Indian Oil Corporation

Indian Oil Corporation

140.13
-2.30
(-1.61%)
ann
Q1 Quarterly Results are out. Check out the updated financials2 days ago
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right
Market Cap
1,97,880.90 Cr
EPS
9.87
PE Ratio
12.99
Dividend Yield
2.09 %
52 Week High
184.00
52 Week Low
110.72
PB Ratio
1.06
Debt to Equity
0.77
Add Ratio
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Investment Returns

In Long Term
In Short Term
1 Year
0.00%
2 Years
0.00%
3 Years
0.00%
4 Years
0.00%
5 Years
0.00%
Analyst Rating
- By Refinitiv from32 analysts
BUY
Analysts have suggested that investors can buy this stock
Buy
Buy+59.38 %
+59.38 %
Hold
Hold+21.88 %
+21.88 %
Sell
Sell+18.75 %
+18.75 %

Company News

View All News
Caret
neutral
Indian Oil Corporation Chairman AS Sahney confirmed India continues purchasing Russian oil based on economic considerations, with no pause in imports despite US President Donald Trump's additional 25% tariff threat on Indian imports. Russian oil comprised 22-23% of IOC's crude processing in the April-June period and 34% of BPCL's intake. Import volumes fluctuate based on discount levels, which narrowed from $40 per barrel to $1.5 recently before widening to $2.70. India became Russia's largest oil customer from 2022 after Western sanctions created discounted pricing opportunities. Russian crude now meets 30% of India's oil requirements, up from less than 1% before February 2022. Both IOC and BPCL officials stated they received no government instructions to alter purchase volumes and will continue buying unless sanctions are imposed on Russian crude.
positive
Indian Oil reported net profit of Rs 5,689 crore in the June quarter, more than doubling from Rs 2,643 crore in the same period last year. Revenue from operations grew 1% to Rs 218,608 crore. The profit increase was driven by higher refining and marketing margins, partially offset by inventory losses of Rs 6,465 crore compared to an inventory gain of Rs 3,345 crore last year. The company's gross refining margin stood at $2.15 per barrel versus $6.39 per barrel in the previous year, but after adjusting for inventory effects, the margin improved to $6.91 from $2.84. Indian Oil achieved record quarterly sales volume of 26.32 million metric tonnes, up from 25.25 million metric tonnes last year. Domestic petroleum sales volume increased 4.2% and institutional diesel sales jumped 40.3%. The company maintained 107% average capacity utilization at its refineries. Under-recovery on cooking gas sales was Rs 3,858 crore compared to Rs 4,294 crore previously. Shares closed 1.58% lower at Rs 140.15.
positive
Indian Oil Corporation Limited has scheduled an Analyst or Institutional Investor Meet for August 18, 2025, and released its presentation covering quarterly results. The company reported a Profit Before Tax of Rs 8,787 crores and Profit After Tax of Rs 7,265 crores for the quarter. EBITDA contribution stood at Rs 14,746 crores. Operationally, refinery throughput was 18.7 MMT with capacity utilization at 107.1% and distillate yield of 79.7%. Pipeline operations achieved throughput of 26.3 MMT with 73.5% capacity utilization. In marketing operations, inland petroleum product sales totaled 21.867 MMT, with HSD contributing 9.320 MMT and MS contributing 3.869 MMT. The company's historical performance shows turnover of Rs 9,34,953 crores and net worth of Rs 1,78,677 crores for FY25.
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Competitors
LTP
Market Cap (₹ Cr.)
P/E Ratio
Revenue (₹ Cr.)
YoY Revenue Growth %
Net Profit (₹ Cr.)
YoY Profit Growth %
RSI
1,373.80
#1 18,59,091.10
25.08
#1 9,82,671.00
7.15
#1 80,787
76.46
37.26
140.13
#2 1,97,880.90
#3 12.99
#2 7,61,619.50
#7 -2.38
#2 13,789
#5 82.89
38.11
318.05
1,37,986.20
#1 7.86
4,42,956.60
-1.63
13,337
140.67
41.06
394.35
83,910.70
8.21
4,36,194.00
0.10
6,736
548.51
35.13
123.60
21,662.10
466.72
94,834.80
4.69
56
-469.81
36.63
633.35
9,431.30
52.92
59,381.30
-10.57
214
-111.23
37.00
38.00
292.10
41.76
0.00
0.00
7
#1 9,700.00
44.50
82.00
171.40
21.50
65.16
93.22
8
-
51.93
231.00
162.50
27.18
67.31
#1 128.51
6
-
56.68
9.48
149.60
94.70
142.96
-32.68
2
800.00
34.56
Forecast
Actual
Growth Rate
Revenue Growth
-2.38 %
Net Income Growth
-68.05 %
Cash Flow Change
-51.23 %
ROE
-68.53 %
ROCE
-61.07 %
EBITDA Margin (Avg.)
-49.02 %

Quarterly Financial Results

Quarterly Financials
Jun 2017
Sept 2017
Dec 2017
Mar 2018
Jun 2018
Sept 2018
Dec 2018
Mar 2019
Jun 2019
Sept 2019
Dec 2019
Mar 2020
Jun 2020
Sept 2020
Dec 2020
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Revenue
1,06,738
89,956
1,11,684
1,17,444
1,29,554
1,33,451
1,41,802
1,27,448
1,32,238
1,11,865
1,24,627
1,19,791
61,418
82,994
1,03,078
1,21,155
1,16,349
1,34,483
1,66,812
1,76,009
2,24,405
2,09,788
2,07,446
2,05,240
1,99,521
1,80,075
2,01,822
2,00,336
1,94,947
1,77,532
1,95,950
1,96,789
1,94,072
Expenses
97,067
81,441
95,818
1,05,539
1,15,645
1,25,120
1,37,461
1,14,709
1,22,725
1,07,369
1,16,746
1,32,424
54,269
71,512
92,050
1,05,534
1,04,004
1,22,006
1,54,565
1,61,019
2,17,996
2,05,477
2,01,411
1,86,236
1,74,851
1,56,075
1,83,172
1,86,675
1,83,924
1,71,509
1,86,442
1,80,241
1,79,073
EBITDA
9,671
8,515
15,866
11,905
13,909
8,331
4,341
12,739
9,513
4,496
7,881
-12,633
7,150
11,482
11,028
15,621
12,345
12,477
12,247
14,990
6,409
4,311
6,035
19,004
24,670
24,000
18,650
13,661
11,024
6,023
9,508
16,548
14,999
Operating Profit %
8 %
9 %
13 %
10 %
10 %
5 %
3 %
9 %
7 %
3 %
6 %
-12 %
10 %
12 %
10 %
12 %
10 %
8 %
7 %
8 %
2 %
2 %
2 %
9 %
12 %
13 %
8 %
6 %
5 %
2 %
4 %
8 %
7 %
Depreciation
1,850
1,819
1,861
2,134
1,961
2,074
2,137
2,333
2,381
2,360
2,462
2,653
2,613
2,656
2,723
2,949
2,931
3,012
3,112
3,292
3,158
3,283
3,451
3,288
3,477
3,610
4,686
4,094
4,103
4,065
4,284
4,325
4,179
Interest
820
896
785
1,344
1,153
1,351
998
1,386
1,650
1,453
1,444
2,032
1,332
320
734
1,203
1,383
1,114
1,119
1,807
1,908
1,554
2,122
1,957
1,744
1,977
1,958
2,147
2,080
2,546
2,458
2,178
2,070
Profit Before Tax
7,002
5,800
13,220
8,428
10,795
4,905
1,206
9,020
5,482
683
3,975
-17,317
3,204
8,506
7,572
11,469
8,030
8,351
8,016
9,891
1,344
-527
462
13,759
19,450
18,413
12,005
7,420
4,841
-589
2,767
10,045
8,751
Tax
2,266
1,995
4,750
2,813
3,619
1,579
439
3,016
1,859
312
1,280
-8,751
854
2,341
3,470
2,324
1,890
2,116
1,755
2,802
461
384
-428
2,917
4,715
4,700
2,781
1,932
1,118
-140
619
1,677
1,942
Net Profit
4,736
3,806
8,470
5,614
7,176
3,327
768
6,004
3,624
370
2,695
-8,566
2,350
6,165
4,102
9,145
6,141
6,235
6,261
7,089
883
-910
890
10,841
14,735
13,713
9,225
5,488
3,723
-449
2,147
8,368
6,808
EPS in ₹
9.75
7.84
17.44
5.83
7.48
3.50
1.02
6.36
4.07
0.51
2.92
-8.48
2.43
6.56
4.75
9.83
6.65
6.76
6.69
7.24
-0.20
-0.72
0.56
7.47
10.48
9.53
6.56
3.74
2.56
-0.12
1.54
5.90
4.95

Balance Sheet

Balance Sheet
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
2,33,743
2,31,555
2,73,561
2,95,676
3,35,157
3,29,737
3,54,916
4,10,625
4,41,719
4,82,362
5,06,867
Fixed Assets
76,781
1,00,033
1,15,958
1,24,053
1,32,494
1,47,022
1,57,085
1,60,514
1,80,048
1,95,998
2,01,142
Current Assets
1,01,086
73,735
96,258
1,05,516
1,29,565
1,10,735
1,16,208
1,46,861
1,57,854
1,58,443
1,57,643
Capital Work in Progress
40,378
26,219
16,778
19,130
28,281
32,845
36,291
47,469
51,134
61,032
77,921
Investments
7,308
31,185
43,687
44,806
44,112
35,571
44,717
52,352
52,191
65,542
67,219
Other Assets
1,09,277
74,118
97,138
1,07,686
1,30,270
1,14,299
1,16,824
1,50,289
1,58,347
1,59,790
1,60,585
Total Liabilities
2,33,743
2,31,555
2,73,561
2,95,676
3,35,157
3,29,737
3,54,916
4,10,625
4,41,719
4,82,362
5,06,867
Current Liabilities
1,04,228
84,416
1,32,686
1,39,905
1,60,721
1,61,518
1,62,175
1,92,840
2,06,638
2,16,404
2,30,614
Non Current Liabilities
59,610
55,734
36,875
39,746
60,090
71,945
79,927
82,659
91,867
77,795
85,228
Total Equity
69,906
91,406
1,04,001
1,16,025
1,14,347
96,274
1,12,814
1,35,127
1,43,214
1,88,163
1,91,025
Reserve & Surplus
66,404
87,610
97,357
1,04,395
1,03,288
86,217
1,02,657
1,24,354
1,25,949
1,69,645
1,72,716
Share Capital
2,428
2,370
4,739
9,479
9,181
9,181
9,181
9,181
13,772
13,772
13,772

Cash Flow

Cash Flow
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Net Cash Flow
-2,406
124
-405
-11
614
502
-653
395
-180
250
-573
Investing Activities
-10,215
-13,610
-17,684
-17,119
-22,569
-29,101
-22,935
-21,294
-28,030
-31,512
-31,848
Operating Activities
46,092
25,624
28,216
29,115
12,747
7,146
49,650
25,747
29,644
71,146
34,699
Financing Activities
-38,283
-11,890
-10,937
-12,007
10,437
22,456
-27,369
-4,058
-1,794
-39,385
-3,425

Share Holding

% Holding
Mar 2021
Jun 2021
Sept 2021
Dec 2021
Mar 2022
Jun 2022
Jul 2022
Sept 2022
Dec 2022
Mar 2023
Jun 2023
Sept 2023
Dec 2023
Mar 2024
Jun 2024
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Promoter
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
51.50 %
FIIs
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
8.50 %
7.79 %
7.90 %
7.43 %
7.38 %
7.48 %
DIIs
12.98 %
12.37 %
4.58 %
4.02 %
2.92 %
3.10 %
3.11 %
11.08 %
11.68 %
12.06 %
11.70 %
10.52 %
9.67 %
10.33 %
10.15 %
10.53 %
10.20 %
10.07 %
10.39 %
Government
0.11 %
0.11 %
0.11 %
0.11 %
0.11 %
0.11 %
0.11 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
19.48 %
Public / Retail
6.01 %
5.75 %
5.27 %
5.42 %
5.53 %
6.09 %
6.14 %
7.11 %
6.94 %
6.74 %
6.49 %
6.99 %
6.75 %
6.87 %
7.73 %
7.24 %
7.94 %
8.12 %
7.75 %
Others
29.39 %
30.27 %
38.54 %
38.95 %
39.94 %
39.19 %
39.14 %
10.84 %
10.40 %
10.22 %
10.83 %
11.52 %
12.61 %
3.33 %
3.36 %
3.36 %
3.45 %
3.45 %
3.40 %
No of Share Holders
9,43,030
9,40,651
9,55,410
11,45,470
13,35,440
14,84,850
14,92,840
17,99,120
18,17,780
18,27,300
17,91,350
19,72,340
20,65,510
24,28,560
27,29,160
27,81,750
30,82,720
31,89,610
30,80,100

Dividend History

Dividends per share (FY)
Dividend yield (FY) %
Dividends per share (FY)
Dividend yield (FY) %
Annual Cash Flows 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividend Per Share (₹) 0.00 19 21 9.25 4.25 12 12.6 3 12 3
Dividend Yield (%) 0.00 16.14 19.34 16.99 6.94 10.09 16.38 1.79 9.4 2.14

Corporate Action

Record Date Corporate Action Information Announcement Day LTP at Annoucement LTP at Record Day
30 Aug 2025 ANNUAL GENERAL MEETING Annual General Meeting
NA
30 Aug 2025 141.03 140.15
14 Aug 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
14 Aug 2025 145.65 142.43
08 Aug 2025 DIVIDEND Dividend
₹ 3.00 /share
08 Aug 2025 135.75 141.67
30 Apr 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
30 Apr 2025 133.85 135.75
27 Jan 2025 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
27 Jan 2025 136.40 128.25
28 Oct 2024 QUARTERLY RESULT ANNOUNCEMENT Quarterly Result Announcement
NA
28 Oct 2024 164.39 146.35
09 Aug 2024 ANNUAL GENERAL MEETING Annual General Meeting
NA
09 Aug 2024 170.70 170.20
12 Jul 2024 DIVIDEND Dividend
₹ 7.00 /share
12 Jul 2024 176.80 174.44
10 Nov 2023 DIVIDEND Dividend
₹ 5.00 /share
10 Nov 2023 88.25 102.95
28 Jul 2023 DIVIDEND Dividend
₹ 3.00 /share
28 Jul 2023 84.21 98.59
12 Aug 2022 DIVIDEND Dividend
₹ 2.40 /share
11 Aug 2022 122.10 70.95
01 Jul 2022 BONUS Bonus
1:2
30 Jun 2022 117.25 74.25
10 Feb 2022 DIVIDEND Dividend
₹ 4.00 /share
09 Feb 2022 124.10 121.05
12 Nov 2021 DIVIDEND Dividend
₹ 5.00 /share
11 Nov 2021 85.30 88.87
06 Aug 2021 DIVIDEND Dividend
₹ 1.50 /share
05 Aug 2021 70.37 69.30
24 Mar 2021 DIVIDEND Dividend
₹ 3.00 /share
23 Mar 2021 67.37 64.50
10 Feb 2021 DIVIDEND Dividend
₹ 7.50 /share
09 Feb 2021 61.73 65.13
BONUS Bonus
1:1
15 Mar 2018 126.42 0.00

Announcements

Announcement under Regulation 30 (LODR)-Investor Presentation2 days ago
Unaudited Financial Results (Standalone & Consolidated) For The Quarter Ended 30Th June 2025.2 days ago
Board Meeting Outcome for Unaudited Financial Results (Standalone & Consolidated) For The Quarter Ended 30Th June 2025.2 days ago
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation2 days ago
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation4 days ago
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation4 days ago
Announcement under Regulation 30 (LODR)-Newspaper Publication7 days ago
Reg. 34 (1) Annual Report.9 days ago
Business Responsibility and Sustainability Reporting (BRSR)9 days ago
Notice Of The 66Th Annual General Meeting Of The Company.9 days ago
Announcement under Regulation 30 (LODR)-Newspaper Publication10 days ago
66Th Annual General Meeting Of The Company For The Year 2024-25Aug 04, 2025
Board Meeting Intimation for Board Meeting Intimation For Consideration Of Unaudited Financial Results For The Quarter Ended 30Th June 2025.Aug 01, 2025
Announcement under Regulation 30 (LODR)-Change in ManagementAug 01, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateAug 01, 2025
Announcement under Regulation 30 (LODR)-Change in ManagementJul 29, 2025
Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 21, 2025
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
E-Mail Communication To Members Of Indian Oil Corporation Ltd. - Deduction Of TDS On Dividend For The Year 2024-25Jul 05, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateJul 01, 2025
Closure of Trading WindowJun 27, 2025
Fixation Of Record Date For Dividend For The Year 2024-25Jun 26, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateJun 20, 2025
Announcement under Regulation 30 (LODR)-Newspaper PublicationJun 06, 2025
Announcement under Regulation 30 (LODR)-Investor PresentationJun 02, 2025
Change In Senior Management.Jun 01, 2025
Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseMay 30, 2025
Appointment Of Secretarial AuditorMay 30, 2025
Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 29, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 29, 2025
Announcement under Regulation 30 (LODR)-Earnings Call TranscriptMay 08, 2025
Change In Senior Management.May 01, 2025
Announcement under Regulation 30 (LODR)-Investor PresentationApr 30, 2025
Board Approves Further Investment In Terra Clean Limited (Wos).Apr 30, 2025
Revision In Project Cost Of Barauni Refinery In Bihar.Apr 30, 2025
Corporate Action-Board approves DividendApr 30, 2025
Audited Financial Results (Standalone And Consolidated) For The Quarter And Year Ended 31St March 2025Apr 30, 2025
Board Meeting Outcome for Outcome Of The Board Meeting: (I) Audited Financial Results (Standalone And Consolidated) For The Quarter And Year Ended 31St March 2025 (Ii) Final Dividend For The Year 2024-25 Apr 30, 2025
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationApr 28, 2025
Disclosure Under Chapter XIV- Centralized Database For Corporate Bonds/Debentures Of SEBI Operational Circular Dated August 10 2021 (Updated As On April 13 2022)Apr 26, 2025
Change In Senior Management.Apr 22, 2025
Board Meeting Intimation for Board Meeting Intimation For Consideration Of Audited Financial Results For The Quarter And Year Ended 31St March 2025 And Declaration Of Dividend If Any.Apr 17, 2025
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Apr 10, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateApr 08, 2025
Change In Senior Management.Apr 01, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateMar 28, 2025
Closure of Trading WindowMar 26, 2025
Change In Senior Management.Mar 07, 2025
Change In Senior Management.Mar 01, 2025
Announcement under Regulation 30 (LODR)-Change in DirectorateFeb 26, 2025

Technical Indicators

RSI(14)
Neutral
38.11
ATR(14)
Volatile
2.99
STOCH(9,6)
Neutral
25.16
STOCH RSI(14)
Neutral
34.61
MACD(12,26)
Bearish
-0.57
ADX(14)
Weak Trend
22.21
UO(9)
Bearish
42.71
ROC(12)
Downtrend And Accelerating
-5.28
WillR(14)
Oversold
-92.46

Mutual Fund Holdings

Funding HouseCurrent Holding %1M Change1M Change %3M Change %Last 6M Trend
Kotak Arbitrage Fund Direct-Growth
0.02%
-19797375
-0.42%
-0.35%
Tata Arbitrage Fund Direct - Growth
0.01%
-6581250
-0.61%
-0.45%
ICICI Prudential Equity & Debt Fund Direct-Growth
0.47%
5267650
0.17%
0.47%
Aditya Birla Sun Life Arbitrage Fund Direct-Growth
0.03%
-4148625
-0.30%
-0.19%
SBI Arbitrage Opportunities Fund Direct-Growth
0.36%
3656250
0.12%
0.23%
SBI Energy Opportunities Fund Direct - Growth
8.26%
-3000000
-0.15%
0.13%
Invesco India Arbitrage Fund Direct-Growth
0.13%
-2944500
-0.18%
-0.10%
Quant Multi Asset Allocation Fund Direct-Growth
0.99%
2484076
0.99%
0.99%
ICICI Prudential Energy Opportunities Fund Direct-Growth
8.86%
-2074827
-0.23%
1.01%
Edelweiss Arbitrage Fund Direct-Growth
0.11%
-2047500
-0.20%
-0.16%
UTI Arbitrage Fund Direct-Growth
0.01%
-1852500
-0.35%
-0.30%
Bandhan Arbitrage Fund Direct-Growth
0.04%
-1837875
-0.30%
-0.19%
ICICI Prudential Equity Arbitrage Direct-Growth
0.02%
-1803750
-0.09%
-0.07%
ICICI Prudential Smallcap Fund Direct Plan-Growth
0.00%
-1665854
-0.29%
0.00%
HDFC Arbitrage Fund Wholesale Direct-Growth
0.02%
-1555125
-0.11%
-0.14%
ICICI Prudential Equity Savings Fund Direct-Growth
0.13%
-1394250
-0.16%
-0.16%
Nippon India Arbitrage Fund Direct-Growth
0.04%
-1360125
-0.14%
-0.05%
Axis Arbitrage Fund Direct-Growth
0.00%
-867750
-0.18%
-0.15%
DSP Natural Resources and New Energy Fund Direct Plan-Growth
3.63%
671177
0.73%
2.28%
HSBC Arbitrage Fund Direct-Growth
0.00%
-536250
-0.32%
-0.27%
Mirae Asset Arbitrage Fund Direct - Growth
0.04%
-282750
-0.13%
-0.12%
Union Balanced Advantage Fund Direct - Growth
0.00%
-243750
-0.26%
-0.25%
DSP Arbitrage Fund Direct - Growth
0.01%
-219375
-0.05%
-0.05%
ICICI Prudential Nifty Next 50 Index Direct-Growth
2.34%
183273
0.05%
0.08%
UTI Nifty Next 50 Index Fund Direct - Growth
2.34%
164339
0.04%
0.07%

About Indian Oil Corporation

Indian Oil Corporation (IOC) is India's national oil company with operations spanning the entire hydrocarbon value chain. Its core activities include refining, pipeline transportation, marketing of petroleum products, exploration and production of crude oil and gas, petrochemicals, and alternative energy. IOC operates refineries across India and has a network of retail outlets, LPG distributorships, and aviation fuel stations. The company also has international operations and subsidiaries. IOC is expanding into new areas like compressed biogas, electric vehicle charging, and renewable energy. It has joint ventures in fertilizer production and is involved in pipeline projects. The company continues to upgrade its facilities to produce higher quality fuels and expand its retail and distribution network.