Partnerships ŽŶƚŝŶƵĞĚĨƌŽŵƉĂŐĞϱϬ
/Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞ ĐŽŵƉĂŶLJ ƐĐĂůĞĚ ďĂĐŬ ďŝŽĚŝĞƐĞů ƉƌŽĚƵĐƟŽŶ
ŝŶϮϬϮϭĂŶĚ͕ŝŶĂĚĚŝƟŽŶƚŽŐƌĞĂƚůLJĞdžƉĂŶĚŝŶŐŝƚƐƌĞŶĞǁĂďůĞ
ĚŝĞƐĞůĐĂƉĂĐŝƚLJŝŶ>ŽƵŝƐŝĂŶĂ͕ƌĂŵƉĞĚƵƉƚŚŝƌĚͲƉĂƌƚLJƌĞŶĞǁĂďůĞ
ĚŝĞƐĞůƐĂůĞƐ͕ĂĐĐŽƌĚŝŶŐƚŽŝƚƐĨƵůůͲLJĞĂƌĮŶĂŶĐŝĂůƐ͘tŝƚŚƐƵĐŚƉŽŽƌ
ďŝŽĚŝĞƐĞůƉƌŽĮƚĂďŝůŝƚLJƌĞĐĞŶƚůLJ͕ĂŶĚǁŝƚŚŚĞǀƌŽŶ͛ƐŽďũĞĐƟǀĞƚŽ
ƉƌŽǀŝĚĞŚŝŐŚĞƌƌĞƚƵƌŶƐƚŽŝƚƐŝŶǀĞƐƚŽƌƐ͕ƚŚŝƐĐŝƌĐůĞƐďĂĐŬƚŽƚŚĞ
ƋƵĞƐƟŽŶŽĨǁŚĂƚ͛ƐƚŽďĞĐŽŵĞŽĨZ'͛ƐŵĞƚŚLJůĞƐƚĞƌƉƌŽĚƵĐƟŽŶ
ĨĂĐŝůŝƟĞƐ͘dŚĞƌĞŝƐĂŵŽĚĞůŽƌƉĂƩĞƌŶƚŽƌĞĨĞƌĞŶĐĞ͕ĞƐƚĂďůŝƐŚĞĚ
ďLJƚŚĞŽŶůLJŽƚŚĞƌƚǁŽh͘^͘ŽŝůƌĞĮŶĞƌƐĂŶĚƚŚĞŝƌũŽŝŶƚͲǀĞŶƚƵƌĞ
ƉĂƌƚŶĞƌƐƚŚĂƚŽǁŶďŝŽĚŝĞƐĞůĂƐƐĞƚƐ͕ŝŶŽƌĚĞƌƚŽƐƉĞĐƵůĂƚĞǁŚĂƚ
ŵĂLJďĞĐŽŵĞŽĨƐŽŵĞŽƌĂůůŽĨZ'͛ƐďŝŽĚŝĞƐĞůƉůĂŶƚƐƵŶĚĞƌ
Chevron ownership. Darling Ingredients, which is partnered
ǁŝƚŚ sĂůĞƌŽ ŶĞƌŐLJ ŽƌƉ͘ ŝŶ ƚŚĞ ŐƌŽǁŝŶŐ ŝĂŵŽŶĚ 'ƌĞĞŶ
ŝĞƐĞůƌĞŶĞǁĂďůĞĚŝĞƐĞůǀĞŶƚƵƌĞ͕ĐůŽƐĞĚŝƚƐƚǁŽŵĞƚŚLJůĞƐƚĞƌ
ĨĂĐŝůŝƟĞƐŝŶƵƚůĞƌ͕<ĞŶƚƵĐŬLJ͕ĂŶĚYƵĞďĞĐ͕ĂŶĂĚĂ͕ŝŶϮϬϮϬĂŶĚ
ŝƐƌĞƌŽƵƟŶŐƚŚĂƚĨĞĞĚƐƚŽĐŬĨŽƌƌĞŶĞǁĂďůĞĚŝĞƐĞůƉƌŽĚƵĐƟŽŶŝŶ
EŽƌĐŽ͕>ŽƵŝƐŝĂŶĂ͘
/ŶĂĚĚŝƟŽŶ͕DĂƌĂƚŚŽŶWĞƚƌŽůĞƵŵŽƌƉ͘ďŽƵŐŚƚĂŶŝĚůĞĚ
ďŝŽĚŝĞƐĞůƉůĂŶƚŝŶĞĂƚƌŝĐĞ͕EĞďƌĂƐŬĂ͕ĂŶĚŝƐƵƐŝŶŐƚŚĞůŽĐĂƟŽŶ
ĂƐĨĞĞĚƐƚŽĐŬƉƌĞƚƌĞĂƚŵĞŶƚĨŽƌƌĞŶĞǁĂďůĞĚŝĞƐĞůƉƌŽĚƵĐƟŽŶ
ŝŶEŽƌƚŚĂŬŽƚĂ͘&ƵƌƚŚĞƌŵŽƌĞ͕DĂƌĂƚŚŽŶŚĂƐĂůƐŽĐŽŶǀĞƌƚĞĚ
ŝƚƐ ůŽŶŐͲŽƉĞƌĂƟŶŐ ďŝŽĚŝĞƐĞů ĂƐƐĞƚ ŝŶ ŝŶĐŝŶŶĂƟ͕ KŚŝŽ͕ ƚŽ Ă
ĨĞĞĚƐƚŽĐŬ ƉƌĞƚƌĞĂƚŵĞŶƚ ĐĞŶƚĞƌ ĂƐ ǁĞůů͕ ĐĞĂƐŝŶŐ ďŝŽĚŝĞƐĞů
ƉƌŽĚƵĐƟŽŶƚŚĞƌĞĞŶƟƌĞůLJ͘
KŶůLJ ƟŵĞ ǁŝůů ƚĞůů ǁŚĂƚ ǁŝůů ďĞĐŽŵĞ ŽĨ Z'͛Ɛ ďŝŽĚŝĞƐĞů
ĂƐƐĞƚƐ͘DĞĂŶǁŚŝůĞ͕ĂŶŽƚŚĞƌŵĂũŽƌƌĞŶĞǁĂďůĞĚŝĞƐĞůƉĂƌƚŶĞƌƐŚŝƉ
ĚĞĂůǁĂƐĂŶŶŽƵŶĐĞĚũƵƐƚŽŶĞĚĂLJĂŌĞƌƚŚĞŚĞǀƌŽŶͲZ'ŶĞǁƐ
ǁĂƐŵĂĚĞƉƵďůŝĐ͘
KŶ DĂƌĐŚ ϭ͕ &ŝŶůĂŶĚͲďĂƐĞĚ ƌĞŶĞǁĂďůĞ ĚŝĞƐĞů ĂŶĚ ^&
ƉƌŽĚƵĐĞƌ EĞƐƚĞ ŽƌƉ͘ ĂŶĚ h͘^͘ͲďĂƐĞĚ DĂƌĂƚŚŽŶ WĞƚƌŽůĞƵŵ
ŽƌƉ͘ƐŝŐŶĞĚĂŶĂŐƌĞĞŵĞŶƚƚŽĞƐƚĂďůŝƐŚĂϱϬͬϱϬũŽŝŶƚǀĞŶƚƵƌĞĨŽƌ
DĂƌĂƚŚŽŶ͛ƐƌĞĮŶĞƌLJĐŽŶǀĞƌƐŝŽŶƉƌŽũĞĐƚŝŶDĂƌƟŶĞnj͕ĂůŝĨŽƌŶŝĂ͘
dŚĞƉƌŽũĞĐƚŝƐĞdžƉĞĐƚĞĚƚŽďĞŐŝŶƉƌŽĚƵĐŝŶŐƌĞŶĞǁĂďůĞĚŝĞƐĞů
ůĂƚĞƌƚŚŝƐLJĞĂƌ͕ǁŝƚŚĂŶŝŶŝƟĂůĐĂƉĂĐŝƚLJŽĨϮϲϬŵŐLJĂŶĚϳϯϬŵŐLJ
ďLJƚŚĞĞŶĚŽĨϮϬϮϯ͘&ĞĞĚƐƚŽĐŬƉƌĞƚƌĞĂƚŵĞŶƚĐĂƉĂďŝůŝƟĞƐĂƌĞ
ĞdžƉĞĐƚĞĚƚŽĐŽŵĞŽŶůŝŶĞŶĞdžƚLJĞĂƌĂƐǁĞůů͘
EĞƐƚĞǁŝůůĐŽŶƚƌŝďƵƚĞĂƉƉƌŽdžŝŵĂƚĞůLJΨϭďŝůůŝŽŶƚŽƚŚĞũŽŝŶƚ
ǀĞŶƚƵƌĞ͘dŽƚĂůƉƌŽũĞĐƚĐŽƐƚĨŽƌƚŚĞDĂƌƟŶĞnjƌĞĮŶĞƌLJĐŽŶǀĞƌƐŝŽŶ
ŝƐ Ψϭ͘Ϯ ďŝůůŝŽŶ͘ DĂƌĂƚŚŽŶ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ŵĂŶĂŐĞ ƉƌŽũĞĐƚ
ĞdžĞĐƵƟŽŶĂŶĚŽƉĞƌĂƚĞƚŚĞĨĂĐŝůŝƚLJŽŶĐĞĐŽŵƉůĞƚĞ͘ŽƚŚEĞƐƚĞ
ĂŶĚDĂƌĂƚŚŽŶǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌĨĞĞĚƐƚŽĐŬƐŽƵƌĐŝŶŐĨŽƌ
ƚŚĞũŽŝŶƚǀĞŶƚƵƌĞ͘EĞƐƚĞŚĂƐĂǁĞůůͲĞƐƚĂďůŝƐŚĞĚŐůŽďĂůǁĂƐƚĞ
ĨĞĞĚƐƚŽĐŬ ƐŽƵƌĐŝŶŐ ƉůĂƞŽƌŵ͕ ŝŶĐůƵĚŝŶŐ ŝŶ ƚŚĞ h͘^͘ ƚŚƌŽƵŐŚ
ĂĐƋƵŝƐŝƟŽŶƐŽĨDĂŚŽŶĞLJŶǀŝƌŽŶŵĞŶƚĂůĂŶĚŐƌŝdƌĂĚŝŶŐ͕ĂŶĚ
DĂƌĂƚŚŽŶŝƐĚĞǀĞůŽƉŝŶŐĂƐŽLJďĞĂŶͲĐƌƵƐŚƉƌŽũĞĐƚǁŝƚŚƌĐŚĞƌ
ĂŶŝĞůƐDŝĚůĂŶĚŽ͘ŝŶEŽƌƚŚĂŬŽƚĂ͘
/ŶƌĞůĂƚĞĚŶĞǁƐ͕dždžŽŶDŽďŝůŝƐŝŶǀĞƐƟŶŐΨϭϮϱŵŝůůŝŽŶŝŶ
'ůŽďĂůůĞĂŶŶĞƌŐLJ,ŽůĚŝŶŐƐ/ŶĐ͘ǁŝƚŚĂŶŽƉƟŽŶƚŽĂĐƋƵŝƌĞ
ƵƉƚŽĂϮϱйĞƋƵŝƚLJƐƚĂŬĞŝŶƚŚĞĐŽŵƉĂŶLJ͘',ŝƐĐŽŶǀĞƌƟŶŐ
ĂŶŽŝůƌĞĮŶĞƌLJŝŶĂŬĞƌƐĮĞůĚ͕ĂůŝĨŽƌŶŝĂ͕ƚŽƉƌŽĚƵĐĞϮϯϬŵŐLJ
ŽĨ ƌĞŶĞǁĂďůĞ ĚŝĞƐĞů ďĞŐŝŶŶŝŶŐ ƚŚŝƐ LJĞĂƌ͘ dŚĞ dždžŽŶDŽďŝů
ŝŶǀĞƐƚŵĞŶƚǁŝůůĂŝĚ',ŝŶŐƌŽǁŝŶŐŝƚƐƉƌŽƉƌŝĞƚĂƌLJĐĂŵĞůŝŶĂ
ďƵƐŝŶĞƐƐ͘
,ŽůůLJ&ƌŽŶƟĞƌŽƌƉ͛͘ƐƌĞŶĞǁĂďůĞĚŝĞƐĞůƵŶŝƚĂƚŝƚƐŽŝůƌĞĮŶĞƌLJ
ŝŶŚĞLJĞŶŶĞ͕tLJŽŵŝŶŐ͕ŝƐĨƵůůLJŽƉĞƌĂƟŽŶĂů͕ĂĐĐŽƌĚŝŶŐƚŽK
DŝŬĞ:ĞŶŶŝŶŐƐ͘dŚĞƵŶŝƚĐĂŶŵĂŬĞƵƉƚŽϮϱϮ͕ϬϬϬŐĂůůŽŶƐĂĚĂLJ
ŽƌĂƚŚĞŽƌĞƟĐĂůŵĂdžŝŵƵŵŽĨĂďŽƵƚϵϬŵŐLJ͘ŽŶƐƚƌƵĐƟŽŶŽŶ
,ŽůůLJ&ƌŽŶƟĞƌ͛ƐϭϮϱŵŐLJƌƚĞƐŝĂ͕EĞǁDĞdžŝĐŽ͕ZhŝƐĞdžƉĞĐƚĞĚ
ƚŽďĞĐŽŵƉůĞƚĞďĞĨŽƌĞŵŝĚLJĞĂƌ͕ĂŶĚĂĨĞĞĚƐƚŽĐŬƉƌĞƚƌĞĂƚŵĞŶƚ
ƵŶŝƚďĞŝŶŐďƵŝůƚŽŶƚŚĞƐĂŵĞƐŝƚĞŝƐŽŶƚƌĂĐŬĨŽƌĐŽŵƉůĞƟŽŶďLJ
end of March.
ƐƉĞƚƌŽůĞƵŵĐŽŵƉĂŶŝĞƐĐŽŶƟŶƵĞƚŽŵĂŬĞďŝŐƉůĂLJƐŝŶƚŚĞ
ďŝŽĨƵĞůƐƐƉĂĐĞ͕ĂŐƌŽǁŝŶŐŶƵŵďĞƌŽĨďŝŽĚŝĞƐĞůƉƌŽĚƵĐĞƌƐĂŶĚ
ƐƵƉƉŽƌƟŶŐĐŽŵƉĂŶŝĞƐĂƌĞƐŝŐŶŝŶŐŽŶƚŽǁŚĂƚ͛ƐƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ
ƐŵĂůůĂĚǀĂŶĐĞĚďŝŽĨƵĞůƌĞĮŶĞƌLJŝŶŝƟĂƟǀĞƚŽƐĂǀĞƚŚĞŝƌďŝŽĚŝĞƐĞů
ŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵďĞŝŶŐĐŽŶƐƵŵĞĚďLJƉĞƚƌŽůĞƵŵĐŽŵƉĂŶŝĞƐ
ĂŶĚƚŚĞŝƌŐƌŽǁŝŶŐƌĞŶĞǁĂďůĞĚŝĞƐĞůƉƌŽĚƵĐƟŽŶͶŶŽƚďĞĐĂƵƐĞ
ŽĨŵĂƌŬĞƚĨŽƌĐĞƐ͕ĂĐĐŽƌĚŝŶŐƚŽ^ZƐŝŐŶĂƚŽƌŝĞƐ͕ďƵƚďĞĐĂƵƐĞ
ŽĨƉŽůŝĐLJĚŝƐƚŽƌƟŽŶƐ͘ŽŵŵĞŶƚƐǁĞƌĞƐƵďŵŝƩĞĚƚŽƚŚĞh͘^͘
ŶǀŝƌŽŶŵĞŶƚĂůWƌŽƚĞĐƟŽŶŐĞŶĐLJŝŶƚŚĞƉƵďůŝĐĐŽŵŵĞŶƚƉĞƌŝŽĚ
ŽĨƚŚĞĂŐĞŶĐLJ͛ƐƉƌŽƉŽƐĞĚZĞŶĞǁĂďůĞ&ƵĞů^ƚĂŶĚĂƌĚƌƵůĞ͘
͞dŚĞĚŝƐƉůĂĐĞŵĞŶƚŝƐŚĂƉƉĞŶŝŶŐďĞĐĂƵƐĞŽĨĂŶƵŶŝŶƚĞŶĚĞĚ
ǁĂLJ ƚŚĂƚ ĨĞĚĞƌĂů ĂŶĚ ƐƚĂƚĞ ŐŽǀĞƌŶŵĞŶƚ ŝŶĐĞŶƟǀĞƐ ƚƌĂŶƐĂĐƚ͕
ĂŶĚǁŚŝĐŚƉĂƌƟĞƐĐĂŶĐĂƉƚƵƌĞƚŚĞŵ͕͟ƚŚĞŐƌŽƵƉǁƌŝƚĞƐ͘͞/ƚŝƐĂ
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