The surge in U.S. ethanol exports offset production.

It remains unclear whether—and if so, when—a new record for U.S. ethanol production will be set, following the pandemic-induced suppression of fuel demand in 2020, which placed pressure on the U.S. corn industry. Demand for motor gasoline in the United States has yet to rebound to pre-pandemic levels, negatively affecting ethanol consumption. Nevertheless, U.S. ethanol consumption has remained high over recent months—even setting several weekly records. Meanwhile, many countries are accelerating their plans to reduce carbon emissions by adopting biofuels and other sustainable fuels, presenting an excellent opportunity for U.S. ethanol exporters. The United States produces more than half of the world’s ethanol annually and is a leading supplier. Data released this week by the U.S. Census Bureau show that U.S. ethanol exports reached a record 6.6 billion liters (1.75 billion gallons) between September 2023 and August 2024—spanning the 2023–24 U.S. corn marketing year. August marked the fifth consecutive month of new monthly export records; total ethanol shipments over these five months were 30% higher than the previous record set during the same period in 2018. Canada accounted for 37% of U.S. ethanol shipments during the 2023–24 marketing year, while relatively new customer the United Kingdom ranked second with a 13% share. Both trade relationships have been driven by recent clean-fuel initiatives. India is the third-largest destination for U.S. ethanol. Demand for corn-based ethanol there has grown so strongly that it pushed domestic corn prices to record highs, turning India into a net corn importer. To ensure adequate sugar supplies, India is seeking to shift away from sugar-based ethanol—the primary product of Brazil, a former major U.S. ethanol customer. In recent years, high import tariffs imposed by Brazil on U.S. fuels have hindered such trade.

EOG announced $1.6 billion in Q3 2024 earnings.

U.S.-based EOG Resources reported net income of $1.6 billion for the third quarter of 2024—unchanged from the prior quarter but 17.6% lower than the $2.0 billion reported for the same period in 2023. Oil, natural gas liquids (NGLs), natural gas, and total company equivalent production all exceeded the midpoint of guidance ranges. EOG’s third-quarter oil production averaged 493,000 barrels per day, up from both the prior-year quarter and the second quarter of 2024, which stood at 483,300 barrels per day. NGL production rose to 254,300 barrels of oil equivalent per day—an increase of 4% over the second quarter and above the 231,100 barrels of oil equivalent per day reported for the third quarter of 2023. Natural gas production increased by 5% compared to the second quarter of 2024. Total company production rose by 3% relative to the second quarter of 2024. During the third quarter of 2024, EOG returned approximately $1.3 billion in capital to shareholders, including $758 million through share repurchases.

Rex American Resources posts strong Q3 beat as ethanol output remains robust

May 11, 2026

Rex American Resources reported a strong third-quarter financial performance driven by robust ethanol production volumes. While detailed reporting was limited, the company confirmed that consistent operational output contributed to its earnings beat.

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