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United Airlines (UAL), Tallgrass, and Green Plains (GPRE, GPP) announced a new joint venture - Blue Blade Energy - to develop and then commercialize a novel Sustainable Aviation Fuel - SAF - technology that uses ethanol as its feedstock. If the technology is successful, Blue Blade is expected to proceed with the construction of a pilot facility in 2024, followed by a full-scale facility that could begin commercial operations by 2028. SAF, which uses non-petroleum feedstock, is a low-carbon alternative to traditional jet fuel that offers up to 85% lower lifecycle greenhouse gas emissions. Tallgrass will manage research and development of the technology, including pilot plant development, and will manage the construction of the production facility. Green Plains will supply the low-carbon ethanol feedstock, and use its ethanol industry expertise to manage operations once the pilot facility is constructed. United Airlines will assist with SAF development, fuel certification and into-wing logistics, and has also agreed to purchase up to 2.7 billion gallons of SAF produced from the joint venture. Blue Blade Energy marks one of the largest direct investments from United Airlines Ventures, United's corporate venture arm, into SAF.
Reports Q3 revenue $20.1M vs. $19.2M last year "We were pleased to increase the quarterly distribution for the fifth consecutive quarter," said Todd Becker, President and Chief Executive Officer. "Strong liquidity and achieving higher year over year throughput rates resulted in stable earnings and cash flow at the partnership and higher cash distributions for our unitholders."
Green Plains Partner announced that the Board of Directors of its general partner declared a quarterly cash distribution of 45.5c per unit on all of its outstanding common units for the third quarte, or $1.82 per unit on an annualized basis. The increase over the previous quarterly distribution of 45c per unit is the fifth consecutive increase. The distribution is payable on November 14 , to unitholders of record at the close of business on November 4.
Green Plains announced changes to its executive leadership team. Patrich Simpkins transitions from CFO to Chief Transformation Officer, Jim Stark transitions from Executive VP to CFO of Green Plains and Green Plains Partners, Jamie Herbert joins the company as Chief Human Resources Officer, and Grant Kadavy joins the company as Executive Vice President of Commercial Operations. Patrich Simpkins will develop and lead the Office of Transformation as the Chief Transformation Officer. Simpkins has served as CFO since 2019, having previously served as Chief Development Officer from 2014 until 2019, and as Chief Risk Officer from 2014 through 2016. Prior to joining Green Plains in 2012, Simpkins held senior management positions with SensorLogic, TXU Corporation, Duke Energy and Louis Dreyfus Energy. Jim Stark rejoined Green Plains in January 2022 after serving as Vice President, Investor Relations at Darling Ingredients since 2019. Prior to that, Stark led Investor Relations and Media Relations at Green Plains for over 10 years. Herbert comes from Capstone IT. Grant Kadavy, Executive Vice President of Commercial Operations, held various executive positions at Darigold, including Chief Growth and Risk Officer, Chief Operating Officer and Chief Commercial Officer, between 2016 and 2022. Prior to that, he spent almost 20 years with Cargill in various leadership positions including President of Cargill Americas and General Director of Cargill Mexico. Simpkins and Stark will transition into their new roles Oct. 1. Kadavy and Mr. Herbert will join Green Plains in early October.
Green Plains announced changes to its executive leadership team. Patrich Simpkins transitions from CFO to Chief Transformation Officer, Jim Stark transitions from Executive VP to CFO of Green Plains and Green Plains Partners, Jamie Herbert joins the company as Chief Human Resources Officer, and Grant Kadavy joins the company as Executive Vice President of Commercial Operations. Patrich Simpkins will develop and lead the Office of Transformation as the Chief Transformation Officer. Simpkins has served as CFO since 2019, having previously served as Chief Development Officer from 2014 until 2019, and as Chief Risk Officer from 2014 through 2016. Prior to joining Green Plains in 2012, Simpkins held senior management positions with SensorLogic, TXU Corporation, Duke Energy and Louis Dreyfus Energy. Jim Stark rejoined Green Plains in January 2022 after serving as Vice President, Investor Relations at Darling Ingredients since 2019. Prior to that, Stark led Investor Relations and Media Relations at Green Plains for over 10 years. Herbert comes from Capstone IT. Grant Kadavy, Executive Vice President of Commercial Operations, held various executive positions at Darigold, including Chief Growth and Risk Officer, Chief Operating Officer and Chief Commercial Officer, between 2016 and 2022. Prior to that, he spent almost 20 years with Cargill in various leadership positions including President of Cargill Americas and General Director of Cargill Mexico. Simpkins and Stark will transition into their new roles Oct. 1. Kadavy and Mr. Herbert will join Green Plains in early October.
Green Plains (GPRE) announced changes to its executive leadership team. Patrich Simpkins transitions from CFO to chief transformation officer, Jim Stark transitions from executive VP to CFO of Green Plains and Green Plains Partners (GPP), Jamie Herbert joins the company as chief human resources officer, and Grant Kadavy joins the company as executive VP of commercial operations. Herbert will lead all human resource activities, which include developing cross-functional leadership, driving alignment across the organization, creating sustainable work practices and acquiring talent. Herbert comes from Capstone IT where he led financial, marketing, human resources, legal, compliance, and operational support practices.
Reports Q2 revenue $19.65M vs. $19.7M last year. "Green Plains Partners continues to achieve consistent returns," said Todd Becker, President and Chief Executive Officer. "We believe Green Plains' ability to achieve higher throughput rates, as demonstrated in the second quarter, should benefit the partnership in future periods. As a result of consistent operations and low leverage, we felt confident in increasing the quarterly distribution for the fourth consecutive quarter."
Green Plains Partners announced that the board of directors of its general partner declared a quarterly cash distribution of 45c per unit on all of its outstanding common units for the second quarter, or $1.80 per unit on an annualized basis. The increase over the previous quarterly distribution of 44.5c per unit is the fourth consecutive increase. The distribution is payable on August 12 to unitholders of record at the close of business on August 5.
On April 21, 2022, the board of directors of the partnership's general partner increased the quarterly cash distribution to $0.445 per unit, or approximately $10.5 million, for the first quarter of 2022. The distribution is payable on May 13, 2022, to unitholders of record at the close of business on May 6, 2022.
Reports Q1 revenue $19.1M vs. $20.4M last year. "Green Plains Partners continues to deliver stable financial results," said Todd Becker, President and Chief Executive Officer. "Our steady operating results and low leverage provide for consistent cash flow generation allowing the partnership to increase its quarterly distribution for the third consecutive quarter."
