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REX American Resources Corporation

REX American Resources Corporation produces and sells ethanol in the United States through its subsidiaries. Its products include corn, distillers grains, ethanol, distillers corn oil, gasoline, and natural gas, as well as dried distillers grains with solubles, which is used as a protein in animal feed. The company was formerly known as REX Stores Corporation and changed its name to REX American Resources Corporation in June 2010. Founded in 1980, it is headquartered in Dayton, Ohio.

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Price · split & dividend adjusted
News & notes moving REX
United States
Carbon Removal (DAC)▲

REX American Resources Posts Record Q2 on Tax Credits as Volume Stalls

REX American Resources reported the best second quarter in its history on September 2, with net income of $1.06 per diluted share and a 24th straight profitable quarter. Net sales climbed to $168.5 million, gross profit surged to $53.3 million from $14.3 million, and the ethanol producer ended the quarter with $379.5 million in cash and short-term investments as of July 31 and zero bank debt. The results leaned on stronger crush margins, richer byproduct pricing and $18.4 million in Section 45Z federal tax credits, though core gross profit still grew 144% year over year excluding that credit income. Ethanol sales volume was flat at 70.6 million gallons and distillers grains volume slipped to 145,081 tons from 148,017 tons, while selling, general and administrative expenses more than doubled to $15.6 million from $6.2 million. The company's carbon capture project cleared a hurdle on August 17 when the EPA issued draft permits for three Class VI injection wells, but Executive Chairman Stuart Rose said regulatory sign-off on a roughly five-mile connector pipeline from the Illinois Commerce Commission will hold the project up the longest.
REX ▲
Carbon Removal (DAC)
About megatrends
Carbon Removal (DAC) › Direct Air Capture (DAC) Regulation
REX · Capital · Positive Record Q2 with net income of $1.06/share, gross profit surging to $53.3M, $379.5M cash and zero debt, boosted by $18.4M in Section 45Z tax credits.
REX · Regulation · Positive EPA issued draft permits for three Class VI carbon-capture injection wells, though an Illinois Commerce Commission pipeline approval remains the main delay.
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United States
REX▲3

REX American Resources Posts Record Q2 EPS, Advances Carbon Capture

REX American Resources reported its highest-ever second-quarter net income per share of $1.06, driven by stronger crush margins and $18.4 million in 45Z production tax credits, and announced a key regulatory milestone for its carbon capture project. Net income attributable to shareholders reached $34.9 million, up from $7.1 million a year earlier, while gross profit surged to $53.3 million from $14.3 million. The company also received draft Class 6 well permits from the US EPA for its 1 Earth carbon capture project, and the Illinois moratorium on carbon sequestration expired on July 1, allowing the company to pursue state permits. Management expects the ethanol expansion at 1 Earth to come online by the end of 2026, with combined investment in expansion and carbon capture totaling $191 million. REX ended the quarter with $380 million in cash and no bank debt, and anticipates third-quarter results will exceed the prior year's period.
REX ▲
REX · Capital · Positive Record Q2 EPS and strong financials reported.
REX · Regulation · Positive EPA draft permits and Illinois moratorium expiration advance carbon capture project.
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United States
Energy Transition & Power Demand▲

Trump weighs shielding farmers from expanded biofuel waivers

The Trump administration is discussing plans to shield the U.S. Farm Belt from an expected expansion of biofuel waivers, a move under consideration to cut gasoline prices for motorists, Reuters reported. The plan would increase biofuel quotas for 2027 by about 500 million gallons to offset damage from exemptions for smaller refineries, which are expected to roughly double from 990 million renewable fuel credits to as many as 1.8 billion. During Trump's first term, broad refinery exemptions drew fierce opposition from Midwest farmers and ethanol producers, and the issue has resurfaced as the administration seeks to lower fuel costs ahead of the November midterm elections. A coalition of farm and biofuel groups urged Trump to reject any waiver expansion, warning of severe and immediate consequences that could collapse biofuel markets and reduce demand for corn and soybean oil. Trump is expected to meet with refiners and fuel retailers in the coming week to highlight efforts to lower gasoline prices.
ADM ▼DINO ▲REX ▲BG ▼DAR ▼PBF ▼+8
Energy Transition & Power Demand ▼
About megatrends
Energy Transition & Power Demand › Natural Gas Value Chain ▼Demand
ADM · Regulation · Negative Expanded biofuel waivers would reduce demand for corn and soybean oil, hurting ADM's ethanol and oilseed processing.
DINO · Regulation · Positive Refiners benefit from expanded waivers, reducing their compliance costs under the RFS.
REX · Demand · Positive REX American Resources, an ethanol producer, would benefit from increased biofuel quotas that offset waiver expansion, supporting ethanol demand.
BG · Regulation · Negative Waiver expansion lowers biofuel demand, reducing demand for soybean oil and other feedstocks Bunge processes.
DAR · Regulation · Negative Waiver expansion cuts biofuel demand, reducing demand for rendered products and feedstocks used in biodiesel.
PBF · Regulation · Negative Expanded biofuel waivers for small refineries could reduce demand for RINs, lowering compliance costs but potentially hurting refiners' margins.
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United States
REX▼

U.S. RIN prices plunge after EPA delays biofuel compliance deadline

U.S. ethanol blending credit prices plunged Monday to their lowest levels in more than four months after the Environmental Protection Agency extended a September 1 compliance deadline for refiners and ruled on long-pending small refinery exemption requests by the end of August. Conventional ethanol RINs traded as low as $1.75, down $0.34 from Friday and their lowest level since April 15, according to data from Argus Media, after the credits had traded as high as $2.50 on July 7. RIN prices lost substantial value again during Monday's session in response to the EPA's impending small refinery exemption decisions, after falling 5% on Friday. Market participants expect the EPA's rulings to free up a significant number of credits, with refining and ethanol industry analysts estimating that the exemptions could free up 1.2 billion to 1.8 billion RINs that small refiners could use to meet their 2025 compliance obligations, after the EPA had previously indicated it could reallocate 990 million RINs associated with exemptions. Extending the compliance deadline is seen as signaling some form of RIN relief for refiners' 2026 and 2027 obligations as well, University of Illinois agricultural economist Scott Irwin told Reuters.
DINO ▲ADM ▼BG ▼DAR ▼DK ▼MPC ▼+8
DINO · Regulation · Positive EPA's compliance deadline extension and exemption rulings provide RIN relief for refiners like HF Sinclair, lowering compliance costs.
ADM · Regulation · Negative EPA's delay and exemption rulings lower RIN prices, reducing demand for ethanol and pressuring ADM's ethanol margins.
BG · Regulation · Negative Lower RIN prices and extended compliance deadline reduce ethanol demand, negatively impacting Bunge's ethanol business.
DAR · Regulation · Negative Lower RIN prices and exemptions reduce demand for renewable diesel feedstocks, hurting Darling's rendering and biofuel segments.
DK · Regulation · Negative EPA's compliance deadline extension and small refinery exemptions reduce RIN demand, lowering compliance costs for refiners like Delek.
MPC · Regulation · Negative Marathon Petroleum, as a refiner, benefits from lower RIN compliance costs, but the news is negative for its ethanol operations.
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REX▲

Trump administration asks Congress to allow year-round E15 gasoline sales

The Trump administration formally asked Congress on Wednesday to pass legislation allowing year-round sales of gasoline blended with 15% ethanol, marking the first formal push by the White House to enact the policy. The request came in a supplemental bill released by the Office of Management and Budget, which called the measure an urgent and needed fix that codifies the permanent, year-round sale of E15. Supporters argue the higher-ethanol blend offers motorists a cheaper alternative to conventional gasoline, while U.S. refiners warn it could raise costs and complicate fuel distribution. Legislation allowing year-round E15 sales narrowly passed the House last month but faces long odds in the Senate, where major bills typically need 60 votes. The national average for regular gasoline stood at $3.93 per gallon as of Wednesday morning.
ADM ▲DINO ▼BG ▲DAR ▲GEVO ▲GPRE ▲+8
ADM · Demand · Positive Year-round E15 sales would increase demand for ethanol, a key product for ADM.
DINO · Regulation · Negative Refiners like HF Sinclair face higher costs and distribution complications from year-round E15.
BG · Demand · Positive Bunge, as a major agribusiness, benefits from higher ethanol demand.
DAR · Demand · Positive Darling Ingredients supplies feedstocks for ethanol production, benefiting from increased demand.
GEVO · Demand · Positive Gevo produces ethanol and would benefit from expanded market access for E15.
GPRE · Demand · Positive Green Plains is an ethanol producer that would benefit from year-round E15 sales boosting demand.
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