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Zafar Rizvi

Thank you, Stuart. During fiscal year 2024, we made steady progress on our carbon capture and sequestration project in Gibson City, Illinois. During the year, we subsequently completed construction on the capture and compression portion of the facility. During 2025, we anticipated moving forward in the sequestration portion of the project. Currently, we are wearing approval of Class VI injection well permit from the EPA.
The EPA currently projects issuing of this permit in October. We are hopeful that once we have obtained this permit that we will be able to move forward with other acquired state and local permitting. Given proposed rulemaking earlier in the year by the Pipeline and Hazard Materials Safety Administration, we are closely monitoring potential action to accelerate updating rules and regulations for CO2 pipeline from the Trump administration and towards getting the project moving forward. Once all approvals are received and the facility is operational, the One Earth carbon capture and sequestration facilities should contribute to REX bottom line through both 45Z and 45Q tax credits. These tax credit impacts would be maximized through the related expansion of our Gibson City ethanol production facilities capacity once it is completed and in operation.
During 2024, REX moved forward on construction of the ethanol facility expansion project and made substantial progress. Currently, management is undertaking a review of certain elements of the project plan. This review is in keeping with our priority of maintaining efficiency and higher production level at our facilities, and we believe we will ultimately benefit the long-term operation and profitability of the capacity expansion. However, as a result of the review, we do anticipate the timeline for the completion of the expansion to extend past the previous target of the middle of 2025. As of fiscal year-end, we have invested approximately $115.6 million into the One Earth carbon capture project and associated ethanol production capacity expansion.
Due to the anticipated impact of the ongoing review of certain elements of the expansion projects and inflation, we have now budgeted a total of 222 -- $230 million for both projects combined.
I would like to hand the call to our CFO, Doug Bruggeman, to discuss our operational and financial results.

Douglas Bruggeman

Thank you, Zafar. I'll begin with our operational results. REX's ethanol sales volume during fiscal year 2024 were 289.7 million gallons, a slight increase over fiscal year 2023 sales volumes of 285.9 million gallons. Volumes in the fourth quarter of 2024 were 74.7 million gallons versus 72.1 million gallons in the fourth quarter of 2023. Average selling prices for our consolidated ethanol volumes was approximately $1.71 per gallon for the full year 2024 and $1.64 for the fourth quarter.
Dried distillers grain sales volumes during fiscal year 2024 totaled 632,000 tons, a 3% decrease over fiscal 2023 volumes of 652,000 tons. Volumes during the fourth quarter were approximately 166,000 tons, a decrease of approximately 2% over the fourth quarter of 2023. Average selling price for DDGs was approximately $160.37 per ton for the full year and $143.81 per ton for the fourth quarter. Modified distillers grain sales volumes were 70,000 tons in fiscal 2024 and compared with approximately 54,000 tons in fiscal year 2023.
For the fourth quarter, modified distiller grain volumes totaled approximately 19,500 tons, an increase of approximately 11% over the same period in 2023. The average selling price for modified was approximately $69.93 per ton for the full year and $72.84 per ton for the fourth quarter. Corn oil sales volume in fiscal 2024 were approximately 88.1 million pounds compared to 87.5 million pounds sold in fiscal year 2023, an increase of approximately 1%.
For the fourth quarter, corn oil sales volumes totaled approximately 23.5 million pounds, an increase of 7% over the fourth quarter of 2023. The average selling price for REX's corn oil product was approximately $0.44 per pound for the full year and the fourth quarter of 2024. Gross profit for fiscal year 2024 was $91.5 million versus gross profit of approximately $98.2 million for fiscal year 2023. Gross profit in Q4 2024 was $17.6 million compared to $30.4 million in the fourth quarter of 2023. The decrease was due to lower selling prices across all categories, slightly offset by lower corn and natural gas prices.
Our selling, general, and administrative expenses decreased to $27.1 million for fiscal year 2024 versus $29.4 million in 2023. SG&A in the fourth quarter decreased to approximately $6.2 million versus $7.4 million in the fourth quarter of 2023. The fourth quarter decrease was primarily due to lower incentive bonuses based on company profitability levels.
Interest and other income grew by approximately 22% in 2024, totaling $19.2 million compared with approximately $15.7 million for fiscal year 2023. We reported interest and other income for the fourth quarter of approximately $4.2 million versus $4.8 million for the same period in 2023. Income before taxes and noncontrolling interest for 2024 was approximately $92.9 million, a 6% decrease from $98.5 million in 2023. During the fourth quarter, we reported approximately $17.9 million in this metric versus $32.5 million during the same period during the previous year. Net income attributable to REX shareholders for the year was $58.2 million compared to $60.9 million in fiscal year 2023.
For the fourth quarter 2024, this equaled $11.1 million compared with $20.6 million for the fourth quarter of 2023. On a per share diluted basis for the full year, this amounts to $3.30 per share of net income in 2024 compared to $3.47 per share in 2023. And for the fourth quarter of 2024, diluted net income per share was $0.63 per share compared to $1.16 per share for the same period the previous year. During the fourth quarter of 2024, REX repurchased approximately 373,000 shares of our common stock for total consideration of approximately $15.5 million. So far, during the fiscal first quarter of 2025, REX has repurchased an additional 281,709 shares of our stock for a total consideration of $11.9 million.
Total share repurchases equaled 654,276 shares or approximately 3.7% of REX's outstanding shares. We ended the fiscal year with total cash, cash equivalents, and short-term investments of $359.1 million compared with $378.7 million for fiscal year-end 2023. This net reduction in cash was primarily due to capital expenditures related to the projects at the One Earth Energy facility as well as the share repurchases mentioned earlier. REX American ended the year without any bank debt.
I'd now like to turn things back over to Zafar.

Zafar Rizvi

Thanks, Doug. I would like to give some color around our priorities for 2025 and the several factors that will influence our business for the remainder of the calendar year. Overall, we are pleased with Q4 and how we manage through some challenges and are now focused on profitable 2025. Q1 is already off to a good start and we are expecting a profitable Q1, which would be our 19th consecutive profitable quarter for a net income prospective. Against this positive current financial and operational backdrop, we are maintaining a focus on properly positioning our business for the future and executing on our several growth projects during the year.
Importantly, we are carefully watching the policy forces that could impact our business and the overall market for our products. Chief among these is the possibility of tariffs on ethanol and co-product exports, which could be imposed by foreign governments during 2024, total ethanol export from the US reached a record high of 1.9 billion gallons, supporting pricing throughout the year. We are particularly mindful of tariff impact of the Canadian and Mexican market as Canada represents approximately 36% of US ethanol exports and Mexico represent approximately 21% of US DDG export in 2024. Both of these were the top export markets for the respective products.
Second is the debate around year-round E15 blending. We believe this proposed policy change part of the nationwide consumer and Fuel Retailer Choice Act introduced to Congress in February would be beneficial not just to ethanol producer, but to US consumer as well, creating increased demand while also lowering fuel price for drivers. We are closely monitoring developments in the market as well as on Capitol Hill to continue making informed and prudent decision for our business.
In closing, I want to say that the entire REX team looks forward to what is to come for our business in 2025. Thank you to all our stakeholders for your continued support.
Now I would like to open things up to questions. Operator?

Question and Answer Session

Operator

(Operator Instructions) Jordan Levy, Truist Securities.

Jordan Levy

Nice quarter, again. Can you maybe just provide a little detail, Zafar, around what went into the higher capital budget on the expansion project, recognizing that the timeline kind of is in flux as you kind of await that approval from the EPA?

Zafar Rizvi

Sure.

Stuart Rose

Zafar?

Zafar Rizvi

Sure, Jordan. As you know, we always concentrate on three things. One is -- number one, is we look at what is our profit. We are able to produce 18 consecutive profitable quarters. We also have decided to see how we can position our company towards the growth and particularly organically growth, and we looked at that.
Number three, we always look at the policies. So coming back to the growth, when we looked at it, our equipment, different kind of equipment, which was energy efficient equipment, which we looked at it, we realized that some of those equipment is not be able to handle 200 to 200 million gallon production because we wanted to position our plants so that we -- if we, in the future, we try to grow further from 200 million-gallon to 225 million, and we don't have to spend extra money in the future. So we decided to evaluate those, and we decided to have equipment, which can manage 200 to 200 million gallons production. So when we looked at that, so that's one of the major reason that we have to spend extra money for the future growth.
And that's the main reason that we have really our budget is increased. And also due to that same reason, the timeline has also increased.

Jordan Levy

And I appreciate that transparency. I think it makes a lot of sense. Maybe just moving over to the regulatory side, the permitting side of things. Can you just talk -- you guys -- this is your first update in the new administrative (technical difficulty)

Zafar Rizvi

I'm sorry, Jordan, you were cut off. Could you repeat that question again, please?

Stuart Rose

We lost Jordan somehow.

Zafar Rizvi

I think if I understood correctly, probably you were talking about FISMA rules. So as you know, FISMA issued new regulation two days before the end of the Biden administration. However, these were not posted for the required 60 days public comments period and are currently under review by the new administration, making them invalid for (technical difficulty) we are waiting for the Trump administration to review those and then reposted it, either eliminate some of the new rules. So that's where we are at this time for the FISMA rules, if that's what your question was.

Jordan Levy

Yeah. Can you hear me now?

Zafar Rizvi

We can hear you, yes.

Jordan Levy

Okay. Yeah, no, I appreciate that. And then just lastly, I just wanted to see if you've had any direct dialogue with the EPA on Class VI well permitting since the new administration took over, if there has been any change in that dialogue?

Zafar Rizvi

Yes. Actually, what happened is originally when Trump administration took over in January 20. By January 20, all the communication was stopped. And later on, now the communication is started already. We have, in March, about two conversations with EPA.
And then we believe that we will be able to answer all those questions, which they previously they were asking. And so there is communication is started.

Stuart Rose

Jordan, we can't control -- Jordan, I was going to say, we can't control the administration. But with Biden administration, they were very, very slow on everything. It appears the Trump administration, at least is responsive, and we'll see how fast they are, but we don't know yet, and we don't know what the legislation is going to include and maybe more favorable maybe less favorable when they come out with the tax bill. But in terms of responsiveness, it seems like we're getting -- or the communications have opened up, and they seem to be going very well at this moment, at least with the EPA.

Zafar Rizvi

Yeah, exactly. Jordan, as I mentioned, we are watching all these policies very closely. So that's what Stuart is saying that these are -- some of these are behind our control, but we are watching them how we can really make sure that we are staying ahead of that.

Operator

(Operator Instructions) There are no further questions at this time. At this point, I'd like to turn the call back over to Stuart Rose for closing comments.

Stuart Rose

We had another great year. I think it was third best in our history and really a terrific year. Great -- we have great plants. We have great -- we're in great areas of the country with our plants. We have great growth prospects, which Zafar outlined.
But most importantly, we have, in my opinion, the best people in the industry, including our CEO. There's no one that knows the ethanol business, in my opinion, better than Zafar. And between Zafar and the people who he's assembled and the rest of the team, that's what makes REX so much better, I believe, than the rest of the industry.
Again, we thank you for listening, and we'll talk to you when we have our first-quarter conference call. Bye.
Thank you.

Operator

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.