Financial Data and Key Metrics Changes - The net income per share for Q3 2025 was $0.71, an increase from $0.69 in Q3 2024, reflecting strong performance despite lower prices for ethanol and distillers grains [5][11] - Cash, cash equivalents, and short-term investments totaled approximately $335 million, maintaining a strong financial position with no bank debt [5][11] Business Line Data and Key Metrics Changes - Ethanol sales volumes reached 78.4 million gallons, up from 75.5 million gallons in Q3 2024, while the average selling price decreased to $1.73 per gallon from $1.83 [10] - Dried distillers grains sales volumes were approximately 160,000 tons, with an average selling price of $139.93 per ton, down from 170,000 tons and $147.14 per ton in the prior year [10] - Corn oil sales volumes increased by approximately 17% to 27.4 million pounds, with an average selling price rising by approximately 36%, leading to a 60% increase in sales revenue for corn oil [10] Market Data and Key Metrics Changes - U.S. ethanol exports were approximately 10% ahead of the 2024 pace, with exports 14% higher than the first eight months of 2024 [13] - The USDA projects that corn production in South Dakota and Illinois for the 2025-2026 harvest season will be among the highest in recent years, favoring lower input prices [14] Company Strategy and Development Direction - The company is focused on solidifying its core business of ethanol production and is progressing on the expansion of the One Earth Energy facility to 200 million gallons per year, expected to be completed in 2026 [4][8] - REX is actively engaged in evaluating potential benefits from the 45Z tax credits and is working on its carbon intensity score to qualify for these credits [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational excellence and strategic investments, which have led to superior results and a strong balance sheet [5][12] - The company expects the fourth quarter to generate a higher net profit than the previous year's fourth quarter, positioning itself well for growth in 2026 [15] Other Important Information - The company has invested approximately $155.8 million in carbon capture and ethanol expansion projects, remaining within a combined budget range of $220 million to $230 million for both initiatives [8][9] Q&A Session Summary Question: Thoughts on key hurdles and timing for the 45Z tax credit program - Management is awaiting guidelines from the Treasury and is reviewing calculations with experts, hoping to provide updates in the next quarter [17] Question: Impact of tariffs and crush spreads on the industry - Management noted that tariffs initially impacted exports to Mexico and Canada but have led to increased ethanol exports to Europe and other countries [19][20] Question: Update on the carbon sequestration project and permitting process - Management indicated that the moratorium on pipelines will end on July 1, allowing them to apply for permits thereafter [22] Question: Potential for partnerships regarding carbon capture - Management is focusing on the first well and has been in contact with potential partners but will not negotiate until permits are secured [30]