Core Viewpoint - Calumet, Inc. is actively engaging with investors by attending the H.C. Wainwright Renewable Fuels Virtual Day and will conduct virtual one-on-one meetings on March 25, 2026 [1]. Group 1: Company Overview - Calumet, Inc. manufactures, formulates, and markets a diverse range of specialty branded products and renewable fuels [1]. - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [1]. Group 2: Financial Activities - Calumet has completed an offering of $150 million of additional 9.75% senior notes due in 2031 [3]. - The company has announced the pricing of a private placement for the same amount of senior notes [4].

Core Viewpoint - Suncor Energy's price target has been raised to $62 by Goldman Sachs, reflecting supply disruptions in the Middle East and indicating a potential upside of nearly 4% from current levels [2]. Group 1: Company Overview - Suncor Energy Inc. is a Canadian integrated energy company involved in extracting, producing, and providing energy from various sources, including oil sands and renewable fuels [1]. Group 2: Price Target and Market Context - Goldman Sachs increased Suncor's price target from $55 to $62, maintaining a 'Buy' rating on the stock [2]. - The price target revision is part of a broader update on US and Canadian oil majors due to ongoing supply disruptions in the Middle East [2]. - Brent crude futures are trading above $100 per barrel, influenced by geopolitical tensions, particularly Iran's actions in the Strait of Hormuz [3]. Group 3: Investment Considerations - Suncor Energy has an annual dividend yield of 2.93% and has been recognized as one of the best oil and gas dividend stocks to buy currently [4].

Delivering growing returns from our strengths Capital Markets Day 2026 March 10th, 2026 0 ALL RIGHTS ARE RESERVED Diversified CFFO exposure +11 M +24 M Customers Digital customers TSR 47% Vertically integrated sales >45% >90% Renewable Fuels1 Power & Gas1 5.4 B€ Cash Flow From Operations (CFFO) >80% Capital employed in Iberia & US Repsol 2025 at a glance: With all the energies Energy retail market share In Iberia 20% Upstream Improved international portfolio with US focus 548 kboed production Industrial Lea ...

Core Viewpoint - Alto Ingredients Inc is experiencing a significant stock surge following a strong earnings report, indicating a successful turnaround for the renewable fuels producer [1]. Financial Performance - Adjusted EBITDA for Q4 increased to $27.9 million from a negative $7.7 million, driven by improved crush margins, renewable fuel export sales, and derivative gains [2]. - For 2025, the company reported a net income of $12.1 million, or 16 cents per share, compared to a loss of $60.3 million in 2024, and generated $44.7 million in adjusted EBITDA [2]. Strategic Positioning - CEO Bryon McGregor stated that the company entered 2026 in a stronger position, focusing on enhancing production capabilities, increasing exports, monetizing Section 45Z tax credits, and capitalizing on rising demand for liquid CO2 [3]. - At the end of 2025, the company had $23.4 million in cash and $102 million in borrowing availability, providing flexibility for growth initiatives [3]. Stock Performance - Over the past year, Alto's shares rose from approximately $0.78 to a new 52-week high near $3.86, with the latest earnings-driven spike extending a strong rally from late 2025 [4]. - The stock is currently trading well above its 20-, 50-, and 200-day moving averages, indicating strong upward momentum [4]. Market Reaction - Alto Ingredients shares surged by 50.38% to $3.92 at the time of publication, marking a new 52-week high according to Benzinga Pro data [5].

Core Insights - Delek US Holdings, Inc. (NYSE:DK) is experiencing significant gains in the energy sector, with a notable increase in share price and strong financial performance in Q4 2025 [1][4]. Financial Performance - The company reported adjusted earnings of $2.31 per share for Q4 2025, exceeding forecasts by $2.50, and an adjusted net income of $143 million, a substantial recovery from a loss of nearly $161 million in the same quarter of 2024 [2]. - The refining segment showed remarkable improvement, with adjusted EBITDA reaching $314.1 million in Q4 2025, compared to a loss of $68.7 million in Q4 2024, driven by increased refining margins and higher crack spreads [3]. Market Trends - The benchmark crack spreads for Delek US Holdings increased by an average of 66% compared to the previous year, contributing to the improved financial results [3].

Core Insights - Par Pacific Holdings achieved record annual refining throughput of 188,000 barrels per day, exceeding its three-year average by 4% due to operational improvements in Hawaii [4] - The company successfully navigated operational challenges, including a Wyoming crude heater outage, restoring operations ahead of schedule [4] - A joint venture with world-class partners advanced the Hawaii renewables project into the commissioning phase, de-risking the investment [4] - The Retail segment saw a 13% year-over-year increase in adjusted EBITDA, contributing to record financial performance [4] - The balance sheet improved significantly with a 10% reduction in share count and a $310,000,000 decrease in gross debt, ending the year with record liquidity of $915,000,000 [4] - The company is focusing on a 'cycle-agnostic' strategy to enhance mid-cycle earnings by increasing distillate yields and logistics integration [4] - Anticipated first quarter system-wide midpoint throughput is 182,000 barrels per day, factoring in planned maintenance and seasonal influences [4] - Hawaii crude differentials are expected to range between $4.75 and $5.25 per barrel in Q1, supported by easing backwardation and favorable supply access [4] - The company prioritizes the safe startup and optimization of the Hawaii renewable fuels unit, with feedstock introduction expected soon [4] - Capital allocation for 2026 will focus on high-return projects in the Rocky Mountains to enhance asset flexibility [4] - A disciplined capital allocation framework will balance internal growth, opportunistic share repurchases, and potential M&A [4] - The Wyoming crude heater incident highlighted the need for rigorous reliability protocols [4] - Less than half of the SRE-related excess RIN inventory was monetized by year-end, providing working capital visibility into 2026 [4] Operational and Financial Adjustments - Montana Q4 capture rates were temporarily suppressed to 72% due to coker maintenance, leading to a lighter crude slate and increased low-margin asphalt sales [6] - The existing term loan was repriced, reducing the interest spread by 50 basis points and saving over $3,000,000 in annual cash interest [6]

Core Viewpoint - The energy sector is positioned to provide sustainable dividend income, with companies like Clearway Energy, Chevron, and Kinder Morgan expected to continue growing their dividends over the coming decades due to increasing energy demand, particularly for clean energy [1][16]. Group 1: Clearway Energy - Clearway Energy is a major owner of clean power generation assets, including wind, solar, and natural gas, with predictable cash flow from long-term power purchase agreements (PPAs) [4][5]. - The company anticipates a 7% to 8% compound annual growth rate in free cash flow per share through 2030, supported by identified investments [5][7]. - Clearway's strong cash flows and strategic partnerships are expected to sustain dividend increases, with a current dividend yield of 4.7% [4][7]. Group 2: Chevron - Chevron is one of the largest oil and gas producers, capable of generating significant cash flow even at lower oil prices, with a current dividend yield of 3.9% [8][10]. - The company expects to add $12.5 billion to its annual free cash flow this year, driven by its Hess merger and expansion projects, with a projected growth rate of over 10% annually through 2030 at $70 oil [10][11]. - Chevron is also investing in lower-carbon energy solutions, which are expected to support future dividend growth [11]. Group 3: Kinder Morgan - Kinder Morgan operates the largest gas pipeline transmission network in the U.S., with stable cash flows from long-term contracts, currently yielding 3.6% [12][14]. - The company has $10 billion in growth capital projects planned through 2030 and is pursuing additional expansion projects to meet rising natural gas demand [14][15]. - Kinder Morgan's growth projects are expected to enhance cash flow, supporting continued dividend increases, marking the ninth consecutive year of dividend raises [15].

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]

Industry Overview - The renewable fuels industry is undergoing a structural transformation towards a policy-backed, decarbonization-oriented energy sector, focusing on low-carbon, higher-value fuels [1] - Global capacity in the renewable fuels sector is expected to triple by 2028 according to a Bain & Company report [1] Alto Ingredients (ALTO) - Alto Ingredients is transitioning from a conventional fuel ethanol producer to a diversified business focused on specialty alcohols and essential ingredients [3] - The product mix has expanded to include specialty alcohols and ingredients for pharmaceutical, personal care, food, and industrial applications, aimed at diversifying revenue streams and reducing exposure to volatile ethanol pricing [4] - A key strategy involves reducing carbon intensity scores to benefit from the federal Section 45Z clean fuel tax credit, potentially generating up to $18 million in incremental gross benefit over 2025–2026 [5] - Alto is expanding carbon dioxide capture and utilization at its facilities, which adds a higher-margin revenue stream and supports sustainability objectives [6] - The company is focused on operational discipline, streamlining costs, and capitalizing on near-term opportunities with clear return visibility [7] - ALTO shares have risen 17.4% over the past year, with a Zacks Consensus Estimate for 2026 revenues implying a year-over-year increase of 10.5% and EPS growth of 260% [7][12] Green Plains (GPRE) - Green Plains is evolving into a leading biorefining company by commercializing Clean Sugar Technology and producing low-carbon dextrose and glucose for industrial fermentation [8] - The company is restructuring its business mix towards higher-margin protein and renewable ingredients, aiming to reduce exposure to ethanol cyclicality [9] - Green Plains has improved its balance sheet with no near-term debt maturities and enhanced liquidity through asset sales [9] - The company plans to deploy capital to strengthen plant assets, reduce carbon intensity, and explore options for returning capital to shareholders [10] - GPRE shares have also risen 17.4% over the past year, with a Zacks Consensus Estimate for 2026 revenues implying a year-over-year increase of 5.2% and EPS growth of 122.9% [11][12] Comparative Analysis - Both ALTO and GPRE have seen their shares rise 17.4% over the past year, but ALTO's 2026 EPS growth estimate and valuation favor its investment case [8][16] - ALTO is trading at a forward price-to-earnings multiple of 16.88, while GPRE's multiple is at 36.74, indicating that ALTO may offer a less expensive valuation [14]