Green Plains Inc. (GPRE) is a leading biorefining company focused on producing sustainable, value-added ingredients and renewable energy. The company operates across multiple segments, primarily producing ethanol, distillers grains, Ultra-High Protein, and renewable corn oil. GPRE also engages in grain handling, storage, and commodity marketing, providing comprehensive solutions in the renewable energy sector.
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Ethanol Production - Produces ethanol, distillers grains, Ultra-High Protein, and renewable corn oil, operating 10 ethanol plants across several states in the U.S..
- Sub-products:
- Ethanol - A renewable fuel produced from corn.
- Distillers Grains and Ultra-High Protein - Used as animal feed ingredients.
- Renewable Corn Oil - A low-carbon feedstock for biodiesel and renewable diesel.
- Sub-products:
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Agribusiness and Energy Services - Manages grain procurement, storage, and marketing, and engages in merchant trading of ethanol, distillers grains, renewable corn oil, and other commodities.
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Partnership (Fuel Storage and Transportation) - Provides fuel storage and transportation services, owning and operating ethanol storage tanks, terminals, and transportation assets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Todd A. Becker ExecutiveBoard | President and CEO | Board Member at Core Scientific Inc. | CEO since 2009, with 36 years of experience in commodity processing, risk management, and supply chain management. | View Report → |
Chris G. Osowski Executive | Executive Vice President – Operations and Technology | None | EVP since January 2022, with prior leadership roles at ADM and Tate & Lyle. | |
Grant D. Kadavy Executive | Executive Vice President – Commercial Operations | None | EVP since October 2022, with prior leadership roles at Darigold and Cargill. | |
James F. Herbert II Executive | Chief Human Resources Officer | None | CHRO since October 2022, with extensive HR leadership experience at Union Pacific Railroad and Capstone IT. | |
Leslie van der Meulen Executive | Executive Vice President – Product Marketing and Innovation | None | EVP since May 2021, responsible for Optimal Aquafeed and innovation in animal nutrition. | |
Michelle S. Mapes Executive | Chief Legal and Administration Officer | Board Member of National Feed & Grain Association; Member of CFTC's Agricultural Advisory Committee | Joined GPRE in 2009, currently oversees legal and administrative operations. | |
Philip B. Boggs Executive | Chief Financial Officer | None | CFO since November 2024, with over 15 years at GPRE in roles such as Treasurer and Head of Investor Relations. | |
Alain Treuer Board | Director | CEO of Tellac Reuert Partners; Co-Founder and Executive Chairman of Local Ocean France; Chairman of Trivon AG | Director since 2008, co-founder of VBV LLC, with 36 years of entrepreneurial experience. | |
Brian D. Peterson Board | Director | CEO of Whiskey Creek Enterprises | Director since 2005, founder of Superior Ethanol LLC, and experienced in grain farming and cattle feedlot operations. | |
Ejnar A. Knudsen III Board | Director | CEO of AGR Partners; Board Member at Ridley Corporation Limited | Director since 2016, with significant expertise in agribusiness and finance. | |
Farha Aslam Board | Director | Managing Partner of Crescent House Capital; Board Member at Pilgrim’s Pride, Calavo Growers, AdvanSix, Farmers Fridge, Packers Sanitation Services, and Saffron Road | Director since 2021, with expertise in agriculture, food, and equity research. | |
Jim Anderson Board | Chairman of the Board | CEO of Moly-Cop | Chairman since 2023, with extensive experience in agribusiness and commodity markets. | |
Kimberly Wagner Board | Director | Founder of TBGD Partners; Board Member at Frontier Co-Op; Cornell University Board of Trustees | Director since 2020, with expertise in agribusiness, food/nutrition, and life sciences. | |
Martin Salinas Jr. Board | Director | Advisory Council Member at University of Texas in San Antonio; Audit Committee Member at NuStar Energy L.P. | Director since 2021, former CFO of Energy Transfer Partners, with extensive financial expertise. |
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Given that margins for your protein products are being compressed due to the influx of cheap competing products , how do you plan to sustain profitability in this segment, and what specific steps are you taking to differentiate your offerings in an increasingly competitive market?
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With the delays and challenges faced in scaling up your Clean Sugar Technology at Shenandoah , what assurances can you provide investors about the timeline and returns on this significant investment, and how will you mitigate risks in deploying this technology at additional facilities?
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Considering your increased capital expenditures, including the $9 million allocated to the clean sugar initiative and the $110 million needed for carbon capture equipment , how are you prioritizing these investments, and what financial metrics are you using to ensure they generate adequate returns given your current liquidity position ?
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Your ethanol margins have been under pressure due to market volatility and compression late in the quarter. In light of these uncertainties, are you contemplating adjustments to your production strategies, and is there a possibility that you might idle or reduce production at certain facilities if margins do not improve?
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With the decision not to proceed with the Blue Blade Energy catalyst and a shift away from building an alcohol-to-jet plant , how does this impact your long-term strategic goals in renewable fuels, and what alternative growth opportunities are you pursuing to compensate for this change in direction?
Research analysts who have asked questions during Green Plains earnings calls.
Matthew Blair
Tudor, Pickering, Holt & Co.
5 questions for GPRE
Salvator Tiano
Bank of America
5 questions for GPRE
Andrew Strelzik
BMO Capital Markets
4 questions for GPRE
Craig Irwin
ROTH Capital Partners
4 questions for GPRE
Eric Stine
Craig-Hallum Capital Group LLC
4 questions for GPRE
Kristen Owen
Oppenheimer & Co. Inc.
4 questions for GPRE
Laurence Alexander
Jefferies
3 questions for GPRE
Pooran Sharma
Stephens Inc.
3 questions for GPRE
Saumya Jain
UBS
3 questions for GPRE
Jordan Levy
Truist Securities
2 questions for GPRE
Adam Shepherd
Stephens Inc.
1 question for GPRE
Ben Onofrio
BMO Capital Markets
1 question for GPRE
Chengxi Jiang
Jefferies
1 question for GPRE
David Driscoll
DD Research
1 question for GPRE
Henry Roberts
Truist Securities
1 question for GPRE
Kevin Estok
Jefferies
1 question for GPRE
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Green Plains Partners LP | 2024 | Deal Value & Structure: The acquisition was completed via a merger agreement valued at $143.1 million (comprising $29.2 million in cash and $113.9 million in common stock exchanged) with the transaction executed through the acquisition of all outstanding publicly held units. Strategic Rationale & Assets: This move consolidated ownership by making Green Plains Partners LP an indirect wholly owned subsidiary of Green Plains Inc., streamlining its capital structure as its units were subsequently delisted. |
Fluid Quip Technologies, LLC | 2022 | Deal Structure & Rationale: Green Plains Inc. acquired a majority interest in Fluid Quip Technologies, LLC to leverage mutual strengths and accelerate the production and installation of Ultra-High Protein systems across its facilities. Business Fit: The acquisition is aligned with Green Plains’ strategy to transform into a sustainable biorefinery platform through the development of value-added agriculture, food, and industrial biotechnology systems, aiming for higher-value products with stable cash flows. |
Recent press releases and 8-K filings for GPRE.
- Green Plains reported Q3 2025 adjusted EBITDA of $52.6 million and net income of $11.9 million ($0.17 per share), with revenue at $508.5 million.
- The company significantly restructured its balance sheet, repaying approximately $130 million of high-cost debt and refinancing most of its 2027 convertible debt with a new $200 million facility due in 2030, reducing total debt by over $220 million from year-end 2024 to $353 million.
- Operationally, Green Plains achieved over 101% capacity utilization across its plant network and commissioned carbon capture systems at all three Nebraska locations (York, Wood River, and Central City), with York fully operational.
- Green Plains recognized $25 million in 45Z Clean Fuel Production Tax Credit value in Q3 2025, anticipates an additional $15-$25 million in Q4, and projects a combined $188 million carbon-related earnings power for the full year 2026.
- Looking ahead, the company expects recurring interest costs to fall to $30 million-$35 million for the next 12 months and consolidated SG&A run rate to be in the low $90 million range, a significant improvement from $118 million in 2024.
- Green Plains (GPRE) reported net income attributable to Green Plains of $11.9 million, or $0.17 per diluted share, and Adjusted EBITDA of $52.6 million for the third quarter ended September 30, 2025.
- The company achieved a consolidated ethanol crush margin of $59.6 million for Q3 2025, which included $26.5 million from 45Z production tax credits.
- Operational highlights for the quarter include 197.3 million gallons of ethanol production and the startup and full operation of carbon capture at its York, Nebraska facility, with Central City and Wood River, Nebraska systems also online and ramping up capture volumes.
- Strategic financial activities included the completion of the Obion, Tennessee plant sale, with proceeds used to fully repay $130.7 million in junior mezzanine debt, and the successful completion of $200 million in privately negotiated convertible note exchange and subscription transactions on October 27, 2025.
- For the third quarter of 2025, Green Plains reported net income attributable to the company of $11.9 million, or $0.17 per diluted share, and Adjusted EBITDA of $52.6 million. Revenues for the quarter were $508.5 million.
- The company completed the sale of its Obion, Tennessee plant, utilizing the proceeds to fully repay $130.7 million of junior mezzanine debt.
- Green Plains executed a 45Z production tax credit monetization agreement and brought carbon capture systems online at its York, Central City, and Wood River, Nebraska facilities. The company expects to monetize $15 - $25 million in 45Z production tax credits in the fourth quarter of 2025.
- As of September 30, 2025, Green Plains had $353.4 million in total debt outstanding and $136.7 million in total corporate liquidity.
- Green Plains Inc. reported net income attributable to the company of $11.9 million, or $0.17 per diluted share, for the third quarter of 2025, compared to $48.2 million, or $0.69 per diluted share, for the same period in 2024, with the reduction primarily driven by $35.7 million of non-recurring interest expense.
- Adjusted EBITDA for Q3 2025 was $52.6 million, a slight decrease from $53.3 million in Q3 2024, and included $25.0 million in 45Z production tax credit value.
- The company completed the sale of its Obion, Tennessee plant, using the proceeds to fully repay $130.7 million in junior mezzanine debt and enhance corporate liquidity.
- Carbon capture systems at the York, Central City, and Wood River, Nebraska facilities are now operational or ramping up, with the company anticipating generating $40 to $50 million of 45Z-related Adjusted EBITDA in 2025.
- Green Plains Inc. completed transactions resulting in $200 million aggregate principal amount of new 5.25% Convertible Senior Notes due November 2030 being outstanding. This included exchanging $170 million of existing 2.25% Convertible Senior Notes due 2027 and issuing an additional $30 million for cash.
- The company utilized approximately $30 million of the net proceeds from the subscription transactions to repurchase approximately 2.9 million shares of its common stock.
- The new 2030 Notes carry an interest rate of 5.25% per year and have an initial conversion price of approximately $15.72 per share, representing an approximately 50% premium over the common stock's last reported sale price on October 21, 2025.
- Green Plains Inc. announced exchange agreements to convert $170 million aggregate principal amount of its existing 2.25% Convertible Senior Notes due 2027 for newly issued 5.25% Convertible Senior Notes due November 2030.
- Additionally, the company will issue an extra $30 million of the new 2030 Notes for cash through subscription agreements, resulting in $200 million in aggregate principal amount of the 2030 Notes outstanding after the transactions close on October 27, 2025.
- In connection with these transactions, Green Plains will repurchase approximately 2.9 million shares of its common stock for approximately $30 million, with funding from the subscription transactions.
- The initial conversion price for the 2030 Notes is approximately $15.72 per share, which represents a 50% conversion premium to the last reported sale price of the common stock on October 21, 2025.
- Green Plains Inc. (GPRE) has announced the successful startup of its carbon capture and storage (CCS) equipment at its York, Nebraska facility.
- The CCS equipment is now fully operational, delivering biogenic carbon dioxide to the Tallgrass Trailblazer pipeline for permanent sequestration.
- The company plans to bring additional CCS systems online at its Central City and Wood River, Nebraska facilities during the fourth quarter of 2025.
- CEO Chris Osowski stated that this reflects continued progress in executing their carbon strategy and optimizing the platform to create long-term value.
- Green Plains Inc. completed the sale of its ethanol plant located in Rives, Tennessee, to POET Biorefining - Obion, LLC on September 25, 2025.
- The company received $170 million plus related working capital, totaling $183.8 million, from the transaction.
- Proceeds from the sale were used to retire $127.5 million of junior mezzanine notes due in 2026 and to supplement corporate liquidity.
- Pro forma financial statements indicate a reduction in interest expense due to the debt repayment, calculated using a weighted average interest rate of 11.75% on the outstanding debt for the periods ended December 31, 2024, and June 30, 2025.
- Green Plains Inc. completed the sale of its Rives, Tennessee ethanol plant to POET Biorefining – Obion, LLC for $190 million in cash, including approximately $20 million in working capital.
- This transaction is expected to eliminate junior mezzanine debt, improve liquidity, and provide financial flexibility for Green Plains.
- The company is advancing its low-carbon transition goals by implementing carbon capture and storage projects at three facilities later this year and has secured a deal to sell Clean Fuel Production Credits (45Z credits), which UBS estimates could add $40–50 million to annual EBITDA.
- Analysts have reacted positively, with Oppenheimer upgrading Green Plains' stock rating to “Outperform” and setting a $14 price target.
- Green Plains Inc. completed the sale of its ethanol plant in Rives, Tennessee, to POET Biorefining - Obion, LLC on September 25, 2025.
- The transaction generated $190 million in cash, which includes an estimated $20 million in working capital.
- The proceeds were utilized to retire the company’s junior mezzanine notes due in 2026 and to enhance corporate liquidity.