Earnings call transcript Q2 2023

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Operator

Good morning, and welcome to the Green Plains Inc. and Green Plains Partners Second Quarter 2023 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, Executive Vice President, Investor Relations. Mr. ahead. go please Boggs,

Phil Boggs

Chief good Plains Welcome earnings slide van on a the Presentations under Events Partners call President on and available, and Investor Financial Stark, Inc. There call. Green Leslie and Marketing today's and link Innovation. Becker, can Todd Green and second are Officer; morning, you, Jim to Chief corporate Meulen, everyone. page Plains Participants Executive der Officer; and Thank quarter websites. on Product you EVP, and is presentation it both find the XXXX

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

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

Todd Becker

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

quarter, impacted negatively good results the that transformation of have several the events experienced quarter the you significant that would we events quarter. by during were challenged been a as So showing held us from back what several a we

impacted year and last insurance some was $XX of the first coming from half of quarter. for back. took will be of our some company one our in of largest over incident, This down River total most recovery we this the which in The locations so the million expect was Wood the

downtime QX and and in high lock while our in need in. of during unplanned in experienced level we downtime, had platform and a And hedges some on we upgrades which Gen an quarter place also beyond. to sales we volumes that had for also production to of prepare was the impact XXXX Gen already In X, planned significant addition, X had

The the $X.XX away. June environment, came were advantage results plants margin a the which was in in unable hedges other said, over event timing these of that took QX later of. that quarter and gallon highest a to we we really most that challenges our onto had put of With unfortunate and locking events take in

and and end but released call, running get $X.XX and $X.XX tracking were we accordingly through than later the up we on expected. On indicated better of to the and to us paper Wood last gallon weeks May, back River a opportunity until not did

outages, rate ethanol to operating records ultra-high to they has after even this operations. team both of production with plant And done job important, more are unplanned more team good protein a a great experienced. the as the state the service, new but the is In tragedy near importantly there for downtime us, addition getting we now full River at behind Wood and making is back

extended and these the of locations shutdowns an diligently many Because in operations our for quarter. utilization events, completed resulting our rate XX.X% team spring of

in and – implemented ultra-high ultra-high solid operate reliability control increase to fourth team reliably our this and with process to downtime leadership improvements during margins assets quarter operations Our production. improve production positions are of protein third All-in, the their and at capable shutdowns least now and margin periods solid of ethanol corn during typical half we additional locations seeing production today our fundamentals. protein, oil, these higher fall paper enabling on foregoing

both absorption, again, per between repairs last consolidated ethanol. crush $X.XX a River, for in are Wood minimum. more There consolidated solid on protein impact overall margin was which half onto crush gallon, the but quarter, the opportunity for depth to was Now and Jim we negative our $X.XX cover prepared and will $X.XX a lost later,

significant the this very which opportunity strength year. the flow return with to during the position as of rest help Our we remains will large with to our needed out don't financial last a free for see for liquidity strong build we cash and change the of part half last the generation capital significant for margins, half, the pay in

justify a In divest technology for our it addition, Atkinson, to not our as million parameters we contract facility entered Nebraska improvements. gallon sale to our XX making meet into does investments

we are did be we not this this will closes Plains, and accretive. fit it transaction long-term where going asset For believe once with our Green vision

the market. expansion We base, we balance at look close one supplies asset technologies we immediately larger our we sheet these running, where an our or opportunity is where replace can locations our technologies, accretive bring and acquisition financial the of to other increasing further which on are for weeks the as therefore and fuel not very few in optimize with our expanding expect add next in to expect volumes capital back strength

I will Core But are through our strong million have protein of we walk thinking spreads are XX solid year million both with look and demand the rains now than I versus of timely and in that for for a want remains soybeans, of the summer detailed this crop area of – in of our to the and estimates take remain strategy USDF recap is XX how corn oil look progress corn call tracking favor the in and the each prior about acres later improved west. conditions to continues through for acres higher price and the you fundamentals improving. year. across the to ethanol you half reiterate transformation last

a opportunity several easier our years. to the Finally, in giving past little than an bit again inputs source

In fact, we especially pressure have basis seen new corn on the Western recently, XXXX. continued crop in just

have as X,XXX once achieving we over taken production day to the and day. again per per quarter, is production protein designed downtime of hit rates ultra-high After seeing tons the extensive multiple X,XXX Our XXX second in days. on are tons rates

the to more dedicate to sites development for I'll chain market fourth Pro quarter. later this our planning later XX% exciting to into quarter supply are this protein to production of well. get during one begin as XX and build the delivering We

interesting higher rates. to time capital have since Wood has over in our they X.X X from over One efficiencies. we have point and really achieved high to Quip to and is well better these can five and pounds fact, Fluid on four No volumes which made the other returned River our full per a now have averaged protein as pounds rate, the yield technology increases produce as achieve capability investments data of technology bushel MSC with in pounds, were world

is the clean our in on at being facility our vision to potential platform our full future site are our within to demonstrate track early The we with and one of able of true approaching of XXXX, fast sugar up start refineries.

an overall now And financial results. on provide call the I'll to hand Jim update over to the

Jim Stark

rate plant to the during the comparing good lower quarter morning Green than Thank for period year last revenues for and million revenues the production $XXX.X Todd rate ago. XX.X% approximately were period our gallons year. the you, same The of to the XX% approximately in utilization the everyone. reported run the XX% consolidated lower a lower second quarter $XXX.X same second XX.X% correlate was Plains or year-over-year million, quarter,

range anticipate stated half low rates of to with in our percentage in operating. earlier perform XXXX. mentioned now second all to we the plants the the Todd Targeting XX mid of much plants call, in utilization As capacity our better

$XX.X For we or net the the loss in $X.XX to $XX.X of net loss to compares $X.XX period attributable XXXX. million quarter, that or Plains of income per reported share diluted an Green for per share million diluted same

the was $X.XX versus last MC operating the compared realized XXXX. a a of technology $X.X prior per million crush for addition the amortization We builds gallon year. in the $X.XX QX in year for a of $XX.X year the line EBITDA on XXXX per was and higher expense all that gallon to to well ago. as consolidated of Due million at prior the the $XX.X year. end compares crush quarter million a negative Adjusted by as to Depreciation and

consolidated per crush strength margin this basis, On the of a in quarter gallon $X.XX sequential saw first year. compared when quarter-to-quarter we to the

$X.X This the lower merchant $X.X Our our opportunities flows million which by each year, of lack Ag and in million on Energy businesses, EBITDA year. driven ebbs than segment recorded was with a quarter-to-quarter. and prior decline that's about

compared For with remind these I'd costs. associated costs the $XX.X $XX.X Green second for we was quarter, million of callers GPP our and our and to fees SG&A QX driven in to XXXX. increased severance was including This increase SG&A do costs costs. all for like legal segments Plains increased GPP consolidate by personnel buy-in

that both be both fees on So legal for sides entities. would

second which approximately the debt reduced as quarter income was for the quarter million due the XXXX. had to compared $X.X tax benefit period year I income reported capitalized for when XXXX last million ago. a million like $X of projects the would compared million year a for X.X same of for the expense was at capital The interest amortization period the been our X than note was the in the though tax $X.X quarter to second interest higher impact Interest right completed. higher of to interest certain to of quarter expense in includes

the million available At forwards be loss, carried the which the $XXX net end quarter, company may net of carry were indefinitely. the the to loss forward

excluding our that should Green minority We Inc. around be normalized anticipate for continue to rate tax XX%. interest Plains

solid remains $XXX.X the available at and the approximately and along had million capital revolver. million $XXX end position of with restricted we cash, Our in working cash liquidity equivalent cash quarter under

on so. have of do We executing liquidity focused capital the and transformation steps and are to next the

allocated to was the safety X million and $X toward sugar to other growth build Shenandoah $XX approximately the and clean regulatory also $XX For million we which protein of across About million million maintenance, initiatives. MSC initiatives quarter, our and included second allocated in growth, capital. capital platform,

of MSC of to million which be same as Partners timing of anticipate the the QX couple $XX.X EBITDA for period million through million For continue a Green $XX.X million the at of $X.X of a in reported year ago. range CapEx work was line $XX XXXX, in for an for income of plants. the permitting will Plains technology larger we with to and deployments our remainder adjusted the we million XXXX, reported $XX net of

The ratio of with commitment slightly partnership also during million year. were the The while financials than lower the utilization quarter, unit steady coverage times partnership prior quarter for quarter. same the than for supported of the XX.X flow quarterly of cash quarter a rates the Green at $X.XXX declared reported minimum Plains distribution plant $XX.X partnership The per for the a lower X.XX the distributable XXXX. volume

made payments of $XX.X excluding of million, and distributions the the cash year. resulting flow of adjustment produced XX a for the declared any Over $XX.X principal coverage million million, distributable EBITDA the in in last ratio, months, adjusted partnership X.XXx past $XX.X

of As a publicly Green LP the by reminder, the been complex of Directors delegated to the LLC, Holdings on committee partner owned acquire terms the of all Partners possible proposed partnership proposal the the May evaluating Green Plains held evaluate non-binding submitted the company the Green preliminary Plains. general of partner of currently authority the a transaction. of have is to XXXX, to not Board of Board X, The Directors and units common general already and Plains a

Now turn the to call back like I’d Todd. to over

Todd Becker

Jim. Thanks

and was of there’s our is challenging, and and last and gaining XXXX limited lot traction half looking about solid talk while forward time. I a So looks QX have know And XXXX path better. to we the

a talking been focused X.X sugar For corn future is value a now. have four couple protein, the we And about ag-tech pillars renewable to of sustainable the high the ingredients and producer clean oil, years decarbonization. on transformation of now

out under technology of is one is Carbon protein. which and appreciated. matter. we gaining a bit decarbonisation in reasons This on are the scores probably clean of sugar order, traction do our but Quickly our several products normal

jet a our what as is roads firmly We production. strategy, believe sustainable less majority financial decarbonize carbon when lead we in alcohol significant a to opportunity all away pipeline place. two the structures of underestimate our are aviation incentive or and from than now will years to as we fuel discount are we platform Don’t believe

dextrose will further, even is This technology reduced Ultra-High meal XX% high ISCC latest our for Importantly of future. Protein literally data score, though, is key a in protein with which of our CI, for corn a protein our intensity sugar rules. be We ingredients the PEF, intensity aquaculture score and carbon today globally. lifecycle all our pet yesterday gluten and selling products this received ISO important lower to producers to carbon our which point food comparing globally, clean aligning and very PLUS shows

current supply by years, products cannot our several carbon as the addition, be significant in negotiations can In more market on are than this is more with we over the intensity which later we demand CST, why next matched today, well. in

at the Our should million annualized decarbonization $XXX opportunities last opportunities $XXX add of now half million economic to least XXXX. starting in

different also number this carbon to have to a strategy new and us have give executed that We more use go. contracts few our confidence the around we

Our strong short-term our our protein track was continue which and impact. initiatives on QX, reduced successes rates see commercial a remain with even results to in

out pending turnkey our Tharaldson locations by Our would is anticipated annual first in XXXX JV is laid Minnesota. XXX,XXX very Madison for number Illinois our get and from grows at match three on of XXXX rate River. better to and Wood run marketing Dakota production, with and to as volumes. those permitting much North quarter this rates, we operations to believe tons, each deck our site in of increase annual We tons our Fairmont next begin what full Ultra-High the Protein bringing Completing had total with XXX,XXX facilities close which including our yields capacity turnkey

the out for the for two The $XXX last uplift main couple million have XXXX $XXX remains economic to gotten Protein years. have reasons. range million margins we stronger that pointed of in

important First, increase costs. our to rate high our relation more remains reorder continue input even and our prices in to

years, well, we the narrowed. platform during site, is are to This and that we important soy new in up first normalized of our as ramp on gallon in sales the initial relationship margins the is X full hurt range the that Gen ability over Second, seeing few the $X.XX run now and us out indicated. per $X.XX why to second quarter corn is for uplift which

the of significant in We and continue counterparties stage XX% products. protein our are with discussions success ingredient in to great marketing for the see commercial late

in to could we first We expect XX% to the believe XX% XX% and continue XXXX. our shipments of beginning commercial protein during quarter fourth that platform be our sales

application than Protein it soybean high And soybean and factors. higher a food the yeast importantly, concentration a nutritional for does further gives protein has product meal versus Ultra-High offerings. anti-nutritional Our protein meal our advantage fermented without other pet and

protein with on for beginning companies We what the biological labors those this suit fruits together. their believe we now as are needs depending and tailor to partnership the of world as and are allows now to recipes customer, Now, well. anyone don’t to Novozymes yeast our the we doing can do happen our see in can

been is have these opportunities pointing some for We and time now to the now. future

quick other Two points.

Ultra-High First, we are now producing for the first time ever Protein. non-GMO

over The ship will analysis but to the and will be will We trials next returns several higher. months. cost customers be for high, initial the

production produce to one as production. completed Second, commercial XX XXXX our program its locations of to hope expect being to and QX in for this and quantities dedicate next location to post a week, MSC run this ship keep on majority of that the Pro facility we

online. Renewable to come diesel a renewable continues oil in corn as have prices strength recent seen capacity resurgence

corn product. renewable oil the lower pricing carbon to our to due intensity seeing soybean oil premiums of are We consistently achieve

corn clean result, seeing once $X.XX remember, to think is is pound in to underappreciated. a And the CI are we production soybean low I XXXX. starting that credit, pricing under oil As fuel a further oil oil our the renewable in And range. $X.XX also advantage XXZ again

on construction for Shenandoah and engineering late teams and XXXX. progress to great continues on make to our For mechanical our project startup initiative, and at in construction track continue sugar in be crews clean early XXXX the completion

is revolutionary in that creating carbon something lower a biorefinery than available doing intensity what the create never to and dextrose done market. a today facility, dry at are has been grind using We that truly a

a confident have we first very the due our first the the spoken have capacity the to we’ll half operating remains last to of and obviously majority and for to are commercial half interest we run are year. utilization positioned oil prior for year’s laid numbers of hit have announceable took protein rates out. high positioned of different second and the from as us, well completely end looks that the to targeted businesses for the we startup expect XXXX sales before Customer quarter The and in and stronger we shutdowns to deliver we commitments are

discussed contribute annualized corn believe XXXX half up could the we there in finish depending overhead, the guided we pace energy oil renewable and million the of during alone of number to of level all to pricing past. we have year today’s second strong of on discussed is back upside But we from that for the $XX previously the half run net the adding we previously $XX pace have The uplift At business the for XX% protein nonethanol in, million in protein rate have rates back on and our setting are run corporate is and on for contributions have XXXX. ag in to. for sales a as for

Gen for outlook an with favorable business. driving back an margin corn to year-over-year larger the recent XXXX the market demand materially of half coupled and our of expansion to past, anticipated has improved ethanol areas stronger current carryout platform The stronger than of our drivers the be X is setting our all across in led

a Finally, want update. to provide technology I brief

our last technologies. Quip As technology for we call, indicated exciting news are towards Fluid some we working on

with to since Shell which adjacent public or first, is by our well side. efforts. should energy sphere be companies Conversion Center to largest MSC mechanical announcement to process working world’s precision because They them underway a we and with our SFCT York helps Recruiting our world early into Shell, a subsidiary this in been – the was for largest The the not have and adding these venture well Equilon of we Fiber into the building as collaboration process are getting one one Technology facility platform. fulfilled SFCT combine develop large are and discounted fiber XXXX fermentation, where pilot a side about separation conversion very processing Innovation of

that of with what corn into So agricultural technology is to SFCT processing kernel for behind. its we this a break allows us products Combining and are MSC collaboration? high nothing represents an doing innovative value leaving down

means, of the Green significantly chemical different of portion using all seen other remaining this we be ability the has adds ethanol, separation technology been markets step oil, corn which Plains In that like which Fluid and past. for feedstock which you’ve could for addition SAF Increasing and at the of to what carbon cellulosic in renewable through can to a recovered, that capturing carbon ethanol low the already believe the biological fiber collaboration amount producing been mechanical protein sugars, breakdown the expands is Quip, have Canada. make fermentation anything and than we and be key a component separated precision low

into Said and to corn three another we’ll milestones. capital and way, that distillers dry have not is for co-product We look value lowest already oil, just to the maximizing we is will this step achievement which decarbonizing platform us which in DDGS of high intensity added far convert grains and Ultra-High process. away value process products biorefining our technology cellulosic our ethanol. start XXXX, It’s one products, next lower upon facilities our Protein up in value key anticipate commercialize of at MSC or really from our renewable the built, this

as work the around the opportunity it being into flexibility Fluid corn, feedstock MSC with to wheat technology which precision In world. sale its globally, only for Fluid Quip’s blends, first sorghum application opens be leading but markets MSC its efficiency – as the not primary and feedstock. additional as Europe. wheat also can door demonstrates best tech separation will and MSC addition, the validates further has The flu technology Quip

cellulose were related just one one Quip’s In sugars. Two got stronger issued enzyme on to four to which into includes clean related we protein patent, new addition, – quarter. based Fluid material and as of recycling patents this recovery converting we oil pulp focused sugar,

issued patent to countries more coming. expect be as by broad sugar shortly very clean also they’re informed been have globally We coverage for we technologies several

platform is often to the begin made whose IP demonstrate investment Quip’s underappreciated technology for value these have portfolio differentiator announcements X.X. revolutionary in in a and deploying the while of truly Fluid We Green latest Green reinvent IP to key a Quip we XXXX. into of company our Plains are value The Fluid Plains we

been ahead the of the we believe we and We although this setbacks, opportunities have us our is have are just some across we of seen upon is with to finally now. and now pointing all and for are us some on executing seeing future we future success pillars, time the are

And there. joining the question-and-answer call I’ll and session. it leave our for today that, Thanks let’s start with

Operator

Capital. Thank ahead. ROTH you. [Operator go from Craig please from Instructions] Your first Craig, comes question Irwin

Craig Irwin

morning thanks my taking Good questions. and for

Todd Becker

morning, Craig. Good

Craig Irwin

hey, – Todd, so good morning.

So sight tons of High day, Pro XX a XXX line on Pro.

looks right? you of execution what the translate exactly lot understand us and would But look standpoint clean to can you investors in there to had goes sugar. from given rollout in of couple clean help been now like of sure said do, you’ve sugar? straight clean are these you for Can right? most Obviously You last some starting describe share nothing starting with there’s Fluid of it’s all us kind years. There’s the a things things to a own us learning what some sugar I’m here. into that And from with that different you’re important forward you Quip learnings in learned you did an Pro a been just maybe the line, ever the the place High days

Todd Becker

Yes.

think for the thanks I – question.

as We will just when them us significantly of I ramp day based built X.X our in protein. results be we a rolled But thought every better to it we run we we yield. mechanically, we’re do how for now the ramp pounds them. had how bushel on can more put things bushel from but we we today learned even we we in at and seeing protein sites, and technologies, and times saw our technology then to of more learnings difficulty our And a we our we built we as terms I up optimize think underappreciated new in think out the be our from sugar place. up different Novozymes achieve as allows out we’d of well to continue there exceed as have in per terms we for know, hit to laid them that we more to get X pound consistently, these with only our volumes X well per able more of systems And and as which partnership we and not debottleneck numbers put out assets, out these XXXX, as them. will

a out think Sugar difference little now. a than going went right bit it, took milling learnings, building and we’re those and but well. we to frankly It longer them take I system million to we what the XXX XXX we we’re appreciate to apply is pound to is sugar. that dextrose all believe crystallize going as are in quite well wet as dextrose, hired experts making And that million

that X this assets. dry we for from of us these a hired actually work not several because Gen up world the is come on in implementation it’s so milling running very set really largest our the team management we believe the this that wanted to so grind differently And that company. It’s very, future technology we revolutionary wet have of

wanted of on so product. of we marketing get top to then And that the ahead

market to takes remains of a of all through dextrose industrial but way – longer product the food, terms this high. use In

for early deal scores is big industrial very food is intensity, reduction which both a carbon a carbon and And was so get products. for our this one product because key in on differentiator significant us to

to up, get on facility. are already take selling start So at to facility process the our certified. certified when ultimately start in get us then then grade grade hit markets And six the food York a industrial we’re food grade in to we their closer food we hopefully to we we do or we and We’ll do at start that out sites certified to should about they food that’s it Shenandoah months focused fully it four to increase and better our where XXXX at capacity, how they want designed locations where move look on have want next? we later to to interest or demand Shenandoah in us properties. expandable, in Do market and build which we other is co-locate geographic to go

just game much we one bottom total we changer this this it a very impact in is for to us. going line believe be so valuable what approached we’re our protein, which more is But but roll versus that, to takes And just out technology product is number about why one, differently, all can number come such sure of overload can start things market, make think before and don’t length it very up the take online technologies. and we start two, that the that carefully long some away but these we we the to up this

Craig Irwin

that. Thank for you

or very whether right the these as far be plants up proposal M&A. complications of your actually field us think I for with acquisitions Can weeks not situations one as for executing update for interesting the a and too So evaluating right? days plant likely MLP, been the last on you opens of the because an you maybe them. the to are chunky of the other past many you’ve now the there superior execute had had big in much vastly active not a how being away structure question out of you’ve portfolios? one This sellers, as from consolidated, even And years appetite what advantage possibly couple more on for assets? is offer sort to over been the or opportunity tax to And broader ethanol as where you And to single some number. easily market? far Let’s hope a small active the is in portfolios

Todd Becker

just focus there. to But me let Well, things. unpack a that’s lot a on couple

reasons can’t the to process. and about much more at and continue with bringing the we in leave we’re negotiate complex of we’ll in past do and that, the just than some we talk MLP it why that. I’m the to really where just talked want We in committee at of that because

a buy want to – you won’t small bit. locationally Secondly, saw, decarbonization. just sidelines and to there been divested us, just And the scale of on plant, also we in we’ve protein, harder that that acquisition the our plants it out an as technologies for in They sugar logistics way worked from the the and fit apply our a we geographically ethanol are them. and strategy to size, scope around are standpoint, oil, long-term general

have somebody subscale of value fits good. which it The in was are gone what is assets smaller hard, to But they’re to the want it else’s, a future. we operate our Acquisitions But up. plant expensive.

an Midwestern $X.XX If Midwest value $X.XX you that’s on ethanol bushel gallon, before technologies to – add that’s minimum. want gallon a of $X.XX the to $X.XX in plant well. build any in our a is And one – you as sorry, for today, to the minimum replacement

and up We got the and pretty as Summit is couple because get the to haves M&A of there’s several is and for over next most industry. can absolutely you partners we the think And quick want to opportunities, platform meaningful in going years that’s that’ll chose next cost probably pipelines but of and look this or built our a look ethanol you’re which than the why why running more is gets technologies the get everything recovered, haves of to begin going that’ll as who So if advantaged re-expand be the be We difficult. is expensive, importantly, you are and years margins Summit, quicker have-nots in one an sitting for can be it our blends But in first have at first. position believe on more a take our example, meaningful? up. applied. and built of Because we before even one somewhat which are replacement as

not those have have pipeline operating that yet. are over a a multi-year on could that is you’ll And you advantage –

going feed you different being now asset this you very if and why that’s is people the faced. So, to to you’ve announced, an in low at of value we past. go look just already acquisitions, carbon we And some withstanding produce – the continue alcohol of value to have when to low up get stocks to industry fuel, projects the volatility carbon jet seen which

But fuel advantage to so I capacity. little really have we don’t a we take place So opportunity sugar, where mean, that’ll we’re also of a love bit out expand our we build absolutely some us a going capacity as on take at more we being build take the would you well. sites to of give as platform. up can Shenandoah a expand a market our look to an can pipeline. if bunch We clean want like we

way. much So, expensive no they’re this margin and years quarter, not to in a was is industry. like the M&A it few it’s by in ago, matter getting harder more It’s out much there, the any given what but do

Craig Irwin

I’ll you thank in Well, the back hop queue. for Great. that.

Todd Becker

Thank you.

Operator

comes question from Please Next Adam Goldman Sachs. ahead. Samuelson from go

Adam Samuelson

everyone. morning, Good you. Thank Yes.

Todd Becker

Good morning, Adam.

Adam Samuelson

Hi.

you’re So the making I first the guess the question, second framing how of kind just we’re kind of half. on sure and maybe quarter clear

other prepared the in the think $X.XX leaving issue on unplanned River planned table. and to the up downtime and you I remarks, of margin kind Wood Todd, to potentially the talked a of gallon

and second kind where of we half corn of with the downtime that about of plus your that margin the forward in curves level rates, High right and year the or of level half are look margin to way As oil the EBITDA? the mix kind think is and forward second operating now high Pro less network at

Todd Becker

saw becomes and the bit expansion person then Yes. them a of the QX cancel high buy prices a execute potentially those I and and a mean, but the to far having go ebbing the to or our advantage double other side. don’t up, I to in nice price market you it’s whammy today, if on fact better. which on the of you expands look, can’t We and contracts, think was And from yes, of back not flowing. the also mean, part you’re those when run ranges I not, yesterday, even having

tracking So, turned it as downtimes our we of – sites really and we at for were unplanned downtimes had well was of while planned us them, into hit unfortunately all at the several And time. same well. they big

also wasn’t was buy high that And buy well, hedges priced and sales, just actually us. missing just having protein hurt so, it margin, really in the as sales in it to

when and they’ve that’s kind but went we rally the type of up right as now we down margins as clean it’s forward, of since a real bit we’re come corn higher we then, them when more. that saw even opportunity achieve get down. come fast going And now very So if little and have clean those to and

saw are again. We improving ethanol of think numbers a weeks couple builds. I

pretty just in think base up a we’re for base outlook So I – fuel the setting half. a for good fundamental the last

And half, ebbs $XXX, of and the rates better or then rations doing a flows, XXXX sitting really – we and food inverted including it’s product that sitting really meal this It’s soy all when favorable well. strategy we’re year not when ago of over last and $X while from and but animal our the around as and the next and shareholders we get got indicated, for lot a corn good sitting a in year. And pet again. protein it’s sectors, better around but in what to obviously pickup questions demand our across I continues you And at seeing in corn as have as a think the spread inclusion soy just in spread half favor soy doing narrowed, aquaculture. our about

Adam Samuelson

really if Okay. could commercialization. High a follow-up And No, Pro that’s on helpful. just I ask

us a those a a be? level? on up Pro of sales fourth meaningful and Just production to contribution High premium to as take sales XX% getting higher about quarter. that of of will proportions incremental the the XX% your you soy production proportion we in UHP what range. your would talked about push think And versus it or kind into XX% you’re from working meal You where help that done Can – regular frame getting the XX% regular

Todd Becker

Yes.

soy just that’s for is, and start step meal our protein concentrates. to first gluten a really is Our as where replacement really competing corn And is. replacement

the soy competing bit. and seen corn a spread against increase gluten Pro spread and gluten we’ve narrowed spread between corn meal you’re meal corn As the meal – XX our a have meal, corn soy and for favor soy in when go

can is we’re with the on again, paper, we uplift So, mean, that I of little about what almost how least kind deal we’ll bit, double a a $X.XX while thinking again. margin we’re – see to today $X.XX is a at

working want least nearby is States rations, next of seeing that’s in the we’re on these get then we’re year from And at in within early terms pet demand in to United Pro. that starting coming XX significant for and but the States involved in and the for other United of swine. XXXX we point and outside stages aquaculture Now a aquaculture areas and really demand of the

because starting a XX paper, meal of $X.XX just at front we is But the soybean the kind to working the on had Pro, hard in today, those a curve. program on to just lot six overall, if margin XX at very, been between $X.XX soybean the margin it we of end and So evaluation very protein marks. some in are Pro gallon with through again, to months the some to getting significantly look into gallon the uplift base And a over of of the the meal starting high products spread and $X.XX be and But of kind kind XX we the we – end look at last rations would good have and different stages. of today. $X.XX of higher base narrow at getting we’re

that depends some going freight, of And what it some – plant it with unique XXXX. the of significant differentiates Plains but market, on it the just Green and overall coming on overall we go our we’re of a acceptance uplift new early some to is on world, it in and JV where anybody in What’s great really to from really of see on else depends depends product.

an key tons. and and – our a having really there’s when you a relative a you or component them tons, that’s not game And to talk Our limit X,XXX – redundancy is rate. we XX,XXX there’s to XXX,XXX customer critical sell now a It component is volume critical key instead sell changer to no tons. X,XXX and that can XXX,XXX a inclusion tons, of there

and redundancy Pro more even matters So XX it’ll in really matter markets.

Adam Samuelson

color. All Thanks. helpful all it right, That’s I’ll great. on. pass

Todd Becker

Thank you much. very

Operator

from Please question ahead. Oppenheimer. Owen Kristen go from Next

Kristen Owen

Hi. Good for morning. the you question. Thank taking

dedicated you last that Todd, that remarks XX or facility to Pro. Just capacity you’re the about planning dovetailing XX% in mentioned to on response. move a single prepared

So that’s market can just you giving hearing in higher you us protein? to level through talk the you capacity confidence that that that you’re allocate that can the what

Todd Becker

that preparing QX What September we’re we’re on hearing is demand shipments, stage to for today working satisfy negotiations. late in hopefully really in

have XX start biology switched to fermentation. or our turn to inputs to just on plant in about we that can’t a we from that Pro. sure got fully just make get work That to the make it It the overnight. we with takes to So We takes week time. adequate XX need over partners sure two just we

that size of can to anticipate stages a little of the discussions have and egg, you so Pro a the we at XX are when bit discussions, we outcome So it. in have we Pro when XX learned one on to they market. bit satisfy Pro the traction through It’s in to to want XX able get what it best fully but those be you to chicken work time the look going took that our in plans think have of convert is and I inventories we we those to were little because you it. inventories, XX had built start better And it, to our we really a Pro the is inventories, we

thing We’re XX me or going build that to is ship Start or ship container. this we later from inventories not in a demand. a we’re a just even can Pro. a have we to quarter standpoint to what tote truck And same demand do seeing believe satisfy of the so me

around world. that to starting We’re see well we’re pieces ship vessels volume starting enough of to the potentially actually as

time us gives confidence of our and – the make there’s to available the So to it have one enough product market. switch a that it’s enough in plants

Kristen Owen

a And clarifying that. question on just

can on standpoint. a end provide multiple little just and the color bit customers customer markets or multiple you talking We’re that more

Todd Becker

labeling to on and customers, go quantity, not Multiple tests, us significant the three vessel customers. three It all multiple months important that And at We to just not holds, and on ready be even vessel. been geographies, for – to it’s everybody. ship a us to thought on be took it’s been five to want to process you can to trials, as end and years it. in that as evaluations, said, to markets, a working long prepared vessel get been one it a We’ve multiple year to had five go. are over to would make we we things We’ve really and a we big indicating full well truck our as take it time some down as here. takes

the it Now through to all evaluations. kind get of of year takes another about

it, and made to has say, so evaluation seen back we it’s once us. market been come Because chain, it’s to supply us that didn’t hey, for work haven’t that in far we really in any the been

and opportunity well everything carbon can our what so around from propose to performance as customers And beneficial. we as is intensity taste, extremely

Kristen Owen

unrelated. That follow-up all question One very sounds positive.

Thank on indication of given Just should balance you footprint transaction re-rating Any anticipate the the give on cash cost. sheet Atkinson? in replacement around we from the discussion of terms us value that? of that and the can What some asset for you.

Todd Becker

Yes.

on sides confidentiality this I didn’t what transaction. with of lot we site of a site there’s match And didn’t rail. this have – in both that was that it We’re a mean, and wanted. from it and smaller things

should this of without So a generation, step. that. not And the we’re XXXX sheet free a year, but for Madison Fairmont similar little really this a bit current cover on a or financial in based it’s makes cash cash than mean, flow definitely much will indicated, our great well. one least with us CapEx end material as strength enough in later I our transaction, pretty this of I more at growth very Madison, really potentially going the balance which their financial take longer getting permit position lot at to year, that as our just terms it’s especially of initiatives, Fairmont leaves our in a difference speaking, that’s as well. relatively But markets, really

the make on this just And execute to be technology our why any site. at not transaction. we money would to we accretive. put we we make So sure on this able were have positioned want But being that’s of really we the and where from executed standpoint can of

So it really didn’t match needs. our long-term

Operator

Gupta, Next Manav go UBS. ahead. question Manav, Please. from

Manav Gupta

I to a better. Hi. wanted little understand bit

in oil we corn seeing are but oil. a We soybean in also rebound animal seeing tallow, are prices, rebound

a So all RD it it or plants appears more feed the stocks Help trend. of function much does us running are all it. it what’s up RD ramp, Is on a driving to reliably understand being about pretty now enough – have feedstock lot so talk supply the something just to whole the soybean not market. If also market supply dynamics do the the able with of side Argentina, could oil, tight? just you is

Todd Becker

Yes, $X.XX XXs were market we it oil the $X.XX selling of kind was – that to and we was our market. interesting. the in were XXs at over When still selling

– So market we just for the renewable oil. that corn distillers was corn it, corn oil – as call renewable

standpoint beyond little to to sales doing we front are us. But that rallied those basis premium at selling the still soybean obviously market on sales beneficial has that. end a the that, a Now from the bit, are of

there’s I factors. multiple think mean, I just

not I don’t that is I there’s – think supply the the know issue.

of is into good becoming robust think starting we’re just diesel. that to demand really I renewable oils uptakes so see

soybean value at More that have seen points anywhere even really of the oil look the though, some for in at you recovery tallows, low what we you importantly feed the trade and of LCFS, kind anywhere when not when you where produce, CI look we stocks will at CI discounts when anymore. look those

because move oil. have users we as which benefit the away, to towards not a just XXXX, that use fact, the far end of we IRA in to And more is corn

didn’t we’re expanded is Quip see we that get in before even What good well a we technology their Fluid mention to as Manav yields to continues position. really in So SFCT technology. really

already they an it. are their earlier system increase our those Wood a running we technologies, an capability seen new of over that one months, a several So, X.X. X.X, at which different They next Plains to has we already. kind of to at at upgraded application technologies And MSC River plant in results they've non-Green had the the believe implementing facility yields

apply now and to we're it. take findings going those So

I really expanded as So soybean of really think We're not plants mean, think grown, it's is but more we're of finally quite crushing not is very hasn't we're I And supply bunch so There's finally frankly. up. making confident industry. in our not but it making demand ability demand I just oil soy any really oil. to has again. while showing the an not produce it coming, kind a up new that's exceeding started that supply oil, in

Manav Gupta

some Help you Okay. during of make not lessons your hit better pro. Wood the What River be again? quick multiple oil, us is also up And It a here otherwise. OSHA kind can does or what the like learned to your ways. the hit Thank understand done happen little here bit investigation sure of you. corn little and a ethanol ultra-high are something follow this a production, outage

Todd Becker

don't we it want want happen. ever Well, to

to OSHA I really already the a we event. that while was it during we get get that was plant we make But just never we an up good these a and that into oil happen. we look, It plant stable. Took incidents unfortunate could. details. little was as fast and shutdown, protein want sure lot bring want the preparing can't the to of end has us, think the during to released team to are of were and to the as back running,

just It like the Wood not overall. incident hard team. the It's every on hard the from on learned is It's facility. we mean, company I this. So, unfortunate. It's River

of released can that good the overall think OSHA and But just across has it But plant and learnings. to the do cognizant had and in our plant team take multiple effects what to We we out on, is full I again there are we certainly our are move it as just we'll company. think employees, is shape back running I us. the

So and move on that. we'll learn from we just –

Operator

Tiano, comes ahead. Bank question go Next Salvator please Salvator, of from America.

Salvator Tiano

very get outages. color of bit thank on I rest Yes, to want much. actually more the you a the little

also, in I if impact besides type consolidated probably what said does uncover that plant $X.XX turnaround what you needed repaired $XX to to things the they, given firstly, things did they million were or be margins, outages you or down understood this it that $X.XX million it's essentially So And broke the on that correctly, us $XX make And seems impact sense? saw facilities you that simply of other another River. throughout to to during quarter? Wood

Todd Becker

on bit little the a top hedges expanding was having those having some an of protein it lose high you in in market, a sales have about. decreasing of you good you're on and talking everything of think I have of Yes, that, those good then domino effect And opportunities. you which market, on exit of

needed that And a took so it we in significantly that things that repair. then we happened a perfect as was, downtimes more the it found quarter. weren't the yes, areas bring just to storm. we a some we overall, bit a of We of unplanned had it. back significant were of that expecting during And to fact up was combination was It longer shutdowns

team He's operations. head is a to their our we what of operations around But do team new built him, we they again able in then those, brought it. were during around head a got

kind shutdowns and We turned we that we team in fall had of done time that a way are refining highly able team. hit industries and we mobilize, way brought of so through get up things take were the that milling, into advantage across had over. and into normal new some it built dry people during in from We across all as our the shutdowns. the last at hard at really And skilled set that highly and milling half to us the they have all would quickly least team wet competent

not is to those to we're some now, And do which going to of have be helpful. going

that the and of, from a between then just out River, for effect and then during last reasons. storm spiral those second pretty to of everybody a hit And show it So set that execute couple ourselves good quarter. because having not what just quarter us is hard just of full the just of of we we this have able up in it as on capable was move the unplanned shown and a it we us. and in downtimes best we'll had bit perfect because Wood things Unfortunately, hit could half was can run and locking

Salvator Tiano

impression follow there. firm stage things as were more mentioned of final negotiations in volumes Pro personally the the And for in under you I XX a up, terms sales were Perfect. in of the at QX. was you least

you announced may So fish not is yield and the negotiations sell a outcome and we obviously mill partnership not actually been Pro any Riverence. you may while it's there since with here, risk XX that that would like volumes the

So how things as progressing are well? there

Todd Becker

anybody such late Yes, did certainty even fourth we're a so I what negotiating we're we gave quarter. don't but of we in destinations, those in say like now that sale, type is of think price, we're We stages the all negotiating feel things.

we us few to can into days. we And has to Pro But our get plants confidence we're some partnership we that's though that even a get So into even our production start fourth sure remains XX we'll a why were why know out thought lined the good up. and do, it we going make Relative within than take of to strong. starting earlier probably ramp the to rations one rate, into running consistent to make now well. it full quarter. hit But plants, days our just starting up It'll gone XX to that's up. Riverence

their know fact, that one a We theirs. one very our of know suppliers. We third-party in working into through their are already rations that for ration valuable. we're is getting on another product We of of

time what you producers do world, two a start game is what we partnership together the cycle this what It's you the and should do going you salmon from looking time where place they forward do think for end We're harvest really cycles when till we Our long about kind other is a remains at year the of asset. volume can the an and strong. and almost their feeding product. the our around

that middle The have to but partnership already. in be is starting of the strong. asset of asset we so there an And of, plenty base the is time, remains thought

hopefully we it's partnership companies feeding the of a long start full will year of And about and kind when the where place benefit, you of And it. game the I to But better cycle can these that benefit than and going continue over to of think growth see many to or the the the two. looking strong cycle assure our that you not partnership in for is companies, world. only these and Riverence next in expand we're

Salvator Tiano

much. very you Thank

Operator

go Please Laurence Alexander, question comes Next Jefferies. ahead. from

Dan Rizzo

Laurence. for Dan is on Rizzo this Hi,

with that's the in question, couple associated there a lingering combination the occur are Just quick going months? with costs GPP to any next later

Jim Stark

Yes, happen. I votes, would say we in filing. merger things we there's lawyers, terms transaction, still in – the shareholder need, there's of on costs to We get could there's absolute where there's depending need that several

they're of have I type but to happen. we deal we them break one-timers, all can could benefit of And overall, and So all exceed in if I deal think fees, those done. but I the things there's mean, would say, that overall if get bringing this those out would greatly

Dan Rizzo

cost savings quantified are? of have doing this, this? forgot with are you The I what if cost the sorry the synergies I'm but And

Jim Stark

back of we we're of Yes, for the SG&A do by paying look our more some we bringing I that some we piece one and that on send number we during so mean, is, in, what fees. with negotiating but committee in potentially should and partnership to see obviously We overall that. back in the quarter. the savings with get money said interest conflict as door that, we don't terms as have still will the that out we're in, what well, of do, savings But

Dan Rizzo

much. you very All right. Thank

Operator

comes ahead. Levy, from Securities. question Jordan Please go Next Truist

Jordan Levy

rate could in if and of outlook that the Maybe more to should how be half talked you're right on in improved like running now bit what EBITDA the just what appreciate up look and we help the might and year. we DCO? all, the the crush run at seeing thinking given frame unpack levels commentary about little protein I Hey a back you're you and all

Todd Becker

came similar And margins I to rates in on It's last corn probably watch or during back to at overall, mean, numbers And line, Port crush. our over where EIA the ethanol help paper our think the were expanded, a market it's Black mean, doesn't crush we've possible, look we XX. long. it, on you I better just got at better Yes, opinion perform, the we Russia, in locked week from kind data very there QX in going see not we'll run of But think the closely. to doesn't bombing overly XX, stay stated depending I get the I some overall. forward. when Sea Ukraine

RIN stocks at blending I think since the below values to last we're year's all. increase. have RVOs levels, not continues updated broken

million of at mean, $XX half didn't range, more of the blending first which the million more first they're contribution in plenty making octane much sales, that happen alone, where retailers, that you that EXX where look years. when in how $XX range and today, is prices and just of – ethanol, to kind million seeing type half. relative the We've to seen was will of if consumer. that is So, uptick oil because at the the continue But traction volatility even EXX we're to I XX more you on to the alone half maintain look million we money a to sales over just know $XX in first more $XX prices corn they're take at

your $X.XX up in once. come $X.XX back. $X.XX, of long-term or us got gets it's taking How view the alone did We I a with that And think So question nicely. you oil? shape pound

we've got but uplift. to And so sales, protein we start XX really as Pro a to deliver some should nice on of overall these protein well, see on

EBITDA to numbers what in gain and incredible tell at Remember to a a start mean, some had able that, sale which Fluid I some are we margin opportunities do. going half you. on the of and it's where is well technology looking Plains. start to will make. On on But really come outside of traction protein we break on protein they that to There last on you what they Fluid working that we're it to previously today, Quip, make indicated. technology can I for pace we actually Quip when increases sales is forward out they're soon with of Green top

they engineering and technology much a business have so as and well. And construction bigger

So that is stronger and Energy half and is contributions forward third quarters to their comes and in half Ag as than we really have we fourth last to than in the even wait start kick we're the And usually first looking in. just ethanol see to because on – where well. we'll and on

from have good it, And So than where it second paper overall fundamentals of logging were to quarter in see doing. what everything when are we look at we'll in goes and you greater kind on the there. we're it's

Jordan Levy

Todd. That's just as Looks promising. about gears administration's a over working feedstock for through Thanks like the how regulatory Maybe shifting front. SAF. to think the to ethanol

your there are that implications and what curious might to have? how thoughts approach that what look and they Just might

Todd Becker

for made thought But because good will it decarbonization the than little we're I'll choices being of And large a which believe I'll Teach-in very we're it ethanol of a that the So looks regulations like making industry modeling overall with who else. I'll step to on as upper, let I sure good happy we're in we our have is Devin that on and more place and with support on that shot anything and the here first what as strategy very is correctly. bit. just decarbonize, our the making are sure why focused part little of give made. earlier And alcohol, to a choices us, around you Devin Devin is IRA let guys you bipartisan lead a the except the met be getting say, we of that give And color. comment we've

Devin Mogler

in allows the want vital that We a Teach-in, we just Maine feedstock for last from ethanol decarbonized to on primary president like some So, said SAF. see week encouraging IRA comments the have Energy's alcohol-to-jet saw the producing we serve SAF. play to where for Argonne as GREET used said farmers Department that to in of role model he

encouraging. So that was

to to Senate for and X Challenge these allow on thereafter from September feedstock both to billion as But We as encourage XXB bipartisan believe and tremendous see don't decarbonized SAF out based unless XXXX, which of XXZ. administration by meet the amount expect to SAF regulations use is a tax you to goal And House a we by as put then next of lot credit, current row agriculture gallons discussion. ethanol continue the the the the serve there's as early and month, possible Todd Grand support mentioned, help shortly of treasury to feedstocks. for

Jordan Levy

Very helpful. you. Thank

Todd Becker

you. Thank

Operator

Stine, Next question Eric comes Please from Craig-Hallum. go ahead.

Eric Stine

everyone. morning Good

Todd Becker

morning. Good

Jim Stark

Good morning.

Eric Stine

your place going back any that of is Pro? think market to we said developing? long-term just as isn't market Pro. just would I And your you a mean, or in XX more XX% the I to XX Hey, believe XX the to are I there fit XX% the matter near-term, mean, entire this Pro, in platform you confirm, is be reason hoping

Todd Becker

their Fluid built investment looks we with market. them the we very and amazing our on different than there Quip any it's the it, to and it, partnership build It's built that with why it, mean, else of product way I XX consistency the because knew anything we and the they it it's way color the way them, we run We process Pro. the and and consistent. just way flows available didn't Eric. our have of we've and made systems we The our dry it technology the

no have is our which why we gaining want problem yield did making make increases, and well. it on as to We XX, XX consistently we large anything demand

and the also yeast we're fiber creating platform to we greater fiber our we XX% it's Fluid and where look going a whole so next outcome. Quip protein whole we basically penetration marketing and we yield to and our to products, at want market XX% we invested we with creating we new XXXX what protein. and But maximize a where heading make And that say getting We product because one. very have different Pro, partners believe when push into new well, we plant are we and as push products we our Fluid more been we're creating and when have are Quip build XXXX bought that's is in efforts in make our XX to look protein, products, we and like if to our know

focused as volumes our far because will we quickly to move yes, to amount outcome. XX and global to that. while as intent as And is market. a But it in our are a a to has can doing It we plan the take as go fast highest of and Pro on be

way the opportunities of gluten we're we to our for to global products. to meal start continue the ultimate terms globally fish we to on product with really all so profiles try because best this things concentrates, biological as for like places and the is protein soy and every to meal distribution And going as we're with really And to to where texture now partners Pandora's from max box that's Everything that that's to partners taste talking on that's well. what get penetration to about and doing against and well solve working even as in day. – think replacement potential well, a you're distribution corn, think have where

Eric Stine

take years years? pin to going is that two, of Got said that you. three totally And I to not or in take you to but then I mean, five mean, try out guess you while. timing, down, I terms I is it'll plus a mean, it's

Todd Becker

I mean, I market to not we best and experience you program probably every base. not you mean, levels years. help five time in people can say, the I fully out. assure the – not product it's assure sell that, brought No, assure this designed it's almost can can the I to all thing say higher have it's customer at protein and of five years been has and I you our it I but

tons It's of there's soy we I globally, corn, type not be like a So not And whole just concentrates brought demand out corn, time globally for came if protein mean, and and to Cargill new different gluten team businesses. XX million or of we able that a it's just and his the things. thing? of matter And that more protein and those isolates should than leader the to protein do going not greater be for matter. can time. if, soy view, spent We it's meal in of to, aquaculture our things

well. protein as running And our he's now marketing

when we're where to all from the teams lot of they customer where came relationships, in they from and those where of show up in Cornell's our that but little this going. exist staff also they clean those call built easier. around to with so products, technical at of a and that talent company wanted this have that, door, to we've sugar so They And the tracking they just sure buy a But type we're to and great And protein. it. we X marketing deep we make industry. and that really experience didn't products credibility Gen

So agriculture larger and we're counterparts tapping in that from our energy. all of

Eric Stine

you. Thank Okay.

Todd Becker

you. Thank

Operator

Our BMO Capital comes last Strelzik ahead, question go from Please from Andrew. Markets. Andrew

Unidentified Analyst

is Ben on this guys, Hey Andrew. for

on Todd, to end alluded the still this protein by guys build. think to rate for run but I you ultra-high track million one be XXXX. you quick EBITDA one Just the earlier, on of $XXX seem

year, of how into bunch as trying heard on to that us we've Obviously, XXXX. through to but walk bridge just of If the looks. the you beginning could Pro briefly that XX gap a Thanks. path the just kind at

Todd Becker

think we at when our going half so and XXX to JV, we we're have gallons half today the look converted, million of it, basically when have Yes, we about turnkey. it, Tharaldson

a and pounds happy in to two you by the at we capacity the So million When calculator, Fairmont look XXXX terms one you're eight we put XXXX about half and outlined. converted. of and a do when what get XX to five and yield, at that's add that gallons And as Pro to and you take a or very of we XXXX, with we four our leave when that's Madison, hitting you that at higher be we believe bushel, then the how targets all into million that. XX be, at what volumetrically And had there time in grind than XXX least we to XX% then times of then much we'll then corn look when XX% going and will there, you gallons converted.

right including on meets – call. this Pro, value further opportunities of works dry and hit gallon on a the are now It or of $X.XX like even $X.XX things $X.XX to type on in, confident I to a don't exceeds uplift XX can't to relative and XX $X.XX by yield, those that I gallon by that do seeing suite protein, innovation Pro things. not we we we terms of XX to even we're kind more on put that our we've products there. can that increase dry XX all in the build product other by uplift things when out driven our team Pro, driven innovation yeast, price those with yeasts yeast, that million million driven spreads, to of $XXX laid today then by driven And $XXX and from that that mark that all targets

Unidentified Analyst

a weekend. Have Todd. Awesome. Thanks great

Todd Becker

much. you Thank very

Operator

I will closing to call remarks. now Becker, the over for Mr. turn CEO back

Todd Becker

Yes, questions, really hey, lot being appreciate thanks A questions. of on We a lot of call. great for everybody the it.

track. Oil XXs, high better, we can making that. see, progress quarter. protein As on into the again, better appreciate is have down we're from the out lows into second we're running it. running of in we're great, challenging significantly suite, where across We than our markets great up XXs the XXs. quarter now were Plants product recovered sugar's are come We've you where it

hit goes deliver rate run to the confident going overall XXXX. we on XXXX which why those well. show between begin we're out confident And in XXXX and numbers and in is make XXXX And So numbers deliver in have in few opportunity exit can and what XXXX those extremely quarters XXXX hit gotten we half to the our last only think a XXXX. laid those XXXX you're to decarbonization, that's and that better into place we're as takeaways we good our sure a to and that from

next quarter. support you to your we'll talk appreciate we So and

Operator

now and gentlemen, today's call. disconnect. for joining may and Ladies that you you concludes all Thank

Green Plains (GPRE) 4 Aug 232023 Q2 Earnings call transcript