中化新网讯 近日，加拿大先进生物燃料协会发表声明，欢迎联邦政府的"生物燃料生产激励计划"于1月 1日正式生效。该计划旨在应对美国《通胀削减法案》及清洁燃料生产抵免政策所带来的竞争压力，保 障加拿大本土生物燃料产能并增强能源安全。 目前，加拿大联邦—省—地区低碳燃料协商机制已建立，下一步关键是协调长期政策，确保加拿大生物 燃料生产稳定增长并扎根于本土，避免供应与竞争力受外国政策左右。各省份在吸引生物燃料生产、原 料加工及可再生燃料基础设施投资方面扮演核心角色，同时也应保障农民与农村社区能从相关产业链中 获得长期就业、收入及增值收益。协会呼吁各省和地区积极参与政策协商，共同构建持久、稳定的长期 投资框架，以保护现有生产设施、吸引新资本，并将生物燃料投资与生产牢牢留在加拿大。 协会主席弗雷德·加塔拉指出，自美国相关政策实施以来，加拿大生产商一直处于竞争劣势。新激励计 划将通过支持本土就业、原料和燃料供应，将清洁燃料投资与生产保留在国内。生物燃料是可立即部署 的减排解决方案，同时有助于支持油菜籽等本土农作物及农村经济发展。 该协会代表生物柴油、乙醇、可再生柴油、可再生汽油及可持续航空燃料的生产商，这些产品已广泛应 用 ...

传统能源市场承压 结构优化成主旋律 从关注价格波动转向结构重塑和竞争力构建 2026年开局，全球能源图景呈现出复杂而多面的特征。国际原油市场在过剩忧虑中挣扎，冲淡了地缘风 险带来的溢价。与此同时，一场深刻的产业变革也在同步发生，传统油气企业资本开支趋于审慎，通过 维护重组优化资产负债表；而低碳前沿的竞赛正加速进行，从碳捕集利用与封存(CCUS)到清洁燃料项 目，技术并购与投资布局日益活跃。能源转型的核心驱动力——碳政策与碳市场，则在波动中寻求新的 平衡与突破。这一切都预示着，全球能源转型步入关键调整年，正从对短期价格波动的关注，转向对长 期结构重塑和未来竞争力的务实构建。 低碳技术的规模化应用，离不开碳政策与碳市场的驱动与支持。经历了动荡的2025年，全球碳管理在 2026年面临着领导力重塑与机制深化的关键考验。 气候行动的"热点"正在转移和下沉，预计主要经济体将更积极地引领全球讨论，而美国则由州级倡议驱 动具体行动。化石燃料减量议题将重新进入全球气候政策实施讨论。同时，气候诉讼的影响正从法庭延 伸到企业董事会，对能源公司的运营和声誉构成更大风险。 在碳市场方面，政策波动预计不会阻碍新的合规碳定价机制在202 ...

本报讯（记者 王睿）记者昨日从中国资源循环集团有限公司获悉，其旗下中资环国际开发有限公司供 应的38吨氢化植物油燃料抵达香港，后续将用于香港国际机场地勤设备。这标志着中资环国际开发有限 公司氢化植物油燃料供应首单业务落地。 氢化植物油又被称为可再生柴油，由废弃动植物油脂经过先进加氢技术精制而成，与拖车、除胶车、停 机坪扫地车及流动发电机等设备的柴油引擎兼容，可在无需改装常规柴油引擎的情况下作替代燃料使 用。与石油性柴油相比，氢化植物油燃料能减少87%的温室气体排放。2024年，香港机场管理局在香港 国际机场推出可再生柴油先导计划，将氢化植物油燃料用于地勤设备，以履行建设全球最环保机场的承 诺。 记者了解到，中资环国际开发有限公司精准对接香港国际机场可再生柴油先导计划，统筹上游原料供 应、中游生产加工、下游机场交付等全流程，确保氢化植物油燃料按时合规供应，助力香港国际机场实 现净零碳排放承诺和碳减排中期目标。中资环国际开发有限公司还将依托粤港澳大湾区优势，畅通低碳 能源绿色供应链，为推动全球绿色低碳转型贡献"资环力量"。 （来源：天津日报） 转自：天津日报 ...

【冠通期货研究报告】 油粕日报：底部震荡 发布日期：2025 年 12 月 24 日 豆粕：周二公布的月度调查显示，巴西 2025/26 年度大豆作物产量料为 1.783 亿吨，持平于上次预估，预估区间为 1.741-1.826 亿吨。USDA 出口销售报告： 截至 12 月 11 日当周，美国大豆出口销售合计净增 242.47 万吨，符合预期。当 周，美国当前市场年度大豆出口销售净增 239.62 万吨，较之前一周增加 54%， 较前四周均值增加 69%。市场预估为净增 180-290 万吨。其中，对中国大陆出口 销售净增 138.3 万吨。当周，美国下一年度大豆出口销售净增 2.85 万吨。市场 预估为净增 0 吨。当周，美国大豆出口装船 72.13 万吨。较之前一周减少 33%， 较前四周均值减少 31%。其中，对中国大陆出口装船 20.2 万吨。当周，美国当 前市场年度大豆新销售 241.89 万吨，下一市场年度大豆新销售 2.85 万吨。 南美播种顺利，仍然保持丰产预期。美豆虽然恢复对华销售，但是销售进度 明显大幅低于去年同期，这使得美豆延续弱势。与此同时市场流言元旦后的进口 大豆抛储将延续，且 2 ...

公司称，此前的多数气候目标是在前任首席执行官任内制定的。新任首席执行官海基·马利宁已于2024 年上任，他此前已表示在波尔沃炼油厂使用废塑料原料的相关目标也已搁置。 此消息公布后，耐思特股价在赫尔辛基市场一度上涨3.9%。市场对其战略调整给予积极反应，部分原 因在于，预计耐思特将从上周德国政府推出的利好政策中受益，该政策有望提振其主力产品可再生柴油 的市场需求。 中化新网讯 近日，芬兰可再生燃料巨头耐思特公司宣布，将调整其既有的部分气候目标。公司表示， 将无法兑现2035年前停止在其唯一炼油厂使用原油的承诺。 耐思特曾在前期制定了"非常雄心勃勃"的计划，目标于2035年实现生产过程的碳中和。然而，根据最新 声明，公司已将目标推迟，即到2040年，将其自身运营产生的温室气体排放减少80%。公司表示，实现 原有目标时间表需要"大量当前不现实的投资"。未来从原油转向加工可再生及循环原料的时间，将"根 据实际燃料市场需求确定"。 ...

Financial Data and Key Metrics Changes - The company reported $92.5 million of adjusted EBITDA for Q3 2025, marking the strongest quarter in several years [21] - Operating costs were reduced by $24 million compared to the same quarter last year, with a year-to-date reduction of $60 million [5][21] - The company reduced its restricted group debt by over $40 million during the quarter [21] Business Line Data and Key Metrics Changes - The specialty products and solutions segment generated $80.2 million of adjusted EBITDA, with production volume gains of 8% compared to the prior year [23] - The Montana Renewables segment generated adjusted EBITDA with tax attributes of $17.1 million, an increase from $14.6 million in the prior year [26] - The performance brand segment remained flat year-over-year despite the divestment of the Royal Purple Industrial Business [25] Market Data and Key Metrics Changes - The industry saw weakness in renewable diesel margins, with realized margins lower than the normal index margin formula [9] - Biomass-based diesel production remains cut back at roughly 60% utilization, with industry production volumes stabilizing just above 350 million gallons a month [10] - European SAF prices increased approximately 60% over the past six months, indicating a tightening market [19] Company Strategy and Development Direction - The company is on track for its max SAF expansion in the first half of 2026, with approximately 75% of the expanded volume either contracted or in the final review process [12][14] - The focus remains on driving operational improvements and reducing costs per barrel, with a strategic priority on deleveraging [21][24] - The company aims to leverage its integrated model to optimize crude slate and product deals, capturing market opportunities [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the renewable diesel market, anticipating improved margins once the RVO is finalized [38] - The company is confident in its ability to navigate feedstock volatility and expects to benefit from a strong operational environment in 2026 [41] - Management highlighted the importance of regulatory clarity and the potential for increased demand in the SAF market [28][19] Other Important Information - The company successfully monetized $25 million of PTCs during the quarter, with expectations for further monetization at improving price levels [22][27] - An error in the reported Q1 and Q2 2025 cash flow statements will result in an approximate $80 million increase to cash flows from operations for the first quarter [20] Q&A Session Summary Question: What are the gating items for the max SAF expansion? - Management indicated that there are very few gating items, with some tactical constraint removals planned during the scheduled turnaround [31] Question: Can you discuss the off-take agreements for SAF? - Management stated that they are well above halfway through signing customers for the increased SAF production, with a mix of executed and in-service contracts [32][33] Question: What is the primary feedstock being used for Montana Renewables? - Management explained that they utilize a dynamic approach to feedstock, broadly using one-third vegetable oil, one-third corn oil, and one-third tallow and cooking oils [36] Question: How does the small refinery exemption impact financials? - Management noted that they have reduced their outstanding RIN obligation by over $320 million due to favorable rulings on small refinery exemptions [40] Question: What are the expectations for monetizing PTCs? - Management expects to monetize PTCs closer to 95% over time, with initial monetizations around 90% [46]

Core Insights - The U.S. biofuel production capacity is expected to grow slowly, with only a 3% increase from early 2024 to early 2025, primarily due to a significant decline in the capacity growth of renewable diesel and other biofuels [1] - The annual production capacity of renewable diesel and other biofuels in the U.S. will only increase by 391 million gallons in 2024, which is less than one-third of the increases seen in 2022 and 2023 [1] - The expansion of the Rodeo refinery by Phillips 66 and the new facility by Renewable Fuels LLC in Bakersfield are the only two new capacity additions, with the Rodeo facility becoming the second-largest renewable diesel plant in the U.S. after its upgrade [1] Group 1 - The capacity growth from the Rodeo and Bakersfield facilities is offset by the closure of four other plants, which reflects the changing profitability dynamics between biofuels and petroleum refining since 2020 [2] - The closures include Monroe Energy's facility in Pennsylvania, Chevron's in California, and Vertex Energy and Jaxon Energy's plants in Alabama and Mississippi, respectively [2] - The decline in biofuel profitability and the rise in petroleum refining margins have led to a slowdown in renewable diesel capacity investments in the coming years [2] Group 2 - There is an increasing focus on Sustainable Aviation Fuel (SAF) in 2024, which is categorized under "other biofuels" and serves as a substitute for petroleum aviation fuel [3] - The Rodeo facility can convert approximately 150 million gallons per year of renewable diesel capacity to SAF, while the Diamond Green Diesel facility can convert about 235 million gallons per year [3] - Despite the decline in biodiesel capacity due to low profitability, ethanol production capacity is rising, currently accounting for 73% of total U.S. biofuel capacity, mainly driven by stable domestic consumption and increased exports [3]

Core Insights - The U.S. biofuel production capacity is expected to grow slowly, with only a 3% increase from early 2024 to early 2025, primarily due to a significant decline in the capacity growth of renewable diesel and other biofuels [1] - The annual production capacity of renewable diesel and other biofuels will only increase by 391 million gallons in 2024, which is less than one-third of the increases seen in 2022 and 2023 [1] - The expansion of the Phillips 66 Rodeo refinery and the new Renewable Fuels LLC plant in Bakersfield are the only two new capacity additions, with the Rodeo facility becoming the second-largest renewable diesel plant in the U.S. after its upgrade [1] Group 1 - The capacity growth from the Rodeo expansion and the Bakersfield plant is offset by the closure of four facilities, which reflects changes in biofuel and oil refining profit margins since 2020 [2] - The closures include Monroe Energy's facility in Pennsylvania, Chevron's in California, and Vertex Energy and Jaxon Energy's plants in Alabama and Mississippi, respectively [2] - The decline in biofuel profitability and the rise in oil refining profits have led to a slowdown in renewable diesel capacity investments in the coming years [2] Group 2 - There is an increased focus on Sustainable Aviation Fuel (SAF) in 2024, which is categorized under "other biofuels" and serves as a substitute for petroleum aviation fuel [3] - The Phillips 66 Rodeo plant can convert approximately 150 million gallons per year of renewable diesel capacity to SAF, while the Diamond Green Diesel plant can convert about 235 million gallons per year [3] - Despite a slight decline in biodiesel capacity due to low profitability, ethanol production capacity is on the rise, currently accounting for 73% of total U.S. biofuel capacity, primarily driven by stable domestic consumption and increased exports [3]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $0.52 per share and an adjusted EBITDA of $144.4 million for the third quarter [16] - Cash flow from operations for the quarter was approximately $25 million, which included a working capital draw of approximately $74 million [18] - The company ended the quarter with $482 million in cash and approximately $1.9 billion of net debt, maintaining a resilient balance sheet [19][20] Business Line Data and Key Metrics Changes - The Martinez refinery is on schedule for a December restart, with maintenance teams expected to turn over impacted units to operations in early December [4][5] - The Torrance refinery successfully completed a hydrocracker turnaround in the third quarter, while Toledo experienced throughput impacts due to an unplanned outage [12] - The Refining Business Improvement (RBI) program is on track to achieve $230 million in annualized run-rate savings by the end of 2025, with approximately $210 million of implemented savings to date [13][40] Market Data and Key Metrics Changes - Strong product cracks and improving crude dynamics are expected to create a favorable environment for the company and its shareholders [6][7] - The company anticipates that refined product supply constraints, coupled with a well-supplied crude market, will support tight product balances [6] - The market is experiencing a shift with crude differentials widening, which is expected to enhance capture rates for the company [25][27] Company Strategy and Development Direction - The company is focused on safe, reliable, and responsible operations while enhancing efficiency through the RBI program [14][15] - The company aims to capture favorable market conditions as it moves forward, particularly with the full operational capacity of the Martinez refinery by year-end [6][7] - The company is well-positioned in California's refining market, especially with recent capacity closures by competitors [63][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the restart of the Martinez refinery, emphasizing a good relationship with regulatory bodies and the importance of safety [25][26] - The company noted that global demand continues to outstrip net refining capacity additions, which is expected to support market conditions [6] - Management highlighted the challenges in the renewable diesel market but remains optimistic about the asset's performance due to its top quartile status [86] Other Important Information - The company received a $250 million gain on insurance recoveries related to the Martinez fire, with expectations for additional payments as claims progress [16][17] - The company approved a regular quarterly dividend of $0.275 per share [19] Q&A Session Summary Question: Confidence in Martinez Restart - Management expressed confidence in the restart of the Martinez refinery, stating that all permits are in place and emphasizing the team's efforts [25][26] Question: Outlook for Heavy-Light Differentials - Management noted that the market has been constrained and that recent OPEC+ moves have led to a loosening of crude, which is expected to improve capture rates [27][28] Question: Insurance Proceeds Timeline - Management indicated that the $250 million insurance payment received shortly after the quarter was not included in Q3 results and discussed the ongoing relationship with insurance providers [35][36] Question: RBI Program Progress - Management confirmed that they are on track for $230 million in savings, with approximately $210 million already captured, and discussed the continuous improvement journey beyond 2026 [39][44] Question: Impact of Phillips LA Closure - Management acknowledged the significant impact of the Phillips LA closure on the market, noting that it would lead to a reduction in local gasoline supply [75][76] Question: Renewable Diesel Market Challenges - Management discussed the challenges in the renewable diesel market but emphasized the asset's competitive position and potential for higher RIN prices [86]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for the third quarter was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [10] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year [10] - Gross margins improved to 24.7% for the quarter, compared to 22.1% last year [10][15] - Overall net income was $19.4 million for the quarter, or $0.12 per diluted share, compared to $16.9 million, or $0.11 per diluted share for Q3 2024 [16] Business Line Data and Key Metrics Changes - In the feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales of $1 billion versus $928 million [10] - The food segment saw total sales of $381 million, higher than $357 million in Q3 2024, with gross margins at 27.5% compared to 23.9% a year ago [11] - The fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million for the quarter, down from positive $39 million in Q3 2024 [12] Market Data and Key Metrics Changes - Global rendering volumes and margins were up both sequentially and year-over-year, driven by strong demand for fats and proteins [6] - In the U.S., robust demand for domestic fats supported by strong agriculture and energy policy helped boost revenue and margins [8] - Export protein demand is showing signs of recovery, with slightly firmer pricing trends emerging [8] Company Strategy and Development Direction - The company is focused on its core ingredients business, expecting EBITDA for 2025 to be in the range of $875 to $900 million, excluding DGD [17] - The management believes that the integrated model of Darling Ingredients provides a competitive advantage that is unmatched in the industry [5] - The company anticipates a shift in public policy that will strengthen American agriculture and energy leadership, which is expected to enhance DGD's earnings potential [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients business despite short-term challenges in the renewables market [5] - There is optimism regarding the resolution of regulatory uncertainties, particularly around the Renewable Volume Obligation (RVO) [22] - The management highlighted that the current uncertainty around public policy impacts the fuel segment, leading to a cautious outlook [17][64] Other Important Information - The company recorded an income tax benefit of $1.2 million for the quarter, yielding an effective tax rate of -6.3% [16] - Total debt net of cash was $4.01 billion, with expectations for a decrease by year-end as cash is generated from the core business [15] Q&A Session Summary Question: Timeline for clarity on regulatory items like RVO - Management expects clarity on RVO and related regulatory items by December, despite the government shutdown [22] Question: Outlook for feed segment in Q4 - Management indicated that while waste fat prices have dipped, they expect the food segment to be stronger in Q4, potentially meeting guidance [24] Question: Benefits of REMS policy protectionism on feed side - Management noted that the treatment of foreign feedstocks is still unclear, and the overall supply and demand for fats and oils will influence the feed business [28] Question: Factors driving improvement in feed segment margins - Management highlighted improved feedstock prices and strong demand for protein products as key drivers for margin improvement [42] Question: RIN pricing scenarios and industry outlook - Management indicated that RIN prices may need to increase by approximately $0.40 to incentivize production to meet mandates for 2026 [50] Question: Restarting DGD1 - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the costs [79] Question: Outlook for food segment - Management expects a stronger Q4 for the food segment, driven by a rebound in hydrolyzed collagen business and new product launches [82]