joining And thank you, Thank everyone, for you, us today. Moriah.
second ethanol results I improve and sheet, would discussing and the our to of balance liquidity on current our Before to announced our state comment quarter strategic reduce our industry, debt. the like previously strengthen our initiatives
of included, these of our partnerships actively the We're in updates to lead we production you once discussions substantive to We arrangements, strategic engaged agreements to look have sale when we alternatives. them new And new to announce. expect which providing of forward combination some formation financing objectives. could meet the assets, or stated
lenders have the the facilities working value and the shown of We're long-term the collaboratively in who our management the confidence of and Pekin strength the of industry. credit with in company
As noted, loan our time under credit additional previously we our to Pekin terms our to letters initiatives. conclude extended strategic have provide
quarter first to to in slightly continue results, gross historic than be lows. were second margins our quarter, the better Turning near but
efficiently under running adverse Our team the and in controlling conditions. job did market admirable costs an
levels full Pekin Our net depend largely the subsiding which dur to million nearly million, on to product sales flooding on returned QX, mid-July. with $XX transport Illinois production upon we higher Mississippi were have in down from from $XXX Rivers, The and primarily the our plants now to facilities. river
in adjusted significant improvement a shareholders the $X.X prior compared a in a $X was of available the to lower was million sales, million quarter. we which loss saw million loss positive to positive to in a Even common EBITDA, $X.X with Net quarter. $XX.X million first compared
by minutes state oversupplied. This driven industry two to continues of the spend The like discussing of to is ethanol a now primarily the current I'd factors. be industry. couple
billion unprecedented. refinery all X.X which over industry, First, is exemptions two requests timeframe, the to the XX last over of that approving small has years Environmental in oil Agency granted gallons the Protection
fuel This time albeit and for renewable least declined has demand blend abuse annually Both in the of of ethanol first volume slightly, the dampened rates in the years. product. standard XXXX, for at XX ethanol consumed our
As gallons, ethanol a an those exemptions experienced company have will to limiting we as as the to RFS with followe the are working disproportionate and and be that diligently the by statutorily of volume complying directed. small letter the requirements truly and so refinery the and that intent reallocate hardship industry, weight to EPA RFS refiners
If demand and biofuels The clean-burning will RFS appropriately will conventional requires our a and low advantages the US improve and will per gasoline. implemented of a high-octane year margins ethanol. consumers product of benefit in for of minimum cost, legally, gallons from XX billion grow,
on stand to administration the commitment agriculture ethanol supporting serious producers to and fix call behind We and Trump the problem. this
moves a policies China, to tariff exports to ethanol Second, XX% annually eliminated ethanol gallons X billion US have fast-growing China that ethanol will of a as market blend. exceed capital
US is creating production X in ethanol billion a to approximately increase result domestic trade the of per huge A capacity should China disputes US ethanol exports an gallons in exports. significant US and and for between opportunity year, the China's China. resolution immediate
As important spent promised been and has promulgated is achieve. the allow This to to milestone working year-round. to by very years sell that by a industry EPA, President outdated have on the lifted restrictions selling EXX and Trump arbitrary retailers EXX
gas beginning already to see are additional EXX gallons being We stations. sold at
this is the be in time near to takes increasing incremental sell step it EX. important demand convert modest joint growth While an to in stations demand, will as term for
expect fuel the selling accelerate over content pump, the to Nevertheless, year-on-year given carbon at the of refiners, should of years, growth for in substantial the coming growth. lower price to of EXX, of position the EXX octane EXX see we ethanol which versus the demand the industry value and the the lower
to The relative continues to remain inventories and high. industry overproduce demand
plant capacity as idled at East our Aurora previously quarter second production the rates a of facilities. we at and in was company, gallons million reduced announced As XX% our as XX operating other have
overall levels demand the enhance balancing to profitability. expected to plant that supply support moderating our against are We production
We margin production environment. challenging and marketing to our be continue to operate a cost-effectively, efficiently and managing continues nationwide businesses what
across all We fact, our all focus improvements, our a have costs, intensity, energy $X.X a value. on carbon last in operating yield reductions reduced SG&A and continue We and reduction managing on to contributing quarter. remain reduction plants in showing costs focused million from
carbon Pacific significant the positioned with California marketing standard California markets assets to in production the Ethanol values Program. the benefiting Oregon is well Oregon and low carbon Clean low and Fuels and from both fuel attributed
each Stockton has generate operating will expect we commercial Airgas operations the facility commenced approximately addition, year. COX and at million this in our income plant In at $X
Siemens' operating have with reflect the the shall our continued with Stockton and amended durability, Dresser-Rand combined system to of to at COX for contract greater the site. our cogeneration Improvements appropriately of recent development introduction allow system range system we facility. plant the the Finally, at the
mutually future for corresponding in a with scheduled commercial flow approximately which cash on $X positive agreed have milestones million result operations will new payments, in XXXX. We impact of
in system annually a million over and confident in combination $X enhanced remain of deliver in value to We this savings carbon energy reductions.
quarter of and to for review turn a the financial operational now I'd over to results. XXXX second call our Bryon like
