GPRE - Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to Green Plains Incorporated First Quarter 2024 Earnings Conference Call.

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

Phil Boggs

morning, good and you, everyone. Thank Green Welcome Inc. to the Plains

members Participants call Executive the link team. are Quarter several Jim XXXX you Becker, There under today's find Call. Earnings other and presentation Officer; our Chief on First is Todd a senior available, page on President Presentations it Chief website. on Financial Events Green Investor slide and of Plains Stark, and leadership Officer; can and the

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

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

Todd Becker

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

to in markets that took quarter, and on extended not winter, we compressed our protein as doldrums from oil managing to Obion. the weak challenging a are Vernon refreshes margin Since year $XX.X as had XX%. in X freeze the major an quarter a quarter a typical opportunity increased as leading million, first first EBITDA to about Mount The leading saw and compression, of well alone of the We although production from during deep during impact plants. in we with combined launch some outsized an last the driven an vegetable improvement of weaker market oversupply first quick industry industry and mild by through elevated a stock negative well, position, markets

historically plants historical for especially last at best we've is margin strongest norms plants beyond can we our some XX when years. our completed, had which that Obion, of at run So XX of to the one

strong are low-margin As strong we outsized a Operationally, so happening with performed at I XX% an we're of at effect well both to going sites, making. XX% environment. we and in have about said, protein run margin these traditionally utilization another start and quarter production have an the in we margin of all refresh with towards push and improved investments are high rate made environment, to can

range to single the of we across recovered bit, margins QX though, now the margins, go. long of have from digits a mid-high average. quarter on way the Speaking still to the rest but a teens low

of of has the the on [ some $X.XX This time least returned this the curve, fundamentals every a a markets. industry positive year. for at the year, For months. this which off at We'll to is bit on margin later gallon fuel a month in improvement unique loads a is little rest ] the talk

on brand early January, we Ethanol in these We addition as across acquisition lot as during this you is board, a we joint and in weeks to project that and of MSC commissioning can speak the times product. may launching facility Pro achieved carbon, our well and reason it all not at of is over our and of to commissioning milestones, discuss weakness, the update the call. Green share will if about the quarter, macro It show I these positive on assure recent part valuable couple but started protein for venture margins we the with for is areas through the Of continue as protein CST our which transformation we of our like Tharaldson rest key carbon today execute Tuesday happening sugar Sequence Dakota in positive During the Plains have go Shell note, to bringing last demonstration modeling updates seem I SAF did GREET as completing in partners our see the that asset have of Shenandoah SFCT on morning, the currently of at well. XX than you XXXX. North strategy that more March, you you fuels, path can will more online you Partners demonstrates though, our as I of an we make low

is you options we of all anticipate and protein lead strengthening spring seasonal several Sequence to across new stock team value and off maintenance out driving which see after have evaluating specialty our the primarily open margins be to we to platform product. strategic disclosed the last ] to even products. [ not so reflected during doldrums will of as The start, XX% ingredient the to in board we our update [ mentioned. to our structure our months. but have an that leadership price ] we through could quarter, the continue that look with believe last for for the quarter, values remain of a summer. saw been to quick engaged We GREET to stock that margin as brand strategic more we and continue us One as excellent Corn base basis Hopefully, review. update the We the move fully expect favorable are lead our on leading stuck draws I announced summer season winter progresses, in more planting our the the we

We reason the just custom called on texture another food customers it we have Sequence, traction protein, team tailored as to ability very pet hard be the serve working Sequence. getting we can our combined it for are and solutions our Leslie high-value brand specific markets why are taste which tailor we with represents begin with is been what as and a this feed innovation for and solutions to that well selling and customers. our really them aquaculture nutritional excited about beyond

being by Sequence representing has -- pressure our nicely seen as meal approximately this sales strong, of worth sales year although been equivalent Base moving XX% pressure of expanding has the has a last XXX% us XX% at soybean more the This on them anticipate Our are it exit and of tighter been of so soybean capacity crush we between have under production in the customers and to we capacity, as we as rapidly eventually meal we increasing to commoditized in track soy investment recurring the or from over production from been Sequence. have the XX% prices repeat capacity. approach vegetable the margins to from market product from protein, for expanding influenced corn XX XX elevate Interest to soy XX% meal been of to committed our we and said decline protein oil to spread built days. that product pricing. one sales production corn, for But with well always Pro justified the believe both spreads under higher. plant's separates which there with several we goal quite Pro were our XX%/Sequence have

Our Sequence differentiator long a the run. protein becomes in

It It's from a and a and This customers getting greater is we're ingredient first benefits why of traction. Corn protein. nutritional you bioavailability tell combination yeast corn intestinal me we XX% novel fermented yeast. made health. is and for world's the serve. plant-based Let for the provided protein XX%

validate a of a we even financial received I'm year updated in ingredient the Ingredients topic, and low-carbon protein to a highest the and this to for for market and now exceeding highest up billion we the to seeing in some welcomed [ protein ethanol a European intensity view to of that it our at contend strong recent record scalable much on ingredients $X gallons. larger are in report the year a values markets value And X.X products sense Emerging the Protein Lastly, the gallon [ hand our to in addition ] forward. quality to -- provide roughly the over outlook call for of sugar going on Aquaculture, Jim trials aquaculture, exports very how today. I'll report carbon recent and play U.S. discount are and our continues an Rich With in that XXXX, world back pleased the to in RBOB, which analysis ] exports that call potentially are titled role blend, the supply an max overall results. on will I provide strategic update to makes accolades come

Jim Stark

the attributable morning, period ago. lower revenues Plains Todd, Green were $XXX.X period dry than prices 'XX year ethanol, and Thanks, million quarter compared everyone. million, QX of same as was good revenue On year a $XXX.X for average, first The XX% lower ago. is prices the the for to lower to a grains and to or down in XX% XX% approximately range oil same which corn in the of distillers consolidated year-over-year. were

natural oversupply we significant the opportunities the drop industry year-over-year, [ and margin a corn in ] due discount down quarter While mentioned our first and trading inputs RBOB, earlier. gas a commodity ethanol with also to at ethanol significantly Todd saw were with in to limited

perform the anticipate during plants period was in plant and our XXXX. of fourth the of XXXX, our control. mid-XX% outside only our to to stated first last to quarter same run XX% XX.X% year rate in We the of capacity events reported than any the lower barring Our rate for continue utilization compared slightly range quarter

of net or million share quarter or D&A We average and EBITDA $XX to Depreciation diluted For loss prior to quarter ago $X.XX million same attributable period in per lower compares Plains versus by the loss of XXXX. of a a $XX.X the in will loss the of consolidated the for $X.X $XX.X was QX $XX.X quarter, million a per in million year. in the million million. a year amortization year per negative that $XX.X realized in period. $X.XX 'XX. a million negative was we of reported to [ for $XX.X XXXX. Green at diluted million ] We million prior crush share That compared $X.X for expense anticipate $XX.X to compared loss approximately

tanks With and by storage Since the ethanol associated the acquisition partnership production. fees in segment to the and of the have with including plants. completed primarily January, ethanol partnership throughput our items, Partnership combined we ethanol related was the driven

this added the crush, entire combining operating previously have the into X-K partnership, filed cost back reflected line to adjustments combined minor goods sold. was and that are but of in much the which We expense some consolidated there the are Also, from maintenance morning. the of

quarter, prior $X.X was the balances, from million number. amortization and expense which decrease for slightly for line the with was first Interest debt to quarter, our first year's segments and was of $X includes favorable year the in all higher SG&A lower the impact interest offset due $XX.X the quarter-to-quarter. debt is million, primarily quarter. expense capitalized For which by The million was prior rates

first income 'XX tax available the of loss was were for the quarter, expense compared the $X.X tax be to the Our which quarter federal to the the for $XX.X carried $XXX,XXX -- end net of expense at same forward may company indefinitely. period in million carryforwards million, a net

minority Our excluding is our rate Plains, ] normalized also [ 'XX tax rate anticipate tax that we XX%, XX% for at for the averaged rate. around and quarter wells Green at interest,

results end to capital in the of year-end Our from due investments completion the of decreased made liquidity at acquisition, quarter quarter the the from position during partnership used and the the operations. cash first

we certain of to be the continue our next However, am well I plan. steps transformation to achieve positioned

$XXX.X cash, approximately in and $XXX cash our available along cash, restricted capital with working Our equivalents million under liquidity revolver. included million

the future now $XX we million million of $XX clean and safety quarter, maintenance, $XX of million and We up Nebraska million be plan needs the other items first in platform, 'XX. This the near further sugar progresses. for million initiatives the $XXX $X needed have range to allocated lined to including those the these capture in will regulatory CapEx to capital approximately anticipate excludes for across $X carbon the do growth capital. initiative, For discuss our in and about to to towards the million year project cover as our financing the capture equipment range We initiatives.

and highest Our strategy the returning continues to into projects. capital to be capital deploy best

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

Todd Becker

Thanks, Jim.

we not years when several IRA on our did the So journey ago, exist. embarked

to XXZ outlook intensity go-forward forward our opportunities the the ] have Production credit driving backed and early as our begin for as Credit mix of these returns capture in capital carbon full [ phase while to the significant carbon is of remain So opportunities guaranteed a the returns the remains same Because and next present U.S. the the allocation that Nebraska because aggregate We fuels, of could of of XXXX. changed, our it Fuel confident by may overall strategy reprioritization and yield the approach produce Advantage government. IRA Clean year. low and

Our has its XXX of gallons X ground represent facilities, present trunk already in project which will capacity converted that the on as pipeline. a a natural million gas be Nebraska at pipeline line

pipeline Currently, equipment progress, later we year. So track to in up building the expect ordering plants solid and begin and our is plan partners starting and laterals months our make to next several are of XXXX, half the we capture to relatively start second to this for the in straightforward. continue on to construction

Nebraska Wood of XX redeploying Given take preferred million capital the first actively supplier early to that production XXZ by aviation we gallons Production to XX are Fuel ourselves million and sustainable to River, we the days and as a capacities expand each have mover our exploring for City to feedstock facilities Central Clean fuel producers. early Credit position the of alcohol-to-jet status, advantage

a We of have interest abundant decarbonize Nebraska. distillation which XXZ and seen have York, change really our energy with local carbon qualifies already intensity in and for reduces want today premier XXQ, supply. the CapEx early These take update in to project that advantage What to stop with small plan opportunistically MSC are reduce of to different economics. and as couple a it With have doesn't we parties, usage, corn from agreed deployed especially we multiple supply SAF announced. facilities already

the We have that [ pipeline, permitting once said we good the have million econs, all plants and starting with to we over contribute credit. carbon progress that up X as XXXX of and continue the running, ] the make progress second well per operate Nebraska made, in. we that year in in the on half expect alone in tax backed $XXX Carbon all Summit they of current by current on EBITDA XXZ other again, states will to With

return being the locations carbon delays literally and carbon strategy today. protein on turn protein Illinois potential to do. being, returns We while else was and Madison MSC permit for of to with have and with facility, than some better Xx Xx Our faced capital allocation now, the to and attention and are the driving can in time previously profile since this we which Nebraska for we decision than clean our time anything significantly projects we The MSC received only hold significant made yesterday. Fairmont our because the larger along for clean sugar both have we the our that Advantage the capture are economics the our time proposed sugar permitting and what put Iowa for of Shenandoah, for associated

sequence of priorities protein evaluate asset to our the or of forward going at had the We top plant portfolio. will XX% sugar that future is margins overall per mix, on and we always rate are OpEx Part to capacity, run permit. continue the Illinois X the run evaluate clean our as under focused we our have at expanded after to we decarbonization and improve in not the gallon also an could spare reduce previous and as site ability permit when we

review under just carbon and out. projects to have several also able capture little Madison further as Mount Vernon and a be will Those be to We well.

we on-spec not week and update complete, commissioning have over product our expect to have sugar project, the the in next we mechanically Shenandoah, I'm in last happy is While month, release, now project or we produce so. issued clean it begun to on CST you press a and

contracts and take corn for negotiating multiyear XXXX of syrups, of are we discussions for dextrose substantive continuing we low to are carbon-intense our with addition, our all all late-stage In our volumes capacity.

we us sign to next We technology a start and changer so. expect for clean Plains of to apart even the The sets sugar week Green as agreements plans site in is #X. some explore game actively or

Fuel credit, their feedstock lowered change corn after around Bottom ethanol a And as the SAF recent ] there is qualify guidance just qualify, additive path potential case program aviation a going ATJ, the checking, base Production months reduction increased point a distinct stone point, the us for and The guidance model Climate-Smart and Fuel carry count and on volumes us carbon the at now well. SAF just starting this plants remain beginning we really rulemaking your those on X has allocate as in SAF in in be important a the the you asset can another confidence $X.XX practice important corn. and is a $X.XX now a CGI have products jet to a on our plant just the a asset get in markets can protein build this XXZ stage other the to I Clean CI the to just we now, takeaways has Shenandoah It's this capital GREET pricing, uplift to fuel that, priced to producing $X.XX really for a want view, begins Clean to the that And point, gallon this with that score and remained any Advantage have they're This to our to have we operate. sustainable and that revalue or any here, a for and The of higher econs that CCS penalties think allowed gallon corn economics, uplift for for today. all-important Ag to important not of from a gallon some tax and earlier significantly we lower that minimum that's qualify per they XXB them line, converted Nebraska Lastly, coming for is Credit. through was to just corn-based becomes optimistic especially to a SAF. low current lastly, SAF capture, versus believe we everybody $X.XX fundamentally new the to is price to the alcohol States our week an that's range. feedstock be The for be January, increased per at this enough from our also updated sets in plant pipeline ethanol to And when One have gallon this CI as same the in SAF rule of [ that with strategy land-use associated for reality, or to minimum because important United couple or unreasonable decarbonize. this low decarbonize gives the to high SAF. with making. that U.S. is an based were as a credit required some which for understand. the week the line we Credit, corn at significant margins actually in will at really valuations to Production alcohol-to-jet and advantage, expectations. will point. for A this and stepping can is towards XXZ a jet. misconception way, remember reason given see common is could to this but as that alcohol with for to and to plant guidance By are related

to of [ weighing and on corn this balance, expanded hopefully, "UCO" coming the continue intensity oil see low We and corn renewable prices, our Chinese the we including ] domestic value on help to bullish long-term carbon oil, our RD capacity oil. remain rectify online veg and new to

XXs, from that the base XXs our there in million corn when ethanol However, ] our in $XX we EBITDA uplift resulting million currently of to base for oil from is is high to pressure XXXX. prior using were recent pricing projections to GBP [ the now margin $XX low X.XX

more MSC which with we $XX an Combined always has oil the although from. ahead changed, meal rally is of uplift corn has day make front on pricing than this some as to to lower focused We which around every in the recover from Our pressure MSE in our came our spreads believe the forward $X.XX world. starting up yield to guidance in of we why a some from a experiencing uplift are if ton not. are XXXX, lows, normalization, while well, opportunity soybean pressure uplift gallon. is where base an customer and $X.XX assume sequence margin we we included from difference during increases When more will us with has the every mix QX, conversions market look

generate every near EBITDA $XXX Ag We Energy million I are way, [ joint tried and track base we oil, our our in year gallons any of what it consistent $XX with a and our still corn our coming and outlined this beginning In corporate has I of well way on is transformation XXXX. from contribution protein, sugar in the last venture, of contribution could pillars, ]. including $XXX or ownership million excluding we of clean for can, baseload our segments, result, off a ethanol, the half converted at this year. decarbonization start protein from keep million performed up by to a which but capacity, million XXX good overhead with which which to

will moves an XX% will Sequence that believe we we of we protein to XX% and increase, to in out, XXXX. spreads widen as -- As back platform increase as see we our

will a capital $XXX to as some corn of those allocate on we the are another and contribution add contributions in biodiesel Corn end approaching production should valuations. base December one to should The tax fully XXXX oil XX, future, business see but the prices, base projects on are of facility the feedstock fully baseload year, million could $XX sugar, facility our Shenandoah belief from full to year we this as there. million the go and on grow basis, strong out $XX year on-spec a And we days that a In is XX advantaged relative through of earlier, be recovery and have lined to depending million but be generate oil or credit look an the ends mix certification the expect so. on customer grade we today. make as we customer as sure after on hopefully, on what we the want product, also in mentioned the up. around make we to best mentioned, next We the we a demand. food Again, in relying week

could combined an due delever Much on our where XX a focusing carbon first-mover gallons maturities outsized and decarbonization of able possibly return Nebraska the then Finally, debt in million a no and $XXX are cash beginning is and could Carbon track. alone to assets on pipeline in base of asset and those strategy and will is model, opportunities XX we off green latest asset, where while Nebraska-First based that. strong monetize have million our have asset basis And do up expand remain and a year annualized sheet we generate million in will and an balance position. on exceeding an our from also there, mix capture, to we near-term Nebraska pay to review well, our to have expansion assets continually as our and when we from Summit advantage, we grow online quickly unencumbered, to additionally, comes XXXX if on

well of some do also as we've focusing, as our reducing opportunities to that debt though, seen are We as on well. cost

can has Q&A session. while our just the where originally this power QX weak for the we that changed So Thanks efforts We not our notwithstanding transformation, you call laid mix we a see earnings transform out reported. start have to joining the from today. now wavered

Operator

Thank Goldman you. Instructions] Adam And your question Samuelson with comes from [Operator first Sachs.

Adam Samuelson

things So start and get Todd, we outlook like cover. just the from of market to of kind ethanol back in a go on balance. ground here where better lot I'd Maybe to

you being forward us about past, What today think the you might through that talked that spot critical be and the than Can seems demand sluggish. about exports of second open. balance seeing favorable it also seeing help quarter? business are you're swing you're margins about more kind but side talked certainly You where and on demand the the on the curves that

Todd Becker

between to of kind on in at high this margins maybe mid- Spot a little and our single lower, places, the are digits, across And platform, on range across May today some post of higher kind inclusive. bit $X.XX average that $X.XX, point. gallon, Yes. platform all a in really some ranging somewhere bit a that, June little

type very And negative XXs curve, the off and of the rally a so the -- as we that -- hold mid-teens won't the across we've typically, in not long. has when significantly from to those curve saw lows. I back we end and to even the mean numbers, seen come of significant see it's on we going -- it

had to a little in and a inverted of market, carry a have corn the we ethanol bit. and flat that's market you kind changed So

of from tailwind a distillers more to like We simple less have and we've type corn and contribution oil see the seen gas now things price-wise. things, as going natural is forward contribution significant although from crush those

perspective, a of demand good some from we've on speaking, demand driving winter. weeks generally coming out pretty So seen

$X summer also a blend with values that. $X.XX point, remain over We so RBOB as positioned that's of under any more enter into remain or -- in have ourselves We or driving RIN now, at mid-XXs hopefully, credit. season, as to well of the under an while we well so take the given we $X get industry advantage and

high recently. as here seen blends XX.X% we've So as

less get business summer as very driving So rates [indiscernible] optimistic we the that, speaking, so recovers into base have I in to price same demand. importantly, more on all opportunity excess the as year, the season, as priced well the into with kind today. week demand capacity. and half the are of the point we're the Brazil especially not will of On and care has. generally week place even when think hopefully as to U.S. gas tariffs you the in before, of in that typically at And last top and take their it And they ethanol the that back this an the capacity at higher we're with post look act see that world do last half actually ethanol of we

you come up just we we optimistic when year think an speaking, maintenance and maintain this continue as Jim, look season. of at you if that the a at you industry all the continuing steady production But did of can to that, across and generally self-discipline where kind draw positive some as are can through up of ourselves set I of So keep kind we something? -- can have end it And the for time we're fully. this margins improve. board line

Jim Stark

Yes.

Just the last export year. first XX%, Adam, perspective, XX% for versus we're quarter from about this year running an ahead

that's gives a this the be for from standpoint. export that what us year could record us ethanol So optimism

Adam Samuelson

Okay. That's very helpful.

to maybe in to being initiatives. And phased strategic just Now want I about over with talking clean about the -- kind the talk and the a offtakers. different sugar some piece of negotiations of

maybe the of second As that of half how negotiations. uplift of EBITDA end of plant close -- you're envisioning thatâ€¦ kind those from plant, both to we about some you're the the magnitude [indiscernible] that Can start to you should you're as year, Shenandoah EBITDA but commission just pricing cadence seeing and getting the talk of from

Todd Becker

to -- as and on single the we to we thing -- said is the product, get significant do burn spec, way food the beverage from we said, slow take from and we we negotiations in once next will contribution markets. counterparties the every Yes, on want make we everywhere contribution. sure industrial markets our days grade Yes, ramp start-up track we first really all into make relative up during XX just these say, plant ingredient going calls, certification to a markets ingredient are to with 'XX food to we're to because prior over

or the ] at We demand next which to million that XXX have year, enough pounds of discussed to all [ product for is previously our of take production of margins all better. and XXX million

don't and food the up in and industrials spec it's up out think these get which the to of get the the it range that fully next Margins point $X.XX pretty at build. the get inward plant talked go, to -- demand it we of of gallon tested a companies, on is much lined And get to that tested So really companies, uplift this all for shortage to are running, $X.XX kind point, at even certified. we to ready are or we'll have plant those. hanging And have about, any of I this. made, product actually us for

use, them negotiating about consideration, both food We impact plant happen Some believe bit. things into share because we the and a have offtakes the X very speaking, optimistic or take that produce little we in have we're obviously, fermentation. significant will everything to right now place we into generally in some But that. Gen of are of from industrial out as especially plant, this the lion's markets of the we ingredient of is

So it's excited We're it. coming. really time long about a

And think our to We a a year, it's know that to in shareholders next you'll first the early excited be grand great do well. the company. should assure kickoff. week as site And come people well. as follow are as as you And and first that I about as our we're this sales and going the opening for of I May

Operator

question from our take Owen next will we Oppenheimer. with Kristen And

Kristen Owen

A me. for Great. couple

one Vernon, clarification, the back on are Obion Mount line? Just and

Todd Becker

we've so major a old. done conveyors to Obion a everybody there, we've little ramp years knows The is done starting refresh XX were is up that on bit. What

mean some it's occasionally. back, are We I literally I capacities major at have plants higher think replacing run just to conveyor that every so to can forward. just happen the going refreshes front

we're adding In allow protein harder for as the Gen X plant to new harder the Obion, RTO Gen run addition and a well. us plant X to at

United there. little we And the one the as project a in plants premier RTO. it is undersized think, hasn't conveyor are and of the, to the of as to wanted just where well States, we We it because run

completed already So conveyors the completed we speak. those middle results that should the are of of but year, some we're be some as seeing of because

it our gave big across as had including in this quarter first second see point. overall, average total will of I margins the of having bit. the quarter But impact not an think still we you a just it's platform, the I speaking, those was. were the as because in it at where little But generally So

that's what those So we're really X plants. doing at

Jim Stark

indicated, that as still rate. in add, I we Kristen, we be would And should mid-XX% utilization

-- to those running levels. getting back normalized plants to that run having their would So include

Todd Becker

really to big million want unlocked to XXX to our million back drive to gallons do based a But yesterday you potentially. We XXX it that the just make that's gallons that year Yes. million the for XXX look been permit XXX at sure of And to dried lastly, down on Obion ability million to gallon. has to when that be that's -- limited per of or because Madison has the at should XXX as go program OpEx increased run really responsibly now back a year, million been we where to under permit.

Kristen Owen

potential facilities, with these low think that we're Green the should that where investors Okay. comfortable really, I Plains here. how asked that question up sort taking then I But [indiscernible] this seeing the I'm earnings One question trough is point? of clean got here. commissioning. much I'll other the in additional and mid-XXs mean point follow-up upside we we and so capacity the there follow-up And at are just the my utilization? the the is get here ask do you've included ramp is, given of question second see same the now time, improving in additional then too at time Is from that? sugar the curve, not frequently bigger we And

Todd Becker

numbers, the excellent give of the one in the world but of but in plant, protein Yes. the best quarter, how well. it's one probably you ran our the today biggest [indiscernible] and is will during world in the an never as update included that on

their them an great they on back why capacities, site, So wanted coming improved which with we a to adventure. improving job with quarters everything the is online partner are QX venture do of with always curve with facility amazing joint our

knows everybody think I that.

others environment, -- a margin typically. in of SG&A negative QXs Part our -- worse are It's compared an allocate outsized just actually others. that some maybe to quarter Some negative than we it's better others. some are and than along with fact the

we are have in margins get do see opportunities worried about off that. I when too some forward actually take proactive first hedging out more do to think the to we not higher approach and quarter there margins when do a

went is we oil part Look, I prices, a ramping, from on rest trough But too. away speaking, of think that's the generally CST we bit. protein remain commissioning, little that the of hopefully, open. the curve, is

a $XXX prices out That ton margin really ton, oil grains major oil some it's low of compressed on hitting and back coming ] as at a lows as the And couple for distillers point seeing parts to is the but $XXX need seen helps XXs. We've ago saw share of [ the that soy ]. the recently rally really to we now we're oil this of as narrow the with multiyear some here got curve. in years see our in R&D we structure protein recovery prices You plants We remember well. a veg in as [ guys again. now protein year this overall, when middle

these that, industry production have a that's more U.S. And than oils. about of plants needs later if whole year. barrels think for you that's veg coming some so online And the this ethanol makes of day XX,XXX

you think deliver we're together, lower several talked this those the all we're in and out going years. lower to think about lower things corn lot what troughing over and a start different we start I corn I natural of gas think up a So last to basis price, I coming And areas. add of prices, when

Operator

And we MKM. Roth our question Irwin from take next will Craig with

Craig Irwin

straightforward. with guess look the So Todd, to interconnects progress like confirmation ordered And forward equipment here sound that the you've I the the all is we Carbon exciting. compression given they're relatively

lot see capacity the about actually the SAF carbon before we not to SAF to frame about online, -- offtake plants talk potential how up interest a you question is with my suppliers lot or for maybe having or specific a seem is, low to there. you there conversations with out and coming it more long Nebraska whether of for your out more SAF? exciting, have be numbers a building in Can gets Can are people real you're early us carbon gallons looking that be those implication GREET help So line into at complex Nebraska us already out production ethanol? will of Is the there.

Todd Becker

the point. that With project in on in their our put and Yes. months compression the few the next on we times own happen is our we the sizing of start as we've what getting order, months. starting as hopefully this we'll at -- once is get building. our to about construction XX to in final weeks interconnects our this on Construction as our point, a in at as plants order to construction lead now our next scope expect partner weeks well, we the expect of from Nebraska, few We're start XX starting construction kind right compression project seen ready on well the finalize needs a should reduction we're at

I be to half next Look, year it. last very So on think the excited we're year. going last of about we're to half start everything of

what qualifies was potentially could we few alcohol confidence qualify. build out, our know SAF to could thinking whether a keep I that always speaking, these I were it's this rules a asked gives until have really think ago ATJ Because with what these alcohol a we months would that me to confidence very really point. just would saw going product, sure. we didn't the about into of always But you have say will that came faith. come the weren't it If we out, Nebraska be come and at stretch give But early -- more kind generally us you out people SAF that qualify guidance alcohol and valuable plants to put be will we

we plant guidance, and the it -- beneficial at the even are plants our the go for before points more qualify XX-plus look the and an today. you build I deduct to we farm plants, to lower jet lot to do you point, commit multiple like CI somebody on alcohol practices starting to and when in will the ATJ forward. and there early out guidance, carbon engaged build So plant, you post have courage And gallons the Carbon guidance, on going agreements what were to new Nebraska going smart then under capture that you discussions more have low new think, if smart-- a the wants people the early give carbon into different enter make do to it a of that, that and can even there's

be in going the a XXZ a XX the River lot early the in where built very That to per and say debottleneck situation plants. look have position, we're early take outside is to million years which gallons you we million can XX without of there's we especially those that valuable to and world option, advantage today significant of at of why already Nebraska that's an is the be that X because plant to because other going that's have to people of of an cost, when a not a in capital of pipeline look XXZ -- take Nebraska. that's with Wood very, the of the Nebraska, So potential decarbonized middle on City value of at asset early Central

there to to so of What -- ] in. on to big it's [ which XXZ money that, quite believe because one is have -- in it's the honestly, what build? score the to do all But what beneficial. contemplated we build? is we you, just new plants capital don't of cost the have a advantage take of new frankly, top it's I country, tell and gallon carbon investment $XXX have a to in we cost is get And real We to is some going we're York, down. oldest So our then still a put

but might look you at work, a even when it if that a great all in, so to $XXX XXZ, And have gallon you it's relative site.

of alcohol going is could contemplate transpire. when demand look you things the -- at that's types the that to those think So I market to jet insatiable

Craig Irwin

Excellent.

So is demand. ethanol question my next sort ethanol and of related to macro

up issues year, not this And though auto got right, more from cash industry up an have some Mexico could in bit with -- little be the it being precisely But for and that and wanted. nice is then driven airline summer? even this actually hearing exporter. that to what what this a an importer think can or this but narrowed ] sugarcane crop. this on There's maybe miles and help of other us and rather how I'm help supply/demand you be than gets on us [ don't understand to going you you to That Brazil gap exports the year? if export got want means Again, Canada. the contribution negative the know benefits the gap maybe $X.XX starting I that we've summer of [ issue, an exports understand think better us Can comment out you bring? It the the there. a than could too ethanol off like maybe ]. some seat going year, bit guess, of to other complications routes bullish frame nicely year other was of plane like, because last driven quite canceled ] gasoline you airline we've what availability miles demand, tailwinds can help [ prices So we're anybody I and looks just the anything size

Todd Becker

the though. stock narrowing draws. generally draws we I to enough, down speaking, see some as last mean, Well, starting of big it's to come but couple we some not see a stock speak. little production We'd we like weeks, are saw bit more, over

-- even have even hit yet haven't yet. we haven't really We driving outsized summer impact because season an

So we're watching that closely.

still to we could driver markets, to reappear in well like correct. Brazil out and strong as a the some world, carbon have see just demand markets You Canada into priced last addition of places around of believe other of needs year, we continue and as the just those well. we demand because And have are we they so half low

could to things we a of do at we forward, platform. break the can $XXX significant things the happened better year, break We way, generally across ability run out expected way, as the if efficiently than can get think increase. we the better we more especially million So opportunity get some half of the of recovery some with can that But if our our -- last In margin we last about see to is that to we a some to few speaking, our already. we look plants so rates. or generated at

overall, corn little because watch [ get prices. by don't to One are the We We is curve. crop great -- It's us. and to XX%. planted. the starting to week recent at get have plantings thing certainly we've wait happens very we'll the the We'll ] shown had to so bit Monday in because what this we'll turn got anybody on see corn last uptick early. And a macros forward that look of crop a have we're a than we plant But game a buys that just ahead and not again. going rainy fool's bit to think is point. speaking, lower of rain of season generally week, at probably a the favorable, this

get view be And crop will think will the that I acres the the in Our is planted, ground. very to ethanol. go are favorable

Jim Stark

from a billion billion give that anything Craig, between Brazil. include And to We be color exported. $X.X from exports. little somewhere and upside think, we'll I just $X.X on really think didn't more

comes universe Korea, Brazil in, very us. that across more you it's [ when export even our they're for export spread Colombia, well So to Netherlands, it's helpful South Canada, all at United look of be kind And leading markets, if India, -- Kingdom, demand ]. could stronger the

Craig Irwin

[ like ]. HiPro. with on Congratulations Excellent. I the HiPro progress the

Operator

And question Strelzik BMO from we Markets. Capital take will next Andrew with our

Andrew Strelzik

on it wanted the I to wanted up comment XX%, that to is tracking volume kind and HiPro, like, follow on the does the specifically. of But ingredients generally. actually evolve your you comments, around and broader reiterated XX%. that about stream, last We've I sound revenue to protein the some recent markets in sensitivity demand economics we've HiPro months, heard ask premium certainly seen sequence of

kind expectations curious seeing in terms initial expecting of of protein in your you're and those what So just economics versus conversations?

Todd Becker

that economics. right to Pro with we of the velocity have What's to some is from these market, some want made that XX that of protein that ] has escape Yes, any proteins, that of as on type which why all taste you're products have these -- XX unique that on ingredient lower have Pro meal compress the compress the of focused availability definitely a seen designed looking come Sequence and makes anybody on the above. texture is our seen product well. that and characteristics a that and of We've is premium really we're Sequence very type good we in it's a as that fermenter customers are for different market [ product specific corn and characteristics about across

So product world. that premium of use meal, significant we is if case depending not to believe minimum that and we generally to in a overall. our premium speaking, corn got And on a good watch the kind the

So just look, markets overall, [indiscernible]. are have that these

in significant a couple markets. the last protein in or week so seen recovery last You've of --

step. still generally but Argentina So couple we won't weeks. past, they've a last speaking, the same XX some first bit been I the bid a on We'll made I it's wild Pro, itself the of comments it's at And when up. of of just the what in see does? Argentina on think card. proven it's But look make

have customers, it's with of -- labeling. biggest We of some some our

a this -- very is You type different can't product. of

many our potential to approved with many, product and so after many for label tests, cases talking they we're And we've finally got how of customers use years, many, the X labeling one to that product. big for been going this

really back potentially But the the next you out on be scale We've protein never take in coming a seen step to market the wouldn't protein it with concern just there's working team proteins that And It taking very yeast. market within It's to to you've in is on lab base we remember, that to the product. the few yeast generally might of while of big a soybean of combination seems should have on it. avalanche Leslie and can I where platform. what Sequence in think and higher at made the work we tend absorb, protein embed this we're And ours chunky. significant You HiPro with platform. we though. is bench think it, breakthroughs the on. products. customers a be speaking, count meal. was a even to our yeast, that from absorbs, And markets, I the go our this technologies I different a think But higher don't and might there. an new certainly we past. years It were And that's

Andrew Strelzik

it. Got

if question, some Okay. in you made And just the the base towards the prepared some evolving those whether of you be my the fund and behind Nebraska that. think financing. you then helpful. very asset opportunities, think second about That's comments elaborate how know or relatively, then I that's And around on around you've plans great? the you to more about, that particularly opportunities about CapEx, currently remarks, would in can or exciting kind broadly, more don't expansion of as talked dexterous those capacity

Todd Becker

the to generally debt change But our bit Jim, what on I'll think and in because speaking, of kind talk debt of around talk trying kind little middle I that's latter of on our we to about cost. financing strategies can point. we're have the reduce Yes. a our that do.

or and We that are going multiple quite with look look coming what can and with allocate When capital. opportunity where years to frankly, at guaranteed always you have ourselves XXZ Nebraska do the anybody realistic we ahead credits online. be today at of with we be should to else

want Nebraska of little of honest are shareholders returns to a we X our the that have Nebraska, -- a have of for pretty to to in to generation do first bit have one balance we on we take XXZ. then with place it's for and make market. the the that's And build want that because of look to when an capital? person got there. mind for we in not relative now. margin as gallons It's other say sheet make to and high #X, else of been we the and it to want should that, sugar, today, besides our really selection, expand a us years do in site we're we on can returns take where that, just allocate dexterous of or states, we're of quickly top On customers flow facility position between competition And cash do sure X clean most got we X put in bit such we because of have be there free selection a and to top make advantage because that that that. anything there's Well, do sure We good in site and another customers first structure we and when as expansion those

build customers is. think builds we that's come So commitments will to from exciting will this alongside -- And take how it product. the we

not we'll at to look next that a cash off So we why we sheet, but lot finance certainly clean how the just have yes, assets. facility. sugar that's balance want It's of unencumbered

against some would we first and of builds, in I We at putting have especially some say, those capacity. look sugar. new plenty spare would of debt foremost,

sheet I drive do cash can flows the us we will and/or do to either financing that I our returns it give cash. with in unencumbered balance free off And think Nebraska then think terms of capacity seventh really that XX% we protein things, building with as well. come makes the -- again MSC site the and to kind really other once traction to back significant on of once team more

Jim Stark

call, for think financing and the want again, you We would Nebraska come in when And infrastructure we equipment. that Todd that's firm everything made payback that million shortage ready in the add, or have last get building, say that said and capital we're there's on more generate. to for as that, we've X But closer plants as gotten who EBITDA I to the schedule on somewhere under actually reiterated based we partners today. finalizing we to carbon do details. been Andrew, place based in a the probably no provide look funding on into EBITDA commitment, earlier of we've I around it'll we'll $XXX the And X-year that can capture

able at of when not we deploy It's for equipment the we're put capital us. been look around from good the to being shortage that So in that longer-term carbon any find rates. to Nebraska. standpoint of to dollars capture going

Todd Becker

that Jim future rates. monetize flows as interesting this. you also your have thing. besides There's tell at very interesting carbon backed advance last one I'll sequestering said, start as flows what you at cash get just rates, of cash Andrew, interesting just soon advances very you credits, shortage people very and there's no forward will XXZ you can on

from, will for would So rear there's credit the more up start. to -- that is make voluntary is biogenic there biogenic lower there be you is plenty standard even a starting at now emissions values that low-carbon it's bit transportation know, Don't company, that in case of it's little actually carbon think, our its starting data thought it. -- We've values don't decarbonize go? coming the it's here. an from any a I And carbon but off a it's speaking, seen, significantly look commitments not because I California. head to a say, also fuel credits airline carbon, a starting interestingly, lower for of point to are increased called for and to or higher should generally could of players But with maybe of those coming electricity, I view credits -- ton, I significant demand it that center there's -- high-quality coming mean demand made have technology, $XX where showing think use from a of generated

Operator

our And next we take UBS. from question Gupta will with Manav

Manav Gupta

again. ] relates XX,XXX because, pointed ramping barrels barrels you XX from from pricing ramping is question and to Rodeo on more the think side [ corn out, oil you XX,XXX towards XX,XXX towards Martinez my think So is what ] then [ I as

the over But soybean we to we are process. So along saying curve, big that on is, also as lower refined side. pull cases, some stock. a soybean demand But some ] coming will are move of get operators we because learning these look, oil, [ starting easier oil, with once CIP in it's to

plants much bigger trying start go for So the proportional oil than intensity the oil start because as harder soybean of carbon even new think to increase soybean oil there's but you oil just these a do up. new up, pull up, is than will vegetable demand oil as these lower significantly the on corn demand understand, actual is so that corn plants obviously,

Todd Becker

mean produces the ethanol XX,XXX oil. than barrel every plant I industry day a corn Well, day a more in is

Devin start shape later to we're next it, So that, going year. oil you needs we right, that this credit to on XXB, -- really out palm U.S. up plants some got the cooking at there's not with starting more think in Somebody's look that, to advantage Chinese XXZ no putting and this say, has XXB what we're up corn importing? of say any economics, of and pressure shortage see be imports no going during use very UCO, oil And they excited year, economics again, the and at when figure we're government corn year. we of it, what the But I pressure would when to oil, on as the those biodiesel you that's to look going all next oil. soybean the known are otherwise can ramp that way but plan year and tax away are you the And maybe oil.

pressure just everything in little the low put of carbon they our advantage oil, recently, when Devin? maintained about bit corn sources just on going about as but that came the And have speaking, will going generally But of a when need hitting, we're guidance we those moment talk can time big there a these to oils. new we So all correct, on our out, in Devin buy, of even can all that base as lot especially And -- advantage. -- a maintain plants be and you when well. all they're to

Devin Mogler

correct. That's Yes.

is to at climate-smart reduce which their corn they that intensity ink even an ag allow before And So the on on the that expect you've soybean by only administration oil, into to tie for working carbon modeling even told points. But they're has your is going start XXZ, oil. X to and which got about new it the to XXB. with practices them allows advantage we dry the us soybeans,

still at So corn advantage. an oil should be

across expect ]. soybean climate also Now help but [ board help those could we I'll ag which oil, the output XXZ, the smart them all do corn practices expand will in to it say us on

Operator

we take Laurence from next Alexander question our will Jefferies. with And

Unknown Analyst

This on is ] for Carol Laurence Zhang Alexander. [

follow-ups protein the X on Just side.

point get from level the of the And not, discount volume a all flow what as breakeven? cash -- large to less do do flow incentive? or the I is EBITDA one protein at either volatility the profit in cash hit think prices level? Firstly, or second like at buyers to already you ask them, And see if level will the

Todd Becker

initially XX when X-year be we X a on a -- return so more Yes, Pro Pro. like on and more built it assets, these would thought we of X- X- return to XX just X-year generally, to

I because lost on also max least maybe generally think oil turns veg oils of speaking, protein compression. we at turn to veg compression and probably turn, the compression, X.X

widen that see we're our starting starting [ as world a to can go thing set The forget they not to from as interest out. see U.S. as product, as and product but us ] we It's well. product, Now opportunities for significant sell potential will as from of to not can to Sequence we're to difficult in we make. much to be the back big just just also and that It's starting -- it. it fast

biology So some well. as exclusivity the projects there And have well. capital we are that we and have ownership some still is -- something then with those as associated in

protein look, we and to can speaking, doing small think this and that in that nobody top we've as other say, continue at as XX a biology large don't less -- -- day with well. going should generally we On on So IP count count that well can. would price to to believe even future get point, our start buyer, maximum we make about of of higher I to again, we're Pro as, also the every fact work the that, some we to increase want discovered we but availability out buyer, the that

is at lot the have ratio limited of generally -- market I into We [ the rationale lots a volume. put And certain around ]. buyers the what some a they on buyers of the by stuff. speaking, be market not the this mean will And world. fit those several, if We into

variety we wide buyers. have So to need a of

XX to international just the on seems they do we'll Pro a to much buying -- because be generally But fully of are to focus expanding is settling the to focus to certain better be our -- and ratio Our think in our But XX base at levels, speaking, getting we're that. we is higher margins that. market competitive price overall, Pro.

Operator

Truist [Operator will from Jordan Instructions] we and move -- will take And on. we -- our with question Securities. hearing Levy next

Steve Byrne from Our final America. question come with of Bank will

Steve Byrne

the pull toured down get with is and jet [ these levers on due reportedly Georgia, et intensity. carbon the the you do also alcohol you to recently ethanol lower I plant for to carbon Todd, bringing My those is, ethanol ] low-carbon And be Do likely cetera? in can costs? from that they're you corn, from that sourcing capture? LanzaJet a the alcohol, Brazil. premium in competitive like you offset other to [indiscernible] need it question sourced

Todd Becker

is We in that's place of everything view, is because do. the is early in LanzaJet really Look But bringing they our this an know that don't letting while Yes. today. alcohol they're program just I'm and that view. our

companies rules the seen that on out week LanzaJet the airlines are With about energy to the pressing things even of some favor and that industry ourselves is of this and rules, week. all talking as the announcement of from one we've that in that an everybody you're to this came

was Everybody matter that GREET of for a program. waiting is So and timing the it modeling. really

kicker score sequester is speaking, jet. that more. lowers that to we're to competitive. carbon yes, have that just even Climate-smart we a just -- to alcohol your to So your to after you have ability. carbon had when make do alcohol qualify your We -- then for generally you will first -- get that, to carbon And

so, probably that XX%. Take you When sources to in that XX% -- So out or for [ XX% of out more is XX%. Brazil, off carbon to off We of lower it Nebraska, range. for Spark, the City so. Take a when more and be XX%. is for than you potentially at you which starts score take And X% Devin, or corn carbon, down to down of carbon to in take a -- down sugarcane XX% you're easily, range CI off -- ] range XX% take as at XX% well. the could Brazil Climate minimum you're you're look capture, sources at Central XX% of plant in some XX% like post-compression easily some even for that

as been that needed there, they to jet Atlanta know much of an opportunity. as the So carbon corn to as huge scale. else? plentiful a corn what say I capture notwithstanding you down to Devin, -- be corn, on And there. will are that's did any are alcohol competitive a the don't And a They a that and rules U.S. except jet to going on make that to technologies. now -- sits to and ethanol have for is feedstock absolute you, get has start well anything I -- supporter these would pipeline see tell

Devin Mogler

that, clarifying add just Steve. I'll on one point

jet. that the only for ethanol reason the other alcohol pathway bringing in they're that that's to exists Brazil The sugarcane is RFS

on the So the stack they top want to of be credit. get RIN to able to

XXZ and And I also alcohol-to-jet, just sure the So corn is credits. in it's on want the working can ethanol make qualify. to that guidance, to clarify XXB XXB the forthcoming through qualify. also pathways the that there's for work U.S.-based to ethanol Under Brazil RFS only industry corn can corn the no corn addition the that get we

Steve Byrne

Okay. Very good.

refers [ alcohol. on it Lanza COX to convert They process follow-up biological one the Just have ]. into And again, that. to

Just as have wondering if -- building alternative to carbon alternative you gallon alternative and considered new an as capacity to an as expansion? an to capacity new at [ Todd CapEx, the mentioned, ] $X.XX that technology a you capture

Todd Becker

in multiple as starting some We've alcohol seen with had different Yes. COX last Texas years, that over well. XX to companies the it paths

need why, do our agricultural better. And more acre, way, the use in scale it view to got yields practices, is which indirect is numbers per land so you order industrial in at our mass, by

alcohol. satisfy real of Those get come be It's best is just corn traditional you to have all to is that everything jet going think to interesting to to technologies. alcohol for from needed the place way that in standards on from generally the U.S. going best view, you from way But -- alcohol -- to volumetrically, our ability going sugarcane when speaking, the any are And our increases are the want can in significant and/or single look, real I to traditional volume targets especially in that and to volumes get today. to -- significant to you the not the ethanol of have just market. view If is come is volume pathways, volumes. table the to

Operator

will final our We take Truist Jordan question Levy Securities. with from

Unknown Analyst

on here. Sorry Henry It's about that. Jordan for

this looking protein the business Just call. your on some of at and commentary

expected, if anything broader the kind changed this Is markets. of both XX and mantel then kind out wondering thesis as has your the long-term in years? Just in and strong year XX looking as of Pro for Pro significantly

Todd Becker

get just plus Pro point XX a that from market much a speaking, with just higher isn't at demand. Pro years. in and there of long-term But specific still from type you mean concentrations industry it supplied this we said, -- few and I soy market and acceptance less the view that's as but of world on protein will significant oversupplied to into away accelerate a for that is U.S. needs we crushing different expand be capacity Generally year next coming as chunky even necessarily happened significant into XX changes this sequence Notwithstanding could have protein the our overall, rations. year.

of speaking, in that rallying protein generally because it problems probably to now, cetera, right we'll the because coming of of XX just amount Brazil as months better rains are et did Pro compression the kind the XX values it or see next ], So and are markets on. than of soy Argentina. the in over XX looks But continued less in [

and about a can is of it's products our can It's -- our on just And have. It's see alcohol profile the products that and at early something of just the of not can because year demand carbon board ] we advantage mover because board look demand and about low in about the our every across I some low Plains intensity of internally, Nebraska the ingredients, seeing in [ we because the next protein products, board, And we because begin interest carbon is next that ingredients what in we have not the It's blowback you take while getting on we carbon XXXX really oil. for released carbon-intense just can in well. carbon we one part new what for our oils. as and products carbon of intensity are Low that same across sugar. just say carbon Green our products, it. we to as to in our as lower especially -- the report, our to for the low our all to it's an carbon unique very year It's important reason not across we alcohol XX% especially advantage. protein. capture sugar believe maybe Lastly, XX% are we companies sustainability in the overly some lower lower produce see do

not be well. produce as it's just whether demand, what speaking, generally area can that all So demand going or be all on about going it's in we to there's not based enough to

Unknown Analyst

Great.

quick updates follow-up. strategy plan? a way the in how of the longer-term long SAF? have that guys Blade curious Do of a progress kind you I kind for incremental for plays know on Just any out, just your but ATJ that's Blue

Todd Becker

catalyst and in that scaling the well always venture. is set out up only that's Yes. as But not I for. venture that's that proving challenging, was a mean,

United PNNL the at partnered the are got with continuing that definitely to venture. that catalyst but again, that we're to also look fact at with on control We look we've of, Tallgrass, that,

jet and that think that, on that that partnership is else generally partners, see partnership exists single opportunity between I have in to good one is with? volume, strong who to some that where potential strong. we'll go that Nebraska is alcohol will technologically can say not on there. it all a our can that a Google we'll also basically, demand we're focused the that, a can just then of big of catalyst. And infrastructure, know and low-carbon And see in in be And pipeline, We're fuel gallons you speaking, that. strong and you be that world earliest But it's into the agnostic You that's from for volume. anybody nothing goes of supply a like really going go partnership and

So well. we're as also going at technologies to look other

Operator

And now Mr. turn I our for the closing conference question-and-answer Becker back concludes that remarks. today. will to over session Todd

Todd Becker

Thanks everybody. on call Hey, for today. the getting

We're on. areas. all going in progress strategic our making lot a of lot of a see You

We our looking continue the our base. be the We're of to asset very should debt at assets, still of what our and assets balance a to valuable be have significant have and in from sheet you imagine size assets, we should at we have position We're strong what believe that as do mix out. looking a a how no very can say continue to near-term maturities. unencumbered, be we we perspective cash from a everything are in,

we of out not that and might be the for first you just believe We several on of at in we the and the I way year laid can. rest when still of look couple future Green every evolving -- it's well, the updating we to it years ago, next looking a Plains, forward things some the which quarters. we're think we're weak target quarter, notwithstanding of

everybody thanks, support. on the Thanks your call. So for continued

Operator

your Ladies participation. this and gentlemen, concludes we and call, you thank today's for

disconnect. may You now

Green Plains (GPRE) 3 May 242024 Q1 Earnings call transcript