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REX American Resources Corporation

REX

Energy & Utilities

2w

Impact of Recent Legislation on REX's Carbon Capture Economics

The passage of the Big Beautiful Bill Act significantly strengthened the economics of REX's carbon capture and sequestration project by preserving the 45Q and 45Z tax credits.
The extension of the 45Z tax credit through 2029 positions REX to maximize benefits from the program as they expand ethanol capacity to 175 and 200 million gallons.
Legislation also simplified 45Z requirements by removing mandates tied to climate-smart farming practices, potentially broadening eligibility.
The EPA estimates the Class VI injection well permit will be finalized in March 2026, moving up from April, which is crucial for project timelines.
REX has invested approximately $126.7 million in its carbon capture and ethanol expansion projects, within a revised budget of $220-$230 million.
The company actively communicates with the EPA and is optimistic about final permit approvals, which are key to project progress.

REX American Resources Corporation

REX

Energy & Utilities

2w

Financial Performance Summary

Average ethanol selling price slightly decreased to $1.75 per gallon from $1.79 in the prior year.
Corn oil sales volumes increased by 14% with a 26% price increase, resulting in a 46% increase in sales dollars.
Dry distiller grain sales volumes rose to approximately 148,000 tons, but average selling price dropped to $143.63 per ton from $164.45.
Ethanol sales volumes increased to 70.6 million gallons in Q2 2025 from 65.1 million gallons in Q2 2024.
Gross profit declined to $14.3 million from $19.8 million in Q2 2024, mainly due to lower DDG prices and higher shipping costs.
Net income attributable to REX shareholders was $7.1 million or $0.43 per diluted share, down from $12.4 million or $0.70 per diluted share.
Selling, general, and administrative expenses slightly decreased to $6.2 million from $6.4 million.
Strong balance sheet maintained with cash, cash equivalents, and short-term investments totaling $310.5 million and no bank debt.

Green Plains Inc.

GPRE

Energy & Utilities

1mo

Financial Performance Summary

Adjusted EBITDA, excluding restructuring and noncash charges, was $16.4 million in Q2 2025 versus $5 million in Q2 2024.
Capital expenditures were $11 million in Q2, with an expected $10 million for the remainder of 2025 excluding fully financed carbon capture equipment.
Depreciation and amortization were $27.6 million, including a $3.1 million impairment related to closure of a noncore feed business.
Green Plains reported a net loss of $72.2 million or $1.09 per share in Q2 2025, compared to a loss of $24.4 million or $0.38 per share in Q2 2024.
Interest expense increased by $6.4 million to $13.9 million due to accounting treatment of warrants and absence of capitalized interest.
Liquidity at quarter end included $152.7 million in cash and equivalents, $258.5 million revolver availability, and $93.3 million unrestricted liquidity.
Revenue for Q2 2025 was $552.8 million, down 10.7% year-over-year due to exiting ethanol marketing for Tharaldson and placing Fairmont ethanol asset on care and maintenance.
SG&A expenses improved by $6.3 million year-over-year to $27.6 million and are on track to exit 2025 at low $40 million run rate for corporate and trade SG&A.
The results included $44.9 million in noncash charges related to sale or impairment of noncore assets and $2.5 million in one-time restructuring charges.

Fluence Energy, Inc.

FLNC

Energy & Utilities

4w

Impact of U.S. Legislation and Tariffs on Business Strategy

The OB3 legislation extends investment tax credits for stand-alone storage through 2034, supporting Fluence's U.S. strategy.
New restrictions on Chinese equipment eligibility and domestic content requirements are shaping supply chain and project planning.
Tariff reductions from 155.9% to 40.9% on Chinese battery components have revived U.S. contract activity, indicating policy influence on market dynamics.
The company is actively engaged with suppliers to ensure compliance with OB3 and avoid additional capital expenditures.
Management views the FEOC restrictions as a market confirmation rather than a threat, reinforcing their domestic content focus.
The upcoming treasury rules are expected to be workable, and the company is preparing to meet compliance deadlines without needing additional equity.

Plug Power Inc.

PLUG

Energy & Utilities

4w

Electrolyzer Sales Tripling Highlights Growing Industrial Adoption

Electrolyzer sales more than tripled from a year ago, reaching roughly $45 million in Q2 2025, indicating rapid market acceptance.
The growth underscores the increasing role of GenEco as the preferred choice for industrial-scale hydrogen applications.
Management emphasized the importance of securing early-stage agreements ahead of final investment decisions in 2026.
The robust sales funnel and project pipeline suggest a strong trajectory for electrolyzer revenue in the coming quarters.

FuelCell Energy, Inc.

FCEL

Energy & Utilities

1d

US Policy and Regulatory Tailwinds Supporting Growth

The reinstatement of the ITC provides full eligibility for fuel cell projects, supporting domestic deployment and project economics.
The 45Q carbon capture incentive reinforces the role of carbon capture in US energy transition strategies.
FuelCell Energy sees natural gas as a backbone fuel, with its carbonate platform capable of delivering clean power from both natural gas and hydrogen.
The company believes supportive policies globally and domestically position it well to capitalize on emerging opportunities.

Devon Energy Corporation

DVN

Energy & Utilities

4w

Devon Energy's Business Optimization Plan and $1 Billion Free Cash Flow Target

Devon Energy aims to create an incremental $1 billion of annual free cash flow by the end of 2026 through operational efficiencies and cost reductions.
Management highlighted that 40% of their $1 billion target was achieved within the first 4 months of the initiative.
The company is leveraging technology, including AI, to drive production enhancements and operational efficiencies.
Significant progress has been made in reducing capital guidance by 10%, or $400 million, while increasing production outlook.
The plan includes strategic asset sales, such as the Matterhorn Pipeline divestiture, and acquisitions like Cotton Draw Midstream to strengthen financial position.
Management emphasized transparency and accountability in tracking progress toward the free cash flow goal.

Devon Energy Corporation

DVN

Energy & Utilities

4w

Financial Performance Summary

Capital spending was 7% below guidance, contributing to strong free cash flow generation.
Devon delivered core earnings of $0.84 per share and EBITDAX of $1.8 billion in Q2 2025.
Net debt-to-EBITDAX ratio improved to 0.9x, supported by a $500 million debt retirement during the quarter.
Operating cash flow reached $1.5 billion, generating $589 million in free cash flow after capital expenditures.
Returned approximately 70% of free cash flow to shareholders via $156 million in dividends and $249 million in share repurchases.
The company realized a $307 million pretax gain from the divestiture of its equity interest in the Matterhorn pipeline.
Total liquidity stood at $4.8 billion, including $1.8 billion in cash on hand.