|Bid||0.00 x 2200|
|Ask||17.00 x 1300|
|Day's Range||7.76 - 8.15|
|52 Week Range||7.01 - 19.39|
|Beta (3Y Monthly)||0.94|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 5, 2019 - Nov 11, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||18.00|
(Bloomberg) -- Top Trump administration officials met Thursday to consider options for quelling a backlash in politically important farm states over recent biofuel policy moves, including revoking waivers given to some oil refineries from requirements they use renewable fuel such as corn-based ethanol.The Agriculture Department pushed that idea in the meeting and in a memo explicitly outlining options for President Donald Trump amid intense opposition from the Environmental Protection Agency, which administers the program that mandates biofuel. Thursday’s meeting follows a flurry of White House conversations this week on the issue, according to people familiar with the deliberations who asked not to be named before any formal announcement.After Bloomberg reported the news, biodiesel maker Renewable Energy Group Inc. surged as much as 7%, the steepest gain in two months, while U.S. ethanol producer Green Plains Inc. climbed as much as 3.6%. Corn futures also advanced. Gasoline futures fell for the first time in a week.The administration is trying to blunt anger in Iowa and other states critical to the president’s re-election, as Trump’s political allies in the Midwest blast the EPA’s Aug. 9 decision to waive 31 oil refineries from 2018 quotas encouraging the use of ethanol and soybean-based biodiesel. But any shift to favor agricultural interests over oil companies could also have political implications in Pennsylvania and other campaign battleground states, by angering blue-collar refinery workers and oil industry benefactors.‘Regain Support’In Thursday’s meeting, administration officials discussed a series of possible policy changes that had been outlined by Agriculture Secretary Sonny Perdue in an Aug. 20 memo obtained by Bloomberg. “By taking decisive action now,” Perdue said in the memo, “I believe we can regain support among farmers and the biofuel industry.”Perdue recommended rescinding some of the oil-refinery exemptions that had been granted to “big” companies -- about seven to eight of the recent batch of 31 -- despite warnings from top EPA officials the revocations could be illegal.The Agriculture Department, which didn’t immediately respond to a requests for comment, also recommended reallocating some of the biofuel quotas that were waived and that are expected, beginning with a final regulation setting biofuel targets for 2020, expected by Nov. 30.The agency also is seeking a formal role in dictating the targets for the next two years and helping shape the future of the Renewable Fuel Standard, the 2005 law that compels refiners to use biofuel.The White House was already reviewing a drafted EPA “RFS reset” rule that did not make broad changes to the program, but Perdue described it as “negative toward biofuels and contrary” to the president’s “stated support” for the law. That regulation could be a vehicle for more ambitious biofuel-blending requirements.The EPA also should take steps to speed the adoption of E15 gasoline that contains 15% ethanol, Perdue said, and encourage flex-fuel vehicles that can run on an 85% blend.Refinery RisksAs top Trump administration officials weighed options this week, oil companies and their congressional allies made the case that any shift could alienate refinery workers and voters in swing states the president won in 2016.Rescinding the waivers is “likely to inflict far more political damage given the likely reaction of unions, political supporters and businesses in key battleground states like Pennsylvania and even Texas,” Scott Segal, a Bracewell lobbyist who works with refiners, said late Wednesday.Federal law authorizes the EPA to issue exemptions waiving refineries from RFS mandates in cases of economic hardship. But ethanol and biodiesel producers say the Trump administration has handed out those waivers too freely, hurting demand for their products, amid a trade dispute with China that has already caused economic pain.EPA officials and refiners dispute that waivers have hurt domestic ethanol demand. Agricultural economist Scott Irwin asserted Thursday that the rate at which ethanol has been blended into gasoline has not fallen, though he said exemptions have hurt demand for E85 and E15.(Updates with details of Perdue memo from fifth paragraph)\--With assistance from Jennifer Jacobs.To contact the reporters on this story: Jennifer A. Dlouhy in Washington at email@example.com;Mario Parker in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- President Donald Trump presided over a lengthy Oval Office meeting Monday in which he urged officials to soften the impact of recent policy moves that angered Midwestern farm states critical to his re-election.The Trump administration was stung by criticism over the Environmental Protection Agency’s Aug. 9 decision to give 31 refineries exemptions from annual biofuel-blending requirements -- including Iowa Senator Chuck Grassley’s assertion that the Trump administration had “screwed” farmers.Trump suggested rescinding some of the newly granted waivers during the Monday meeting, according to four people familiar with the discussions who asked not to be named describing a private session. Trump was told the waivers may not be reversible, but officials offered other ideas to mitigate the political impact in Iowa, a state he carried in 2016 and needs again in 2020 to win.Administration officials suggested expanding environmental credits that encourage production of “flex-fuel” vehicles that can run on high-ethanol gasoline and requiring government agencies to use more of them -- both steps that could increase the use of corn in fuels.The White House press office had no comment.The flurry of discussions is in keeping with the president’s practice of searching for immediate fixes to thorny policy disputes, from a border wall to the tax overhaul, sometimes impulsively endorsing just-advanced ideas that haven’t been deeply vetted. For instance, Trump stunned Republican leaders and some of his own staff when he temporarily sided with top Democrats on federal spending in September 2017.Monday SessionsMonday’s back-and-forth illustrates an intensifying clash over U.S. biofuel policy that pits two of Trump’s top political constituencies -- farmers and oil interests -- against each other. The administration is divided, with the U.S. Department of Agriculture favoring farmers and the EPA insisting the law compels them to waive the requirement for refineries facing economic harm.The meeting Monday with Trump was ostensibly to discuss trade with China but quickly turned into a fuels discussion because the U.S. ambassador to China, former Iowa Governor Terry Branstad, had just spent a few days in the state and was concerned about the harm he believed the waivers will cause rural America.The meeting, described as lively and spanning roughly two hours, included Branstad, Deputy Agriculture Secretary Stephen Censky, White House trade adviser Peter Navarro, White House economic adviser Larry Kudlow and National Security Council official Matthew Pottinger. Agriculture Secretary Sonny Perdue and EPA Administrator Andrew Wheeler joined by phone.During the Oval Office session and at least one follow-up call, administration officials discussed broad policy changes designed to mollify farm-state critics and expand the market for corn-based ethanol. At one point, Branstad questioned whether the U.S. could mandate auto companies make all vehicles capable of running on a variety of fuels, so consumers can choose what to use. The idea was quickly rebuffed, with one person in the meeting warning it would provoke a big fight with automakers.Summertime EthanolAmong the other options discussed: fuel policy changes designed to make E15 gasoline that contains 15% ethanol a new nationwide standard, replacing the 10% variety that is now commonplace.The EPA in May lifted restrictions on E15 gasoline that blocked widespread summertime sales, but fewer than 2,000 stations offer that blend, much less E85 gasoline containing 85% ethanol. Flex-fuel vehicles are capable of using both but limited consumer interest has discouraged widespread adoption.It is not clear that any of the ideas will materialize. Since 2017, Trump has tried to broker a compromise on biofuel policy between warring ethanol and oil industry interests, but the design of the U.S. Renewable Fuel Standard makes it nearly impossible to satisfy both stakeholders simultaneously. And many of the ideas advanced Monday would require congressional action or lengthy federal rulemaking; some even conflict with regulatory changes already under way.Moreover, some of the proposals would benefit ethanol but do little to address concerns by U.S. biodiesel makers that use soybean oil as a feedstock and whose footprint extends beyond the Corn Belt.Another idea under consideration is boosting the amount of biodiesel and conventional renewable fuel the EPA will require refiners to use over the next two years to compensate for expected waivers -- effectively forcing non-exempted refineries to make up for the lost quotas. Perdue, the agriculture secretary, has pushed the idea for months, against opposition from EPA officials and oil companies.Ethanol producers climbed on the news. Green Plains Inc. jumped as much as 2.6% to $7.89, and shares were $7.58 at 3:14 p.m. in New York. And renewable identification numbers tracking 2019 ethanol blending climbed 30% to 13 cents apiece from 10 cents Monday.The White House discussions center around a 14-year-old federal law that dictates oil refineries use biofuel to satisfy annual quotas set by the EPA. The statute authorizes the EPA to issue exemptions for small refineries facing a “disproportionate economic hardship,“ but biofuel proponents argue the administration has handed out the waivers too freely and is undermining domestic demand for the products.The EPA decided to grant 31 exemptions from 2018 biofuel-blending quotas -- and deny six other applications -- following months of internal deliberations and after Trump intervened to authorize the move. But the president said Monday he felt misled by the high number of approvals, according to two people familiar with the discussions.Midwestern AngerThe exemptions have caused anger throughout the Midwest, where biofuel producers, their political allies and farmers view the waivers as curbing demand for their products, amid a trade war with China that has already diminished sales. Biodiesel producer World Energy Corp. last week blamed the refinery waivers and a lapsed tax credit for a decision to shutter three of its plants. POET LLC said Tuesday it would idle production at its bioprocessing facility in Cloverdale, Indiana, because of the exemptions. Democratic candidates for the White House also have seized on the issue.EPA officials and oil industry advocates push back against assertions that refinery exemptions are eroding demand for ethanol.“There is zero evidence that EPA’s congressionally mandated small refinery exemption program -- which provides regulatory relief to small refineries around the country -- has had any negative impact on domestic corn ethanol producers,” the agency said in an emailed statement. “In fact, the Trump administration has overseen year-over-year increases in domestic fuel ethanol production, to the highest level in history and the United States exported a record volume of ethanol in 2018 for the second consecutive year.”The EPA said its decisions take into account direction from Congress, recommendations from the Department of Energy and recent court decisions that rapped the agency for denying some refinery waivers.Still, people in Monday’s meeting with Trump highlighted the backlash in Iowa and other Midwest states, illustrating the political concern about Trump alienating crucial swing voters. Oil industry allies, including Senator Ted Cruz, a Republican from Texas, have made the opposite pitch during earlier administration discussions on the issue, arguing that support from refinery workers in Pennsylvania and other battleground states is also at risk if the president strengthens U.S. biofuel mandates.\--With assistance from Ryan Beene and Jordan Fabian.To contact the reporters on this story: Jennifer Jacobs in Washington at firstname.lastname@example.org;Jennifer A. Dlouhy in Washington at email@example.com;Mario Parker in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
How far off is Green Plains Inc. (NASDAQ:GPRE) from its intrinsic value? Using the most recent financial data, we'll...
OMAHA, Neb., Aug. 06, 2019 -- Green Plains Inc. (NASDAQ:GPRE) today announced that Todd Becker, president and chief executive officer, is scheduled to present at the Jefferies.
Green Plains (GPRE) delivered earnings and revenue surprises of -44.87% and 14.85%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
Results for the Second Quarter of 2019 Net income of $10.7 million, or $0.45 per common unitAdjusted EBITDA of $13.9 million and distributable cash flow of $11.7.
Results for the Second Quarter of 2019: Net loss attributable to the company of $45.3 million, or $(1.13) per diluted shareEBITDA of $(19.8) millionCash, cash equivalents and.
OMAHA, Neb., July 29, 2019 -- Green Plains Inc. (NASDAQ:GPRE) and Green Plains Partners LP (NASDAQ:GPP) will release second quarter 2019 financial results after the market.
The U.S. ethanol industry is about to break under the weight of the Trump Administration's trade war with China and the surge in the number of small refineries exempted from the nation's biofuel laws, Green Plains Chief Executive Officer Todd Becker said. The U.S. ethanol industry was preparing for growth in recent years, but the momentum has stalled in the face of President Donald Trump's trade war with China, a major buyer, and his administration's decision to align itself with the oil industry on demand-cutting waivers from biofuel laws, Becker said.
U.S. ethanol plants are expected to sharply curtail production in the weeks ahead as steep Midwest corn prices and the U.S.-China trade war have led to weak margins and oversupply, industry sources said. Margins to produce ethanol in the Corn Belt - where most U.S. production takes place - have fallen to a four-year seasonal low, while ethanol inventories are at the highest seasonally since at least 2010. Industry sources said this glut makes future cuts inevitable, particularly as corn prices are making production even more expensive.
If you're interested in Green Plains Inc. (NASDAQ:GPRE), then you might want to consider its beta (a measure of share...
Green Plains Inc. (GPRE) today announced the completion of its offering of $105 million aggregate principal amount of 4.00% convertible senior notes due 2024. The notes were offered and sold in a private placement to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended, by the initial purchasers of the notes. The company's estimated net proceeds from the offering were approximately $101 million after deducting the initial purchasers' discounts and commissions and our estimated offering expenses.
The business suspended its dividend. While that's not exactly a surprising move, it highlights the sour financial position of the ethanol leader.
Green Plains Inc. (GPRE) today announced the pricing of its offering of $105 million aggregate principal amount of convertible senior notes due 2024, which was upsized from the previously announced $100 million aggregate principal amount of notes. The notes are to be offered and sold in a private placement to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)), by the initial purchasers of the notes. The company has also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $20 million aggregate principal amount of notes. The company expects to use approximately $40 million of the net proceeds from the offering to repurchase approximately 3.2 million shares of common stock concurrently with the offering in privately negotiated transactions.
Green Plains Inc. (GPRE) today announced that its board of directors has decided to suspend its quarterly cash dividend in order to retain and redirect cash flow to the company’s Project 24 opex equalization plan, the deployment of high-protein technology and its stock repurchase program. “As part of our capital allocation plan, we believe suspending our cash dividend enables us to expedite our investments into our Project 24 initiative, which is expected to significantly reduce our ethanol production operating costs, and support deployment of our high-protein feed technology across our production platform,” said Todd Becker, president and chief executive officer. “We intend to immediately deploy capital to repurchase stock pursuant to the remaining availability of approximately $80 million under the $100 million program authorized by the Board of Directors in August 2014,” added Becker.
Green Plains Inc. (GPRE) today announced that it intends to offer $100 million aggregate principal amount of convertible senior notes due 2024 in a private placement to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)), subject to market and other conditions. The notes will be convertible into cash, shares of the company’s common stock or a combination of cash and common stock, at the election of the company, when certain conditions are met. The interest rate, conversion rate, offering price and other terms will be determined at the time of pricing of the offering.
The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Green Plains, Archer Daniels Midland and Bunge
The agency removed the federal restriction on summer sales of E15 ethanol and came up with several structural changes to increase RIN market transparency.