Jefferies maintains a "Hold" rating for BP (NYSE:BP) and raises the price target to 440 GBp.BP announces a joint venture with Corteva Inc., named Etlas, aiming to produce biofuel feedstocks.The stock has seen a decrease of 2.01%, with a current price of $33.67.BP (NYSE:BP) is a global energy company involved in oil and gas exploration, production, refining, and marketing. It competes with major players like ExxonMobil and Shell. On January 7, 2026, Jefferies maintained its "Hold" rating for BP, with the sto ...

Core Insights - The oil and gas refining sector has seen standout gains from companies like Valero Energy, Par Pacific Holdings, and HF Sinclair, with each up over 30% year to date, significantly outperforming the broader energy sector [1][8] Industry Dynamics - Refining margins have remained strong due to low global product inventories and steady demand for fuels, particularly distillates like diesel and jet fuel [3] - Supply constraints have been exacerbated by maintenance issues, outages, and refinery closures, leading to healthier margins for refiners [3] - Improved operational reliability has allowed refiners to maintain high throughput and low unplanned downtime, enhancing profitability [4] Operational Advantages - Companies have benefited from flexibility in product mix, allowing them to shift production towards higher-value products based on market signals [5] - Access to advantaged crude supplies and strong logistics networks have maximized margin capture, while retail and marketing segments provided stability [5] Future Outlook - The refining and marketing industry is expected to remain supported by tight supply-demand dynamics and limited new capacity additions, although predicting stock performance for 2026 is challenging [6] - Valero Energy, Par Pacific, and HF Sinclair are highlighted as companies to watch as industry fundamentals evolve [6] Company Profiles - **Valero Energy**: Operates 15 refineries with a throughput of about 3.2 million barrels per day, producing various refined products. The company has a significant renewables footprint and is expected to see 24.5% earnings growth in 2026 [9][10] - **Par Pacific**: Runs an integrated energy business with a refining capacity of 219,000 barrels per day and is involved in decarbonization efforts. The company has a market capitalization of $1.9 billion and a 19% increase in 2026 earnings estimates [11][12] - **HF Sinclair**: Operates seven refineries with a combined throughput of approximately 678,000 barrels per day. The company has diversified into renewable diesel and specialty lubricants, with a 6.5% growth forecast for 2026 earnings [13][14]

Core Viewpoint - Gevo Inc. is recognized as a rapidly growing penny stock, with a Buy rating and a $14 price target reaffirmed by H.C. Wainwright following strong Q3 results that highlight robust revenue and a strategic focus on carbon monetization [1][2]. Financial Performance - Gevo reported Q3 revenue of $43.71 million, surpassing consensus estimates of $37.03 million [3]. - The company experienced a net loss of $0.03 per share, which was an improvement compared to the expected loss of $0.04 per share [3]. - Gevo achieved a second consecutive quarter of positive adjusted EBITDA, attributed to strong performance at its North Dakota facility and renewable natural gas operations [3]. Operational Improvements - Loss from operations decreased by $20.3 million year-over-year, driven by increased revenues from the North Dakota facility and reduced production costs [4]. Strategic Initiatives - Gevo's CEO, Dr. Patrick Gruber, emphasized the company's ability to generate positive adjusted EBITDA and plans to enhance profitability, while also remaining committed to developing the jet fuel business, which is expected to contribute significantly to adjusted EBITDA [5]. - The company secured a multi-year off-take agreement projected to generate $26 million in Carbon Dioxide Removal credit sales revenue over the next five years [5]. Company Overview - Gevo, Inc. specializes in renewable chemicals and advanced biofuels, converting renewable energy and bio-based feedstocks into low-carbon products, including sustainable aviation fuel, renewable gasoline, diesel, and chemicals [6].

Summary of Cielo Waste Solutions Update / Briefing (November 20, 2025) Company Overview - Cielo Waste Solutions is a waste solutions development company focused on converting difficult waste streams into low-carbon, commercially viable fuel [2][3] - The company is technology neutral, selecting proven third-party technologies based on project-specific feedstock economics and regulatory environments [3] Project Nexus Update - Cielo is advancing Project Nexus, which aims to develop a facility in Prince George, British Columbia, leveraging the area's industrial hub advantages, including skilled labor and existing biofuel facilities [4][5] - The company is working with local groups to secure a site for the project, emphasizing the importance of access to rail and utilities for waste processing [5] Feedstock and Production - The feedstock opportunities in the Prince George area are abundant, particularly in wood waste, which aligns with Cielo's focus on sustainable aviation fuel (SAF) production [5][9] - Cielo has a foundational feedstock Memorandum of Understanding (MOU) for Project Nexus, with plans for a long-term supply agreement [12][13][32] - The company aims to produce SAF as its primary output, capitalizing on the economic advantages provided by the British Columbia Low Carbon Fuel Standard (LCFS) [14][11] Regulatory and Financial Support - Both the BC provincial government and the federal government are providing strong support for renewable fuel projects, including the Clean Fuels Fund and the Strategic Innovation Fund's Net Zero Accelerator Program [8][9] - Cielo plans to apply for a Clean Fuels Fund grant, expecting to hear back by the end of the year [15][36] - The LCFS framework allows Cielo to potentially fund up to half of the project through carbon credit minting, significantly de-risking the investment [25][39] Market Demand and Competition - There is a significant supply shortage for SAF in British Columbia, with existing contracts in place but not meeting the mandated demand [10][40] - Cielo is not aware of any other SAF production facilities in British Columbia, positioning itself uniquely in the market [40] Future Plans and Milestones - The company is currently in the pre-FEED (Front-End Engineering Design) phase, with expectations to complete this process in the coming months [30][41] - Cielo aims to secure feedstock supply agreements and finalize project financing as it progresses through the pre-FEED stage [41][25] Additional Insights - Cielo is focused on building a business rather than developing technology, which allows for a more straightforward project execution [14] - The company is exploring various outputs, including renewable diesel and biomethanol, but will primarily focus on SAF for the time being [20][22] - The project is expected to have a significant impact on decarbonizing the aviation fuel industry in Canada [9][14] This summary captures the key points from the Cielo Waste Solutions update, highlighting the company's strategic direction, project developments, regulatory support, and market positioning.

Core Insights - The article highlights the accelerating alignment of federal and state policies that support the adoption of Sustainable Aviation Fuel (SAF) across the United States [1] - The U.S. SAF market is projected to reach $7 billion by 2030, indicating significant growth potential [1] - A global market opportunity for SAF is estimated at $25 billion, showcasing the international demand for sustainable aviation solutions [1] - A strategic investment of $350 million has been made in the New Rise Reno facility, which is part of the broader initiative to decarbonize the aviation sector in America [1] Industry Overview - The momentum for SAF adoption is rapidly increasing, driven by supportive policies at both federal and state levels [1] - The investment in SAF infrastructure, such as the New Rise Reno facility, is crucial for advancing the decarbonization efforts in the aviation industry [1]

Core Insights - Cielo Waste Solutions Corp. will host a live investor and stakeholder webinar on November 20, 2025, to discuss advancements in its flagship project, Project Nexus [1][2]. Group 1: Project Nexus - Project Nexus aims to convert biomass and wood waste into low-carbon transportation fuels, including sustainable aviation fuel, representing a key part of Cielo's strategy for clean-energy solutions [3]. - The webinar will cover technology integrations, partnership developments, and operational strategies related to Project Nexus, along with expected near-term milestones [2][3]. Group 2: Company Overview - Cielo Waste Solutions Corp. focuses on transforming waste materials into high-value products, addressing global waste challenges while contributing to the circular economy and reducing carbon emissions [4]. - The company is committed to using environmentally friendly and economically sustainable technologies to lead in the wood by-product-to-fuels industry, aiming to provide environmental waste solutions that generate positive returns for shareholders [4].

Core Viewpoint - Aemetis, Inc. will host a conference call on November 6, 2025, to discuss its third quarter 2025 earnings report [1] Group 1: Conference Call Details - The conference call is scheduled for 11 am Pacific Time (PT) on November 6, 2025 [1] - Participants can join the call using a toll-free number or an international dial-in option [1] - A webcast of the call will be available on the company's website, along with a presentation and recent announcements [2] Group 2: Company Overview - Aemetis is a renewable natural gas and renewable fuel company based in Cupertino, California, founded in 2006 [3] - The company operates a biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas [3] - Aemetis owns a 65 million gallon per year ethanol production facility in California and an 80 million gallon per year biodiesel production facility in India [3] - The company is also developing sustainable aviation fuel, renewable diesel fuel biorefinery, renewable hydrogen, and hydroelectric power projects [3]

Core Insights - XCF Global, Inc. is positioned as a significant player in the decarbonization of the aviation industry through Sustainable Aviation Fuel (SAF) [1] - The company emphasizes the vast scale of both the challenges and opportunities presented by the evolving global policy landscape regarding SAF adoption [1] Industry Overview - The aviation industry is undergoing a transformation driven by the need for sustainable practices, particularly in fuel usage [1] - The global policy environment is rapidly changing, influencing the pace and scale of SAF adoption [1]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for Q3 2025 was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [12] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year [12] - Gross margins improved to 24.7% for the quarter, compared to 22.1% a year ago [12] 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 reaching $1 billion compared to $928 million [12] - The Food segment saw total sales of $381 million, up from $357 million in Q3 2024, with gross margins increasing to 27.5% from 23.9% [13] - The Fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million, down from a positive $39 million in Q3 2024 [14] Market Data and Key Metrics Changes - Global rendering volumes and margins in the Feed segment were up both sequentially and year-over-year, driven by strong demand for fats and proteins [8] - Export protein demand is showing signs of recovery, although tariff implications have impacted value-added poultry protein products [9] - The renewables market faced headwinds due to higher feedstock costs and lower RINs and LCFS pricing [10] Company Strategy and Development Direction - The company is focused on strengthening its integrated model, which is seen as a competitive advantage in the industry [6] - Management is optimistic about the rollout of public policy aimed at enhancing American agriculture and energy leadership, which is expected to boost DGD's earnings potential [11] - The company plans to provide financial guidance exclusively for its core ingredients business, expecting EBITDA in the range of $875 million to $900 million for the full year 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term uncertainty in the renewables market due to delays in the renewable volume obligation (RVO) ruling [7] - The company remains confident that pressures in the renewables segment are temporary and anticipates a positive shift in the market [10] - Management expressed optimism about the core ingredients business, expecting continued strong performance despite challenges in the renewables segment [20] Other Important Information - Total debt net of cash was $4.01 billion as of September 27, 2025, compared to $3.97 billion at the end of 2024 [18] - The company recorded an income tax benefit of $1.2 million for the quarter, resulting in an effective tax rate of -6.3% [19] - The company expects to generate around $300 million in production tax credits (PTCs) in 2025, with significant cash inflows anticipated in the fourth quarter [16] Q&A Session Summary Question: Timeline for clarity on regulatory items - Management expects clarity on RVO and exemptions by December, despite the government shutdown [24][25] Question: Feed outlook for Q4 - Management indicated that while waste fat prices have dipped, strong performance is expected in the food segment, with a narrow EBITDA range anticipated [26][28] Question: RIN policy protectionism benefits - Management noted that the treatment of foreign feedstocks is still unclear, and the need for imports may depend on domestic supply and demand dynamics [32][34] Question: DGD margins and drivers - Management clarified that DGD results were not as strong as hoped, and the capture rate was affected by LCM accounting practices [38][40] Question: Feed segment margin improvement - Management highlighted that improved protein prices and strong demand from aquaculture markets contributed to better margins in the feed segment [46][48] Question: RIN pricing scenarios - Management indicated that RIN prices may need to rise by approximately $0.40 to incentivize production to meet the 2026 mandate [57] Question: Debt repayment plans - Management confirmed that they are committed to paying down debt and expect to maintain a debt coverage ratio around three times [58][61] Question: DGD restart conditions - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the operational costs [95]

Company Overview - Aemetis (NASDAQ: AMTX) is a producer of renewable fuels, primarily focusing on ethanol production in California and India, as well as renewable gas generated from cow manure digesters in California [1] Industry Focus - The company is also in the process of constructing a sustainable aviation fuel facility in California, indicating a strategic move towards diversifying its renewable fuel offerings [1]