Core Viewpoint - The Andersons, Inc. has declared a cash dividend of $0.20 per share for the second quarter of 2026, marking its 118th consecutive quarterly cash dividend since its Nasdaq listing in February 1996 [1]. Company Overview - The Andersons, Inc. operates as a North American agriculture and renewable fuels company, emphasizing extraordinary service to customers, employee development, community support, and increasing company value [1].

Darling Ingredients (NYSE:DAR) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker9Good morning, and welcome to the Darling Ingredients Incorporated conference call to discuss the company's fourth quarter and fiscal year 2025 financial results. After the speakers' prepared remarks, there will be a question and answer period, and instructions to ask the question will be given at that time. Today's call is being recorded, and I would now like to turn the call over to Ms. Suann Guthrie, Senior Vice Pre ...

Core Insights - Green Plains Inc. reported significant profitability improvements in Q4 2025, driven by operational execution and tax credit benefits, despite revenue falling short of expectations [1][4] - The company is focusing on carbon capture and low-carbon initiatives, with a target of at least $188 million in adjusted EBITDA from carbon-related activities in 2026 [2][3] Financial Performance - Revenue for Q4 2025 was $428.8 million, down approximately 26.6% from $584.0 million in Q4 2024, partly due to the sale of the Obion plant and the end of third-party ethanol marketing [2][4] - Net income attributable to Green Plains was $11.9 million, or $0.17 per diluted share, exceeding analyst estimates [4] - Adjusted EBITDA improved to $49.1 million for the quarter, a significant turnaround from a negative $18.2 million in Q4 2024, aided by operational performance and tax credits [4] Valuation and Financial Ratios - The price-to-sales ratio is low at around 0.4, indicating the stock is trading at a discount relative to revenue [5] - The debt-to-equity ratio stands at a moderate 0.60, while the current ratio of 1.79 suggests solid liquidity [5]

Core Insights - Phillips 66 (PSX) reported fourth-quarter 2025 adjusted earnings of $2.47 per share, exceeding the Zacks Consensus Estimate of $2.11, and improved from an adjusted loss of 15 cents per share in the same quarter last year [1][10] - Total quarterly revenues reached $36.3 billion, surpassing the Zacks Consensus Estimate of $30.2 billion, and increased from $34 billion year-over-year [1][10] Segmental Performance - **Midstream**: Adjusted pre-tax quarterly earnings were $717 million, slightly up from $708 million in the prior year, driven by higher volumes [3] - **Chemicals**: Adjusted pre-tax earnings fell to $19 million from $72 million in the previous year, primarily due to weaker margins [4] - **Refining**: Adjusted pre-tax earnings improved to $542 million from a loss of $759 million in the year-ago quarter, attributed to higher realized refining margins and the acquisition of WRB Refining [5] - **Marketing & Specialties**: Adjusted pre-tax earnings increased to $439 million from $185 million in the prior year, benefiting from higher marketing fuel margins [7] - **Renewable Fuels**: The segment reported an adjusted pre-tax loss of $19 million, down from adjusted pre-tax earnings of $28 million in the previous year [8] Refining Margins - Realized refining margins worldwide rose to $12.48 per barrel from $6.08 in the year-ago quarter, with significant increases in various regions: Central Corridor ($13.06 from $6.68), Gulf Coast ($12.48 from $5.58), West Coast ($8.85 from $5.74), and Atlantic Basin/Europe ($12.60 from $6.09) [6] Financial Overview - Total costs and expenses decreased to $32.9 billion from $34 billion year-over-year, mainly due to lower purchased crude oil and products [11] - The company generated $2.75 billion in net cash from operations, up from $1.2 billion in the previous year, with capital expenditures totaling $682 million and dividends paid out amounting to $482 million [12] - As of December 31, 2025, cash and cash equivalents stood at $1.1 billion, with total debt at $19.7 billion, reflecting a debt-to-capitalization ratio of 39% [12]

Core Viewpoint - CVR Energy, Inc. has experienced a significant decline in share price and is facing operational challenges, leading to projected net losses for Q4 2025, which contrasts sharply with the previous year's performance [1][3][4]. Group 1: Company Overview - CVR Energy, Inc. is involved in renewable fuels, petroleum refining, marketing, and nitrogen fertilizer manufacturing in North America [2]. Group 2: Financial Performance - For Q4 2025, CVR Energy estimates a net loss attributable to shareholders between $105 million and $120 million, compared to a net profit of $28 million in the same quarter last year [3]. - The company's refining throughput for Q4 2025 is projected to be between 210,000 and 220,000 barrels per day, slightly lower than the previous year's throughput of 214,000 bpd [3]. Group 3: Operational Challenges - The ammonia utilization rate for Q4 2025 is expected to be 60%-65%, a significant drop from 96% in the same period last year, due to operational challenges and a prolonged maintenance shutdown at the Coffeyville fertilizer plant [4]. Group 4: Analyst Ratings - On January 29, JPMorgan reduced its price target for CVR Energy from $22 to $21 while maintaining an 'Underweight' rating on the shares, following the company's earnings update [5].

Core Viewpoint - Darling Ingredients Inc. reported its fourth quarter and fiscal year 2025 earnings, highlighting the performance of its joint venture, Diamond Green Diesel (DGD), within the renewable diesel segment [1][2]. Financial Performance - For the three months ended December 31, 2025, DGD generated approximately $92 million in operating income, despite incurring a $24 million unfavorable lower of cost-or-market (LCM) inventory valuation adjustment [2]. - DGD's net income for the same period was $55 million, with sales of 285.3 million gallons of renewable fuels, resulting in an Adjusted EBITDA of $58 million or $0.41 per gallon [3]. - For the 12 months ended December 31, 2025, DGD reported a net loss of $68 million, with total sales of 1.003 billion gallons of renewable fuels, leading to an Adjusted EBITDA of $104 million or $0.21 per gallon [4]. Adjusted EBITDA Insights - Darling Ingredients' share of DGD Adjusted EBITDA for the three months and 12 months ended December 31, 2025, includes discounts related to the sale and prospective sale of Section 45Z Production Tax Credits [5]. - The company anticipates solid improvement in performance over prior outlooks, with further details to be provided in upcoming earnings materials [6]. Upcoming Events - Darling Ingredients will release its fourth quarter and fiscal year 2025 financial results on February 11, 2026, followed by a conference call on February 12, 2026, to discuss the results and company operations [7][8]. Company Overview - Darling Ingredients is a leader in circularity, transforming by-products from the animal agriculture and food industries into valuable ingredients and renewable energy, operating over 260 facilities globally [10].

Core Insights - The Western production segment is a crucial component of Alto Ingredients' growth strategy, focusing on renewable fuels and essential ingredients, with plans to introduce liquid CO2 in 2025 [2][9] Group 1: Western Production Segment - The segment benefits from premium ethanol pricing due to regional supply constraints and proximity to key markets, allowing for more resilient growth compared to Midwest-focused peers [3] - In 2024, the Western production segment generated $115 million from alcohol sales and $37 million from essential ingredients, selling approximately 61 million gallons of alcohol and 514,600 tons of essential ingredients [3] - The segment's alignment with California's Low Carbon Fuel Standard (LCFS) enhances demand for low-carbon ethanol, leading to more predictable EBITDA and reduced exposure to supply chain volatility [4][9] Group 2: Strategic Positioning - The Western production segment supports Alto's transition to higher-value, lower-carbon products, translating regulatory advantages into sustainable pricing power and margin expansion [5][9] - Compared to peers like Green Plains Inc. and Gevo, which face challenges from fluctuating ethanol prices and early-stage project limitations, Alto's Western segment offers more stability and growth potential [6][7] Group 3: Financial Performance - Alto Ingredients' stock has increased by 62.6% over the past year, outperforming the industry average [8] - The stock is currently undervalued, trading at a price-to-earnings multiple of 16.38, lower than the industry average of 16.84 [11] - Consensus estimates for 2026 earnings show no movement in the last 30 days, indicating stability in projections [12]

Core Insights - LanzaTech Global, Inc has announced a £600 million investment in the DRAGON II project to produce sustainable aviation fuel (SAF) and renewable diesel at Saltend Chemicals Park in Humberside, aiming to deliver approximately 80,000 tonnes of SAF and 8,000 tonnes of renewable diesel annually [1][2] - The project is expected to create around 300 skilled jobs during construction and 150 jobs during operation, contributing significantly to the UK's net-zero ambitions and energy security [1][3] Company Overview - LanzaTech is a leader in carbon management, utilizing a proprietary gas-fermentation platform to convert waste carbon into valuable products, including SAF and chemicals [5] - The company has established global partnerships, including collaborations with ArcelorMittal and IndianOil Company, to enhance industrial resilience and unlock economic value from carbon [5] Project Details - The DRAGON II facility is scheduled to begin construction in the second half of 2027 and is expected to be operational by 2030, reinforcing Humberside's position in industrial decarbonization [3][4] - The project is part of a broader initiative, DRAGON, which includes DRAGON I in Port Talbot, South Wales, and aims to produce a total of 50,000 tonnes of ethanol from waste carbon dioxide and green hydrogen [2] Government Support - The UK government has provided strong support for the development of the DRAGON projects, including a £6.4 million grant from the Department for Transport's Advanced Fuels Fund to accelerate both DRAGON I and DRAGON II [2] Infrastructure and Collaboration - Saltend Chemicals Park, owned by px Group, was selected for its exceptional infrastructure and potential for hydrogen and CO2 pipelines, which aligns with LanzaTech's goals for sustainable production [4][10] - LanzaTech is exploring collaborations with local partners to leverage the region's supply chains and emerging CO2 pipeline infrastructure [3]

Core Viewpoint - The Andersons, Inc. will announce its financial results for Q4 and full year 2025 on February 17, 2026, followed by a webcast on February 18, 2026, to discuss the results and provide updates [1]. Group 1 - The financial results will be released after 4 p.m. Eastern Time on February 17, 2026 [1]. - A webcast to discuss the results will take place at 8:30 a.m. Eastern Time on February 18, 2026 [1]. - The company can be contacted via phone for the webcast using specific toll-free and international numbers [2]. Group 2 - The Andersons, Inc. operates in the North American agriculture and renewable fuels sector [3]. - The company is committed to providing exceptional service, supporting employee development, and enhancing community value [3]. - More information about the company can be found on its official website [3].

Summary of Gevo, Inc. Conference Call Company Overview - **Company**: Gevo, Inc. - **Ticker Symbol**: GEVO - **Industry**: Renewable energy, specifically focusing on sustainable aviation fuel (SAF) and low carbon ethanol production Key Points and Arguments Management Transition - Patrick Gruber is transitioning from CEO to Executive Chair, with Paul Bloom taking over as the new CEO [2][6] - Gruber expressed confidence in Bloom's leadership and experience, highlighting Bloom's background in chemistry and business [5][9] Technological Advancements - Gevo has developed technology to convert renewable resources into hydrocarbons, including jet fuel, gasoline, and diesel from alcohols [3][4] - The company has achieved low-cost technology and is beginning to monetize carbon value, which is crucial for profitability [3][4] Strategic Acquisitions - Gevo acquired a plant in North Dakota, which is pivotal for producing low carbon ethanol, the feedstock for jet fuel [4][6] - The acquisition aligns with the company's strategy to scale operations and meet growing demand for sustainable aviation fuel [4][18] Market Opportunities - The U.S. is projected to need an additional 2.3 billion gallons of jet fuel by 2035, with Gevo positioned to meet this demand through its technology [19][42] - Gevo's technology allows for the production of energy-dense liquids, which are essential for aviation fuel [16][19] Financial Performance and Projections - Gevo aims to achieve positive adjusted EBITDA for the first time, driven by selling tax credits and monetizing carbon [17][30] - The company anticipates that the Alcohol-to-Jet 30 (ATJ30) plant could generate approximately $150 million in adjusted EBITDA annually, with a total investment of around $500 million [46][48] Carbon Monetization - Gevo is focused on monetizing carbon dioxide produced during ethanol production, which can be sold for various applications, including enhanced oil recovery and food carbonation [25][34] - The carbon business is expected to grow significantly, with potential revenues from carbon sales projected to reach $30 million [37][32] Sustainability and Agricultural Impact - Gevo emphasizes working with farmers to improve agricultural practices, which can lead to better soil health and increased yields [20][21] - The company aims to create a sustainable business model that benefits both energy production and agricultural output [20][21] Future Growth and Expansion - Gevo plans to replicate its successful model by building multiple ATJ plants, potentially up to 70 facilities to meet market demand [19][49] - The company is committed to operational excellence and maximizing efficiencies in production to support growth [38][41] Competitive Landscape - Gevo believes its technology is among the lowest cash cost options for producing jet fuel, making it competitive against traditional petroleum sources [44][46] - The company is not just a replacement strategy but aims to supplement existing fuel supplies with sustainable alternatives [43][44] Additional Important Insights - The transition in leadership is seen as a strategic move to ensure continuity and leverage Bloom's experience in scaling technology [2][9] - Gevo's focus on carbon intensity reduction is not only about compliance but also about creating a more efficient production system [20][21] - The company has a robust patent portfolio of over 400 patents, which supports its innovative capabilities in the renewable energy sector [19] This summary encapsulates the key discussions and strategic directions outlined during the conference call, highlighting Gevo's commitment to sustainable energy solutions and its proactive approach to market demands.