Pacific Ethanol, Inc. (PEIX) Q1 2020 Earnings Conference Call May 13, 2020 11:00 AM ET Company Participants Moriah Shilton - Senior Vice President, LHA Investor Relations Neil Koehler - President & Chief Executive Officer Bryon McGregor - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Sameer Joshi - H.C. Wainwright Operator Ladies and gentlemen, thank you for standing by and welcome to the Pacific Ethanol First Quarter 2020 Financial Results Conference Call. At this time, all ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-21467 PACIFIC ETHANOL, INC. (Exact name of registrant as specified in its charter) Delaware 41-2170618 (State or other jurisdiction ...

Pacific Ethanol, Inc. (PEIX) Q4 2019 Results Conference Call March 27, 2020 11:00 AM ET Company Participants Moriah Shilton - LHA IR Neil Koehler - President and CEO Bryon McGregor - CFO Conference Call Participants Eric Stine - Craig-Hallum Amit Dayal - H.C. Wainwright Operator Ladies and gentlemen, thank you for standing by and welcome to the Pacific Ethanol Incorporated Fourth Quarter and Full Year 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 000-21467 (Exact name of registrant as specified in its charter) Delaware 41-2170618 (State or other jurisdiction o ...

Financial Data and Key Metrics Changes - For Q3 2019, net sales were $365 million, an increase from $346 million in Q2 2019, primarily driven by third-party gallons sold [15] - Cost of goods sold was $300 million, leading to a gross loss of $14.8 million compared to a gross profit of $4 million in the prior quarter [15] - Adjusted EBITDA was negative $12.4 million, a decline from $7.2 million in Q2 2019 [16] - Loss available to common shareholders was $27.6 million or $0.58 per share, compared to $8 million or $0.17 per share in the previous quarter [15] Business Line Data and Key Metrics Changes - The company operated at a combined run rate of 82% during the quarter, with one plant shut down and the rest running below full capacity [10] - The ethanol industry faced significant production margin challenges due to factors such as small refinery exemptions and trade disputes, leading to production capacity reductions [9] Market Data and Key Metrics Changes - Ethanol exports are projected to reach just over 1.5 billion gallons for the year, marking the second-largest year for export volumes despite a decrease from the previous year [12] - Industry inventories are near two-year lows, indicating a more balanced supply and demand environment [17] Company Strategy and Development Direction - The company is focused on strengthening its balance sheet, improving liquidity, and reducing debt through asset sales and strategic initiatives [8] - The company anticipates that regulatory changes, particularly the final rule for the 2020 Renewable Fuel Standard blending requirements, will increase domestic ethanol demand [11] - The company is optimistic about the potential for increased ethanol exports, especially with the resolution of trade disputes with China [12] Management's Comments on Operating Environment and Future Outlook - Management noted that production margins have rebounded to levels better than any time in the last two years, with positive margins expected to be sustainable [10] - The company is cautiously optimistic about maintaining supply and demand balance in the industry, despite risks of overproduction [24] - Management emphasized the importance of incremental demand and regulatory support for the growth trajectory of the ethanol industry [25] Other Important Information - The company is engaged in discussions with lenders regarding amendments and extensions to existing loan facilities, which are part of their strategic initiatives [9] - The California low carbon fuel standard continues to provide significant carbon emission reductions, with the carbon value trading at historic highs [12] Q&A Session Summary Question: Comments on elevated basis and co-product volumes - Management explained that elevated corn basis levels impacted the quarter due to slow harvest and farmers holding onto storage, but they expect basis levels to normalize as harvest progresses [20][21] Question: Outlook on production ramp-up - Management indicated that production is still running about 5% to 6% below prior year levels, and while margins have improved, clarity on future profitability is needed before ramping up production [23][24] Question: Impact of E15 availability on production and demand - Management noted that E15 availability has had a modest impact, emphasizing the need for regulatory support to drive higher blending rates [30][31] Question: Timeline for regulatory rulings - Management confirmed that the EPA is committed to finalizing the rule by the end of the year, which will be effective in 2020 [34] Question: Status of strategic initiatives - Management stated that all options remain on the table for strategic initiatives, with favorable market conditions aiding in the completion of transactions [36]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 000-21467 (Exact name of registrant as specified in its charter) | --- | --- | |------------------------------------|--- ...

Pacific Ethanol, Inc. (PEIX) Q2 2019 Results Earnings Conference Call August 1, 2019 11:00 AM ET Company Participants Moriah Shilton - LHA Investor Relations Neil Koehler - Co-Founder and Chief Executive Officer Bryon McGregor - Chief Financial Officer Conference Call Participants Craig Irwin - ROTH Capital Partners Eric Stine - Craig-Hallum Capital Group LLC Sameer Joshi - H.C. Wainwright & Co., LLC Operator Good morning, ladies and gentlemen, and welcome to the Pacific Ethanol Inc. Second Quarter 2019 Fin ...