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    Betty Zhang • Scotiabank

    Betty Zhang is a Director and Equity Research Analyst at Scotiabank, focusing on coverage of Canadian energy companies such as Suncor Energy, Canadian Natural Resources, Cenovus Energy, and Imperial Oil. She is recognized for her detailed sector insights and has consistently delivered actionable investment recommendations, with her stock calls often cited among sector benchmarks and followed by institutional investors. Betty began her career in capital markets in the mid-2010s, previously holding analyst roles at Deloitte before joining Scotiabank in 2018. She holds a Chartered Professional Accountant (CPA, CA) designation and is registered with relevant securities authorities, reflecting a strong foundation in financial analysis and regulatory compliance.

    Betty Zhang's questions to Opal Fuels Inc (OPAL) leadership

    Betty Zhang's questions to Opal Fuels Inc (OPAL) leadership • Q2 2025

    Question

    Asked about the company's strategy for balancing investment between upstream RNG production and downstream fuel distribution, and also requested an update on the current state of the voluntary carbon markets.

    Answer

    The company evaluates upstream and downstream investments based on both their standalone risk-adjusted returns and their synergistic benefits to the overall portfolio, seeing good opportunities on both sides. The voluntary market is currently described as 'quiet,' with the transportation fuel market continuing to offer the best value and returns for their RNG molecules.

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    Betty Zhang's questions to Opal Fuels Inc (OPAL) leadership • Q2 2025

    Question

    Betty Zhang inquired about how Opal Fuels balances investment and growth between its upstream RNG production and downstream fuel distribution segments. She also asked for an update on what the company is seeing in the voluntary carbon markets.

    Answer

    CFO Kazi Hasan explained that investments are evaluated on both standalone risk-adjusted returns and their synergistic value to the entire portfolio. Co-CEO Adam Comora added that while large upstream projects meet investment criteria, the company also likes the Fuel Station Services business and is allocating more capital to it. Regarding voluntary markets, Adam Comora described them as 'a little quiet,' stating that the transportation fuel market continues to provide the best value for OPAL's RNG molecules, though the company remains flexible and will evaluate other markets as they materialize.

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    Betty Zhang's questions to Clean Energy Fuels Corp (CLNE) leadership

    Betty Zhang's questions to Clean Energy Fuels Corp (CLNE) leadership • Q2 2025

    Question

    Betty Zhang asked if the higher expected Amazon warrant charge reflects increased fueling demand and inquired about progress on the RNG projects currently under construction.

    Answer

    CFO Robert Vreeland confirmed the higher warrant charge is due to increased fueling demand from Amazon. President & CEO Andrew Littlefair elaborated on project status, noting that six completed projects are in a ramp-up phase, the 100%-owned Texas project is in commissioning, and the large Idaho project is nearing mechanical completion. Both Texas and Idaho are on schedule to produce RNG by year-end, while the Moss Energy projects have begun construction.

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    Betty Zhang's questions to Clean Energy Fuels Corp (CLNE) leadership • Q1 2025

    Question

    Betty Zhang inquired about Clean Energy's current stance on M&A versus organic growth and asked if the full-year 2025 volume target of 246 million gallons is still achievable after the Q1 results.

    Answer

    President and CEO Andrew Littlefair explained that the company is being very careful with capital and is more interested in acquiring nearly complete RNG projects than pursuing new greenfield developments at this time, though no deals have been made. He stated that while they may not hit the 246 million gallon target exactly, they will be close, and he expects the company's financial performance to be strong regardless.

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    Betty Zhang's questions to Clean Energy Fuels Corp (CLNE) leadership • Q4 2024

    Question

    Betty Zhang asked for a breakdown of the 25 fleets adopting the X15N engine between existing natural gas users and those new to the fuel. She also requested an explanation for the higher-than-expected income tax charge in the quarter.

    Answer

    President and CEO Andrew Littlefair estimated the split is roughly 50-50 between existing natural gas fleets and fleets new to the fuel, expressing hope that the mix will shift toward new fleets as the market grows. Executive Robert Vreeland explained the tax provision was a non-cash expense resulting from standard tax accounting, specifically related to 163J interest deduction limitations creating deferred tax liabilities not covered by deferred tax assets.

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    Betty Zhang's questions to Clean Energy Fuels Corp (CLNE) leadership • Q3 2024

    Question

    Betty Zhang requested more detail on why the Idaho RNG project is incurring operating costs during its construction phase and asked for clarification on the drivers behind the company receiving a greater share of RINs.

    Answer

    Executive Robert Vreeland explained that the Idaho project's pre-operational costs are unique due to its massive scale and a strategic decision to control the manure handling process to ensure future efficiency. He clarified that the increased share of RINs is a result of favorable market dynamics and leveraging their strong downstream distribution position, rather than being driven by the mix of their own RNG production.

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    Betty Zhang's questions to Darling Ingredients Inc (DAR) leadership

    Betty Zhang's questions to Darling Ingredients Inc (DAR) leadership • Q2 2025

    Question

    Betty Zhang of Scotiabank directly asked for a specific EBITDA range for Darling's core business for the full year 2025.

    Answer

    CEO Randall Stuewe provided a range of $900 million to $1 billion for the core ingredients business. He clarified that the high end of this range assumes fat price benefits flow through but the RIN market does not significantly react. If RINs were to recover, the total company EBITDA would be substantially higher due to increased profitability at DGD.

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    Betty Zhang's questions to Darling Ingredients Inc (DAR) leadership • Q1 2025

    Question

    Betty Zhang of Scotiabank asked for the amount of the Producer's Tax Credit (PTC) recognized in Q1 and inquired about the future capital allocation split between share buybacks and debt repayment.

    Answer

    An executive stated that the company was able to realize the PTC on roughly one-third of its Q1 volume, with more detail to be provided in the upcoming 10-Q filing. CFO Bob Day reiterated that the primary focus remains on paying down debt, although the company will opportunistically repurchase shares to offset dilution. The 'lion's share' of capital, however, is directed towards debt reduction.

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    Betty Zhang's questions to Darling Ingredients Inc (DAR) leadership • Q4 2024

    Question

    Betty Zhang inquired about Darling's opportunities in Renewable Natural Gas (RNG), including feedstocks and competitive advantages. She also asked for details on the 2025 CapEx increase to approximately $400 million.

    Answer

    CFO Bob Day explained that Darling has an existing RNG business in Europe and sees growing U.S. demand, where it can leverage its access to waste streams. CEO Randall Stuewe clarified that the $400 million CapEx for 2025 includes growth and debottlenecking projects that were deferred from 2024 to prioritize deleveraging, not due to underinvestment in assets.

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