Rex reports strong Q4, predicts more challenging Q1
Summary
Douglas Bruggeman, chief financial officer of Rex, said sales for the fiscal fourth quarter, the three-month period ending Jan. 31, were up 68 percent due to higher pricing for ethanol, distillers grains and corn oil. He also cited logistical issues, inflation and labor shortages as other factors negatively impacting the company’s business. Rizvi also discussed the ongoing carbon capture and sequestration (CCS) project Gibson City, Illinois-based One Earth Energy is developing with the University of Illinois. Testing at that well is expected to continue over the next several months in support of the Class 6 permit needed to develop a commercial CCS project. In addition, Rizvi said that 3D seismic testing was completed in February, resulting in the collection of 160 million data points that are now being analyzed.