ADM: Commissioning nearly complete on soybean processing plant
SOURCE: ADM
October 24, 2023
BY Erin Krueger
The North Dakota-based soybean processing plant developed by a joint venture (JV) of Archer Daniels Midland Co. and Marathon Petroleum Corp. is currently undergoing commissioning and expected to reach full production in November, according to comments made by ADM Chief Financial Officer Vikram Luthar during the company’s third quarter earnings call on Oct. 24.
ADM and Marathon first announced plans for the project in December 2021 and broke ground on the facility in mid-2022. The JV, named Green Bison Soy Processing LLC, owns and operates the facility, located in Spiritwood, North Dakota.
The facility supplies soybean oil to Marathon, which operates a renewable diesel facility in Dickison, North Dakota. Once fully operational, the facility will have the capacity to process 1.5 million metric tons, producing enough soybean oil to manufacture approximately 75 million gallons of renewable diesel annually.
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Overall, ADM reported $1.421 billion in segment operating profit for the third quarter, down from $1.559 billion during the same period of last year. Adjusted operating profit was $1.492 billion, down from $1.579 billion. Earnings per share for the third quarter were at $1.52, down from $1.83 during the same quarter of 2022, with adjusted earnings per share at $1.63, down from $1.86.
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