Core Insights - Aemetis, Inc. reported a revenue of $59.2 million for Q3 2025, an increase of $7 million compared to Q2 2025, driven by orders from India Oil Marketing Companies and improved ethanol prices and volumes [2][4][6]. Financial Performance - Total revenues for Q3 2025 were $59.2 million, down from $81.4 million in Q3 2024, with the Keyes plant operating at a lower grind rate to maximize margins [7]. - The company experienced a gross loss of $58 thousand in Q3 2025, compared to a gross profit of $3.9 million in Q3 2024 [8]. - Operating loss for Q3 2025 was $8.5 million, worsening from an operating loss of $3.9 million in the same period last year [8]. - Net loss for Q3 2025 was $23.7 million, compared to a net loss of $17.9 million in Q3 2024 [10]. Segment Performance - The Dairy Natural Gas segment produced 114,000 MMBtu from twelve operating digesters, generating $4 million in revenue [6][7]. - The India Biodiesel business reported $14.5 million in revenue, primarily from new allocations converting into sales to India Oil Marketing Companies [7]. Cash Flow and Investments - Cash increased to $5.6 million at the end of Q3 2025, up from $1.6 million in Q2 2025, supporting project execution in India [6]. - The company signed contracts worth $57 million for new equipment purchase and installation for the Mechanical Vapor Recompression (MVR) and dairy RNG projects [4]. Future Outlook - Aemetis plans to sell $20 million of tax credits following the completion of a multi-dairy biogas digester in September 2025 [4]. - The company is targeting an IPO for its India subsidiary in 2026 [6].

Financial Highlights - Q3 2025 net income attributable to IEP was $287 million, or $049 per depositary unit, compared to $22 million, or $005 per depositary unit, for Q3 2024[6] - Q3 2025 Adjusted EBITDA attributable to IEP was $383 million compared to $183 million for Q3 2024[6] - Indicative net asset value as of September 30, 2025, was approximately $38 billion, an increase of $567 million compared to June 30, 2025[6] - IEP declares third quarter distribution of $050 per depositary unit[6] Segment Performance - Energy segment net income was $258 million in Q3 2025, compared to a loss of $88 million in Q3 2024[9] - Energy segment Adjusted EBITDA was $409 million in Q3 2025, compared to a loss of $38 million in Q3 2024[9] - Investment segment returns were negative 05% for Q3 2025[13, 15] - Automotive Services revenue was $366 million, up $11 million when compared to Q3 2024[25] - Food Packaging Q3 2025 Adjusted EBITDA attributable to IEP decreased by $8 million compared to prior year quarter[32]

Core Insights - MPLX has acquired a sour gas treating business in the Delaware Basin and a 55% interest in the BANGL NGL pipeline, enhancing its growth profile and targeting a distribution growth rate of 12.5% over the next few years, which would result in annual cash distributions exceeding $3.5 billion to Marathon Petroleum Corporation [1][5][30] - The company reported a strong demand for diesel and jet fuel, while gasoline demand remained flat to slightly lower, indicating tight supply conditions that are expected to persist into 2026 [2][45] - Marathon Petroleum Corporation generated $6 billion in operating cash flow and returned $3.2 billion to shareholders through the third quarter, reflecting confidence in its business outlook [3][6] Financial Performance - The third-quarter adjusted net income was reported at $3.01 per share, with adjusted EBITDA of $3.2 billion and cash flow from operations of $2.4 billion, excluding changes in working capital [6][10] - The refining and marketing segment achieved an adjusted EBITDA of $6.37 per barrel, with refinery utilization at 95%, processing 2.8 million barrels of crude per day [7][10] - The company returned over $900 million to shareholders in the quarter, including $650 million in share repurchases and $276 million in dividends [6][10] Market Dynamics - Current market fundamentals indicate tightness in supply, with gasoline and distillate inventory levels below five-year averages, suggesting strong demand [2][45] - The blended crack spread was reported at over $15 per barrel, which is 50% higher than the same period last year, indicating favorable market conditions [3][10] - The company faced headwinds in the West Coast due to lower clean product margins and a compressed jet to diesel differential, impacting overall capture rates [17][18] Strategic Initiatives - The company completed several strategic transactions, including the sale of its interest in an ethanol production joint venture, optimizing its portfolio [2][5] - Marathon Petroleum Corporation is focused on enhancing operational reliability and optimizing its renewable diesel operations, despite facing challenges with margins and feedstock costs [9][78] - The company is committed to maintaining a competitive edge in the West Coast market through ongoing investments and operational improvements [25][28] Future Outlook - The fourth-quarter outlook projects crude throughput volumes of 2.7 million barrels per day, with a turnaround expense estimated at approximately $420 million [10][11] - The company anticipates that the Galveston Bay resid hydrocracker will reach full operating capacity soon, which is expected to optimize Gulf Coast operations [10][11] - Marathon Petroleum Corporation is positioned to continue leading in capital returns, supported by the anticipated distribution growth from MPLX and ongoing share buyback initiatives [30][36]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through the third quarter, including a 10% increase in dividends [5][4] - The blended crack spread was over $15 per barrel in October, which is 50% higher than the same period last year [5] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed strong performance with adjusted EBITDA of $6.37 per barrel, and refinery utilization was at 95%, processing 2.8 million barrels of crude per day [9][8] - The renewable diesel segment operated at 86% utilization, but margins were weaker due to higher feedstock costs [10][9] - Midstream segment adjusted EBITDA increased by 5% year-over-year, with MPLX targeting a distribution growth rate of 12.5% over the next couple of years [10][6] Market Data and Key Metrics Changes - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5][4] - Product inventory levels for gasoline and distillates are below five-year averages, indicating strong demand [5][4] - Current market fundamentals suggest tightness in supply and supportive demand, expected to persist into 2026 [5][4] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic investments and completed several transactions to advance its objectives [6][4] - The company aims to leverage its integrated refining and marketing value chains to drive cash generation through all parts of the cycle [7][6] - The company is completing a multi-year infrastructure improvement project at its Los Angeles refinery to enhance competitiveness [12][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, citing strong cash generation and a commitment to sustainable commercial performance [4][5] - The fourth quarter is typically the strongest quarter, and management expects to maintain strong performance despite recent headwinds [18][17] - Management highlighted the importance of operational excellence and optimizing decision-making to capture market opportunities [14][13] Other Important Information - The company plans to maintain its share buyback program as a primary method of returning capital to shareholders, with no plans to take on debt for buybacks [40][39] - The company anticipates a turnaround expense of approximately $420 million in the fourth quarter, mainly focused on the West Coast [11][10] Q&A Session Summary Question: Capture rates in the quarter - Management noted a capture rate of 96%, down from 105% in the previous quarter, primarily due to West Coast dynamics and lower clean product margins [16][17] Question: Return of capital and share repurchase - Management confirmed no change in the approach to share buybacks and highlighted the expected $2.8 billion return from MPLX distributions [21][20] Question: West Coast refinery dynamics - Management discussed the competitive advantage in the West Coast due to refinery closures and ongoing investments, expecting to generate above mid-cycle margins [25][26] Question: Impact of inventory build on margin capture - Management indicated that inventory changes had a 3%-5% impact on capture rates, with specific builds ahead of turnarounds affecting performance [63][65] Question: Renewable diesel market outlook - Management acknowledged headwinds in the renewable diesel segment but emphasized operational efficiency and the importance of regulatory clarity moving forward [99][100]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4][5] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through share repurchases and dividends [5][4] - The company announced a 10% increase in dividends, reflecting confidence in its business outlook [5][4] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed adjusted EBITDA of $6.37 per barrel, with refineries running at 95% utilization, processing 2.8 million barrels of crude per day [9][10] - The midstream segment's adjusted EBITDA increased by 5% year-over-year, driven by MPLX's growth strategy [10][11] - Renewable diesel facilities operated at 86% utilization, but margins were weaker due to higher feedstock costs [11][10] Market Data and Key Metrics Changes - The blended crack was over $15 per barrel in October, 50% higher than the same period last year [5][4] - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5][4] - Product inventory draws indicated strong demand, with gasoline and distillate inventory levels below five-year averages [5][4] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic transactions, including the sale of its interest in an ethanol production joint venture [6][4] - MPLX is expected to target a distribution growth rate of 12.5% over the next couple of years, implying annual cash distributions to the company of over $3.5 billion [6][4] - The company aims to leverage its integrated refining and marketing value chains to deliver industry-leading cash generation [7][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate market headwinds, with a capture rate of 96% in the third quarter, down from 105% in the previous quarter [18][19] - The fourth quarter is typically the strongest quarter, and management expects to maintain strong performance despite challenges [19][18] - Current market fundamentals indicate tightness in supply and supportive demand, expected to persist into 2026 [5][4] Other Important Information - The company completed several transactions to advance strategic objectives, including the acquisition of a Delaware Basin sour gas treating business by MPLX [6][4] - The Galveston Bay REZID Hydrocracker is expected to return to full capacity soon, which will optimize Gulf Coast operations [12][13] Q&A Session Summary Question: Capture rates in the quarter - Management noted a sequential decline in capture rates to 96%, primarily driven by West Coast dynamics and lower clean product margins [18][19] Question: Return of capital and share repurchase outlook - Management confirmed no change in the strategy for share buybacks, emphasizing the importance of MPLX's distribution growth in supporting capital returns [21][22] Question: West Coast refinery dynamics and future margins - Management highlighted competitive advantages in the West Coast due to refinery closures and ongoing investments, suggesting potential for above mid-cycle margins [26][29] Question: Impact of inventory build on margin capture - Management indicated that inventory builds in the third quarter had a 3% to 5% impact on capture rates [64][65] Question: Renewable diesel market outlook - Management acknowledged challenges in the renewable diesel segment but emphasized a focus on operational efficiency without significant capital investment [100][102] Question: Crude slate and sourcing advantages - Management discussed plans to run a higher percentage of sweet crude in the fourth quarter, leveraging increased availability of advantageous barrels [110]

THIRD QUARTER 2025 Earnings Conference Call November 4, 2025 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC). These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social a ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.92 and total segment operating profit of $845 million for the third quarter [4] - The trailing four-quarter adjusted return on invested capital (ROIC) was 6.7% and cash flow from operations before working capital changes was $2.1 billion year to date [4] - Adjusted earnings per share expectations for the full year 2025 have been revised down to a range of $3.25-$3.50, down from approximately $4 per share [12][21] Business Line Data and Key Metrics Changes - The Services & Oilseeds (AS&O) segment operating profit was $379 million, down 21% compared to the prior year quarter, primarily due to the deferral of U.S. biofuel policy [14] - Ag Services subsegment operating profit increased by 78% to $190 million, driven by higher export activity in North America [14] - Carbohydrate Solutions segment operating profit was $336 million, down 26% year-over-year, primarily due to a decline in global demand for sweeteners and starches [16] - Nutrition segment revenues were $1.9 billion, up 5% year-over-year, with operating profit increasing by 24% to $130 million [18] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the cash business [7] - Global soybean and canola crush execution margins were significantly lower than the prior year quarter, particularly in North America [15] - Ethanol EBITDA margins per gallon for the quarter were approximately double compared to the prior year quarter, with volumes roughly flat [17] Company Strategy and Development Direction - The company is focusing on operational excellence, portfolio optimization, and cost savings through a self-help agenda, targeting $200 million-$300 million in cost savings for 2025 [9][21] - A joint venture with Alltech in Animal Nutrition aims to transition the business into higher-margin specialty ingredients, expected to commence operations in 2026 [9][40] - The company is investing in innovation, particularly in flavor systems for energy drinks and natural colors, as well as postbiotics [10] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging industry-wide operating environment but remains flexible and focused on long-term growth [4] - The deferral in U.S. biofuel policy has led to lowered expectations for full-year 2025, but management remains optimistic about 2026 due to potential improvements in market conditions [11][13] - The company is prepared for gradual improvements in margins as clarity on biofuel policies is expected [76] Other Important Information - The company has maintained a strong balance sheet and disciplined capital allocation, allowing for continued investments and shareholder returns [6] - The company has reduced inventory by $3.2 billion year to date, improving working capital efficiency [20] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush? - Management explained that soybean crush rallied sharply post-RVO announcements but then moved lower due to various factors, including a decrease in U.S. acres and uncertainty about biofuels policy [30] Question: Can you clarify the insurance gains? - Management confirmed that insurance proceeds in the fourth quarter are expected to be funded half by captive insurance and half by third parties, with total proceeds lower than the previous year [35] Question: What are the benefits of the JV with Alltech? - The JV aims to pivot towards more specialty products in Animal Nutrition, combining the strengths of both companies to enhance operational improvements and synergies [40] Question: How does the company view the clarity on biofuel policy? - Management expressed optimism about the eventual clarity on biofuel policies, which is expected to positively impact margins and demand for domestic feedstocks [76] Question: What is the outlook for Ag Services? - Management noted that while Q3 was strong, the outlook for Q4 may be softer due to ongoing uncertainties regarding trade deals and farmer selling behavior [68]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.92 and total segment operating profit of $845 million for the third quarter [4] - The trailing four-quarter adjusted return on invested capital (ROIC) was 6.7% [4] - Cash flow from operations before working capital changes was $2.1 billion year to date, down by $254 million compared to the prior year [19][20] Business Line Data and Key Metrics Changes - Ag Services & Oilseeds (AS&O) segment operating profit was $379 million, down 21% year-over-year, primarily due to the deferral of U.S. biofuel policy [14] - AX services subsegment operating profit increased by 78% to $190 million, driven by higher export activity in North America [14] - Carbohydrate Solutions segment operating profit was $336 million, down 26% year-over-year, with starches and sweeteners subsegment profit down 36% due to declining global demand [16][17] - Nutrition segment revenues were $1.9 billion, up 5% year-over-year, with operating profit increasing by 24% to $130 million [18] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the cash business [7] - Global soybean and canola crush execution margins were significantly lower than the prior year quarter, particularly in North America [15] - Ethanol EBITDA margins per gallon for the quarter were approximately double compared to the prior year quarter [17] Company Strategy and Development Direction - The company is focused on operational excellence, portfolio optimization, and cost savings, targeting $200-$300 million in cost savings for 2025 [9][21] - A joint venture with Alltech in animal nutrition aims to transition the business into higher-margin specialty ingredients, expected to commence operations in 2026 [9][40] - The company is investing in innovation, particularly in flavor systems for energy drinks and postbiotics, to drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a more constructive environment for the industry and American farmers, contingent on clarity regarding U.S. biofuel policy [13][46] - The company lowered its full-year 2025 adjusted earnings per share expectations to a range of $3.25 to $3.50, down from approximately $4 per share [12][21] - Management noted that the current operating environment is challenging, with uncertainty around biofuel policy impacting demand [11][27] Other Important Information - The company announced its 375th consecutive quarterly dividend [6] - Strong cash management has allowed the company to continue investing in areas of innovation [9] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush versus previous quarters? - Management explained that soybean crush rallied sharply post-RVO announcements but then moved lower due to various factors, including uncertainty about biofuels policy [30] Question: Can you clarify the insurance gains and their funding sources? - Management confirmed that half of the insurance proceeds are funded by a captive insurer, with the other half expected from third parties [35] Question: What are the benefits of the joint venture with Alltech? - The joint venture aims to combine the strengths of both companies to pivot towards higher-margin specialty ingredients in animal nutrition, with production expected to start in 2026 [40] Question: How does the company view the clarity on biofuel policy? - Management indicated that clarity on biofuel policy is crucial for future margins and operational planning, with expectations for gradual improvements once policies are finalized [45][76] Question: What is the outlook for ag services in the fourth quarter? - Management noted that while Q3 was strong, the outlook for Q4 is more subdued due to ongoing uncertainties in trade and biofuel policies [66]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.92 and total segment operating profit of $845 million for Q3 2025 [4] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 6.7% and cash flow from operations before working capital changes was $2.1 billion year to date [4][26] - The company revised its full year 2025 adjusted earnings per share expectations to a range of $3.25 to $3.5, down from approximately $4 per share [15][28] Business Line Data and Key Metrics Changes - In the Ag Services and Oilseeds (AS and O) segment, operating profit was $379 million, down 21% year-over-year [18] - The Ag Services sub-segment saw an operating profit of $190 million, an increase of 78% compared to the prior year quarter, driven by higher export activity [19] - The crushing sub-segment's operating profit was $13 million, down 93% from the prior year quarter due to significantly lower execution margins [20] - The Carbohydrate Solutions segment's operating profit was $336 million, down 26% year-over-year, primarily due to a decline in global demand for sweeteners and starches [22] - The Nutrition segment revenues were $1.9 billion, up 5% compared to the prior quarter, with operating profit of $130 million, up 24% year-over-year [24] Market Data and Key Metrics Changes - The company achieved the best total export volume for September since 2016, which helped offset some weakness in the crush business [8] - The global demand for sweeteners and starches was lower, impacting volumes and margins, particularly in the EMEA region [22] - Ethanol export flows are projected to drive similar sequential demand throughout the fourth quarter, although margins are expected to be lower than previous highs [30] Company Strategy and Development Direction - The company is focused on operational excellence, portfolio optimization, and cost savings, targeting $200 million to $300 million in cost savings for 2025 [11][28] - A joint venture with Alltech in Animal Nutrition aims to transition the business into higher-margin specialty ingredients, expected to commence operations in 2026 [11][50] - The company is investing in innovation, particularly in flavor systems for energy drinks and natural colors, as well as postbiotics [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging industry-wide operating environment but remains optimistic about long-term growth driven by U.S. biofuel policy [5][15] - The company expects 2026 to offer a more constructive environment for the industry and American farmers, creating positive economic opportunities [16] - Management highlighted the importance of clarity on trade deals and biofuel policies for future performance [84][85] Other Important Information - The company has maintained a strong balance sheet and disciplined capital allocation, with a net leverage ratio of 1.8 times as of September [27] - The company continues to focus on improving working capital efficiency, having reduced inventory by $3.2 billion year to date [27] Q&A Session Summary Question: Can you help reconcile the sequential decline in the third quarter for crush? - Management explained that the soybean board crush rallied sharply post-RVO announcements but has since moved lower due to various factors, including trade deal uncertainties and a decrease in U.S. acres [39][40] Question: Can you clarify the insurance gains? - Management confirmed that half of the insurance proceeds are expected to come from captive insurance and the other half from third parties, similar to the previous year [44] Question: What are the benefits of the joint venture with Alltech? - The joint venture aims to combine the strengths of both companies in the animal nutrition market, focusing on specialty ingredients and operational improvements [50][51] Question: How does the company view the clarity on biofuel policy? - Management expressed optimism that once policies are finalized, it will lead to increased demand for soybean oil and improved crush margins [56][58] Question: What is the outlook for Ag Services in Q4? - Management indicated that while Q3 was strong, Q4 may be softer due to uncertainties surrounding trade deals and farmer selling behavior [84][85]

Financial Data and Key Metrics Changes - For Q3 2025, consolidated net income was $401 million, with earnings per share at $3.72 and EBITDA of $625 million, including a $488 million benefit from small refinery exemptions [4][10] - Adjusted EBITDA for the quarter was $180 million, with adjusted earnings per share at $0.40, reflecting a significant impact from RFS liability changes and inventory valuation [10][11] - The estimated accrued RFS obligation on the balance sheet was $93 million as of September 30, representing 90 million RINs marked to market at an average price of $1.03 [11] Business Line Data and Key Metrics Changes - In the petroleum segment, adjusted EBITDA was $120 million for Q3, driven by increased Group 3 benchmark cracks and higher throughput volumes [10][12] - The ammonia utilization rate in the fertilizer segment was 95%, down from 97% in Q3 2024, with higher nitrogen fertilizer prices compared to the previous year [8][13] - The renewable segment reported an adjusted EBITDA loss of $7 million, a decline from an $8 million profit in Q3 2024, primarily due to increased soybean oil prices and the loss of the blenders' tax credit [12][13] Market Data and Key Metrics Changes - Group 3 benchmark cracks averaged $25.97 per barrel in Q3 2025, up from $19.40 per barrel in the previous year [5][10] - Average RIN prices for Q3 were approximately $6.33 per barrel, nearly 25% of the Group 3 2-1-1 crack [5] - Fertilizer prices remained high due to tight global supplies, with ammonia priced at approximately $700 per ton and urea ammonium nitrate at $360 per ton [23] Company Strategy and Development Direction - The company plans to revert the renewable diesel unit back to hydrocarbon processing during the next scheduled turnaround in December, citing profitability concerns in the renewable space [21][22] - The management remains cautiously optimistic about the refining sector, anticipating stable demand and limited new refining capacity, which could support healthy crack spreads [19][20] - The company is focused on returning the balance sheet to targeted leverage and prioritizing paying down the term loan with excess cash flow [24][25] Management's Comments on Operating Environment and Future Outlook - Management noted that refining market conditions improved in Q3, with steady refined product demand and inventories near five-year averages [18] - The company expressed concerns about the renewable business's reliance on government support, which has been lacking, impacting profitability [21] - Future pipeline projects are expected to positively impact the Mid-Continent region, providing relief for product movement [28] Other Important Information - The company ended Q3 with a consolidated cash balance of $670 million and total liquidity of approximately $830 million [14][15] - Significant cash uses included $43 million for capital and turnaround spending and $20 million for term loan repayment [14] Q&A Session Summary Question: Pipeline projects and shipping commitments - Management acknowledged the potential positive impact of new pipeline projects for Mid-Continent refiners but has not yet decided on shipping commitments [27][28] Question: Renewable diesel plant utilization - The renewable diesel unit will be mothballed, with plans to find new uses for logistical assets, but the pretreatment plant will be shut down [29][30] Question: Renewable diesel conversion costs - The conversion back to hydrocarbon processing is primarily a catalyst change, with low costs associated with mothballing the unit [36][40] Question: RIN obligation strategy - The company plans to monitor RIN obligations closely and is preparing to purchase RINs to meet compliance deadlines [46][47] Question: Dividend restart timeline - Management indicated that predicting the right debt levels for restarting dividends is challenging, but the refining environment appears favorable for future growth [52][54]