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@OilandGibbs "In Hawaii BUT Mitsubishi Corporation and ENEOS Corporation are paying $XXXX an annual gallons of capacity. $100M for XXXX% equity stake in 61Mgal/yr RD/SAF/Naphtha plant $274M equity value / 61M = $XXXX $PARR 🔗- #OOTT #EFT #OOCT #OOAT #RINs #Biofuels"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-21 20:24:16 UTC 2196 followers, 6510 engagements

"For those who have reached out about this. H. R. X changed the termination date of Section 6426(k) from 12/31/24 TO 9/30/25. Section 6426(k) is: - SAF excise tax credit - Not restricted to US producers - Qualifies for direct payment - Minimum credit of $1.25/gal if you're XX% of the lifecycle emissions rate of conventional jet fuel. (You get X cent per % thereafter) So our read is if you're a foreign SAF producer you capitalize on that as much as possible from mid-June to September as they originally didn't qualify for any in 2025. Now @biofuelslaw the question becomes for those who sold SAF"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-23 15:02:07 UTC 2196 followers, 1962 engagements

"I'd check on that. 40B is reserved to "qualified mixture" produced in the US. "For purposes of this section the term 'qualified mixture' means a mixture of sustainable aviation fuel and kerosene if" Believe it can be foreign produced SAF blended with US kerosene in the US. The foreign producer may not directly receive it but the importer will and fork over a cut of it. Look at the rules of 40B from treasury: Foreign co-processed SAF is excluded though"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-23 17:23:40 UTC 2196 followers, XXX engagements

"You bring up a good point that we can dig into more. I take it you're talking about the $65M Oct. X acquisition to help market Rodeo biofuels which resides in M&S It's certainly some but Renewable Fuels segment also includes some marketing. Sales were steady (above prod) before Rodeo ramped. I think that's still where most of this lives"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-25 15:22:18 UTC 2195 followers, XXX engagements

"@argonbeam88 $PBF $ENI deal was higher at $5.75/gal $885M for 153Mgal/yr However the deal was announced in Feb 2023 and was looked to be a good deal for $PBF even back then. Its been awhile"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-22 01:15:05 UTC 2196 followers, XXX engagements

"Always appreciate @CarbonAcumen's views. Great discussion earlier on some 2H margin/timing scenarios that initiated off SAF excise tax-credits (if interested). We're in the final stages of our 2H outlook. Here's what @sab__RIN__a identified as the X things to watch. There are some character constraints. It's 45Z SAF base that changes from $XXXX to $X in '26. #OOTT #EFT #OOAT #RINs #45z"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-22 20:05:55 UTC 2196 followers, 3715 engagements

"For reference re $PARR JV @ $4.50/gal: $PBF - $ENI (2/23) : $5.75/gal $MPC - $NESTE (3/22): $2.75/gal $CVX - $REGI (2/22): $5/gal Add any other relative comps to the comments. #OOTT #EFT #OOCT #OOAT #Biofuels #Renewablediesel"
@OilandGibbs Avatar @OilandGibbs on X 2025-07-22 11:54:59 UTC 2196 followers, 1818 engagements