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MarketScreener Homepage  >  Equities  >  Nasdaq  >  United Continental Holdings Inc    UAL

UNITED CONTINENTAL HOLDINGS INC

(UAL)
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United Continental : As Only US Airline to Use Biofuel on Regular Basis, All United Flights From LA Are Now Powered By Biofuel

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06/12/2019 | 04:37am EDT

Last month, United Airlines strengthened their commitment to being the worlds most environmentally conscious airline by agreeing to purchase up to 10 million gallons of cost-competitive, commercial-scale, sustainable aviation biofuel over the next two years.

The biofuel, which the airline currently uses to help sustainably power every flight departing out of their Los Angeles Airport hub, achieves more than a 60% reduction in greenhouse gas emissions on a lifecycle basis.

The contract extension with Boston-based biofuel producer World Energy follows the airlines original purchase agreement from 2013, which helped the company make history in 2016 as the first airline in the world to use sustainable aviation biofuel on a continuous basis. United is still currently the only U.S. airline to use biofuel in our regular operations.

World Energys biofuel is made from agricultural waste and has received sustainability certification from the Roundtable on Sustainable Biomaterials. Recently announced, World Energy will invest $350 million to fully convert its Paramount, California facility to renewable diesel and sustainable aviation jet fuel, bringing its total capacity to 300 million gallons of production annually at that location, one of the companys six low-carbon fuel manufacturing plants.

The contract renewal with World Energy will further assist United in achieving their commitment to reducing their greenhouse gas emissions by 50% by 2050. Their pledge to reduce emissions by 50% relative to 2005 represents the equivalent of removing 4.5 million vehicles from the road, or the total number of cars in New York City and Los Angeles combined. Furthermore, Uniteds biofuel supply agreements represent more than 50% of the commercial aviation industrys total agreements for sustainable aviation biofuel.

In addition to their purchase agreement with World Energy, United has invested more than $30 million in California-based sustainable fuel developer Fulcrum BioEnergy. According to the airline, the investment remains the single largest investment by any airline globally in sustainable fuels, and their agreement to purchase nearly 1 billion gallons from Fulcrum BioEnergy is also the largest offtake agreement for biofuel in the airline industry.

The biofuel supply agreements represent more than 50% of the commercial aviation industrys total agreements for sustainable aviation biofuel.

Investing in sustainable aviation biofuel is one of the most effective measures a commercial airline can take to reduce its impact on the environment, said Scott Kirby, Uniteds president. As leaders in this space, United and World Energy are setting an example for the industry on how innovators can work together to bring our customers, colleagues and communities toward a more sustainable future.

(c) 2019 All Rights Reversed for Saudi Press Agency Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 43 356 M
EBIT 2019 4 282 M
Net income 2019 2 985 M
Debt 2019 12 535 M
Yield 2019 -
P/E ratio 2019 7,41
P/E ratio 2020 6,88
EV / Sales 2019 0,79x
EV / Sales 2020 0,73x
Capitalization 21 911 M
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Number of Analysts 21
Average target price 105 $
Spread / Average Target 26%
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Managers
NameTitle
Oscar Munoz Chief Executive Officer & Director
J. Scott Kirby President
Jane C. Garvey Non-Executive Chairman
Gregory L. Hart Chief Operating Officer & Executive Vice President
Gerald Laderman Chief Financial Officer & Executive Vice President
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