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Green Plains Partners Reports First Quarter 2021 Financial Results

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Green Plains Partners LP
·11 min read
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Results for the First Quarter of 2021

  • Net income of $10.7 million, or $0.45 per common unit

  • Adjusted EBITDA of $13.8 million and distributable cash flow of $11.7 million

  • Quarterly cash distribution of $0.12 per unit

  • Distribution coverage ratio of 4.13x, LTM distribution coverage ratio of 4.02x

OMAHA, Neb., May 03, 2021 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the first quarter of 2021. Net income attributable to the partnership was $10.7 million, or $0.45 per common unit, for the first quarter of 2021 compared with net income of $10.4 million, or $0.44 per common unit, for the same period in 2020.

The partnership also reported adjusted EBITDA of $13.8 million and distributable cash flow of $11.7 million for the first quarter of 2021, compared with adjusted EBITDA of $13.4 million and distributable cash flow of $11.4 million for the same period in 2020. Distribution coverage was 4.13x for the three months ended March 31, 2021 as compared to 4.03x for the same period a year ago.

“Green Plains Partners delivered another consistent quarter of financial results for its unitholders while continuing to significantly reduce its debt,” said Todd Becker, president and chief executive officer. “Closing on the sale of Green Plains Ord delivered additional proceeds to more quickly reduce the partnership’s debt, further strengthening its balance sheet.”

First Quarter Highlights and Recent Developments

  • On March 22, 2021, Green Plains Inc.’s subsidiary, Green Plains Ord LLC, closed on the sale of its ethanol plant located in Ord, Nebraska to GreenAmerica Biofuels Ord LLC. Correspondingly, the storage assets located adjacent to the Ord plant were sold to Green Plains Ord LLC for $27.0 million, along with the transfer of associated railcar operating leases. In accordance with the loan agreement, the proceeds were used to repay debt.

  • On April 22, 2021, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.12 per unit, or approximately $2.8 million, for the first quarter of 2021. The distribution is payable on May 14, 2021, to unitholders of record at the close of business on May 7, 2021.

Results of Operations
Consolidated revenues increased $0.1 million for the three months ended March 31, 2021, compared with the same period for 2020. Storage and throughput services revenue increased $0.5 million due to an increase in the rate per gallon charged to Green Plains Trade beginning on July 1, 2020. Terminal services revenue decreased $0.2 million as a result of lower throughput volume. Railcar transportation services revenue decreased $0.1 million primarily due to a decrease in railcar sublease revenue. Trucking and other revenue decreased $0.1 million due to a reduction in freight loads.

Operations and maintenance expenses decreased $0.4 million for the three months ended March 31, 2021, compared with the same period for 2020, primarily due to a reduction in unloading fees and repair and maintenance expense. General and administrative expenses increased $0.2 million for the three months ended March 31, 2021, compared with the same period for 2020, primarily due to an increase in insurance expense.

During the first quarter of 2021, Green Plains Inc.’s average production utilization rate was approximately 71.1% of capacity. Ethanol throughput was 179.0 million gallons, which was below the contracted minimum volume commitment. As a result, the partnership charged Green Plains Trade $2.8 million related to the minimum volume commitment deficiency for the quarter, resulting in a credit to be applied against potential excess volumes in future periods. The cumulative minimum volume deficiency credits available to Green Plains Trade as of March 31, 2021 totaled $10.6 million. If these credits are unused by Green Plains Trade, $4.3 million will expire on June 30, 2021, $2.4 million will expire on September 30, 2021, $1.1 million will expire on December 31, 2021 and $2.8 million will expire on March 31, 2022. These credits have been recognized in revenue by the partnership, and as such, future volumes throughput by Green Plains Trade in excess of the quarterly minimum volume commitment, up to the amount of these credits, will not be recognized in revenue in future periods prior to expiration.

GREEN PLAINS PARTNERS LP

SELECTED OPERATING DATA

(unaudited, in million gallons)

Three Months Ended

March 31,

2021

2020

% Var.

Product volumes

Storage and throughput services

179.0

241.6

(25.9

)

%

Terminal services:

Affiliate

18.4

32.5

(43.4

)

Non-affiliate

24.4

26.5

(7.9

)

42.8

59.0

(27.5

)

Railcar capacity billed (daily average)

72.9

78.8

(7.5

)

Liquidity and Capital Resources
Total liquidity as of March 31, 2021, was $4.8 million, including $0.1 million in cash and cash equivalents, and $4.7 million available under the partnership’s revolving credit facility. Total debt outstanding was $61.1 million, net of debt issuance costs of $1.7 million.

Conference Call Information
On May 3, 2021, Green Plains Partners LP and Green Plains Inc. will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss first quarter 2021 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 9070109. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains Partners’ website at http://ir.greenplainspartners.com.

Non-GAAP Financial Measures
Adjusted EBITDA and distributable cash flow are supplemental financial measures used to assess the partnership’s financial performance. Management believes adjusted EBITDA and distributable cash flow provide investors useful information in assessing the partnership’s financial condition and results of operations. Adjusted EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization, plus adjustments for transaction costs related to acquisitions or financing transactions, unit-based compensation expense, net gains or losses on asset sales and the partnership’s proportional share of EBITDA adjustments of our equity method investee. Distributable cash flow is defined as adjusted EBITDA less interest paid or payable, income taxes paid or payable, maintenance capital expenditures and the partnership’s proportionate share of distributable cash flow adjustments of our equity method investee. References to LTM refer to results from the immediately preceding twelve-month period. Adjusted EBITDA and distributable cash flow are not presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and therefore should not be considered in isolation or as alternatives to net income or any other measure of financial performance presented in accordance with GAAP to analyze the partnership’s results.

About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of ultra-high protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.9% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.com.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied are discussed in Green Plains Partners’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains Partners assumes no obligation to update any such forward-looking statements, except as required by law.

Consolidated Financial Results

GREEN PLAINS PARTNERS LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31,

December 31,

2021

2020

ASSETS

(unaudited)

Current assets

Cash and cash equivalents

$

71

$

2,478

Accounts receivable, including from affiliates

14,552

14,744

Other current assets

627

772

Total current assets

15,250

17,994

Property and equipment, net

31,062

32,119

Operating lease right-of-use assets

43,545

40,604

Other assets

14,768

14,603

Total assets

$

104,625

$

105,320

LIABILITIES AND PARTNERS' DEFICIT

Current liabilities

Accounts payable, including to affiliates

$

4,422

$

4,399

Operating lease current liabilities

12,232

11,506

Current maturities of long-term debt

61,104

97,739

Other current liabilities

3,198

5,438

Total current liabilities

80,956

119,082

Asset retirement obligations

3,072

2,865

Operating lease long-term liabilities

32,137

29,835

Total liabilities

116,165

151,782

Partners' deficit

(11,540

)

(46,462

)

Total liabilities and partners' deficit

$

104,625

$

105,320


GREEN PLAINS PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per unit amounts)

Three Months Ended

March 31,

2021

2020

% Var.

Revenues

Affiliate

$

19,309

$

18,983

1.7

%

Non-affiliate

1,097

1,288

(14.8

)

Total revenues

20,406

20,271

0.7

Operating expenses

Operations and maintenance (excluding depreciation and amortization reflected below)

5,754

6,160

(6.6

)

General and administrative

1,201

1,044

15.0

Depreciation and amortization

887

961

(7.7

)

Total operating expenses

7,842

8,165

(4.0

)

Operating income

12,564

12,106

3.8

Interest expense

(1,928

)

(1,864

)

3.4

Income before income taxes and income from equity method investee

10,636

10,242

3.8

Income tax expense

(84

)

(31

)

171.0

Income from equity method investee

175

158

10.8

Net income

$

10,727

$

10,369

3.5

%

Net income attributable to partners' ownership interests:

General partner

$

215

$

207

3.9

%

Limited partners - common unitholders

10,512

10,162

3.4

Earnings per limited partner unit (basic and diluted):

Common units

$

0.45

$

0.44

2.3

%

Weighted average limited partner units outstanding (basic and diluted):

Common units

23,161

23,138

Supplemental Revenues Data:

Storage and throughput services

$

12,261

$

11,785

4.0

%

Railcar transportation services

5,042

5,124

(1.6

)

Terminal services

2,042

2,194

(6.9

)

Trucking and other

1,061

1,168

(9.2

)

Total revenues

$

20,406

$

20,271

0.7

%


GREEN PLAINS PARTNERS LP

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited, in thousands)

Three Months Ended

March 31,

2021

2020

Cash flows from operating activities:

Net income

$

10,727

$

10,369

Noncash operating adjustments:

Depreciation and amortization

887

961

Other

542

216

Net change in working capital

(1,368

)

1,715

Net cash provided by operating activities

10,788

13,261

Cash flows from investing activities:

Purchases of property and equipment

(153

)

(22

)

Disposition of assets

27,000

-

Net cash provided by (used in) investing activities

26,847

(22

)

Cash flows from financing activities:

Payments of distributions

(2,842

)

(11,280

)

Net proceeds (payments) on revolving credit facility

300

(1,900

)

Net payments on long-term debt

(37,500

)

-

Payments of loan fees

-

(56

)

Net cash used in financing activities

(40,042

)

(13,236

)

Net change in cash and cash equivalents

(2,407

)

3

Cash and cash equivalents, beginning of period

2,478

261

Cash and cash equivalents, end of period

$

71

$

264


GREEN PLAINS PARTNERS LP

RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands except ratios)

Three Months Ended

LTM Ended

March 31,

March 31,

2021

2020

2021

Net income

$

10,727

$

10,369

$

41,505

Interest expense

1,928

1,864

8,577

Income tax expense

84

31

265

Depreciation and amortization

887

961

3,732

Transaction costs

5

-

30

Unit-based compensation expense

79

79

320

Proportional share of EBITDA adjustments of equity method investee (1)

44

50

175

Adjusted EBITDA

13,754

13,354

54,604

Interest paid or payable

(1,928

)

(1,864

)

(8,577

)

Income taxes paid or payable

(84

)

(31

)

(190

)

Maintenance capital expenditures

(2

)

(22

)

(161

)

Distributable cash flow (2)

$

11,740

$

11,437

$

45,676

Distributions declared (3)

$

2,842

$

2,836

$

11,367

Coverage ratio

4.13x

4.03x

4.02x

(1) Represents the partnership's proportional share of depreciation and amortization of its equity method investee.

(2) Distributable cash flow does not include adjustments for the principal payments on the term loan of $37.5 million, of which $27.0 million relates to the Ord disposition, for the three months ended March 31, 2021.

(3) Represents distributions declared for the applicable period and paid in the subsequent quarter.

Green Plains Contacts
Investors: Phil Boggs | Senior Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com
Media: Leighton Eusebio | Manager, Public Relations | 402.952.4971 | leighton.eusebio@gpreinc.com



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    Including dividend-paying shares in your portfolio could be a smart move if you’re interested in creating passive income. The question is, which dividend stocks are worth your time? Choosing so-called Dividend Kings could make sense if you’re interested in owning … Continue reading → The post How to Invest in Dividend Kings appeared first on SmartAsset Blog.

  • Futures kick off month on firm footing; economic data in focus

    U.S. stock index futures rose on Monday after a week of largely upbeat earnings strengthened expectations of sustained profit growth at companies, with investors also awaiting economic data to gauge the pace of recovery. With more than half of the S&P 500 companies already having reported results so far, profits are now expected to have risen 46% in the first quarter, compared with forecasts of 24% growth at the start of April, according to IBES data from Refinitiv. Megacap technology stocks rose in premarket trading, with Apple Inc, Amazon.com Inc, Alphabet Inc and Microsoft Corp adding between 0.2% and 0.4% after posting largely upbeat results in the prior week.

  • Greed, Bankers and Politics Star in Danish Negative-Rate Debacle

    (Bloomberg) -- The country with the longest history of negative interest rates just hit a milestone that may offer a glimpse of what’s to come elsewhere.In Denmark, commercial banks have had to absorb negative rates since they were first introduced by the central bank in 2012. By 2019, the industry started sharing the cost of that policy with retail depositors. Today, Danes are the world champions in bearing the burden of negative rates together with their banks, with 35% of deposits affected.Last week, the government in Copenhagen decided to step in. The minister in charge of bank legislation, Simon Kollerup, turned to social media to launch an attack on the financial sector, and the “greed” he said it represents.“Banks have recently been lowering the bar for negative rates,” he said. “And this simply has to stop.”He commented a day after Danske Bank, Denmark’s biggest lender, said it was following others in the industry and more than halving its threshold for imposing a rate of minus 0.6%. As a result, retail depositors with more than 100,000 kroner ($16,000) will pay 0.6% to park savings exceeding that amount with the bank.“My worry is that banks will continue tightening the screws on negative rates so that average Danes need to pay to keep their money in a bank,” the minister said in a written comment to Bloomberg.Kollerup, who summoned the bankers’ association to talks, says there’s no excuse for passing negative rates on to private customers, and rejects the idea that monetary policy plays a role in determining commercial bank rates.Rate PoliticsThe battle that’s now unfolding between Danish banks and the government gives a sense of where the limits of negative rates may lie, and shows that those limits might be political, not monetary.Negative rates have become the lightning rod that Kollerup has seized to wage “a confrontation with greed, income inequality and division in society,” said Helle Ib, a political commentator at Borsen, Denmark’s biggest business newspaper.The bankers’ association, Finance Denmark, has questioned the merits of Kollerup’s economic reasoning. And the central bank issued a reminder on Friday, pointing out that its negative policy rates (which are necessitated by the krone’s peg to the euro) influence deposit and lending rates throughout the broader economy. It also hinted that politicians shouldn’t interfere in the process. “Banks’ interest rates are a matter for them and their customers,” central bank Governor Lars Rohde said.The central bank’s verbal intervention prompted a member of the opposition bloc in parliament to weigh in. Alex Vanopslagh, the leader of the Liberal Alliance party, told Berlingske he’s summoned Kollerup to a hearing to explain his comments on negative rates. “I trust the minister will say that he crossed the line, and that he lacks a basic grasp of how monetary policy works,” Vanopslagh said.Carsten Egeriis, the chief executive of Danske Bank, points out that Danes also enjoy low interest rates on their mortgages, which he called “the other side of the coin.” That dynamic “most of the time far outweighs the cost of negative interest rates on the deposit side,’ he said.Denmark is two years ahead of the euro zone, which first introduced negative rates in 2014. Jesper Rangvid, a professor of finance at Copenhagen Business School, says there are some lessons to be drawn from the Danish experience for euro-zone economies.He also notes that negative bank rates aren’t the destructive force once imagined. In fact, Rangvid points out that after years of zero, and ultimately negative retail deposit rates, Danish deposits have continued to rise.“The most important takeaway is that clients haven’t been leaving banks,” he said by phone. “That was the fear in the beginning, and that has not happened.”Ib at Borsen says it’s not a given that Kollerup will actually intervene. Ultimately, it’s probably more a case of “sending a signal than a hardcore revolution of economic policy,” she said.(Updates with reference to Kollerup being summoned to parliamentary hearing)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Rich Americans Fleeing Tax Hikes May Turbocharge Shift to ETFs

    (Bloomberg) -- The booming ETF industry may be set to lure even more cash in the coming years as rich Americans facing higher capital gains taxes look to limit what they owe Uncle Sam.President Joe Biden’s plan to double the rate those making more than $1 million a year pay on investment profits would accelerate a shift that’s already seen hundreds of billions of dollars migrate from mutual funds to exchange-traded funds, market watchers say. That’s because ETFs are generally more tax efficient, spinning off fewer capital-gain disbursements that for some could soon become a lot more costly.In fact, by one measure, the tax efficiency of ETFs has been the single most important driver behind the tectonic shift in asset allocations in recent years. While the administration’s plan remains in its infancy and is sure to face intense scrutiny from lawmakers in the months ahead, even an incremental hike in the capital-gains rate would likely spur further ETF usage, according to David Perlman, an ETF strategist at UBS Global Wealth Management.“If capital gains tax rates are going to be higher, if you have a choice of a structure that helps to defer capital gains and gives you more control over when to recognize those gains, you’d be more inclined to go in that direction,” Perlman said.When an investor exits a mutual fund, the fund’s manager must sell securities to raise cash for the redemption. The same investor leaving an ETF can sell their shares on to another investor, meaning neither the fund nor its manager has made a taxable transaction.Meanwhile, the “in-kind” process used to create and redeem shares in an ETF -- whereby the ETF issuer exchanges the fund’s underlying securities with a market maker rather than transacting in cash -- means the ETF rarely executes a taxable sale.A December study by researchers at Villanova and Lehigh universities found that over the past five years, ETFs have averaged a tax burden 0.92% lower than active mutual funds. Moreover, particularly for high net-worth investors, tax considerations have outweighed both performance and fees as the primary driver of flows out of active mutual funds and into ETFs, the findings showed.“There’s no question Biden’s plan to hike the capital gains tax could be a boon for ETFs,” Nate Geraci, president of the ETF Store, an advisory firm, said via email. “Despite significant market share gains by ETFs over the past decade, there are still trillions of dollars locked in less tax efficient mutual funds.”Last year alone, the ETF industry took in almost $500 billion, while mutual funds lost about $362 billion, according to data compiled by Bloomberg.ETF AdvantageMost ETFs hardly pass along any capital gains to shareholders nowadays. Only 3 of 585 in a CFRA analysis made disbursements in 2020, Todd Rosenbluth, head of ETF & mutual fund research at the firm, wrote in an April 26 report. Over the same span, 37 of 39 domestic equity mutual funds from T. Rowe Price Group Inc. incurred a capital gain, the analysis showed.“We expect more people that mix ETFs and mutual funds together will be more inclined to shift toward strategies to avoid paying higher capital gains taxes in the future,” Rosenbluth wrote.Even investors not affected by the higher rate could migrate toward ETFs, he added. Simply the discussion of capital gains reminds investors of the industry’s innate tax advantages over mutual funds.Others aren’t convinced a higher capital-gains rate will do much to boost inflows into ETFs. Wealthy investors would have to sell their mutual fund holdings to make the switch, triggering significant tax liabilities in the process, said Michael Zigmont, head of trading and research at Harvest Volatility Management.“I see this tax hike not being good or bad for ETFs,” he said.Meanwhile, ETFs don’t suit every investment need. The U.S. retirement system remains heavily geared toward mutual funds, for example.Nonetheless, Perlman agrees with Rosenbluth that the potential tax change could even have an impact on investors below the $1 million annual earnings threshold.Those expecting to soon find themselves in the upper tax bracket, or concerned the threshold could be lowered down the road, are also likely to shift their future allocations, he said.“The incentives apply more broadly than just to those impacted by the proposal,” Perlman said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Warren Buffett says if something happened to him, Greg Abel would take over Berkshire Hathaway

    On Monday morning, CNBC's Becky Quick reported that when Buffett is no longer able to lead the company the top job will in fact go to 59-year-old Abel, vice chairman of non-insurance operations.

  • Buffett: I find it almost impossible to believe that it's terrible to repurchase shares

    Billionaire investing icon Warren Buffett, the CEO of Berkshire Hathaway (BRK-B, BRK-A), defended the practice of share buybacks at his annual meeting on Saturday.

  • Warren Buffett predicts ‘red hot’ US inflation as economy takes off

    Billionaire investor Warren Buffett is predicting a “red hot” US recovery from the Covid pandemic, but has warned the economy is being hit by rising inflation. Mr Buffett, known as the “Sage of Omaha” for his savvy stock picking, said the coronavirus crisis had sparked a highly unusual recession because so many businesses had continued to thrive. But although he expects a rapid recovery, Mr Buffett also fears that inflation will rapidly pick up in a way that America has not experienced for over a decade. He said: “This economy right now – 85pc of it is running in a super high gear. We’re seeing very substantial inflation.” Rapidly rising prices are viewed with concern by investors as they can eat into returns, drive up interest rates and potentially cause long-term damage to the economy and living standards by eroding the value of workers’ wages. Inflation has not been a challenge in the West since before the financial crisis. However, speaking as his investment firm Berkshire Hathaway announced $11.7bn in profits, 90-year-old Mr Buffett said that overall the economy is currently in good shape. He said: “Right now, business really is very good in a great many segments of the economy.” Berkshire Hathaway has significant stakes in some of the world’s biggest companies, such as Apple and Kraft Heinz. Remarks made by Mr Buffett, who boasts a net worth of $104bn, are carefully monitored by stock markets around the world for his predictions. Flanked by Charlie Munger, vice chairman of Berkshire Hathaway, he also joined to a growing number of critics of special-purpose acquisition companies (SPACs), also known as “black cheque” entities. These businesses raise cash from investors to buy a private company – typically without telling shareholders what the target is. Spacs have been publicised by the likes of tennis star Serena Williams, and it is feared a bubble has built up which could lead to massive losses for some retail investors.

  • Millions still struggle to pay their mortgages — but help is available

    Delinquencies are dropping, but experts worry about a foreclosure wave.

  • Charlie Munger: 'Of course, I hate the bitcoin success'

    Legendary investor Warren Buffett, the CEO of Berkshire Hathaway (BRK-B, BRK-A), and his long-time business partner Charlie Munger dissed bitcoin once more at the annual meeting of shareholders on Saturday.

  • What is the Berkshire Hathaway Annual Meeting? Here are the basics of Warren Buffett's big event

    Berkshire Hathaway's (BRK-A, BRK-B) 2021 Annual Shareholders Meeting is taking place on Saturday, May 1 and will be live streamed exclusively here on Yahoo Finance.

  • Buffett says Berkshire "not competitive" with SPACs on deals

    Warren Buffett on Saturday compared the buying frenzy by special purpose acquisition companies, or SPACs, to gambling with other people's money and said their activity has made it tough for his company, Berkshire Hathaway Inc, to compete on deals. Berkshire Hathaway has $70 billion to $80 billion it would "love to put to work," but has not been able to under the current conditions, Chairman and Chief Executive Officer Buffett said. The SPACs generally have to spend their money in two years, as I understand it.

  • Warren Buffett: 'Chevron's not an evil company in the least'

    Warren Buffett on Saturday rebuked environmental concerns over the company's $4.1 billion stake in oil giant Chevron (CVX), saying the company has benefitted society and criticizing advocates on either extreme of corporate sustainability as "nuts."