GPRE - Earnings call transcript Q2 2021

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Operator

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. At this time, all participants are in listen-only mode. I will now turn the call over to your host, Phil Boggs, Senior Vice President, Investor Relations. Mr. ahead. go please Boggs,

Phil Boggs

- Patrich welcome Quarter Plains on XXXX Becker, Executive are And and Financial Plains President, presentations page Leslie investor der today's Web slide events & and and Partners Todd a on Product under Innovation. both sites. the Officer; Meulenm van Chief available and Second it and earnings on President Marketing There's - link corporate presentation you to you. Executive Chief Vice can find Inc. Officer; Green Green call Simpkins Thank call. the Participants

in forward-looking During comments statements which differ this do like update Form [Technical this and statement. Actual call, statements I'd Form to XX-Q conference expectations during we the will in Becker. of and events. And to subject call any section discussion future turn Commission. Todd Difficulty] that predictions, be are other made filings Securities uncertainties. our press call making duty over to risks or assumptions could now, to XX-K, undertake on releases and and current the any statement, and Exchange results projections reports its materially These other today's based forward-looking factor the are about with are risks not We

Todd Becker

leave into and focused ingredients announced transformation lead to in we are Directors on of that deliver our Thanks, mission was call on biorefineries, today. changes joining our that organization our creating development matter time our to week morning, for Board that Phil. We've Good demonstrates some another our our transformation. thanks developing fully of a sustainable been that to focusing the and on for last to goals sign to for The their want and Jim represent to thank want diverse and commitment contributed help Tom, they the Gordon, all our their follow that experience its to owners efforts our broad shareholders knowing our have our journey tireless of We achieve and to ambition success. and stakeholders. and members company Board have our for group

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

Innovation, We opportunities leadership and for have a built a our Executive our XX team a the and innovation was plan promoted plan control. to ingredient of been and also Product support and announce platform quality execution did Muelen enhancing Marketing sales nutritionist of pursuing his changing and and and as Green He of high-quality the our build of other growth. part future marketing team executive while Vice have a organization a our van real he President, create year true agriculture. other to We marketing market, morning out transitioning to der the alongside is interest personal for on pursue Cronin take passions and Walter believer he portfolio. the investment team in leaves Walter in to that me and consultant as technology helped to remain a ready Plains will our game to is and knowing products remains innovate opportunity produce with our recently deep Leslie this bench story. mold around company broad scientist, IP that

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

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

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

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

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

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

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

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

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

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

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

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

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

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

controlling science Inc., allowing and ingredients safely, around technology matter. amended Green are strategy continue will announced which parent. that focusing facility creating Green our sustainable things the return Plains while operating We million on our to Partners includes to $XX of led that recently cash BlackRock, us unitholders, prior under year Plains distributing to by credit five control, innovating our a

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

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

Patrich Simpkins

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

period. sale of XXXX Our was private net income our elevators. of was XX.X% million in our we settlement year. better $XX.X in a million $XX.X primarily EBITDA recorded of charge was the the ethanol improved inclusive million the $XX.X XX.X% for utilization related million to the convertible the EBITDA to second recorded portion to $X.X in million loss and Adjusted the the compared quarter, $X.X of million grain interest than for Plant production to prior year. standalone $XX.X $XX.X expense million related in prior notes same

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

million However, a year. XX% expense want the taxes of from prior I as was would to taxpayer. improved slightly adjusting the $X.X earlier, well. be described to note on transaction touch for the we interest to onetime related convertible basis, On charge XX% normalized a

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

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

position the and to the of our distribution. $X.X our with removes cash, delayed paying recent primarily revolvers million enables Partnership, during loan. CapEx. $XX higher strategy million equivalents million term cash ongoing quarter, We restricted which working to prior for liquidity draw under of amended million into a the the included $XXX.X maturity and maintenance related expenditures to partnership facility nearby consisted in completion primarily end with the Our $XXX.X five term of approximately at along pleased capital cash were million year available protein This its loan the initiatives. high capital return $XX.X We of of invested quarter

with on by volume Partnership the be to higher construction million of in the but predictive $XX.X we guidance Maintenance mainly Ord than reported increase compared reported supporting The Hereford capital an year million anticipating expected quarter as for associated offset of by GPP. slightly XXXX minimum now $XX.X slightly X% eliminating to could by and initiative in and the year, We sale may plants, reduction is schedules. about due Project focus commitments unplanned the are to increase throughput million charged rates on to maintenance. adjusted improving our for in based XX both downtime total the $XXX EBITDA $XX million be prior the CapEx for continue

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

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

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

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

Todd Becker

Patrich. Thanks,

So three now; execution. on Green Plains execution, things right execution, is focused and

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the opportunity past Green of mildly. can an front unlike through years us ownership that to are I've of any facing Fluid exciting be The over in Plains. our witnessed put are XX it initiatives accomplished We at Quip

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in completed transformation. over We and our of point inflection an will our XX% reach have production capacity

scientists, ingredients. and professionals. to has been our sales developing full development development mentioned includes support Plains organization control nutritionist, and I to and specialists quality transition Green from As sales This have commodities a earlier,

efforts focused as IP MSC up to the conviction excited verticals. corn are said waste around well our of customers, by yields concentrations. year is offtakes, be moment, and We low oils end continue portfolio. the some which to and to is results renewable want uplift. $X.XX in the the our as are we our diesel our in we we allow define highly remain top class J-curve Green innovation we a scientific will own will with of early those continue initial of along and help more team we of execution increase I move of other is strong our years, and on We encouraging higher in our laboratory multiple this this grows the renewable for we As what is continue be the demand for get has negotiation several technology protein Plains. partner XXXX paying but few very oil a oil investment Vegetable in don't delivering feedstock. earlier, oil focused preliminary with our with carbon next as going as to inclusion Maximizing in over quarters. efforts of expect continued guidance talent see in into stretching next we rapid on anticipate are already around J-curve our and product some our protein cascade excellence of thesis produce $X.XX our developing companies the vertical year attracting to to vision growth to world the out look our At and practices future due through different Plains can't about as to sought I yields us to deployment a intensity aquaculture. a other Green corn based rates gallon valuable to dividends, Project aquaculture in ahead to the

to profound using inbound be to to but DCO of absolutely address and to long Let strategically our the a the maximize approach me interest present markets. take platform feedstocks measured king. clear, term advantaged value diesel plan are feedstock we is The renewable

allow grow and to the We that can are extend us focused can together. on offtake create and partnerships expand learn, that we beyond value agreements can

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first verticals have protein, was and in the XXXX, and in the dextrose in our at York. pleased firmly fantastic sugar deliver product were center carbon. is nice While We to significant from the business it to quarter the sugar of component our clean upside second oil, innovation in

for sugar but a technology design. opportunities enhance reviews encouraged potential engineering synthetic remains we Quip, days there. ecosystem beginning identify our creating disruptive biology sugar with scale I'm to the innovative clean product. around full early by equipment a in begun This have We to Fluid And are along the clean

around our that we maximize to the like an Plains further today, to team disruptive dextrose, most States. the our science We companies more work are our as begun early platform industrial There's enzyme biotech a as see value into Green technology you advance biorefinery of further exploring and Clean successful core the at several Additionally, supply will co-location much do synthetic we opportunities still sugar United this amount are of own enormous help to early biology and milling others hope to strategy, yeast share for future. ambitions to clean next how and sugar we've in source and fuel get talented discussions execute wet of on year well. to is to the over-the-fence and be is to on on able complexes opportunity hiring the well. and opportunities the as for

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will be but XXXX clear the know to obstacles path way. we Our there along is

we'll deliver in our transformation. and Thank the job is stakeholders technology Our thanks transformation we is believe and your support for you best the in for joining opportunity break our on call And on to session. what them start the down today, today. and to agricultural question-and-answer markets in our

Operator

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

Craig Irwin

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

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

Todd Becker

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

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

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

is the is a interesting with do transform of and The build slipstream can is right, stream it this it full as and want clean sure we a sugars actually of we we technology. think or some partial that well one just also is do as at technology. to quality there scalable sites a as different we technology can also thing our system we about used a facility. is make What's can So this well well. what into where sugar such disruptive We that our a to slip it this plant produce can great as be about

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

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

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

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

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

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

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

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

Craig Irwin

question about second My is HR.

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

real You said consultant.

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

Todd Becker

we're Yes, hiring.

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

mindset. of it's commodity So much more a

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

So is own in to the very important can nutritionists, or do with together a with nutrition make of them to at are express the the marketers products that it's it’s we because going contact yeast our or protein, we scientists ultra where and amino and do, are the what it's we And be the part your poultry still we products makes whether to when we the you what our trader of scientist, need, or high going in nutritionist XX% And scientist or also we look And partners. that that as for swine that’s of of pet, acids innovation to product what client they dairy where see a are lot and salespeople needed what agriculture, within of companies. in part their sell things supply critical do, in or a chain. if while all and we sales to, those do to the we the and go all believe decisions. can these person very traders are with in

technologists have in innovators yeast have a do look built-in because component the lot component yeast, if many there's do lot yeast can so innovation. look, to and we science, So less that at worth a a of and we what have And things is we that’s have, you and or companies with first today. things this fermentation, have more we with with we to other product foremost what we

of issue, we're and time concentration feel it's just really quite this protein, be of a saying, we innovation this be And spend these XX while think it's is it's not around for in so verticals. do to I like path of hit the just what And starting and to these we we product, species functional lot frankly, concentrations. worth. protein what and we on each going a But not if it's can going around

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

the understand Summit is the by then And the start of very, So not our it's well. be people the fact Carbon and it involved we're sugar, to low technologists. going the than impactful. of that very exciting fact carbon look own salespeople, with they obviously, In XX going think we're shareholders, but our products technology for CI going we're sales Solutions, that. that that and to value but market to credit ground been have as very specialists the dextrose carbon, going be will and in a not get we to and just in hire believe which can out And in going to and carbon inject and carbon, in ingredients that a to we in direct we can wet monetizing involved for help clean In be the look the glucose only getting oil development. of for carbon people and to mill putting creating Q understand that think to engineering project by lower can carbon about it's whether product out us they we're get

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

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

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

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

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

And shareholder Leslie And set leaves some been him was us the for this strategy, And the now, we he quite right as we've build and remains he bought what with good really they've he that company with to the this to that's time And time side when this into an pursue a that he's organization. for well. length. in by well go company fully a leaves long important to shape. was help structure has so real consultant, working organizational And both going just he's side-by-side interest He's built at our side. up is discussed to say been but going has, so that what be I be. a

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

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

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

Operator

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

Laurence Alexander

secondly, two first, And on and profitability back the sense guess, the half contribution on of and industry fermentation out in to synthetic it's the the for start. flesh cadence side, for of a a you give been bit biology platforms? protein how comments, I you Because can I can little I pretty think the year? to shipments the yeast other thinking questions about companies. capital-intensive you're a guess

in get for to you how you versus the helpful it so that in-house a would much be to those have need out build sense expertise areas? And know-how

Todd Becker

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

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

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

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

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

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

very Leslie We've protein, just that going just to and not known real capability it special around yeast our by to so because In of the I'm equivalent quick. area the the And on and of year, we'll yeast. development, the we platform around things half mid-XXXX. comment when real see to running that's next product and contribution the it's let platform really of do in should and have synthetic and biology this has it's start the protein middle to

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

get the work we've things I'll of acids other question amino whether and we comment have. specifically think already. we of that the get what or in because will our it's what faster that our should our of whether one, seen yeast think, let because being, we're Leslie frankly, things express characteristics, be in because the we just capital some that Leslie? we possess much taste around a the thinking certain We'll much around and sales bit in sugar, others and to innovation So number our can some these like channels. that. the with than quite intensity, And And success cheaper that of And in-house I of have. yeast, also around centers to to fermentation little partner kind we of relationships some potentially have what and on already others we've done about market. about we will

Leslie van der Meulen

applications XXXX. Yes, done internally. yeast over York since we we have We've specific the ever took innovation back developing been in this center in

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

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

Operator

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

Jordan Levy

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

Todd Becker

market just couple physical but look wasn't to had make purchases about we we And when gain put do third all And that on from will $X I in mean, to typically sure wanted sales in run just wanted will those but have big, was something the a mark-to-market far, supply. next to but to we contracts. able our able call we're the reverse the look decisions optimization the to just reason of plants quarters, think million We'll on corn make most that run just $X around be and on it farmer to options yields probably corn don't the put $X point. some all that had We based supply record of at out is rest the $XX because when it's that that be oil. we really of we our around this of our at maximizing our -- thus yields we million I downside. and it million risk quarter what on pull at side to as to we forward those to plants at that, going of top gains available. from record of of But definitely we and margin strategies On of we do crush, conditions the another and producing limiting input perspective. well the plants from ethanol. on had of I was the million or producing as had the But business. That was of early the

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

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

that well. to generation one really our so run really, have X.X platform We and generation runs our two

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

Jordan Levy

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

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

Todd Becker

as we Because well, feeds a differently we're going Omaha bit that's feed another customers do, be use finished is do for innovation others. up in there how has component It's aquaculture we be to their and scale we help very about it commercial design protein, we to and what's track. have that's and to solution this one aquaculture available we're continues ready truly completion that verticals to than which helpful. have at Otimal a The of in in opportunity. to of work and getting our the it spearheading which around been customers, getting finishing beyond quick our into the add is Optimal remain pull-through a time, is is update, them more do Optimal product how open complete to as ready us built to a Leslie, with side-by-side just we've move aqua we'll into made, our we'll the excited that would at team rolling we to today. out their of part will but their well strategy them to the our that or their will and on selling look as think So on other well be of We're up to think We little progress but and about some what work help unique years. that. a some just close for which center with Leslie to give we help work getting feeds. well. several to diets products, they around continue truckload laboratory. scale make probably if critical really giving customers build as And a solution think And world as want value you the great market we've there to

Leslie van der Meulen

sales, yellow is earlier, And as new with progress. a diets. I We that's of effort. focused of Todd salmon, our that and accelerating rates target into global SAP inclusion think as what lot we're we're driving ingredient higher a mentioned result, showing on value tail

get countries into levels. get immediate diet we to substantial into see really the they So where opportunities at

Operator

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

Manav Gupta

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

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

Todd Becker

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

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

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

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

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

in I companies to as multiple for the that this it supply industry end crude XXX we of route, multiple buy trade our margin to participate we're want the think parties, for renewable into monetize I to go oil future exists renewable so that will that corn on just own. XXX think at Otherwise, diesel. this to in the and or low fully and going get on structure least gets build go can the in don't its to corn I we will we're because day, harder how diesel sharing of our there's up. premium do there's enough we'll capacity. and renewable some you multiple we what margin a expansion biggest if are parity, plants, several will And margin, become we what I I in premium locked renewable think believe in in our company. monetizing more future around as that a of across oil harder one standing But at I of the can in believe think is even oil and for oil we oil which is not believe in of and the opportunities if do seeing plants, locked a mix these And the CI be on discussions the and that up supply interest soybean on the get at well, future.

Manav Gupta

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

Todd Becker

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

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

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

that, three year to based thesis just $X.XX baseline, somewhere And was a on depends all range conversion. a it $X.XX which So under low payback to the gallon of over the it's little little a said on, a that's on return we've investment of in or that at gallon, but a $X.XX capital. XX% why

in all our has not So changed that minds. at

Manav Gupta

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

Operator

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

Eric Stine

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

Todd Becker

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

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

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

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

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

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

Eric Stine

maybe And one last for me.

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

Todd Becker

and some a internal. from we're I we diligence of think don't the sides think brightest months involved and process. from away We making both best I diligence assembled this external team, in decisions. mean, have we've

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

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

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

Operator

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

Selman Akyol

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

Patrich Simpkins

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

above coverage, to the be what they in So distributions now. liquidity. envelope significant you significant on over continue the a can calculations, the liquidity distribution X.X you'll of -- back that an what But basis. And partnership below can or will they the will the as unitholders. does up to that believe you significant and consider to And it to excess shareholder that see not Board if the coverage. returning and of do The would lower with or is liquidity the envelope have whether have plan any back with back the annual it's do come X.X and

Selman Akyol

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

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

Todd Becker

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

a that. in at this think of might MLPs having But future. something that But last great up go it. the worried, best at at. that, ready done. it always of But Again, I also get time be knew weren't but of spent There's think we're we'll Green just those Inc., to it to that we look mean I that's viability through partnership can have think the determine we future, haven't to one to be fit what determine contract. partnership of lot the be to that one some to investment, again, sure we'd step run what I as at don't the an we some, what on anticipate was have do future are able process GP a gives pipeline look in is. multistep the that quite with be of a ever a in things optionality one optionality but to does by is It's worry opportunities not a financing but of public. and we the not that. is as us to the the also optionality give and this, the the we Plains But term going And I'm as MLP doing and carbon not number do going we have with I should to long our looking that -- I we be into strategy. MLPs,

from of moving then with the refinance thing one, And the two, we forward and most this. consider number the and important first aspects to, The number distribution. was strategic resume debt there, can

Selman Akyol

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

Patrich Simpkins

eight about So we now. years from where just are

So we the when of plant. actually sale we Ord increased did those back the actually

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

Operator

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

Adam Samuelson

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

Todd Becker

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

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

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

I we're on profiles and both some working going And of of work we've our and top biologically. make some taste the think working of So with and solutions in that characteristics. But and into nutritional on progress are progress. that, mechanically I XXXX concentrations, we'll to XXXX, protein some make the done we're putting partners more place we of finally on think nutritional by around still

a we be will the and everything we a trying up in to our XXXX. portfolio curve. with our through as products effect up I get move So to products. of XXXX and have 'XX, move get those think in move But the in our up 'XX going ultimately up XXXX we're some going little quality bit I characteristics, have think of it into to XXXX, higher And J in should to at valued everything start to start

Adam Samuelson

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

Patrich Simpkins

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

that. up So and actually we stepped did

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

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

Operator

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

Ken Zaslow

didn’t I the… Shenandoah of relative hear the the What profit it, the missed to maybe portfolio there, of was I’ve rest because it. incremental from

Todd Becker

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

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

Ken Zaslow

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

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

Todd Becker

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

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

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

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

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

Ken Zaslow

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

Todd Becker

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

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

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

Ken Zaslow

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

Todd Becker

the really lot hire. we we over I platform. we our we $XX up a platform force, today. It lot we cost of our about don't contribution. eat of to people in of been to what had out driver penny going higher already think again, still But every build protein have the But amount mean, these have a we a if $X.XX probably across scientists. of labor have this million to talk terms we much sales to of first add that big nutritionists never into penny the significant behind this I business adds do is, whole the so. penny is No, But of obviously, margin the will them, some build and But have in a structures. about numbers levels has whole

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

Operator

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

Luke Washer

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

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

Todd Becker

of you. we the MSC in just of it Shenandoah, guidance seeing the Shenandoah given what needed out we’ve although, in we definitely not are terms Yes, from the

the our of moving a you pennies. part produce, you're MSC gallon. equivalent $X.XX the yield oil ignored the at even We’re in oil was that or a look and oil potentially put of a protein. contributed in about it per corn -- or take sustainable $X.XX up we because before But only It once all look you the at couple when we process, contribution from talking teens of

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

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

gives terms contribution when MSC opportunity absolutely and consistency. which paying might been something we one most we an of generation paying we the systems, think that's start-up as we in even have then well on our But and So what better opportunity focus a is system. debottlenecking

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

Luke Washer

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

Todd Becker

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

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

all I and are you the make some oil this bit that to market I a projects. Board and with as projects the sat like think of so doing some the all included a a CI little XXX% what margin why in that that on fallacy soybean you done being have And distillers of on if look these oil a work oil, when for to the at there's because enough you is being economics looks lower versus So fats just they're started soybean was some of on has RD And corn the oil. have can't build there's of there much that and you some well development, are to up, why that look also why but soybean industry are are oil explains well under we construction business. and built, our think opportunity that the that crushing the so of at in they so take

other we we we of how have within oil -- -- if discussions chain. and and we view our all been our is supply do with can So participate amounts consolidate in want oil -- our of you believe

to not all we're discussions don't that not tell where without we to earning. some earn need And you have and that whereas just and you're year partnership my you your in will anything I structure return are you margin want basically told your need think Those I to diesel. going available that and of commit of oil they're all participate place a to we in a months to and we going the allow and you and course I low six and what us. our us, and all the would And renewable through we participation -- today for changed If in ago they from of going believe ago will our committed is intense will an we oil to project, our completely want outsized you that's in to commit carbon of do view, happen. discussions get oil

Operator

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

David Driscoll

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

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

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

Todd Becker

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

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

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

because a will you see earn through to We also of blending pump. that ethanol believe more in of return the and expansion environment this even the blends outsized ability

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

while Plains, again blue Green a of more is $X.XX the of $X.XX and think from at your on first from the that's partners imagination our and in XX us are all mirror, moral carbon. around around on looking that so have very to $X.XX that the $X. we're on the focused say, we losses, very, and we're the for developed lot from look, sugar, Quip development things the which company. portfolio So future that's rearview Fluid the something that I that you've certainly than is in important control sky to we this future how this those can that cut $X.XX us, can on get J there would of to leaving much what and sudden, curve, protein, I And and we the could got future, look IP, And owning that oil, you of $X.XX use mirror opportunity And rearview that's how all very owning for at opportunities today. controlling a special. exists our the important at

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

Operator

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

Todd Becker

Yes. Thanks, on. for everybody, coming

exciting similar ahead very and agriculture opportunity have going see, very opportunities. today ahead Definitely our cap ag with are have this some to and have us. lot innovation sugar can be quarter platform opportunities these other shareholders. carbon are that there’s think that oil, very We're that last of of you on us. and size of moving excited us. we our We tech market what’s And to exciting in believe accomplishments a the exciting no of As We and most that's the the verticals. massive ahead a of opportunities we about and all we Protein, for company today. our

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

Operator

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

disconnect. now may You

Green Plains (GPRE) 2 Aug 212021 Q2 Earnings call transcript