Green Plains Partners (GPP) 2 Aug 212021 Q2 Earnings call transcript

Good morning, and welcome to the Green Plains Inc. and Green Plains Partners Second Quarter Earnings Conference Call.

Following the company's prepared remarks, instructions will be provided for Q&A. [Operator Instructions] I will now turn the call over to your host, Phil Boggs, Senior Vice President, Investor Relations. Mr. ahead. go please Boggs,

Patrick welcome Quarter Plains on XXXX Becker, Executive are and Leslie Officer; available, Executive Investor presentation page Plains today's and link Events and you der under a Meulen, Partners and on Todd There's Officer; Chief it Presentations and websites. Second President, the Earnings Vice van can both President Chief Marketing to find Product Innovation. you, Financial Inc. and Green Green call Simpkins, slide Thank Call. and the corporate on Participants &

Securities releases we results which that other press based assumptions Risk call, about the Form materially factors section of could today's this during on or the this future will and duty predictions, do statements Actual and made expectations to reports and any are filings Exchange During XX-Q differ and conference be because forward-looking Form update subject in making call statements, other the statements. not undertake in of and are XX-K, and Commission. current discussed are to any forward-looking events. risks our statements We These uncertainties. Factors comments projections and with

to to Todd now call And I'd turn the Becker. like over

joining Thanks, Phil. our thanks Good morning, and for today. call

of of ambition focusing its are that our our lead to the week to been represent was achieve demonstrates and sign on goals help organization transformation. matter some diverse another follow Board group shareholders and Board that sustainable company for owners want our for that Directors ingredients into broad focused on have to We've our we stakeholders. last announced all time experience members that our that creating The deliver our the and our biorefineries, transformation to developing on and a our of changes to fully in mission development

efforts Tom -- Gordon, our have We they leave Jim want commitment their know they and knowing and our success. journey, for and tireless thank contributed their to to to

We of and to familiar welcome Salinas to the to been Martin right the He Inc., with role Committee contribute the deeply Audit Martin and of Plains also in Green has Board. him assume allowing is Board member step want away. Chairman. GPP will also a

our organization scientists, was also and have President, future and Executive for ingredient Product high-quality with as recently team team to enhancing execution been plan our Leslie part our quality build broad executive of marketing have promoted leadership van We Marketing built a marketing innovation of our Meulen der growth. a Vice and the sales and to and plan control. our nutritionists, of Innovation, bench to and platform support a deep XX-year

team take for is to a a products his our will while story. produce believer he and on and remains the consultant company announce of out this remain passions helped innovate as morning that Plains investment agriculture. the other Cronin to real in true Walter around other He pursuing the IP is in mold and that game-changing a market, portfolio. opportunity leaves in pursue did knowing -- We me to technology alongside and transitioning personal interest other Walter Green create ready opportunities he

sales including Sales, We who years. President the many build led Leslie for and continues as to working been Vice Leslie his side-by-side out Global Ingredient expect and inclusion of Walter fish be global have diets transition rates our our team, to new seamless has a joining He and on in meal marketing expand in the all other high-protein organization and help is a drive Peru. largest distributor animal higher aquaculture organization with to ultra of and of verticals. success producer Senior

put of evolution of that excited Green this very the team together we are Plains. future as pieces represent We the about the

and attract to capital transformation organization transformation. ability of execute in continue the human support deployment retain to as talent capital to ensure financial or deliver on cultural have our we our the on to We we can the

opportunities have in believe we globally. hiring creating that on in a ingredients tremendous the this building Green is and platform talent are are of what Plains We path organization tech most we is all toward agriculture career of around and matter, mission. sustainable exciting innovation and an ag

combined time upcoming to certainty with X- all in projects, many completing to While each from have lead we Fluid greater have for now Fagen, into plan, equipment brings log our protein and MSC groundbreaking. on the we transformation fully accomplished Inc., platform, remains. key our milestones a XX-month when much ordered of which, we project integrated Quip frame essential With total know our time

We first executed track that York, of on technology in keeping scale will to deploy at later touch years. larger on center a sugar call. innovation our our clean coming on out also shipment more on dextrose the the I of in us

transformation our on the plan key Turning in several execute while results achieving and XXXX. to half We the XXXX milestones quarter. quarter XXXX path and strong second continue to financial delivered and our of on to first

the Our strong was consolidated optimization on $X.XX management gallon, physical aided gains margin and well. gains some a market, mark-to-market and risk forward by a spot positions as

at We production of executing results. transformation Our and to continue business both corn Shenandoah XX ethanol record Project aided as on oil Plains we also areas yields are our to improvement our our on remain already margins initiatives in and focused our in as MSC continued Green our contributing were by all facility X.X.

Illinois produced about has online our we from utilization million should starts been of to as which quarter, Project up. bring sites an our we XXX rate. higher XX and equates the During after Production XX% Madison, gallons location higher initiative trending continue ethanol,

However, third Project in year-end. term, structure operating anticipate nearby months. utilization the we quarter, in the margin XX capacity we But impact watching the completed fully once could longer by current which is are cautiously

in sight plants the operating XXX% back sub-$X.XX As puts per industry. asset we we our looked resulting when have believe at in a in the operating base line of operating gallon of with cost, capacity like-for-like, line finally best

outlined call, resulting industry this second up as were the in last quarter we time. our for than last stocks ethanol higher much a strong, industry While at margins year fast, the on production ramped at level

of it our become positive improve, quarter has we that quarter. to work continued starting a and positive, to lot is market process industry crop supply will margins still fourth to continue though, of margin do spot pursue are the in paper, conditions due to subject and to On uncertainty. While maximization, to

We will creating controlling are that our operating under while and continue matter. technology innovating around focusing ingredients on science that things safely, sustainable control,

recently to announced our $XX parent. distributing return allowing which Partners amended X-year cash unitholders, led by strategy the Inc., credit to million Plains of Green our Plains includes prior us facility BlackRock, a to Green

helped commitments, to commitment and this cash showed strong partnership stable line, a connected our -- continued MLP, by financially be partners the financial great to refinance long-term have flows. that stable volume driving continues this protected minimum maintaining We and

back Green Now Inc. performance. come I'll call to and to to Partners' specifically our Then each into the plan. turn vertical the initiatives talk over I'll transformation fits and how Plains Green ongoing about more both financial call Patrick Plains on review our

Thank and good morning, everyone. Todd, you,

diluted share, Net income the or loss Plains million million second quarter XXXX. attributable significant $X.XX diluted to of to the Green equal $X.X shareholders reported a in share per $X.X $X.XX over improvement was per

our loss of expense sale the compared Plant settlement the inclusive our notes year. a stand-alone related related net convertible of portion grain of XX.X% private utilization a income $X.X primarily of was to $X.X to prior and XXXX was charge in XX.X% to the Our elevators. million recorded million interest a in

$XX.X better was to ethanol year. period. the $XX.X for quarter, EBITDA $XX.X recorded million EBITDA second in million in Adjusted prior million improved production million $XX.X $XX.X for than we same million the the the

year $XX.X million to XXXX, higher For was expenses. the quarter, was Interest this our by million driven compared of million QX segments Quip all insurance expense reported Fluid $X.X to SG&A in the SG&A million $XX.X prior costs in year. for inclusion the compared $X.X mainly and of

note However, to $X.X adjusting prior described slightly interest charge related was the the expense convertible improved of million from earlier, transaction year. for onetime the

I want basis, to be we taxpayer. XX% on On touch normalized a as taxes would XX% to well. a

$X.X of we tax income recorded to our benefit million a a tax related deferred XXXX to pretax asset second of NOLs. partial in However, the due reversal on higher recorded quarter previously

Turning capital, to cash highlights. million balance at to second Slide capital and the financing the our of $XXX.X sheet year of the for working working had $XXX.X of of We million quarter compared X of provide end summary a net quarter. the and deck. We prior

loan. the $XXX.X end position consisted our draw and $XXX.X revolvers capital in cash of cash, at delayed equivalents available million and quarter term approximately the liquidity of under with Our million cash along working primarily restricted

quarter, the to X-year paying million high-protein with related $X.X invested a pleased of maturity recent term to loan initiatives. of higher the into were and expenditures partnership capital strategy $XX.X This a which We for its enables removes million our the to million $XX CapEx. prior partnership, facility completion the maintenance We during nearby of distribution. ongoing return amended primarily included

than based about million guidance million now continue anticipating on to XX to are for year Maintenance but by schedules. and could be We our improving predictive total focus be downtime eliminating supporting higher $XXX increase on Project expected may XXXX initiative for as $XX we is capital the slightly maintenance. construction CapEx unplanned

compared reduction in an throughput offset by sale $XX.X the $XX.X and to in X% slightly both million reported for mainly the adjusted of the increase the in associated Ord quarter reported charged minimum the commitments partnership GPP. by prior million to EBITDA Hereford year, The of rates due with volume plants, a

$XX.X was flow for quarter for $XX.X the million of compared cash million XXXX. distributable the partnership, the same For to quarter

improved to announced partnership its higher principal unitholders does forward. Going a the providing to and an return have not to XX-month X.Xx its of a liquidity flow. financing -- therefore, return Board strategy trailing new on its facility normalized support forward, The prior maintaining ample going cash the intention repayment coverage requirement, to distributable has distributions, ratio prior should have mandatory

XX required cash adjusted $XX.X resulted distributions declared million was $XX.X for amortized in the payments $XX.X the flow X.XXx year. months, ratio, million adjustment any in principal last were excluding was EBITDA million, past the distributable and Over coverage

to I'd Todd. Now like over the to call return back

Thanks, Patrick.

execution things Green right Plains focused on So is and execution. now: execution, X

location. to bringing announced general remainder to Central the demonstrate high-quality high will a our trusted contractor, execution as protein accomplishments and and for partner our protein build have Fagen, as ground on schedule, City of Inc. builds our done. and we They recent with recently complete construct as job our our broken Our these well commitment on a platform build-out surety

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to go-forward clean be Our corn focused on continues sugar ultra-high X alcohols, strategy and carbon. specialty protein, verticals: oil, renewable

finish continue the In Nebraska Wood capital deployment to protein, line our execute nearing at and our we are on facility. River,

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sugar deliver first We second the our were at center innovation product pleased in from the quarter to clean dextrose York.

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down on job agricultural the best and what deliver in is Our to and markets break in is them believe technology today. transformation the we opportunity

our your call thanks session. on to we'll for and our start question-and-answer the today, for transformation. in you support our joining stakeholders Thank And

first ROTH from [Operator Instructions] Craig from Capital line comes question from Partners. Our the Irwin

there where to a on was on clean the quarter. solid is lot this progress I This of about prepared sugar. one in ask firsts of outlined fronts a remarks. Todd, wanted lot you big result, Congratulations different of a your

Your or shipments you an a maybe can there, need shipments learning the you're to us can first little commissioned going you process plant XX of market? from out you laid and these fully in do feedback clarify either scenario give decide first with to to the customers on And the color in you you're to there? sort us, what for go XXX, gallon upside have million as the if in the

Yes.

So batch it scale to trying continuous lot, we're process process a the learning continuous to we to move in process larger to up and when sure it's make sizes. still the a we're much

learned we're well. market to are that's we I extremely And way in markets important all think a to to that so well, we industrial waiting important and as what put that have as sugar the an we equipment the but can want go address, is food-grade because

green fit bioplastic biotech, interest in our past biochemicals, confectionery we businesses how the players went and into well, as we've industrial well And biotech well. assessment food will -- product sent them synthetic as from shipments future shipments as their as types we can biochemical, so can from seen but get well. biology industrial and first we on as and The that have an them to

a this technology. think it such there to the it sure that is do right, scalable we make want we We quality technology. a and that is So disruptive is

a The a clean used different a actually also as sites one produce well as about we great what or also well What's full into as do as can thing well. is just we our about facility. of a system transform can can -- sugars sugar this interesting plant of be can and a some where this technology to with is slipstream our slipstream it at partial we build

so those opportunities. all And we're looking of at

the dextrose. on have want that's anymore, really upon traditional Our in you you'll technical road could this and this accomplishing, full of think won't what capacity what not ethanol goal and modern anymore. changing we plant into really success full focus success a down where transformation to and we'll aspect make over where And ethanol a believe we the there really just is we're into review you're we where ethanol of biorefinery some we biorefinery a making make have a

We're the have -- now the So to very it's of excited are excited about a we're can that the even scale in samples and fact excited want that commercial it. to we customers biology. our that bit more and make fact of we that start-ups more products product. synthetic a know We're not we some customers,

at And a We that it. look think think a ways lot. we're so and learning to on there's good X we're path, we

You retrofit million XX gallon can million slipstream on to gallons you or of do path little all million XXX XXX a that. you plant could a gallon bit your just it, XX current or million of or can plant

that's by in of basically XXX River, plant side for example, million plants So what's our side. some is unique like gallon Wood about

So side sides transition plant down ultimately the a other the you could as while actually transition keeping or traditional road. one both side

X very We're a as for engineering work A So progress. Fluid of clean excited the starting very Quip still. work team dedicated lot FEL FEL exciting. about has the well, our sugar. to X, We're and do team

question second about My is HR.

bit We're you the it capacity? really guess is And for question about Walter. news, the People few said execution of focus That's Is we are part I talk the right? a over hiring pretty second go. good is, a you So the do the him needs fact quarters? think Investors company? like for What Can a applauding necessary to named sad you're all that next you you Officer. little Chief hiring. see

it. the have color I any and underlying on consultant, you his real work you plans availability said think said share you in can you? you're way to with Do real You

Yes, we're hiring.

thinking and we're a As than of commodities are really needs past. of our have the the low-value, low-margin and hiring the different we business about evacuation production think past, environment. In differently about we're expand we in high the we company, in we

So mindset. it's much more of a commodity

protein, carbon, sugar to mindset the and relationships around change products each to higher-margin your at have you oils, you into of transition have verticals. high-value structures with developed that you As those need

ultra-high in that and within with So It's And scientists that are to we to it's we -- express in what nutritionists together we yeast It's partners. need those chain. all believe and that protein, client can amino innovation your scientists. things as for do product nutritionists. with them their supply we can XX% they acids needed do of own the

And our at part or a or a lot where we contact still do, look of going scientists with going what see so to because you we while dairy we the all aquaculture these and to, critical and decisions. the salesperson to of the be of the in nutritionist, scientists very makes or in trader or And the that's what sell and we of are make nutritionists and pet do where companies. traders are are or poultry very marketers swine, go also to products products what when and important salespeople -- part whether a the our

and first that's is innovators foremost and So technologists.

today. have, have there's worth lot do have more less science, are component this have Because we to things look you yeast of component And product. that what companies with many look so fermentation, lot we we with yeast, have do a what if built-in we things yeast to innovation. we we at, And the other a a at with can

path -- So protein like this product. we're it's we going not on starting around be around feel to and just And innovation the just of concentrations.

species concentration And is saying these to a think But of verticals. XX while we these functional of frankly, hit time we it's this what if each It's do for issue. protein, quite we be going spend it's what can worth. I and really lot in a not

those of for. looking the So type are we're that people

and to product So products and to get going involved wet to it's sales been the CI look sugar, a people that. and we're people going be get can development. out and and they salespeople, of have understand technologists. going they clean glucose going In that it's And out dextrose be in a than can value look technology and for lower mill whether to that we're of engineering for of the

oil ingredients start to think impactful. and about carbon credit, own XXQ creating monetizing obviously, In by market just us and carbon, we understand going Carbon Solutions, that carbon the to involved carbon in with that ground our well. it hire shareholders. in getting we believe that we're Summit is carbon only in the can will inject carbon the help as we But for not by the low but project very specialists our fact direct, to not fact think putting the the the be very exciting And very, we're then which

that the So type hiring. people of are we're those

how work and We anti-soy distribute for contacts the that's to to to a companies. is aquaculture when have worldwide distribution network Peru of new within largest come product exciting. extremely That's and exciting -- our his movement our very producer VP we us as of help is hired us aquaculture, product fish bring from meal them. in exciting the global and all going will we I believe it to have mean the continue SVP one or largest

all making years. investor which deliver those the they to of have and the for these things on are sure get our needed. most with going we're of got us, those we so out capital, if things amount all we of trusted sure are what several value And be done we're all we elegantly next over of So products doing, to make

Walter wanted the his interest. areas other for to ambitions Walter situation, of many pursue On in has, years,

soy that trading. and years came are Walter wants And And many and the he his well personal kept interest that And processing own always and coming going so to investments has past industry soy his in projects from to some spent some trading. soy consult he as processing online. he the manage as soy in processing, in be on in and to move in of of

so And length. this discussed we've at

working was been pursue important And us up the And And really organization. has. that leaves a with time company go quite company this some in just what they've to leaves right an he well side was is built side-by-side side. long to both the interest build time he this him we and by organizational structure for that for set he now, been has with the good But that shape. help Leslie

consultant," to what so "real be -- when be. shareholder He's into remains he's going a well. And our fully say he's to that's and a going I as strategy, bought

And so having leave strategy for excited company, helped develop him, within for is also obviously, our a the we're And him. think us, opportunity for company. it's but for him I he us. -- this great But

channels As to many well, be be protein successful and he'll with sure hear, as making Leslie with things and of the we you on and set around all he still up that working oil. things are consults needed us

the and for contribution, in as but well company the future set up great missed, his be he'll now is thank move So him to we well.

line Alexander from Our the from next Jefferies. Laurence question of comes

have a a been expertise because areas? get would of yeast for of the to a little think guess, you're helpful cadence I companies? the can it profitability you you that versus build contribution bit in-house it's much on for half you pretty can on comments, back And how fermentation I And be out in sense guess to first, you to the shipments those the start. how year? flesh capital-intensive give to and the out questions side, the and need industry thinking protein biology X a sense know-how secondly, other so the platforms I in synthetic for about

Yes.

So just it's bring Obviously, we going year, to River start-up. sometime back we're believe should on. in half that Wood starting of the be a Wood We up River September.

it. of, a back so us excited part, when that. constraints. do the for And on We're kind know the of chain key now it's supply holding track waiting for But that's to only last we're that's right we we waiting thing finished truck and be to and because about have going obviously, We're that. there one

think that but the sometime we're started, that's of mid-September, get last in to got really dryer we already going bit up. the mode we plant already, and it. So start-up been to fire We've

months comes have we that the at X out coming of X Shenandoah. online, year production while finishing up of once to should there So

it, in there, year contribution 'XX. Shenandoah full really is towards year a It of pet when little a the of full and and know all look Shenandoah. or we the areas. have of bit get where now, to -- Wood as River River right contribution year whether for will of negotiations at it's at Wood dairy we're poultry go, XXXX end other of and and XXXX So starts the as -- And product well that aqua, in from to in

plants those a year and other have Vernon cadence to Obion think in we'll Probably XXXX. first, Central in we'll of full start City ground think in we Mount in So on X I plants, then and we'll comes next. break

start running. platform of we the we'll And of the And mid-XXXX. so half really next see real that's the the to by platform equivalent middle in to our of have should contribution year, when

going do let In known development, product area and it's very protein to -- it not on the I'm special things protein, to just comment and around the capability and real quick, Leslie know has yeast we've this because yeast. it's just biology synthetic we that around and

capitalize And it is, well. bring from on they them don't at that. And been plan a our their to that. closely part we look work can And as what yeast that forget, so we of is Novozymes working with and to with we've library, and developing on relationship have component biological been

the of quite number we So whether like that? acids characteristics, express one, should frankly, to already. we of or around amino we've We'll we have. it's because partner our centers these seen around other in-house And have. innovation some and yeast certain can that success things things And in with that we whether we taste think, others because some get the being, relationships of our that question also

Leslie will sugars, Leslie? we've market. some possess already in our that our and little be in channels. just -- bit intensity, potentially in done get cheaper fermentation what the will sales think I and the to And of of what have much what the we're thinking we around than -- faster of let and about capital kind specifically because a I'll to about on comment others much yeast, work

We've Thank ever applications in took XXXX. you, this yeast back have we developing Innovation the in Todd. done specific since Yes, internally. Center over been York we

internal So leverage do was our how as the partners, question that we mentioned, Todd we saw capacity with our on Novozymes.

overall, can approach. an So the lift internal them that we're to an the great so balance struck that But is get trying that we've to really some trials. and relationship advancements has higher into commercial brought us we external now level

Truist Our Levy of next the Securities. from line from question comes Jordan

The try we how $X.XX is pricing from see the much quarter. application guys you side certainly Shenandoah? on better in to MSC Todd, want gallon margins I think high that reported, of can Project sense those to on you XX impressive. mark-to-market get nice of at a yields and and OpEx mentioned, a of level the contracts, Really per and improvements versus I the product attributable the if

-- it I that but call will Yes. that it was I mean, when the we mark-to-market probably something just of in couple look because wanted wasn't the next reverse out at big, quarters. to

run the will So wanted on but don't -- to but we plants pull a just we're And able to sales available. it's be make had that our contracts. of the we make of purchases do that, on supply. plants gain put market to look based be physical to our forward typically perspective, at when $X point. the of we I and far, corn we that we from run And all We'll our going at farmer to to decisions quarter, on but put about the million is reason to at side million conditions sure think just of most from third those have plans able thus those in input -- on this supply $X and all

strategies $XX of and corn the limiting of We producing top options oil. from But gains million, some to of around we what million or risk producing business. as record had the $X we the our was crush really around ethanol. the yields yields and of rest had we margin record had of just do another the maximizing that, optimization on early as definitely was well On downside. That

success Now that we're believe going rates. But not contributed give necessarily. to even at out we our to lower those run also

to step-by-step, it think flow continue have generation this, of and we for great cash I really our on that platform us our So said always we're we're to it's to really focused steps, transformation, and a just significant really, X our on nice generated run and but to so important it's journey I think X making remember, help -- runs have us well. and X.X to while we've generation that's really free

make And our our still very at make optimize continue our of so to we important cost, low products. efficient to are to plants sure well, they high-quality X we because it's and of generation run all all downtimes operating and very sure new reducing make that to have

And then is of question specific aquafeed. on the side second and protein just more my to specifically the things

it business level and looking with facilities? the are over out Optimal that roll the additional the on how Hayashikane Just guys if the of out as see for agreement we at maybe kind wanted of of what things protein trending you you're get next update an to you get to have to and side could

Yes.

into as to feed work as So laboratory. and be which they to to our aqua going a component do we And just well with of -- for around a ready that's center do little We're make do, Omaha about how part well, in pull-through will their what up it them work feeds well, think optimal is out customers open getting think there help differently solution, another have because others. of critical build commercial products, to than getting help their in innovation be we're rolling we how some will and close bit we'll other of we look at to continue as verticals finished is and completion aquaculture the to our that. which and product use that's and

remain with very side-by-side. their diets about strategy to world track. continues as design Optimal customers opportunity. And the excited probably We aquaculture well and The around on help their feeds. we're to It's the them work

have the which giving scale up our we'll there add our a customers, to truly what's us unique today. team scale protein, that more it optimal. into think is But a is to market we we've selling one at getting finishing truckload complete we we that solution or in move beyond just time, a As great but ready value to built available to

would give this to some update be the really you quick years. progress made, want of been for has Leslie several a if that helpful. spearheading we've Leslie, on

Yes.

focused salmon, progress. Todd a of showing into higher-value a target yellow think driving what as We mentioned we're rates inclusion result, I as on is diets. lot that's and tail, And to at really earlier, Global into with so our levels. Ingredient of new substantial Sales, get accelerating diet countries we where into SVP we're the to effort, that opportunity see get immediate

the Our Manav comes from Suisse. Crédit next line question from Gupta of

understand is correctly, to soybean half at premium it's intensity if the still the but of And like producing. to I I at you're soybean process, RBD trading oil when difficult is slightly oil. its the a corn question first oil, more carbon may look corn significant grade be My oil

do along? units these so come as go soy materially expect the do RBD pretreatment to between and online, you versus the compress as gap And you the

a in at trading premium of States still United obviously limited. capacity the the somewhat is RBD Well, refining is because

And so a trading are get that. which soybean premium deliver a is to We obviously soybean today a paying parity standpoint. crude an for almost RBD crude-to-crude with you at from oil, oil, just oil

a the a we've but to So in crude pretreat that. oils. we'd get lot again, an I think to months to cost well, a to we had premium, to And get progress the capability doing as made there's footing almost if X of last equal

we I we've the So need. think made progress

the oil I lower starting that's are and for the coming of just charts the all is waste in off what's more in oil corn low built that risk oil interesting is up the renewable importance door and projects the interest potential CI scores. think the our and of doing food headline a at versus CI United they States, a being understand the for

I low as be or if interest think plants, so not corn for on get oil. that if can the you least And some to renewable and well, there's CI we're fully future in seeing parity, a going into at even in a that premium, of go mix these the

and supply oil and the become this will believe of supply crude premium oil harder harder in future. up, will up renewable locked trade buy a soybean to more locked to get gets corn will As I and at

And opportunities the across that structure how we're on Otherwise, want end in at and think plants, X its on companies of our we own. don't exists for industry day, XX monetize parties, margin renewable I multiple XX the multiple we discussions participate X is I because believe build oil route, this capacity. just in several one it the what multiple to can which is standing will think diesel. of the enough the what I of diesel we in we future in But do we there's in are and believe company. that biggest go on I our oil renewable margin sharing think for around that to do monetizing the margin, our expansion

of have the XX about quick extra you follow-up facility, you you conversions Could here. in million That's for terms the very you. million mobility a positive cents a walk of or that math quickly the want facility the have gallon remind I per just to ring could don't just MSC? unit of us to if dryer, upgrade gallon for very if the add through cost if XXX gallon, us you

Oh, for MSC.

Yes. Okay.

need equivalent, So of or gallon range to right have a we if that X depending dryers. have dryer have been not if you or a $X.XX a $X.XX around in dryer you

dryers If to need that's of big enough, X you have that might process a plant all you just capacity.

little we in the capital cost. that size cheaper a they Shenandoah had dryer, will costs. a bit because dryer, of capital that higher or a it's be plant, Wood So Obion, A little bit River range. a still But of in was that because retrofitted

to all on conversion. depends in gallon that, $X.XX of $X.XX but just a it So of that range

is year based a somewhere It's on. return at thesis And investment on that's why a $X.XX gallon, the which was over or under we've little to said X- payback a little XX% a capital. baseline, low the

So has in minds. all not at our changed that

stay And the prices probably would right. they absolutely than that's less oil payback years. the No, are, corn be if way X

of line question next comes Craig-Hallum. from Stine the from Eric Our

there's know read Just Summit pushback project, coal operate talk on just hurdles this longer, things did the enable you any -- you about carbon can view anything the side, what as on there? you plants I regulatory project? along of a to as I've could some lines. But it that the about side think because those part regulatory

up Well, the continues at carbon. been on pure of yes, what's to pipeline produced team ethanol work have been signed the Summit on XX.X% Most that that. a plants

where -- sequestration. side. cost of easy where coal been really much on they've And very power plant So focused we're focused They that's the on. haven't

interest as well plants type pipeline. fertilizer to have Some the expressed

in opportunities get So through it's really job the all fermentation as pipe willing infrastructure great state miles of engineers. an well. of lots that the to government, federal regulation came a to they're carbon. And agricultural pipeline, discuss doing -- carbon, bill, in that then build infrastructure they're states, of financing to could as obviously, there's with X agricultural as that carbon well out, organizations And the the X,XXX see with local you of want for corp and the

pipelines that that these pipeline. don't probably they there that probably -- we a think So I built, put especially thought don't I have put get in would without the think carbon

a so structured all the continue support perspective. from has has as far, that X from last has potential believer there's in in a great positive. We're given on. think service carbon this been the agricultural way think type seen If got this our that Dakota, pipeline, it's plenty has, seen that -- potential states, we of early of up And XX in success. been of recently involved government And even I investor a a permitting -- North we've the things and the company. that in about or need team everything We're you we've came a that shareholder way XX think still into through ending and it. to policy because in us oil the chance pipelines obviously, those pipeline and years. viewpoint, broad But But of everything

And maybe color. great That's it. me. Got last one for

open-ended line you the you analysis on details that be are potential that? on that announced undertaking involvement? of more forward? going kind is Just internal time Any Or and to your mentioned

we we've -- external a and I sides We're away decisions. diligence this involved assembled No. best and from we're of both diligence mean some from We internal. brightest have don't I think in making think team, months not process. the

we're been -- for will a quicker think at We've it be I while. it than that.

standpoint on our capital. get Express The the Summit get think well They'll started make for on. think pipeline, come of Plains funding. definitely more of we we're Solutions Summit Midwest determination fruition needs we yet, at And wants Green Carbon lot each our to something from be And do But I Carbon funding. shortly will And spending call to fits a it's be it it threshold. time as guys to a shareholders. want want to that gated the will to to what on starting

shareholders. is It a great for opportunity our

are date that an biggest we were that some at-risk development shippers as well For us, and the large. capital. We other shareholders, investor to large signed for the initial shipper company up. But obviously, are there's are in

pay participating take you credits when could for of we So positioned. as -- the carbon, company top to rewards shareholder you look we billion when pipeline, think $X great a think a shareholders. we're well the And large $X of our tax reap XXQ on very value and could billion part of development at

the Stifel. from comes from question Akyol next Selman of Our line

at significant be you cut your of before distribution? distributions. goal coverage step-up sort the Is you where and Partners Plains Green X.Xx in implies about thinking So pretty ratio the to were

in we we given same doing -- just the because we're coverage. plants. the sale don't prior were of But be we same. volume the had have where X.X throughput be Well, effect, at won't from a We'll simply we quite yes, guidance

will can come would have any to So liquidity. X.X will partnership the they back what over X.X envelope basis. up annual the be in coverage significant to not believe above distributions or excess they an or that and liquidity liquidity you does The the a have and on continue with what with below do it And coverage. and significant consider Board can whether lower

And you if the calculations, it's returning shareholder, envelope significant to distribution of see the to back the back the the plan a you'll But as now. of unitholders. do is that that

And of where a about it got I kind there. to Understood. going but seems will guess think of be sort to a guess, you've and the like back trying I'm leverage cap pretty low, your growth, liquidity, $XX million I

you should will? So and of and grow I'm to steady financing the just sort just partnership? then outside we of contract the if of kind to would being think additional have just if wanted through returning of state running just you of you partnership length, wondering, just the Or seek sort sort cash

partnership don't think forward you of and that. line I to financial mean, we the was important where to refinance we can the year the and it Yes. And we've solid get distributions this I the most first thing resume to that. to looking on a think and obviously, needed get like do future. point accomplished should footing

be we but as we'd was some I some, but get we're think we worry knew worried, of a not -- to financing quite weren't able that done.

But does look investment, that the I the carbon don't we and doing on our lot at future. what we'll viability partnership number also it. I long-term I And the X a to going future process to spent pipeline that. in run ever at determine partnership those look the of is. no mean -- are one, the a into that, do the in be we by not best multistep time the to have determine in MLPs, that. be through think might -- having haven't the that's of have a future, But is with this, fit contract. step not we can It's that things have strategy. anticipate just the we of But what to Again, something optionality of

should also is what up But but public, was refinance can resume it do aspects we that us again, the moving it. ready gives and the first give strategic at. debt; and Inc. at the be one And to great two, number I always we're not looking most the there, as of this Green to distribution. to, this. think then MLP Yes, with one, that sure go last and thing optionality forward as with number optionality consider from important to GP we of MLPs Plains There's a the going be I'm opportunities and an to

Can me. how last one us Got just run for you. long remind those just through? And then contracts you

years. Eight

are X from now. we So just years about where

So there's when the increased -- back did actually of sale Ord the we those we plant. actually

X believe. it's years it, XXXX, so And call I effectively July,

from Our line next of comes Samuelson from Goldman Sachs. Adam the question

you up different level? Todd, customer about think been sets about we talked to third protein variety price a lot outcomes starting to quarter, ability think back high of the a for Shenandoah where we're move with help of being volume And first the Just but XX% the think be seeing curve. mean, amounts going do a terms us of just at Shenandoah wanted you covered thinking And help to facilities ground's purely I circle of maybe Or of in for think offtake XXXX, meaningful operating River be should content? at in that between and about of realization and I just those here, that are point your some kind you J been already where at has of committed the being we higher do ongoing up Wood contractually conversations of range us on consistently. the XXXX. the about with pro.

Yes.

outcomes. exactly think what which I a saying, range of you're is

now we're and what's the are value and pro what's discussions discussions probable. higher protein XX in We to concentrations XX at and on plants, in of possible right determining at

there hit really for. And in that now patent I it's been from XX have to different protein we've that will you do species ready believe, XX at obviously, patent what that be different steady And As we've pro utilization with and at should point you've to we pro what of in in especially to have XXXX, XX customers, do will as aqua with a we where aqua. would working are a XX-plus. say, even get and rates say we known, as state, especially high range sales through outcomes I

going I by to XXXX, But both And I are working in make make still protein we're XXXX. think we and some progress. mechanically So more biologically. on concentrations, we'll think progress

of taste and of characteristics. finally some And of nutritional we're putting on that, and that some place our with profiles of done some solutions the partners top work on the into working around nutritional we've

our to going up and our in So characteristics. I quality in think we're move XXXX going bit a to start 'XX, we everything into XXXX in as and have little up of move and

I a it will should be start have XXXX products. ultimately, get we of in with through everything some the J-curve. up 'XX our portfolio products think the effect, to get trying higher-valued up But to to at XXXX, move those

pro cost? could timing? materials you maybe what the broadly, project metals cost is inflation And And then And would be might That's be right. investments in think an think just some on -- the I of that allusion the high with high what All capital impact above CapEx inflation? end is that really prior in there the remarks of And and having prepared and labor, guidance. was any helpful. your

Very reasons equipment Yes. all of one we stepped and is at did that which type early little because bubble ordered -- point, the steel prices inflation, and time see in lead thing. up this a we very why our of terms of long

So we that. stepped actually up and did

the things. for schedules. be basically time basically all construction really we X that So to. the is planned than based long the is all purchased reason higher ahead projects may one really Number second went by guidance key is lead equipment And driven we earlier and on

the the higher construction progressive drive So on how schedules place that could schedules. take depending number those more year, the if we're on during

Zaslow from Ken from of of question comes next Our line Montreal. the Bank

Shenandoah relative portfolio was rest the profit missed the I from of the... incremental because Maybe there what of it, the to

numbers break out don't those yet, We Ken.

on protein portfolio we in do think a our business that. location, future, this But that the we more we're to of in results except today. point, we're as say and the that out well very will expected, bring single plant at breaking we achieving we're I doing not

I if characteristics the if looking industry weren't And -- great. and hitting about your return so you're margins, kind at they that, of Okay. think the

expectations would assumption? that, So Is that business fair high the delivered on on argue a has you pro? that

it's that mean, small gallon plant, the in it's Well, plant returns because total an we I that platform, total over the said. it's our XX earning gallons And gallon XX contribution million of gallons. that amount a produce in over million we billion X

small what it's So contribution a Basically, $X.XX from we only a programs to the were margin. said is gallon our this to $X.XX quarter. optimization

during increasing quarter. to of pennies from And some this that the a from take then mark-to-market of the really was yield and generation quarter. that the opportunity rest and couple traditional we there X had available market gains was the Another the just gallon platform

small X still it's our for So quarter. plant X of overall, it's because a contributor production X% to

expected. a up being were in margins little than ended QX and we better better So bit

thinking about -- you're question do building that Mount interest the portfolio think you and at River, markets is is that? protein stickier? Central of pet How new Have are industry, Shenandoah? And developed Obion you bit little at around about getting at? you Okay. you customers Wood you're and My now which City, business? facilities? being what primarily and processing are are right of these next you developed? you're in the how composition you that how then on food array the the where And bringing looking thinking Are type when seeing looking is What a

for large of in then also a And and for aqua. part part, most of Wood well. probably year part Shenandoah, dairy. And we've XXXX a into through will -- think aqua remain will us be shipped into end the We've as year think River We think beyond. well. as We next up pet or pet shipped will big also in we

I some all-veg species, probably some I see and I well come much on for in replacement pet, as for of we'll really But poultry as So XXXX aqua, diets swine. we're would poultry say, not all ingredients, other to some think that the with interest. dairy into even a think and the and starting

really do customers. before concentrations be get think we So main and many even to levels into for year I come and of we'll XXXX well what our into into shipping of kind different as next X characteristics we markets protein can at X

associated and sales the And I'll returns? that Okay. cost margin And incremental the change materially? leave how then Does it that, change anything with does just all the that's force that there. then

talk $X.XX some contribution. eat higher adds mean we sales this add about don't of into platform protein probably No, will whole first we of every to to $X.XX But across we over the levels whole $XX the margin every if so. $X.XX build about -- going have I up $X.XX out that force. million the I think It platform. what obviously, of much the is is

scientists. to build these We nutritionists have and

a today. of structures. our of had behind But we driver a people still cost have we But amount been them our this terms -- the already lot never big lot labor to hire. of really a significant we But in again, do numbers business in have has

And years think think so I of under change. go significant SG&A will uplift. control, over will at it much probably up see our couple the still remain I you'll mean don't see don't think I you'll and but I next corporate, a

comes question line the from Bank of next Luke Washer from Our of America.

I quarter to corn to corn clearly, your yields, about great yields. wanted ask with regard again, a

How other you of record. driven higher by plants? kind was you pounds/bushel, at Can is which potentially think this debottlenecking roll MSC your I out up technology? a going are doing it much of that quarterly and X.XX as Shenandoah forward we versus moving expect that think other is yield I

gallon. a the potentially the was MSC is produce, oil only $X.XX before corn given a not we've as in definitely oil just per a -- you the terms of teens contribution guidance at moving sustainable It contributed equivalent talking we in the take we with we the look all in our couple of it yield Yes. look Shenandoah, you're part we that although MSC from from pennies. it out in at the once-ignored of what are But when process put -- or and $X.XX oil of even Shenandoah you. because or you protein about seeing up of needed the We're

at on on of advantage And definitely our value. and we generation it to the a add so focus X now yields corn more. on more debottlenecking oil plants of take all of There's to going these prices focus more lot increasing

$X.XX first half margin definitely it's to oil. about the look If $X.XX at a over you margin contributions year, of was been through gallon. $X.XX a take a it of And the gallon corn traditionally, contribution from

it's So $X.XX $X.XX, up -- from oil. and at there going

we well and consistency. in terms is on most -- contribution paying something opportunity and think So of that's focus paying as what might we the

absolutely better when an even a have which gives we MSC system. start-up X debottlenecking generation been opportunity we systems But our then

time could system So we per that on X.X business. bushel to X.X can a Fluid By Quip X.X we we Fluid future. significant by add pounds of bushel corn processing math our yield the and is a be putting that, towards And on start Quip in. contribution oil a we traditional top pounds just pushing think per to the from X.X for

Sounds provide you Can little detail the stake? diligence on equity a an potential part talking thinking? more looking good. at were to potential or diesel you about earlier? you regards with you're were And the a Are you what renewable there. on And about just in this more your due economics talking and what one that on is get to JVs bit of

fact effect significant price Listen, having inputs. coming has think RD And available. than [ capacity the on oil Yes. to more the up plants ] it's that market a the there's really woken I of your on

focus to which And and so is CI on and to that. on now intensity next carbon paid get have you step, the

a So can't versus a just distillers you you on economics oil. the corn a margin work looks CI and lower what oil make build to oil, included because that have to like with fats look the when soybean this you of XXX% take at soybean have

well construction also that a well sat was that the projects. being them and you there, in all crushing are the we and under bit why And built, much as there's them are but some of ] that to some so opportunity that for at enough some business. the started projects explains board little on market of so the think and if being are fallacy I has industry our up, done so there's look that oil on I RD some oil is think development, why these all doing why the that of of in soybean [ And

believe and can that that want supply do other oil oil a our in and our our you without -- your not So we're is been oil, participate committed chain, -- going discussions we we amounts participation have there's if do you our within of all with consolidate want of we project, view all we if of earning. how of in you want they're some just to -- to what and

and need diesel. to tell And we think And I get whereas structure going commit allow are our that and oil. anything Those intense to us where and they participate today, we -- an partnership. low commit help oil all will to margin we X don't of a renewable would ago, a in will believe I from your the and earn us. oil ago of for to our you And place will my going return in need carbon happen. we you're discussions the to all available discussions told we months will is course you outsized in And that's and completely have basically year not we and to view, I changed you

comes next David Research. Our question from DD line of the Driscoll from

Great.

the on where of July in well to say company the partnership. last year. I like just refinancing the congratulations of I'd off, First remember was

events I about It's guys. happened a So quarter. of lot really wanted have Todd, insights. in environment, your some job big last the a great been deal. ask to of regulatory There's the that

vapor are headed? EXX, what RFS pressure are waivers, concerns? we your thoughts, picture Where big volumes, So

Yes.

how we but protein wins, of of is worth look first lot cut $X.XX. it a not obviously, So at is the

is and were cut cut first $X.XX. the of So worth of first oil sugar $X.XX

So we're take we positioned a any of look ethanol, when well to you all exists. about even we that in that environment worry before at have think regulatory

the We through start We're outsize of this seen. what ethanol to we've starting pump. some ability more return because also to blending of to which that see believe on markets expansion that, to blends in environment the see will earn is even you adopt

be of return have starting our carbon just in if opportunities oil, if of markets that shape should can finish different and the helpful. If didn't that, that's LCFS. XXQ this even margin. in quarter are mean when future available very we look, when California you Green had want issues export of which on ethanol top -- in we Plains. projects Obviously, transitory of then we terms we'd If and there, protein, us, very the that our the But not sugar be take all carbon all our to I market, we of and those -- well, today, But bring which -- that's voluntary you've we to from right now shape. the got the is up even I are add $X.XX not for

rearview for us is the in leaving Plains, are I So all of us, moral things on focused $X.XX the of we're protein. certainly cut losses, at that mirror, those Green from would first say, the than and while more again which future

the and very, all and control You how this looking how J-curve, company. $X.XX you've blue get for opportunity we're can special. to from at to and on very that of much $X.XX oil, sugar, around sudden, future, from that's carbon, that's could that's on on exists imagination on there we something that $X.XX a use And sky we $X.XX our what got the $X.XX your

that -- have portfolio developed is development the very can future, mirror very at to around lot important rearview and Quip Fluid we're controlling today. this look, And our that partners I think so the opportunities a we important the owning owning look that IP,

industry on Although needs today. definitely our standpoint, things the focused From other some obviously, wins. we're

time, I'm call to like At showing to remarks. turn over no the Todd questions. would this I Becker for further back closing

Yes. on. Thanks, coming for everybody,

We was we of As oil, lot and a see, on that's to opportunities. of have verticals. exciting our our very us. accomplishments all can carbon going about exciting these for ahead We're have excited and you very of think Definitely Protein, quarter last sugar very some shareholders. us. opportunities of massive moving ahead be

platform exciting are opportunities the agriculture cap opportunity innovation we that us. in tech believe We today a have there's other that the with are we of market and to ag the this our no in size ahead today. company And that most similar and

talk on We of everything doing forward Thank be and So your thanks all giving of updates in all you you these we're for quarter we'll to and soon. more support. you. next to verticals, look

concludes you. Thank participating. you call. today's Thank conference for This

now may disconnect. You