- Jeremy T. Bezdek is a seasoned expert in energy transition - - Alan R. Tank has played pivotal roles in advancing renewable energy, including decarbonization - PEKIN, Ill., June 26, 2025 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), leading producer and distributor of specialty alcohols, renewable fuels, and essential ingredients, named Gilbert Nathan Chair and Dianne Nury Vice-Chair of the board of directors and announced that Alan R. Tank and Jeremy T. Bezdek were elected as directors at th ...

Chevron 2025 Investor Presentation May 6, 2025 © 2025 Chevron Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER IMPORTANT LEGAL DISCLAIMERS This presentation contains forward-looking images and statements relating to Chevron's operations, assets, and strategy that are based on management's current expectations, estimates, and projections ab ...

Core Viewpoint - Global Partners (GLP) is positioned as an attractive investment opportunity amid rising crude oil prices due to geopolitical tensions and supply disruptions [1][2]. Group 1: Market Context - Escalating tensions in the Middle East, particularly between Israel and Iran, have raised concerns about oil supply disruptions, as Iran is a significant oil producer [2]. - Wildfires in Canada have led to a reduction of approximately 350,000 barrels of oil production per day [2]. - OPEC has been unable to reach an agreement to increase global oil output, contributing to the current market dynamics [2]. - WTI crude prices have increased by 15% over the last month, surpassing $70 per barrel, despite a slight dip of over 1% on Monday [2]. Group 2: Company Performance - Global Partners operates a vast network of liquid energy terminals from Maine to Florida, facilitating the storage and distribution of various petroleum products [4]. - The company has achieved a total return of +23% in 2025, outperforming the broader market and its peers in the oil refining and marketing sector [5]. - GLP's total sales are projected to increase by 37% in fiscal 2025, reaching $23.55 billion, up from $17.16 billion the previous year [10]. - Annual earnings per share (EPS) are expected to rise by 18% this year and an additional 6% in FY26, reaching $3.03 per share [11]. Group 3: Dividend and Distribution - Global Partners, as a Master Limited Partnership (MLP), benefits from a tax structure that allows it to pass income directly to shareholders, making it appealing to income investors [8]. - The company currently has a payout ratio of 94%, with an annual distribution yield of 5.8% [9]. - GLP has increased its dividend 17 times in the last five years, resulting in an annual growth rate of nearly 11% during this period [9][10]. Group 4: Investment Outlook - The stock is currently rated as a Zacks Rank 1 (Strong Buy), indicating strong investor interest [12]. - The reasonable forward earnings multiple of 19.5X suggests potential for further price appreciation as crude prices rise [12].

Company Overview - Global Partners operates approximately 1,700 fueling stations[14] - The company has 54 liquid energy terminals with approximately 21.9 million barrels of storage capacity[14] - The company owns or controls 786 retail sites, approximately 48% of the 1,561 supplied locations[42] Financial Performance (Q1 2025 vs Q1 2024) - Product margin increased to $288.6 million from $244.1 million[63] - Net income improved to $18.7 million from a loss of $5.6 million[63] - EBITDA increased to $91.9 million from $56.9 million[63] - Adjusted EBITDA increased to $91.1 million from $56.0 million[63] - Distributable Cash Flow (DCF) increased to $45.7 million from $15.8 million[63] - Adjusted DCF increased to $46.4 million from $16.0 million[63] Strategic Initiatives - The company is expanding into the Houston market through a joint venture, targeting a population of approximately 7 million residents[48, 50] - The company is focused on expanding EV charging access across retail locations[30]

Company Overview - Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to a wide range of consumer-facing and industrial markets [2] - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America [2] Upcoming Events - On June 5th, Calumet will attend the Bank of America Securities Energy and Power Credit Conference, where it will hold one-on-one investor meetings [3] - On June 11th, Calumet will participate in the Wells Fargo Industrials & Materials Conference, conducting one-on-one investor meetings throughout the day [3]

Energy stocks are beginning to reassert their strength as macro conditions improve and demand drivers multiply. With recession fears easing as tariff negotiations show signs of progress, the market backdrop is turning more favorable, and energy names are catching a bid.Adding to the bullish case is the continued global buildout of data centers, which is expected to drive a massive increase in electricity demand. AI infrastructure, cloud computing, and high-performance servers all require significant power, ...

Core Viewpoint - Comstock Inc. has appointed Mr. Judd B. Merrill as Chief Financial Officer and President of its wholly-owned mining subsidiary, Comstock Mining LLC, effective May 19, 2025, to enhance its financial and operational capabilities in the mining sector [1][3]. Group 1: Appointment Details - Mr. Judd B. Merrill brings extensive experience in the mining and clean mineral technology industries, having served as CFO of Aqua Metals, Inc. and held key financial positions at Klondex Mines Ltd., Fronteer Gold Inc., and Newmont Mining Corporation [2][3]. - Mr. Merrill previously worked with Comstock for over six years in various roles, including CFO and Corporate Secretary, indicating familiarity with the company's operations [3]. Group 2: Executive Commentary - Mr. Corrado De Gasperis, Executive Chairman and CEO, expressed enthusiasm about Mr. Merrill's return, highlighting his systems-based approach and experience in Nevada-based mining and metal recycling, which aligns with the company's strategic goals [3]. - Mr. Walter "Del" Marting, Chairman of the Audit Committee, noted that Mr. Merrill's expertise will strengthen the company's financial organization, particularly in liquidity management, financial reporting, and regulatory compliance [5]. Group 3: Company Overview - Comstock Inc. focuses on innovating and commercializing technologies for efficient extraction and conversion of under-utilized natural resources into renewable fuels and recovered electrification metals [5].

Core Insights - Calumet, Inc. reported a net loss of $162.0 million for Q1 2025, compared to a loss of $41.6 million in Q1 2024, with a basic loss per share of $1.87 [1][2][31] - Adjusted EBITDA with Tax Attributes for Q1 2025 was $55.0 million, reflecting significant adjustments for RINs and Production Tax Credits [2][6][37] - The company is focusing on strategic growth in its Renewables business, having secured a $782 million DOE loan and initiated a deleveraging program [1][2][4] Financial Performance - Total sales for Q1 2025 were $993.9 million, slightly down from $1,005.8 million in Q1 2024 [31] - The gross profit (loss) for Q1 2025 was $(81.4) million, compared to a profit of $78.5 million in the same quarter of the previous year [31] - Adjusted EBITDA for the Specialty Products and Solutions segment was $56.3 million in Q1 2025, up from $47.2 million in Q1 2024 [4][5] Segment Performance - The Specialty Products and Solutions (SPS) segment reported strong sales, with approximately 23,000 barrels per day sold, marking one of the best sales volume quarters on record [4] - The Performance Brands (PB) segment achieved an Adjusted EBITDA of $15.8 million in Q1 2025, up from $13.4 million in Q1 2024, driven by a 7% increase in sales volume [5] - The Montana/Renewables (MR) segment saw a significant improvement, reporting Adjusted EBITDA with Tax Attributes of $3.3 million in Q1 2025, compared to a loss of $(13.4) million in the prior year [6][37] Strategic Initiatives - The company is accelerating its MaxSAF™ expansion, aiming to increase SAF capacity to 120-150 million gallons by Q2 2026 at a cost of $20 million to $30 million [1][2] - A partial redemption notice for $150 million of 2026 Notes has been issued, with a redemption date set for May 24, 2025 [8] - A company-wide cost reduction plan is on track, achieving a $22 million year-over-year reduction in operating costs [2][4]

Financial Data and Key Metrics Changes - The company reported a significant increase in R&D expenses, which rose by $2,400,000 in Q1 compared to the prior year, primarily due to collaborations with the National Renewable Energy Lab (NREL) and the acquisition of the Madison facility [10][11][12] - Revenue from Comstock Metals soared to GBP 1,340,000 in Q1, a nearly fourfold increase from just over GBP 350,000 in the previous quarter [21][22] - The company expects to increase its revenue guidance for Metals from $2,500,000 to over $3,000,000 due to strong performance and market demand [22] Business Line Data and Key Metrics Changes - Comstock Fuels and Comstock Metals are both experiencing rapid growth, with significant capital attracted from sophisticated industry partners [6][7] - The integration of the Wausau and Madison facilities allows for the production of up to two barrels of fuel per week, enhancing operational capabilities [32][41] - The company has established a master services agreement with RWE Clean Energy for recycling and decommissioning solar installations, which is expected to drive future revenue [21][30] Market Data and Key Metrics Changes - The company is positioned to capitalize on the growing demand for clean sustainable energy, with increasing interest from long-term equity investors [17][72] - The market for recycling solar panels is expanding, with the company currently processing a small fraction of the total end-of-life panels expected in the coming years [23][24] - The company is the only R2 certified recycler in North America, which enhances its competitive position in the market [25][31] Company Strategy and Development Direction - The strategic focus is on spinning out Comstock Fuels as a separate entity, with plans for a public offering and significant funding through Series A [39][47] - The company aims to deliver 200,000,000 barrels a year by 2035, leveraging high-yielding energy crops and advanced processing technologies [39][40] - The integration of innovative technologies and partnerships is a key part of the company's strategy to enhance operational efficiency and market reach [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic conditions for mining and renewable energy, noting a resurgence in interest and investment in junior mining companies [45][52] - The company is actively evaluating options for monetizing its mining assets, with significant inbound inquiries from potential partners and investors [51][68] - The outlook for both fuels and metals remains strong, with expectations for robust cash margins and revenue growth as operations scale up [29][39] Other Important Information - The company has successfully eliminated significant cash obligations through strategic settlements, resulting in a financial gain recorded in Q1 [9][10] - A new Director of Aviation for Comstock Fuels has been appointed to lead sustainable aviation fuel initiatives, enhancing the company's capabilities in this area [12][13] - The company is focused on building a strong base of capital to support its growth objectives, with a significant increase in authorized shares to facilitate this [8][17] Q&A Session Summary Question: What is the plan and timetable for restarting or monetizing mining assets? - Management noted a bullish outlook on gold prices and significant inbound inquiries regarding mining assets, indicating a potential for monetization as market conditions improve [50][52] Question: Can you clarify the projected timeline for the expansion of the metals business? - The company expects to receive permits for storage expansion in Q2, with financing and equipment orders planned for Q3, aiming for industry-scale production and revenue by Q2 of the following year [55][57] Question: How will the growth of other businesses be funded while limiting dilution? - Management confirmed plans to engage sophisticated banks for funding, with a focus on maintaining equity value and minimizing dilution as the company progresses towards cash flow generation [66][70]

Core Insights - Comstock Inc. reported significant growth in its metals recycling and renewable fuels sectors, with a focus on sustainable practices and strategic partnerships [1][10][30] Metals Recycling - Comstock Metals achieved billings of $1.34 million in Q1 2025, a substantial increase from $0.2 million in Q4 2024, with $0.6 million deferred [6] - The company has processed over 4 million pounds of end-of-life solar materials and operates under the R2v3/RIOS Responsible Recycling Standard, ensuring a zero-landfill solution [4][6] - Plans are in place to expand operations with three industry-scale recycling facilities, initially targeting 50,000 tons of annual capacity, with potential to double that [21][24] Renewable Fuels - Comstock Fuels aims to produce 200 million barrels (approximately 8 billion gallons) of biofuel annually by 2035, utilizing waste and energy crops [8] - The company has secured a $152 million allocation of Qualified Private Activity Bonds and closed a strategic Series A investment from Marathon Petroleum Corp. [7] - Comstock Fuels is developing a commercial demonstration facility and pursuing joint development agreements, which could generate significant future revenues [25][26] Mining Operations - Comstock Mining is positioned to capitalize on rising silver demand and has plans to monetize legacy real estate and non-strategic investments for over $50 million [10][22] - The company has developed actionable plans to expand and upgrade its mineral resources, particularly in the Dayton area, in response to higher gold prices [14][29] - A focus on integrating renewable fuels with mining operations is expected to enhance overall growth and operational efficiency [27][30] Corporate Strategy - The company plans to separate its Fuels and Metals divisions to better unlock value and enhance growth potential in both sectors [12][20] - Comstock aims to maximize production and revenue from its demonstration facility while securing funding for scaling operations [24][23] - The corporate objectives for 2025 include advancing R&D efforts to improve material recovery and securing additional financing for growth initiatives [24][26]