AM
Wed, Nov. 23, 7:47 PM
- The EPA today issued final regulations requiring that the amount of ethanol and other biofuels that must be blended into the U.S. fuel supply must increase by 6% next year.
- Since the result is a significant gain over the 4% the EPA recommended in an earlier draft proposal, it is a victory for ethanol makers and a defeat for oil companies that say using more biofuels in gasoline and diesel is costly and unachievable.
- The EPA set the 2017 target for total renewable fuel use at 19.28B gallons, higher than the initial proposal for 18.8B gallons as well as this year's 18.1B gallon requirement; the new mandate includes 15B gallons for conventional biofuel, which is mostly corn-based ethanol, vs. 14.5B gallons last year.
- Tesoro (NYSE:TSO) exec Stephen Brown says the plan is "unworkable" as it forces the use of biofuels beyond the blend wall and that it highlights the need for a legislative overhaul of the program.
- Shares in oil refiners mostly fell in today's trade: TSO -1.4%, VLO -0.8%, HFC -1.8%, MPC -0.3%, WNR -2.2%, PBF -3.5%, PSX +0.2%.
- Shares of biofuels producers rose: GEVO +8.5%, PEIX +7.1%, GPRE +2.1%, REGI +2%, REX +0.8%.
Thu, Aug. 25, 7:03 AM
Fri, Aug. 5, 12:25 PM
- The American Fuel and Petrochemical Manufacturers trade group is petitioning the EPA to change the way the agency enforces the U.S. biofuel mandate, shifting the responsibility of program compliance with distributors who blend gasoline with ethanol for delivery to filling stations, not with refiners who make the fuels.
- The AFPM and other oil and gas groups have long been opposed to the Renewable Fuel Standard, which sets the amounts of biofuels such as ethanol that must be blended into U.S. gasoline and diesel supplies annually, arguing the mandates are costly for refiners and do not reflect actual gasoline demand, which has not risen as fast as lawmakers originally envisioned.
- Renewable fuel credits have surged 32% in the past two months, even as crude oil prices have dropped; this year, U.S. refiners will pay $1.8B for the RIN credits, adding to the pain of the lowest summer profit margins in five years.
- Relevant tickers include VLO, PBF, CVRR, HFC, REGI, PEIX, REX, GPRE
Thu, Jun. 2, 7:04 AM
- REX American Resources (NYSE:REX): Q1 EPS of $0.43 misses by $0.58.
- Revenue of $100.2M (-4.8% Y/Y) misses by $4.82M.
Wed, May 18, 5:45 PM
- The EPA proposes raising the amount of ethanol refineries must blend into the U.S. gasoline supply in 2017, but the amount is still well short of a target set by federal law.
- The agency is calling for 18.8B gallons of ethanol and other biofuels to be blended into the fuel supply next year 2017, up 4% from the 18.11B gallons set for this year but far below the 24B gallons targeted in a 2007 law.
- The rise is smaller than the amount backed by the farm lobby and biofuels companies such as Archer Daniels Midland (NYSE:ADM), Green Plains (NASDAQ:GPRE), Pacific Ethanol (NASDAQ:PEIX), Renewable Energy Group (NASDAQ:REGI) and Rex American Resources (NYSE:REX).
- The proposal reflects oil companies’ concerns that the Renewable Fuel Standard is pushing them beyond the “blend wall” where targets force them to mix a higher proportion of ethanol into fuel than the 10% level approved for use in all cars and trucks.
- However, “the EPA continues to very slowly edge the market above the 10 percent blend wall, which we view as part of a concerted effort to incentivize consumption of higher blends over time without risking market disruption,” says FBR Capital analyst Benjamin Salisbury.
- The EPA is expected to issue a final rule by year-end, following a public comment period.
Wed, Mar. 23, 7:02 AM
- REX American Resources (NYSE:REX): Q4 EPS of $0.54 misses by $0.13.
- Revenue of $107.23M (-16.0% Y/Y) beats by $5.11M.
Dec. 2, 2015, 7:02 AM
- REX American Resources (NYSE:REX): Q3 EPS of $1.08
- Revenue of $110.58M (-20.1% Y/Y)
Dec. 1, 2015, 5:30 PM
Nov. 30, 2015, 3:28 PM
- Biofuel names react favorably and refiners negatively to just-released EPA biofuel targets that come in above those proposed by the agency in May.
- Fuel suppliers will be required to mix 16.93B gallons of corn-based ethanol and other renewable fuels into gasoline this year and 18.11B gallons next year, according to the newest EPA targets.
- The final 2016 standard for advanced biofuel is nearly 1B gallons, or 35% higher than actual 2014 volumes.
- Biofuel names include: PEIX +17.7%, REGI +8.1%, AMRS +7%, GEVO +4.9%, SZYM +2.5%, GPRE +6.2%, REX +3.2%, ADM flat.
- Refiners are pulling back: VLO -0.9%, TSO -1.5%, HFC -2.6%, MPC -0.3%, PSX -0.9%, WNR -0.7%, CLMT -2.6%.
Aug. 27, 2015, 7:02 AM
- REX American Resources (NYSE:REX): Q2 EPS of $2.16 beats by $0.73.
- Revenue of $113.5M (-24.4% Y/Y) misses by $4.46M.
Jul. 14, 2015, 5:38 PM
- Synaptics (NASDAQ:SYNA) will replace Rosetta Resources (to be acquired by Noble Energy) in the S&P MidCap 400 following Monday's close. REX American Resources will take Synaptics' spot in the S&P SmallCap 600.
- First NBC Bank Holding (NASDAQ:FNBC) will replace RTI International Metals (to be acquired by Alcoa) in the S&P 600 following the July 22 close.
- SYNA +1.3% AH. REX +3.6%. FNBC +2.2%.
Jun. 4, 2015, 4:47 PM
- REX American Resources (NYSE:REX) appoints Zafar Rizvi, the company's president and COO since 2010, as its new CEO.
- Rizvi replaces Stuart Rose, who will serve as Executive Chairman of the Board, with a focus on strategic development and financial community relations.
- Rizvi has served REX in various roles since 1991, and has overseen the company's alternative energy interests since 1998.
May 29, 2015, 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%.
May 21, 2015, 7:09 AM
- REX American Resources (NYSE:REX): Q1 EPS of $0.50 misses by $0.59.
- Revenue of $105.2M (-32.5% Y/Y) misses by $25.79M.
Mar. 25, 2015, 7:01 AM
- REX American Resources (NYSE:REX): Q4 EPS of $2.50 beats by $0.30.
- Revenue of $127.65M (-12.6% Y/Y) misses by $18.35M.