EXHIBIT 99.1

	FOR IMMEDIATE RELEASE

Green Plains Reports Third Quarter 2020 Financial Results

Results for the Third Quarter of 2020 and Fourth Quarter Outlook:

• Net loss attributable to the company of $34.5 million, or $(1.00) per diluted share, inclusive of a non-cash income tax charge of $13.8 million related to adjustments in the company’s deferred taxes
• Adjusted EBITDA of $8.8 million and free cash flow positive of $8.8 million
• Cash, cash equivalents and restricted cash of $182.3 million; $349.8 million available under committed loan facilities
• Expecting stronger fourth quarter results based on current market conditions, expected higher operating rates, and anticipated completion of USP upgrade at the York, Neb. location
• Green Plains Obion LLC has been selected as the third location to install Fluid Quip Technologies’ high protein system; with completion expected by the end of 2021
  

OMAHA, Neb., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the third quarter of 2020. Net loss attributable to the company was $34.5 million, or $(1.00) per diluted share, inclusive of a non-cash income tax charge of $13.8 million, for the third quarter of 2020 compared with a net loss of $39.0 million, or $(1.06) per diluted share, for the same period in 2019. Revenues were $424.1 million for the third quarter of 2020 compared with $632.4 million for the same period last year.

“Our third quarter results improved significantly over the prior year with a consolidated crush margin of 8 cents per gallon and EBITDA of $8.8 million. Margins this quarter included nearly 6 cents per gallon of negative absorption due to lower utilization rates resulting from Project 24 upgrades, regional market conditions, and scheduled biannual plant maintenance,” said Todd Becker, president and chief executive officer. “We were pleased with the performance of our operating plants which earned approximately 14 cents per gallon consolidated crush margin during the quarter, with the expectation that these results would improve further as we continue to progress on our Project 24 initiative. Our results were also impacted by the deferment of scheduled third quarter high grade alcohol sales deliveries from our York location into the next two quarters, as a number of customers elected to wait until our upgrade to USP grade alcohol is completed in the fourth quarter. We anticipate a stronger fourth quarter based on current market conditions, expected higher operating rates, less negative absorption and the completion of the upgrade at York.”

The Company’s Project 24 upgrades are continuing at our Green Plains Mount Vernon location, which is expected to be completed in the first quarter of 2021. Once Mount Vernon is completed, the Green Plains platform will have significantly improved operating expenses and lowered its carbon footprint on 445 million gallons of capacity, leaving 195 million gallons of remaining capacity across three locations to receive Project 24 upgrades. Reductions in operating expenses are on track to drive overall operating costs to $0.24 per gallon or lower by the end of the second quarter of 2021 as we complete our Project 24 initiative.

“We are pleased to announce we have selected our Obion, Tennessee facility as the third location to install ultra-high protein technology using Fluid Quip Technologies’ patented MSC™ system, and based on current schedules, expect to begin production during the fourth quarter of 2021,” added Becker. “Total capital investment is anticipated to be approximately $60 million at Obion, or approximately 50 cents per gallon of capacity, with our ultra-high protein products providing an estimated 15 to 20 cents per gallon of initial uplift to the overall margin structure and increasing from there as higher protein levels and improved nutritional characteristics are realized. Once Obion is completed, Green Plains will have the capacity to produce over 200,000 tons of ultra-high protein.”

“Our balance sheet remains strong with over $182 million in cash as of the end of the quarter. Combined with the recent sale of the remaining interest in our cattle business for $80 million, the remaining availability on our $75 million project financing facility and $56 million in expected tax refund proceeds, we will have over $380 million in liquidity at our disposal to accelerate our transformation,” stated Becker.

“The recently announced partnership between Optimal Aquafeed and Hayashikane provides validation and support of our long-term strategy to help meet the increasing demands for human nutrition through sustainable ultra-high proteins, and novel ingredients,” commented Becker. “Our ultra-high protein product has unique characteristics, which we believe are unmatched by others in the space, and is viewed as a cornerstone ingredient, delivering better-for-you qualities to meet the growing demands of discerning customers worldwide.”

“Finally, the total transformation of our business has continued to accelerate over the past few months as we have executed on several initiatives resulting in a stronger balance sheet, a more nimble and focused company with exciting new partnerships, and we are just getting started,” added Becker. “We are continuing discussions with potential financial partners to help fund the remaining capital requirements to install ultra-high protein production technology at all of our locations with the goal of being finished in 2023, at which time we believe we can fully realize significant recurring and predictable earnings.”

Third Quarter Highlights and Recent Developments

• On October 27, 2020, the company announced a partnership with Hayashikane to deliver innovative nutritious solutions in aquafeed.
• On October 13, 2020, the company announced the sale of its remaining 50% interest in Green Plains Cattle Company LLC for approximately $80 million plus closing adjustments.
• On September 28, 2020, the company announced the groundbreaking at its Wood River, Nebraska location for the installation of high protein technology.
• On September 8, 2020, the company announced the closing of a $75 million loan facility for the construction of high protein technology at Green Plains Wood River LLC and a yet to be announced future location.

Results of Operations
Green Plains sold 189.2 million gallons of ethanol during the third quarter of 2020, compared with 238.5 million gallons for the same period in 2019. The adjusted consolidated ethanol crush margin was $15.8 million, or $0.08 per gallon, for the third quarter of 2020, compared with $(15.4) million, or $(0.06) per gallon, for the same period in 2019. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil and ultra-high protein, plus intercompany storage, transportation, nonrecurring decommissioning costs and other fees, net of related expenses.

Consolidated revenues decreased $208.3 million for the three months ended September 30, 2020, compared with the same period in 2019, due primarily to lower production volumes of ethanol, distillers grains and corn oil and decreased trading revenues within our agribusiness and energy services segment.

Operating loss decreased $28.2 million for the three months ended September 30, 2020, compared with the same period last year. Interest expense for the three months ended September 30, 2020, decreased $0.4 million compared with the same period in 2019. Income tax expense was $7.3 million for the three months ended September 30, 2020, compared with income tax benefit of $12.5 million for the same period in 2019, primarily due to the recording of a valuation allowance against deferred tax assets in the third quarter.

Segment Information
The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains, ultra-high protein and corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.

Liquidity and Capital Resources
On September 30, 2020, Green Plains had $182.3 million in total cash, cash equivalents and restricted cash, and $349.8 million available under committed working capital revolving credit agreements and our delayed draw term loan agreement, which are subject to restrictions and other lending conditions. Total debt outstanding at September 30, 2020, was $526.0 million, including $146.6 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $115.4 million of debt related to Green Plains Partners, net of debt issuance costs.

Conference Call Information
On November 5, 2020, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss third quarter 2020 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 3682884. 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’ website at http://investor.gpreinc.com/events.cfm.

Non-GAAP Financial Measures
Management uses adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization excluding the change in right-of-use assets. Adjusted EBITDA includes adjustments related to operational results of Green Plains Cattle prior to its disposition which are recorded as discontinued operations, and our proportional share of EBITDA adjustments of our equity method investees and noncash goodwill impairment. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with generally accepted accounting principles (GAAP). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations that include corn processing, grain handling and storage and commodity marketing and logistics services. The company is one of the leading corn processors in the world and, through its adjacent businesses, is focused on the production of sustainable biofuels and sustainable high protein and novel feed ingredients. Green Plains owns a 48.9% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information about Green Plains, visit www.gpreinc.com.

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.

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 include: disruption caused by health epidemics, such as the coronavirus outbreak, competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions and disposals. Other factors can include risks associated with Green Plains’ ability to realize higher margins anticipated from the company’s high protein feed initiative or to achieve anticipated savings from Project 24 and other risks discussed in Green Plains’ 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 assumes no obligation to update any such forward-looking statements, except as required by law.

Consolidated Financial Results

* Percentage variance not considered meaningful.