XCF Enters Renewable Fuel Deal with BGN, Ends Phillips 66 Pact

XCF Global, Inc. has entered into a Term Sheet with BGN for a Renewable Fuel Tolling Agreement, effective April 9, 2026. This agreement, expected to last three years from commencement of production, outlines services including feedstock inventory management, processing of feedstock into Sustainable Aviation Fuel (SAF) and Renewable Naphtha, storage, blending, and marketing support. BGN will be responsible for feedstock costs, with a target yield of 2,264 bdp for SAF and 481 for renewable naphtha. A definitive agreement is anticipated within 20 business days. In a separate development, XCF Global announced the termination of its Supply and Offtake Agreement with Phillips 66 Company, effective May 1, 2026. Phillips 66 supplied feedstock and purchased all renewable diesel produced at XCF's New Rise facility. Phillips 66 has suspended its obligations and intends to exercise its right of setoff for amounts owed. XCF is evaluating the impact and discussing an orderly wind-down with Phillips 66.