Green Plains is one of the largest ethanol producers in the U.S., operating nine biorefineries across the Midwest with a stated capacity of 730 million gallons per year (one plant is currently idled). Green Plains produces fuel-grade ethanol for blending into gasoline, selling entirely through a third-party marketing agreement with Eco-Energy. Beyond ethanol, Green Plains produces three meaningful co-products: distillers grains and Ultra-High Protein (UHP) feed sold to dairy, beef, poultry, and aquaculture markets; renewable corn oil sold as a low-carbon feedstock to renewable diesel and biodiesel plants; and biogenic CO2 captured and sequestered via pipeline. Green Plains earns on the "crush spread" — the margin between ethanol and co-product revenues versus corn and natural gas costs — and hedges this spread using forward contracts and futures. The most important near-term earnings driver is the Section 45Z Clean Fuel Production Tax Credit under the Inflation Reduction Act, which rewards low-carbon-intensity fuel production. Green Plains has commissioned carbon capture and sequestration equipment at its three Nebraska plants, connecting to the Tallgrass Trailblazer CO2 pipeline for permanent sequestration in Wyoming, significantly lowering those plants' carbon intensity scores and unlocking substantial 45Z credits. Green Plains sells these transferable tax credits to third-party buyers at a discount. Four additional plants are committed to Summit Carbon Solutions' pipeline, expected around 2028. Under a new CEO, Green Plains has shifted toward operational discipline, CI reduction investments, and capital returns.