 Results for the Second Quarter of 2020 Net income of 10.2 million, or 0.43 per common unit Adjusted EBITDA of 13.2 million and distributable cash flow of 11.3 million Quarterly cash distribution of 0.12 per unit Distribution coverage ratio of 3.99x, LTM distribution coverage ratio of 1.59x Completed 135 million debt financingOMAHA, Neb., Aug. 03, 2020 GLOBE NEWSWIRE -- Green Plains Partners LP NASDAQ:GPP today announced financial and operating results for the second quarter of 2020. Net income attributable to the partnership was 10.2 million, or 0.43 per common unit, for the second quarter of 2020 compared with net income of 10.7 million, or 0.45 per common unit, for the same period in 2019.The partnership also reported adjusted EBITDA of 13.2 million and distributable cash flow of 11.3 million for the second quarter of 2020, compared with adjusted EBITDA of 13.9 million and distributable cash flow of 11.7 million for the same period in 2019. Distribution coverage was 3.99x for the three months ended June 30, 2020 as compared to 1.04x for the same period a year ago.Green Plains Partners continues to generate consistent and strong financial results and cash flows through long term minimum volume commitments and a stable logistics business, said Todd Becker, president and chief executive officer. We continue to demonstrate the resiliency of our business model as we delivered solid results for unit holders and were pleased to have completed our loan refinancing during the quarter. We remain focused on further deleveraging the partnership through the repayment of debt, which should ultimately accrue to the benefit of all stakeholders.Second Quarter Highlights and Recent Developments On June 4, 2020, the partnership refinanced its debt facility into a 130.0 million term loan and a 5.0 million revolving credit facility, maturing December 31, 2021. On July 16, 2020, the board of directors of the partnerships general partner declared a quarterly cash distribution of 0.12 per unit, or approximately 2.8 million, for the second quarter of 2020. The distribution is payable on August 7, 2020, to unitholders of record at the close of business on July 31, 2020.Results of Operations Consolidated revenues decreased 0.4 million for the three months ended June 30, 2020, compared with the same period for 2019. Terminal services revenue decreased 0.3 million primarily as result of a decrease in fees associated with minimum volume commitments. Revenues generated from railcar transportation services decreased 0.1 million primarily due to lower sublease revenue.Operations and maintenance expenses increased 0.4 million to 6.6 million for the three months ended June 30, 2020, compared with the same period for 2019, primarily due to an increase in railcar lease expense as well as accretion expense associated with asset retirement obligations. General and administrative expenses decreased 0.1 million to 0.9 million for the three months ended June 30, 2020, compared with the same period for 2019, primarily due to a reduction in accounting fees.During the second quarter of 2020, our parents average biofuel production utilization rate decreased to approximately 53.5 of capacity, primarily due to lower margins driven by a significant reduction in motor fuel demand as a result of the COVID-19 pandemic. Biofuel throughput was 150.1 million gallons, compared with the contracted minimum volume commitment of 235.7 million gallons per quarter. As a result, the partnership charged Green Plains Trade 4.3 million related to the minimum volume commitment deficiency for the quarter, resulting in a credit to be applied against excess volumes in future periods. This credit will expire by June 30, 2021, if unused by Green Plains Trade. The deficiency charge was recognized in revenue by the partnership for the three months ended June 30, 2020, and as such, future volumes throughput by Green Plains Trade in excess of the quarterly minimum volume commitment, up to the amount of 4.3 million, 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 Six Months Ended June 30, June 30, 2020 2019 Var. 2020 2019 Var. Product volumes Storage and throughput services150.1 225.1 33.3 391.7 380.8 2.9 Terminal services: Affiliate22.3 29.8 25.2 54.8 54.6 0.4 Non-affiliate24.1 27.2 11.4 50.6 52.8 4.2 46.4 57.0 18.6 105.4 107.4 1.9 Railcar capacity billed daily average80.9 81.1 0.2 79.8 82.3 3.0 Liquidity and Capital Resources Total liquidity as of June 30, 2020, was 8.0 million, including 3.0 million in cash and cash equivalents, and 5.0 million available under the partnerships revolving credit facility.Conference Call Information On August 4, 2020, 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 second 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 3141408. 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 Financial Measures Adjusted EBITDA and distributable cash flow are supplemental financial measures used to assess the partnerships financial performance. Management believes adjusted EBITDA and distributable cash flow provide investors useful information in assessing the partnerships 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 financings, unit-based compensation expense, net gains or losses on asset sales and the partnerships proportional share of EBITDA adjustments of 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 partnerships proportionate share of distributable cash flow adjustments of 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 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 partnerships 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 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 50 interest in Green Plains Cattle Company LLC and owns a 49.0 limited partner interest and a 2.0 general partner interest in Green Plains Partners. For more information about Green Plains, visit 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 managements 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. 