REG: Renewable diesel production up in Q1
Renewable Energy Group Inc. produced 99 million gallons of biodiesel and renewable diesel during the first quarter of 2022, flat with the same period of 2021. Biodiesel production was down, but renewable diesel production was up, according to a first quarter report issued by the company on May 4.
According to REG, renewable diesel production was up 42 percent for the quarter. The substantial increase is, in part, attributed to turnaround at the Geismar renewable diesel facility that was completed during the first quarter of last year. This year’s turnaround started in March and was completed in April. Biodiesel production was down 10 percent as a result of the shutdown of the company’s Houston facility in late 2021.
REG sold 157 million gallons of fuel during the first quarter, up 23 million gallons when compared to the same period of last year. Petroleum diesel sales were up 27 million gallons due to the acquisition of Amber Resources. North American renewable diesel sales were up 7 million gallons. These increases were partially offset by a 6 million gallon decrease in North American biodiesel sales, primarily attributed to the closure of the Houston facility, and a 5 million decrease in third party renewable diesel sales.
Revenues reached $936 million, up from $540 million reported for the first quarter of 2021. The increase was driven by the Amber Resources acquisition and higher selling prices, according to REG.
Gross profit was $68 million, down from $74 million. Operating income was $18 million, down from $42 million. Adjusted EBIDA was $40 million, down from $56 million during the same period of last year.
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