Core Insights - The concept of "Tenbagger" stocks, which can appreciate tenfold, is primarily discussed in Western markets, but there are significant opportunities globally [1] - Dede Eyesan's research identified over 900 stocks worldwide that have the potential to become Tenbaggers, emphasizing profit growth and strong business fundamentals as key characteristics [1][2] - Many high-performing companies are not necessarily long-term compound growth firms but can also be turnaround stories [4] Characteristics of Global Tenbagger Companies - Key traits of Tenbagger companies include profit growth, strong business models, and often a founder-led mentality, although not exclusively [1][3] - Successful companies tend to focus on a simple business model and excel in providing excellent products or services [1][3] - Profit margin expansion is a significant driver for many high-performing companies, influenced by both internal and external factors [4][5] Industry Characteristics of Tenbagger Stocks - Industries with limited supply and growing demand, such as the salmon industry, present good investment opportunities [5][6] - Companies that can effectively manage costs and have room for growth are more likely to succeed [5][6] - Understanding the operational aspects of a business is crucial for assessing its potential for profit margin improvement [6][7] Investment Strategies and Insights - Investors should focus on companies with a clear understanding of their business operations and sustainable pricing power [6][7] - The research highlights the importance of understanding local cultures and business practices when investing in foreign markets [10][11] - A significant portion of Tenbagger stocks comes from India, indicating the need for investors to broaden their geographical focus [10] Future Industry Trends and Themes - Certain industries, such as utilities and insurance, face challenges in achieving high growth rates, making them less likely to produce Tenbagger stocks [27][28] - The technology and healthcare materials sectors have shown strong potential for growth, with many companies achieving significant returns [28][29] - The semiconductor industry has seen a surge in Tenbagger stocks, but investors must remain cautious of cyclical fluctuations [28][29] Qualitative Analysis in Investment Processes - Incorporating qualitative factors into investment decisions can enhance risk assessment and potential returns [42][43] - Understanding the competitive landscape and the unique advantages of companies is essential for determining investment size and strategy [43][44] - Investors should focus on companies with a proven track record of profitability and growth, avoiding those with stagnant earnings [46][47]

Group 1 - Sustainable fuels are a global hotspot, with China's National Energy Administration launching initiatives for green liquid fuel technology and industrialization trials, focusing on SAF, sustainable diesel, bioethanol, green methanol, and green ammonia [2] - The first batch of pilot projects includes nine companies working on fuel ethanol, green methanol, and green ammonia, with notable projects such as 30,000 tons of cellulose fuel ethanol by Guotou Bio and 500,000 tons of green methanol by Goldwind Green Energy [2] - Internationally, companies like LG Chem and Mitsubishi Chemical are also making significant moves in sustainable fuel technologies [3] Group 2 - Mitsubishi Chemical's venture capital arm, Diamond Edge Ventures, invested in Licella Holdings, which specializes in advanced recycling and renewable fuel technologies [4] - Licella's technology can produce SAF, bio-crude oil, and renewable diesel from lignocellulosic waste using supercritical water [5] - Mitsubishi Chemical aims to expand its chemical recycling facilities and diversify raw materials as part of its "KAITEKI Vision 35" [6] Group 3 - LG Chem's subsidiary, LG-Eni BioRefining, has begun construction of South Korea's first HVO plant, expected to produce 300,000 tons annually by 2027 [7] - HVO is a new generation bio-oil made from waste cooking oils and can be used for SAF, biodiesel, and bio-naphtha production [8] - LG Chem plans to increase the proportion of bio-naphtha in its BCB products, which are certified by ISCC PLUS for environmental sustainability [9] Group 4 - The fourth Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held in Ningbo, Zhejiang, focusing on AI in bio-manufacturing, green chemicals, new materials, future food, and agriculture [12] - The conference aims to explore trends in bio-manufacturing during the 14th Five-Year Plan and promote technology transfer and talent acquisition [12][20] - Various activities, including forums and workshops, will take place during the conference to facilitate discussions on innovations in the bio-manufacturing sector [12][29]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $76.5 million for Q2 2025, with $8.3 million generated from Montana Renewables, indicating strong performance despite a full month turnaround at the Shreveport facility [5][10][28] - Operating costs were reduced by $42 million in the first half of 2025 compared to the same period in 2024, despite a $7 million increase in natural gas and electricity costs [8][24] - Specialty product margins increased to over $66 per barrel, reflecting improved operational efficiency [24][30] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $66.8 million of adjusted EBITDA, with sales volume exceeding 20,000 barrels per day for the third consecutive quarter [24][26] - The Performance Brands segment reported $13.5 million in adjusted EBITDA, driven by strong volume growth, particularly in the TruFuel brand [27] - Montana Renewables segment adjusted EBITDA with tax attributes was $16.3 million, up from $8.7 million in the prior year, showcasing resilience in a challenging market [28][29] Market Data and Key Metrics Changes - The renewable diesel industry is currently facing low quarterly index margins, but Montana Renewables managed to generate positive adjusted EBITDA due to its competitive advantages [10][14] - The proposed Renewable Volume Obligation (RVO) for 2026 is expected to increase demand for biomass-based diesel, potentially leading to improved margins [19][20][76] Company Strategy and Development Direction - The company is focused on deleveraging and managing its debt, with a target of reaching $800 million in restricted group debt [22][40] - The MAX SAF 150 project is on track to start in 2026, aiming to produce 120 million to 150 million annual gallons of sustainable aviation fuel (SAF) [12][31] - The company is actively pursuing monetization of production tax credits, with expectations of completing these transactions in the near future [66][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the renewable diesel market, anticipating margin recovery as regulatory clarity improves [73][76] - The company is optimistic about the potential for increased production and improved margins in 2026, contingent on the finalization of the RVO [19][76] Other Important Information - The company has successfully reduced operational costs and improved efficiency, with a focus on water treatment and operational learning [46][48] - The company does not expect tariffs to significantly impact its specialties business due to its U.S.-based manufacturing and supply chain [27] Q&A Session Summary Question: What are the updated thoughts on mid-cycle earnings for renewable diesel? - Management indicated that mid-cycle earnings could return to historical levels of $1.50 to $2.00 per gallon index margin, with potential adjusted EBITDA of $140 million to $150 million at $1.50 margins [35][36] Question: Can you discuss the path to further debt pay down and potential future divestitures? - Management highlighted that they have made significant progress on debt reduction and are considering strategic asset sales as part of their deleveraging strategy [39][40] Question: What types of improvements have driven cost reductions in operations? - Management noted that significant improvements in water treatment and operational efficiency have contributed to reduced costs [46][48] Question: How does the company view the attractiveness of different regions for SAF? - Management emphasized the flexibility to serve various markets, including the Midwest and California, and highlighted the potential for partnerships in Canada [50][54] Question: What is the status of PTC monetization? - Management confirmed that they are in the process of finalizing term sheets for PTCs and expect to complete these transactions soon [66][91]

Financial Data and Key Metrics Changes - The company reported a consolidated net loss of $90 million for the second quarter of 2025, with a loss per share of $1.14 and an EBITDA loss of $24 million [5][11] - Adjusted EBITDA for the quarter was $99 million, with an adjusted loss per share of $0.23 [11] - The negative mark to market impact on the RFS obligation was $89 million, and the unfavorable inventory valuation impact was $32 million [11] Business Line Data and Key Metrics Changes - In the Petroleum segment, total throughput was approximately 172,000 barrels per day, with a light product yield of 99% on crude oil processed [5] - Adjusted EBITDA for the Petroleum segment was $38 million, driven by increased Group 3 crack spreads, offset by higher RIN prices and lower throughput volumes [11] - The Fertilizer segment achieved an adjusted EBITDA of $67 million, supported by higher UAN and ammonia sales pricing and volumes [11] Market Data and Key Metrics Changes - Group 3 2-1-1 benchmark cracks averaged $24.02 per barrel for the second quarter, compared to $18.83 per barrel in the same period last year [6] - Average RIN prices for 2025 were approximately $1.11, an increase of over 70% from the prior year [6] - Nitrogen fertilizer prices for 2025 were higher for both UAN and ammonia compared to 2024 [10] Company Strategy and Development Direction - The company plans to focus on improving capture rates, reducing costs, and growing the business profitably [25] - The alkylation project at Wynnewood is expected to enhance the ability to produce premium gasoline, with completion anticipated in 2027 [19] - The company is cautiously optimistic about the refining sector's near and medium-term outlook, given low refined product inventories and steady demand [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the refining market, citing low inventories and steady demand for refined products [17][20] - The company is awaiting final regulations from the IRS regarding PTC benefits, which could positively impact the Renewables segment [9][21] - Management indicated that the energy transition is evolving, with a belief that gas and diesel will remain essential fuels for the foreseeable future [48] Other Important Information - The company ended the quarter with a consolidated cash balance of $596 million and total liquidity of approximately $759 million [15] - Significant cash uses included $189 million for capital and turnaround spending and a $70 million prepayment on the term loan [13] Q&A Session Summary Question: Impact of excess inventory on financials - Management acknowledged that excess inventory during turnaround seasons negatively impacted financial performance, estimating a 7% to 9% decline in capture rates due to timing of product sales [31][35] Question: 2026 CapEx and turnaround outlook - Management indicated that there are no major turnarounds planned for 2026, and guidance on capital spending will be provided later in the year [36] Question: Strategic focus for new leadership - Management emphasized the need for diversification and the potential for future acquisitions to mitigate reliance on a single market [40] Question: Dividend reinstatement considerations - Management expressed a desire to return to dividend payments as soon as possible, with ongoing discussions at the board level [48][51] Question: Small refinery exemptions outlook - Management discussed the ongoing challenges with small refinery exemptions and the potential for legal action if necessary, emphasizing the importance of these exemptions for rural refineries [54][56]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $1.03 per share and adjusted EBITDA of $61.8 million for the second quarter [15][16] - Cash flow from operations for the quarter was $191.1 million, benefiting from a working capital reduction of approximately $79 million [18] - The company ended the quarter with approximately $590.7 million in cash and $1.8 billion of net debt, maintaining a net debt to capitalization ratio of 30% [20] Business Line Data and Key Metrics Changes - The Martinez refinery was partially restarted in late April, with a full restart expected by year-end [5][6] - The company achieved over $125 million in run rate savings implemented so far, with a target of $230 million by 2025 and $350 million by 2026 [13][14] - Renewable diesel production at St. Bernard Renewables averaged 14,200 barrels per day in Q2, with expectations of 16,000 to 18,000 barrels per day in Q3 [18] Market Data and Key Metrics Changes - The company noted a significant reduction of 4 million barrels of medium and heavy crude taken off the market between 2022 and 2023, with expectations of 2 to 2.5 million barrels per day returning by autumn [6][7] - Diesel demand remains strong, with global distillate supply and demand balances in deficit, supporting distillate cracks [7][8] - The California market is expected to face a gasoline shortfall of up to 250,000 barrels per day due to refinery closures [58][59] Company Strategy and Development Direction - The company is focused on improving efficiency and reliability across its refining system through business improvement initiatives [10][14] - There is an emphasis on sustainable operations and cost reductions, with 70% of savings expected to come from operating expenses and 30% from capital expenditures [26][30] - The company is exploring opportunities to maximize the value of excess land around the Delaware City refinery, potentially for data centers [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining environment, citing constructive tailwinds from crude supply and strong product demand [5][9] - The company is closely monitoring the regulatory environment and maintaining strong relationships with local authorities to facilitate operations [43][70] - Management highlighted the importance of continuous improvement initiatives to enhance operational excellence and safety [27][29] Other Important Information - The company received $250 million in insurance proceeds related to the Martinez fire, with expectations for additional interim payments [16][94] - The board approved a regular quarterly dividend of $0.02 per share [19] Q&A Session Summary Question: How to track cost-cutting targets? - Management indicated that approximately 70% of savings will be in operating expenses and 30% in capital expenditures, with sustainability being a key focus [26][30] Question: Evidence of light-heavy spreads widening? - Management noted that they are starting to see light-heavy spreads widen as barrels return to the market, benefiting the company [31][32] Question: Path to restart the Martinez refinery? - Management outlined that demolition is complete, and they are working on procurement and construction activities, with a focus on regulatory permits [38][43] Question: Cash position and liquidity outlook? - Management confirmed ample liquidity and a net debt to capitalization target of under 35%, indicating a strong financial position [50][51] Question: Opportunities with Starwood Digital Ventures? - Management is exploring ways to maximize land value at Delaware City but has no formal announcements yet [54][55] Question: Market dynamics in California? - Management highlighted a significant gasoline shortfall in California due to refinery closures, indicating a constructive market outlook [58][59] Question: Renewable diesel production and credits? - Management confirmed that they are close to offsetting revenue declines from the BTC to PTC switch with increasing RINs pricing [65]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $1.03 per share and adjusted EBITDA of $61.8 million for Q2 2025, excluding special items [15][16] - Cash flow from operations for the quarter was $191.1 million, benefiting from a working capital reduction of approximately $79 million due to a 2 million barrel decrease in inventory [18] - The company ended the quarter with approximately $590.7 million in cash and $1.8 billion in net debt, maintaining a net debt to capitalization ratio of 30% [20] Business Line Data and Key Metrics Changes - The Martinez refinery was partially restarted in late April, with a full restart expected by year-end [5][6] - The company anticipates recognizing $230 million in annualized run rate savings by 2025 and $350 million by 2026, with over $125 million of savings already implemented [13][14] - Renewable diesel production at St. Bernard Renewables averaged 14,200 barrels per day in Q2, with expectations of 16,000 to 18,000 barrels per day in Q3 [17] Market Data and Key Metrics Changes - The company noted a significant reduction in medium and heavy crude availability, with 4 million barrels taken off the market between 2022 and 2023 [6] - The global distillate supply and demand balance remains in deficit, supporting strong diesel margins [7][8] - The company expects light-heavy spreads to widen as seasonal refinery maintenance occurs in the autumn [7][9] Company Strategy and Development Direction - PBF Energy is focused on improving efficiency and reliability across its refining system through business improvement initiatives [10][14] - The company is exploring opportunities to maximize the value of its Delaware City refinery land, potentially for data centers [44] - The management emphasizes the importance of safe, reliable, and responsible operations while driving cost reductions [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining environment, citing constructive tailwinds from crude supply and strong product demand [5][9] - The company is actively engaging with California state officials to address the importance of refined products amid upcoming refinery closures [70][71] - Management highlighted the need for tangible improvements from discussions with regulatory agencies to ensure operational stability [72] Other Important Information - The company received $250 million in insurance proceeds related to the Martinez fire, with expectations for additional interim payments [15][96] - The anticipated receipt of a $70 million tax refund and proceeds from terminal sales are expected to bolster liquidity [20] Q&A Session Summary Question: How to track cost-cutting targets? - Management indicated that approximately 70% of savings will come from operating expenses and 30% from capital expenditures, with a focus on sustainability and reliability [26][30] Question: Update on light-heavy differential? - Management noted that they are beginning to see light-heavy spreads widen, benefiting from increased crude supply [31][32] Question: Path to restart Martinez refinery? - Management outlined that demolition is complete, and they are working on procurement and construction activities, with a focus on regulatory permits [36][41] Question: Cash position and future financing? - Management confirmed ample liquidity and a stable cash position, with no immediate plans to raise additional debt [48][51] Question: Renewable diesel production outlook? - Management stated that production is expected to be optimized based on market conditions, with a focus on maximizing profit [81] Question: Impact of UK refinery closures on PADD one? - Management acknowledged a shift in import dynamics, with less product coming from Europe, affecting the East Coast market [75]

Financial Data and Key Metrics Changes - Combined adjusted EBITDA for Q2 2025 was $249.5 million, down from $273.6 million in Q2 2024, while year-to-date combined adjusted EBITDA totaled $445.3 million compared to $553.7 million for the same period in 2024 [13][14] - Total net sales in Q2 2025 were $1.48 billion, slightly up from $1.46 billion in Q2 2024, with raw material volume remaining nearly unchanged at approximately 3.74 million metric tons [14] - Gross margins improved to 23.3% in Q2 2025 from 22.5% in Q2 2024, with year-to-date gross margins at 23% compared to 21.9% in the first half of 2024 [14][17] Business Line Data and Key Metrics Changes Feed Ingredients Segment - Total net sales for Q2 2025 were $936.5 million, up from $934.1 million in Q2 2024, with gross margins improving to 22.9% from 21% [15][16] - Raw material volumes remained approximately 3.1 million metric tons for both quarters, with year-to-date volumes at roughly 6.2 million metric tons [16] Food Segment - Total sales for Q2 2025 were $386.1 million, compared to $378.8 million in Q2 2024, with gross margins unchanged at 26.9% [18] - Year-to-date gross margins improved to 28.1% from 25.3% in the same period a year ago [18] Fuel Segment - Darling's share of DGD EBITDA was approximately $42.6 million in Q2 2025, down from $76.6 million in Q2 2024, with year-to-date EBITDA at $48.7 million compared to $191.7 million in 2024 [19][20] - Overall fuel segment sales for Q2 2025 were $158.8 million, up from $142.3 million in Q2 2024 [20] Market Data and Key Metrics Changes - The renewable fuel environment remains challenging, with small refinery exemptions and delayed compliance enforcement impacting margins [11][12] - Tariff volatility and increased domestic oilseed crush have pressured protein prices, particularly in Asia, but rising fat prices are expected to support the Feed segment [8][10] Company Strategy and Development Direction - The company announced the formation of NexTata, a joint venture focused on health and wellness, aligning with its strategy to diversify into high-margin markets [6] - The company is focused on operational discipline and strategic timing to position itself for improved margins in the future [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients platform, anticipating sequential improvement driven by rising fat prices [24] - The company expects full-year combined adjusted EBITDA in the range of $1.05 billion to $1.1 billion, reflecting optimism about market conditions [25] Other Important Information - The company successfully refinanced its Eurobond and replaced its revolving credit facility, enhancing financial flexibility [21][22] - Total debt net of cash decreased to $3.89 billion as of June 28, 2025, from $3.97 billion at the end of 2024, lowering the leverage ratio to 3.34 times [22] Q&A Session Summary Question: Discussion on policy benefits for domestic renewable diesel - Management highlighted the evolving domestic market and the expected drop in imported raw materials, benefiting U.S. fat pricing [28][30] Question: Outlook for LCFS prices - Management indicated a positive trend in carbon prices and anticipated potential increases, although exact estimates were challenging [34][35] Question: Impact of lower UCO pricing - Management explained the fluid dynamics of the UCO market and the lag effect in pricing, which impacted margins [39][41] Question: Opportunities for DGD outside California - Management confirmed significant exports to Europe and the UK, with growing demand for renewable diesel globally [50][51] Question: Expectations for SREs - Management expressed uncertainty regarding the timing and impact of SRE announcements, emphasizing the need for clarity in the market [53][56] Question: CapEx plans and capital discipline - Management committed to maintaining CapEx at $400 million or lower for the year, focusing on debt reduction [101]

Core Viewpoint - Valero Energy (VLO) is expected to report a significant decline in quarterly earnings and revenues compared to the previous year, with analysts predicting earnings of $1.76 per share and revenues of $27.84 billion, reflecting decreases of 35.1% and 19.3% respectively [1]. Earnings Projections - The consensus EPS estimate for the quarter has been revised upward by 11.2% over the past 30 days, indicating a collective reassessment by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly correlated with short-term stock price performance [3]. Revenue Estimates - Analysts forecast 'Total operating revenues - Renewable diesel' to be $783.18 million, down 33.9% year-over-year [5]. - The estimate for 'Total operating revenues - Ethanol' is $1.10 billion, suggesting a decrease of 2% from the previous year [5]. - 'Total operating revenues - Refining' is expected to reach $26.94 billion, indicating an 18.5% decline from the prior-year quarter [5]. Refining Margins - The 'U.S. Mid-Continent region - Refining margin per barrel of throughput' is projected at $10.39, up from $9.73 in the same quarter last year [6]. - The 'U.S. West Coast region - Refining margin per barrel of throughput' is estimated at $16.18, compared to $14.86 in the previous year [6]. - The 'U.S. Gulf Coast region - Refining margin per barrel of throughput' is expected to be $10.80, slightly up from $10.36 year-over-year [7]. Throughput Volumes - 'Refining - Throughput volumes per day' is projected to be 2,797.77 thousand barrels, down from 3,010.00 thousand barrels in the previous year [7]. - The 'U.S. Gulf Coast region - Throughput volumes per day' is estimated at 1,787.60 thousand barrels, compared to 1,827.00 thousand barrels last year [8]. - The 'U.S. Mid-Continent region - Throughput volumes per day' is expected to be 399.23 thousand barrels, down from 438.00 thousand barrels year-over-year [9]. - The 'North Atlantic region - Throughput volumes per day' is projected at 334.68 thousand barrels, down from 469.00 thousand barrels in the previous year [10]. Stock Performance - Over the past month, Valero Energy shares have increased by 6.7%, outperforming the Zacks S&P 500 composite's increase of 5.9% [11].

Group 1: Industry Overview - Europe is adjusting its sustainable chemicals and polymers development strategy, prioritizing the development of biofuels, which may lead to a stagnation in the growth of renewable raw materials in the chemical industry [1] - Major renewable product companies had announced several bio-based raw material project development plans due to anticipated rapid growth in biofuel and chemical demand, but some have abandoned these commitments in 2023 to ensure profitability and operational sustainability [1][2] Group 2: Company Actions - Neste has postponed the expansion of its biofuel and biorefinery plant in Rotterdam, originally set to increase capacity to 2.7 million tons per year, to 2027, and has put its renewable and circular polymer and chemical projects on hold for at least two years [1] - Stora Enso canceled plans for a 500,000 tons per year biomass fuel and chemical production plant in Rotterdam, despite having completed design and groundwork, but continues with its biomass chemicals plant in Germany, expected to start production later this year [1] Group 3: Market Dynamics - The bio-based polymer currently accounts for less than 1% of global annual plastic production, highlighting the challenges in the market [3] - Neste is focusing on more mature renewable fuel businesses due to uncertainties in the sustainable chemicals and polymers market, with CEO Heikki Malinen citing a lack of clear regulatory frameworks and demand uncertainties [2][3] Group 4: Future Prospects - Neste aims to process over 1 million tons of waste plastics annually by 2030 and is actively seeking new renewable raw materials [3] - Stora Enso's biomass chemicals project in Germany is expected to begin commercial production in the second half of 2025, with high commercial interest noted [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The total demand for biomass diesel in the US shows an increasing trend, with stable demand in the early stage and growth in the later stage. From 2026 to 2027, compared with 2024, the demand will increase by 13.28% and 18.33% respectively, and the total raw material demand will increase by 232 and 320 million tons respectively [1][8] - The growth in demand for biomass diesel will lead to an increase in the use of North American rapeseed oil and soybean oil, and the North American market will be stronger than overseas markets [1][2] - The actual production performance needs to be monitored to dynamically evaluate the impact of RIN obligations set by the EPA for 2026 and 2027 [9] Group 3: Summary by Relevant Catalogs 1. Biomass Diesel Obligation and Demand Trends - The biomass diesel obligation volumes in 2026 and 2027 are 5610 and 5860 million gallons respectively. Compared with the 4952 million gallons (domestic production + net imports) in 2024, they will increase by 13.28% and 18.33% respectively [8] - The total raw material demand in 2026 and 2027 will increase by 232 and 320 million tons respectively compared with 2024 [8] 2. Raw Material Sources and Substitution - In 2024, vegetable oils were mainly sourced from North American local raw materials, while animal fats and yellow greases also had raw materials from other regions. The total raw materials from other regions for beef tallow and yellow greases were 286 million tons [1][2] - Assuming that non - North American and imported raw materials are replaced by North American local raw materials, the demand in 2024 is estimated to be 319 million tons, accounting for nearly 40% of the edible demand [7] 3. Import and Export of Biomass Diesel and Raw Material Conversion - In 2024, the net imports of biodiesel + renewable diesel in the US converted into total raw materials were 33 million tons [5] - The net imports of biodiesel and renewable diesel in 2024 were 89 and - 55 million tons respectively, with a total net import of 33 million tons [5] 4. Consumption of Vegetable Oils - The industrial and edible consumption of rapeseed oil and soybean oil in the US from 2022/2023 to 2025/2026 is provided, and the total edible consumption of rapeseed oil and soybean oil is in the range of 8406 - 8669 million tons [8]