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CVR, like many biofuel producers, relies heavily on vegetable oils as a feedstock in the production of fuel. CVR consumed 18 million gallons of vegetable oil in the production of renewable diesel during the fourth quarter. In the company’s fourth quarter earnings call, President and CEO David Lamp noted “the bean oil/heating oil spread (BOHO) improved but this was more than offset by reduced prices and a weaker basis for California diesel.” A sharp downturn in economics led to an EBITDA loss for the renewable diesel segment in the fourth quarter.

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