GPRE - Earnings call transcript Q4 2024

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Operator

Good morning, and welcome to the Green Plains Inc. Fourth Quarter and Full-Year 2024 Earnings Conference Call. [Operator Instructions] I will now turn the call over to your host, Phil Boggs, Chief Financial Officer. Mr. Boggs, please go ahead.

Phil Boggs

morning, good and you, everyone. Thank Plains Welcome XXXX Quarter Full-Year Fourth Call. to Green Earnings and Inc.'s

Joining call presentation on page, our Officer. can me website. today's it under There Chief President find Presentations is Executive the and Events a link our slide on available, & you is and Investor Todd on Becker,

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

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

Todd Becker

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

our part review. strategic As ongoing of

in comes number later carbon see, and protein, footprint. ourselves a operating carbon have for executed performance designed and to order set maximum actions the benefit As you from when improve can going to year we forward this realize oil of up our on our

have our to necessary enhance around market we core the has agility decisions come time and functions and commercial took alignment Over the and those our focus. savings corporate accomplish margin last and resilience to we new step among several years strategic of our we the reorganizing other expansion, and streamline improve invested and our products to significant capital significant to to get costs, cost rationalize made. To

do platform; annualized This down we corporate $XX on on the expenses; come. leadership departures; innovation money. million team with including $XX We would million innovation this move of number a SG&A does across and week, of have board lastly, already. we natural first was This a to included: some not from us attacking move cost having identified that workforce; based smaller have of we knew executive executed rationalization. We winding already done the a this and commercialization, smaller to to day savings executive everything up our actions improvements our the at in looking make

incur quarter, As not which first we believe a material. charge be or result, the may significant onetime small we a do in will restructuring

market made the shut As part basis million in from of last gallon we throughout this just stemming in in our This Southern macroethanol issues crop acute the market, the the Minnesota, flooding levels and conditions. corn short elevated we which think but to to not down resulted area, well, as last the decision facility that XXX spring will year. a January, in is due Fairmont difficult in which

conditions dictate, a We the Minnesota maintenance and the skeleton plant facility, cold If perform The to in handling systems, are crew upgrade long to also is idle market for permitting slog. talk careful place on in in foreseeable a on a bring new later keeping the needs online, at carbon drying back thoughtful just regard is and capture can the be for in to we while this and grain always more will it we we to this this call. still will are but production plant, but be we with decision on carbon planning that and future.

$XX.X was look to the I although talk worse, will were We call, want the share. negative loss you One we for earned SG&A Phil quarter reported the our quarter. notice company Plains, $X.XX at thing on we and continue to the quarter. a EBITDA XXXX later for $XX.X Now that for full speak, shortly. Again, and charge, our to look the disappointed being fourth took review the disappointing specifics will a EBITDA the making in like burn million this all we year, is up for in income be positive about cannot Green us though to we EBITDA or result. when we set in million, noncash settlement net as we yet still SG&A of Phil the tax per quarter, a plagues number the did attacked is that our

of stand-alone the standard centralized why we was for today. locations at restructuring smaller a yet many our our announced the at performed sit the of to even structure too market that footprint, Our the market large assets or is stack, production and top

about ethanol to with it heard weak set high Market While all and We new that. quarter exports on production have talking day been open approximately I stocks can unhedged wrong of a of with of the our we this have into fourth are industry times billion of one already. spot across earnings one and would which concerns and many were levels fundamentals year going expect hedge. programs, voiced many crush elevated pace the deterioration the the to bright were XXXX to quarter, with was strong as being the we the hedging spend X.X shareholders to our choice margins, you to the record as largely have exceed make gallons, this calls

a been demand time better time, when of pressure, you in yet both. we typical remained in we at is XXXX, either is QX this for to enter supply forward in month year, shape we the but the have and position X where market curve or than at under historically, of increase see As into decrease need look or has in this an

favorable we fundamentals very planting although remains global the U.S. industry and in place, on the market for watching global -- are corn. the attentions setup is tight believe closely, We

to ground. market for on future. Despite serious will corn setting Otherwise, So prior higher-priced XX% call, the farmer extended the achieved we operate of Fairmont. at U.S. the operating exclusion the we on need maintenance quarter, rate in to the of coming mid-XXs are after Mount act continue up the seasonal acres Vernon expect during a in which was the in to we having putting an said and

and are operate our better off month, well every OpEx on also there. better to plants Our gallon many as per kicked as being we well and are with focused reducing that programs continue

We in X.X with yields record quarters, our protein yields and plants yields continue with for oil making upper Wood that River in levels to also protein coming due later plant corn online anticipation in corn the of quarter continued to we to location are the MSC and strong record to at carbon constantly lower to track the our per the what in in exceeding than the at at year. pounds rebaseline improvements MSC possible QX is of X.X to process take oil, line end prior even bushel. Ultra-high pounds were downtime were overall volumes to the push though capture decision

capacity pressure ethanolized innovation is soy industry, oversupply significant we bright expanded move spots commercialization. crushing definitely a While the bit complex to overall due it's in to that from as from protein domestic and becoming under there are some

interest converted product pricing we America abroad years vessel tightening result business premium sold the world, will resulted same keeping is XX% last as of Just to-date, sold global commoditized, work. those as the destinations of X is bulk of guess Sequence position aquaculture one customers a growing as the have and in X of our in corn the week, into what, let we be repeat it gluten in replacement meal which largest companies of it this others tightness we We South and product are a amount and are the in to product expect has Sequence. to we protein, And corn to the be we quantities is, from largest XX% market and determined accordingly. see and which in not

track and their with Our us we extended not in company legacy with again, on is second support low-carbon continue the biogenic place on and our begin half in to team shareholders, pet our COX renewable of The in policies as capturing distribution premium our we partnerships once these market but exceptional. contract our only our on ethanol rulemaking oil well. remain year pet to on and corn and to to food decarbonized this food. markets supportive carbon has customers the progress growing share been The focus with

believe year and this of in our reflected value current our not assets begin power the the fundamentally to continue our that are transform later Nebraska are will earnings valuation. We share business to price. Carbon and our earnings of

come higher X consider to looking plant again, move gallons, are We just back I'll and as on the sets together. SG&A between provide the and forward and on for that. And our we call capture. individual are an important factors to to assets what for as decarbonized market makes us provide that on absolutely results. market our alone, it our re-rate significant potential than Phil cap gallon we With a are financial up are over the once it color more now enterprise discussed outlook than rationalization, value Nebraska without I'll hearing on few no additional overall hand a at sense. And and to we Generation update based per to really forward and traditional Phil? and the there carbon call our a transactions valuations reduced the seeing much multiple

Phil Boggs

ago. or lower which was Todd. than same $XXX consolidated XX% Green Plains a million, year for the fourth revenues Thank the period you, quarter million were $XXX.X approximately

been in same grains ethanol, As of distillers to it 'XX is prices last year to the dried attributable renewable for the couple corn revenue QX and ago. of has market lower the compared as quarters, a experienced period lower oil

due decline quarter talked gas oversupply, significantly significantly with a margin inputs seen the year-over-year, prior to the compared year in the the weaker our Todd and market commodity natural opportunity has prior corn quarter have we While about. as was and down to for

the last during utilization compared the quarter rate period plant XX% was Our reported in to same XX% run fourth rate the year.

X trailing XX% impact events excluding we Fairmont anticipate the in of our first being to a utilization the quarter, for range any stated capacity quarters, perform and control. our idled plants operating to mid-XX% the of our have rate, the averaged and of outside continue For we barring

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

EPS. a impacted the amortization in million negative was at the that million $XX.X negative versus year EBITDA noncash by As million Todd to Depreciation for $XX.X expense we $X.X mentioned, in adjustments $XX.X period. ago compared was tax prior lower year quarter the quarter and had million.

expense For plants, which quarter, $XX.X of with was almost includes to third debt our amortization to lower includes of this quarter, and of the for prior due plant SG&A million; than prior including balances loan was was $X.X adjustments rationalization was fourth for associated Plains prior personnel costs capitalized lower million the and costs. Interest quarter debt accruals. This year due the assets $X.X decrease million $X.X all favorable our compared quarter. million Remember, around the costs XXXX. fourth interest to our lower the incentive our Partners in segments, retired the to and year the nonplant impact all Green the year's of payoff to the primarily

for of tax the benefit tax $X quarter income the Our was million in for $X.X a to same XXXX. period million compared

for booked quarter, tax our $XXX.X benefits both we I settlement XXXX the may for the Due issue, net carry Appeals earlier end be comments, for the to the through IRS forward regarding million, XXXX. in to the of At tax of credit indefinitely. in to credit Todd Independent we R&D forward of years increase valuation net the Office tax the year was our principle to $X.X As with our of available reached quarter, allowance. and our tax federal a the loss which tax the company unrecognized outlined agreement, million R&D related the carried during reserve

go-forward basis to Our is XX%. a XX% normalized tax around rate on

at cash weaker working liquidity to bit in position included due the year the in along restricted approximately our a structure of cash, capital Our equivalents million margin quarter. the $XXX.X available revolver, with under cash, and end the million $XXX.X

our financing of XXXX line capital what for million the of $XX as at Nebraska the anticipate range be $XX our this $X about to platform. CapEx for $XXX This initiative, year-to-date platform, capital improvements. On of most million we approximately Clean million allocated equipment we million a those in $XX expenditures Sugar including across million have range safety remaining needs. maintenance, $XX the to in the cover needed to $XX toward capital our of we as million, basis, We excludes of plant-related expenditures balance growth initiatives our For have we for million fourth regulatory prior estimates. have quarter, $X will and in in capture place incurred with and needed initiatives other is carbon approximately point to million

turn Now I'll call back to Todd. the over

Todd Becker

Phil. Thanks, Yes.

walk has acquired half X be laterals that rights will of our early Nebraska for to to of second In major in late let's track year. Construction so the of you they we fourth milestones high reach a and hit. facilities pipeline that we commenced carbon, through of be on. Trailblazer project to focus quarter capturing And anticipate remain quarter continue points carbon the all third in XXXX. or XXXX this be to our completed initiatives way the necessary Tallgrass, want on

new under benefit this significant spent the project, We to which of to to the you better and have effort time financial continues hold be and rules. could outline

recent to project. important highlights the are reality significant let the me that understand of some focus this of you So for on

come First, had for been ourselves. favorably we not Plains more Green the drafting proposed rule have it out could

it printed would and can While not Revenue in rely or the taxpayers act. the Treasury a final such rule, was time Congress Internal it IRB, until Bulletin on

billion premium corn to domestic -- see has We anticipate for cooking under Used such corn transportation longer values qualifying material to and this with our producer was oil. imports begun diesel. as appreciation oil become this see and DCO no related X also have credit, renewable in has annually. feedstocks for fuels gallons not surface vegetable oil, and allowed this the diesel for approximately fuels our lowest to materialize among which biodiesel Our finished all imported renewable score the a are oil

is in you, able As narrow extended. margins a year. clean Green actually that as work package capture, footprint see have strategy. term. for is carbon execute this winner here clear to we facility unlikely and has credit is significant later to lot of materializing Nebraska advantage a Nebraska Senate, House We XX-point reduction flow XXZ With have to translates lot our our are the in near eliminated to clear for this we the advantaged believe a plants it, it ethanol reconciliation with of we production reiterated a that done for being cash and and fuel it registrations Plains is a the our completed get for

least pipeline XXX using ton track on financial gallons So contribution the to in for tolling private carbon close, our monetization. value. footprint $XXX run annualized well for fees carbon net million outlook we as a per discount This even across credit our Nebraska for are rate the is continuing million on of $XX for as and the at is operating expenses to

the and it since and in is treatment model We guidance its since the oil given market seen as programs. corn XXZ the have under the distillers mid-December LCFS were released beneficial strengthening

capacity with the We million annually pounds have produce to XXX of corn down. around oil Fairmont

of permits Minnesota build for the another $XX progress in State The though our pipeline and facility, that value help grant So hopeful margins. grain every seen granted in permit $X.XX us they has our in XXXX. to and Summit Fergus is that, its permitting million remain that EBITDA, have forward to we we move a piles. on But optimistic temporary won't Falls will project reach make even the

our as Let's Halal next the and we across we also at make industrial remains choose has Certification products. wide technology either plant breakthrough. challenge it in-spec is FSSC dry solutions our do we talk or and months, about Food for dealing can a or use not while can disruptive a approval wet design ] current of Safety have capacity. about a all variety solution above. now X/X testing a The next of only technology mill This wet wastewater Sugar. audit, same sweeteners The either the can with exciting Clean products Food food The front-end outlined, order stand-alone, (sic) the at meantime, either fermentation. System Again, nutrients received run and we capacity Certification project a for over has time of at We're end finalize process, the or we the been the In our the or back it path best state exchange Iowa, any be now. The production of expansion we is Safety to of in end, we that for skips all few approved system will have globally the to certification. the front leaves wastewater food what and can co-locate XXX% license Kosher potential hurdle issue. industrial yet mill and to need in that used in selling which a day mill, on expect discussed build and beneficial not past. have ion This the major the [ was

We fuel product been certification. industry, that have continue last alcohol ethanol, very to whether remain so our sell or we our get can make successes we many to we technologies developed far. Unlike around on around our actually can once excited jet to cellulose

stand New know easy amazing be very are but where to addressed, of we team up, yet step are our we be to technologies, we before you close in. need the job certain know, capital point put where to done as not an has the a last step last to and that getting has

Plains did generate up. Margins carbon protein under investment. cheap true of pressure yet last the positive product as we Mount project the all availability Vernon we of of we EBITDA earlier understand the taking plants well to total lower call, River baseline at volumes the plant year protein can major production in due we year last our Wood to in at during noted down the had to about in so you at QX ultra-high ethanol project the competing due our told the As plants when opportunity space protein remain plant facility ingredients, Green the as starts --

While longer paybacks a we know than are markets that time. over taking expected, little move

see a are potentially or better discussed earlier. that We sequenced to at uptake get off globally premium starting our products trade ground as a of the

We increase growth and target areas. sales domestic continue key aqua to our our international to customers, pet

still While making business for our we production growing we have are and demand anticipate Sequence, in process XXXX. substantially to the to production Sequence our adjustments started to increase due

operations to cracked Central will have we and platform. What this, also current debottlenecked at the the formula place QX run fully hard on roll last that move protein the it's was the little the year ourselves assets do ability have decisions biological acceptance our these products try across as impact to fly no the as getting to without on making try and to last findings and be monetize We XX% have run learned taking on for that's market plant or done. we for have the carbon. has and in time as SG&A XXXX to and City and the to out what have and code we investing we make we like imminent announced done cannot start-up from on This remaining up and now we set

Our use carbon, not than been investments limited balance our which forward does have going and other very we have made, CapEx sheet cash.

strategic significantly We debt, identified, our or $XX per baseline OpEx for focus flows reducing carbon, and the will our review eliminating total we corn gallon reducing term savings and simplifying of our executing monetizing on the on with will our as our continuing along million structure, future. complexity protein company will earnings reposition and oil carbon much cash be a leaner and company reduced, simpler as be

rates QX at now positive stack we those positive Fairmont as Let starting the again and on generate and highest plants are margin Obion, like back places will and carbon. QX. country at most will EBITDA the Nebraska, improvements. the Mount now, of Madison our better look some plants our and base, River Shenandoah been Wood to stand-alone plants Adding last for asset Vernon add our the after in significant has now or reiterate be rate, When at late which shut City, down even around of EBITDA point. position current significant or record Central me and carbon once we

back to at significant are deliver we and on -- to morning, in we including must focused $X.XX gallon per efficiencies steps get are to actions $XX power we efficiencies our the as outlined first XXXX days in again We to and we Q&A earnings As joining can gallon we across as look achieve outlined worked. -- expect our use we taking across million Added aggressively aggressive targeting savings $X.XX Plains SG&A to session. there significant have Corporate driving Green you past. Thank we $X.XX next took and once for to Trade forward, as and gallon goals. will $X.XX the XX now week we current call from the our focused what and year at organization, this cost Corporate of start we driving work our be aggressively look will the on up, Trade we today. as future where in a the position be the for the our We this in SG&A per

Operator

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

Craig Irwin

last years, for of initiatives And to like to platform? week. had Todd, million $XX the us we is guess where and you go a the several This coming take from? maybe through XX bunch the get this costs implemented profitability a to others. big million already the I how $XX have granular don't Project of list. out So overall move this cuts is in Can and this you've

Todd Becker

the those rationalizing X We years we increases want fish on it's Well, to and overall profitability. to markets does feed to around don't now and the our we it we and costs. trading reached the more anymore. and spent need and commercializing getting point last then go, products in marketing those where correctly have really that obviously what And the innovation it market. penetration products we Listen, have focused is,

we market premium really our Once being were a of close We've prices did products. a money what a Our invested -- But that's another we invest kind of products. consider They've the innovation globally. was thing that market. great product. of research. of continued with were going keeping money. customers, from to a We is gold we look, in focus trial and now increase in in focused week, the to our on gluten lot be to the around single salmon. SG&A lot we to accepted great one that while our Those had used products. And where reducing it corn to decided standard is full on have think day this results. in margin getting move our they helping have our that all had great to Norway every right I making corn tightness our just costs structure, finished, we global or money expanding understood and core get And group us meal that a products is finished swoop We on

Craig Irwin

continue you a to just a South expected one We attractive Can little you talk number was it you Hy-Pro there. next in to always markets years. a then your penetrate So the need the fish remarks? into aquaculture, the potentially in This take in of you Do these to follow-up get yourselves while mentioned about right? to America, most projects on of sell over customers? maybe to bit feed prepared could

Todd Becker

No.

penetration the -- made has we've been fact, made. In

we able or that bulk the weak which feed our products market. But to market achieve took a converted a volume the our -- service largest that. replacing start global which for the more now our characteristics vessel, we States to we've X We in it are in we have invest today, That's liked corn as had point. of been had little seen patient. than can future. be the shipping in use the protein show in products we understood we now to we different customers. dividends longer get here If really weaker certainly get into I market, out -- it than bit pay get We their have will a well us proteins would and we of to to protein We is This on would looking years of the they meal some to on to and to We for we're for -- the are be first there. in lot and would is protein soy a could to our again, took what do sold But first capital be say, while as quantities thought. us the soy time gluten had quantity this United had world it it our And own than traditional customers higher them, to have testing. a to shareholders isolates. to actually X what

won or a felt money. And this this all full point, you cycle point, You I that. with. And are platform commercialized, have dealing X-year to at now the about great that. we know care research of to things going were go we -- swoop, positions salmon. full we're us, and through of at grow we on we're us innovation all to really we we and basically took closed while that starting to and of focus to a And the those our some to frustrating of better that down feel opportunity for our future think the of are of and excited making as much But have that we're team about products this

Craig Irwin

good. sounds That

When schedule. first my interconnects? CCS sounds we we be right you potential could possibly Can could a see maybe talk where of stand the could I about projects? off question, equipment these tracking bit other squeeze and you another So us the would delivery EBITDA helpful. one with details last pipeline Any to if it's like in. little share with

Todd Becker

to to in are sure remain the our contractor we general somewhere We're heading team that out look at date equipment in-service our QX, late track. project. make Look, early Yes. QX. very and is to built a not the on the being take next first-hand Chris compression on Ohio week

construction at focused who Tallgrass, and Trailblazer They're and and on up. see plants building And you'll other Nebraska fully of are now being years of come fully you the our own laterals Our right first we very project XXZ. could is across around you the are. ground partners the attack if that drive plants, breaking and stood getting underway, so soon couple laid

Operator

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

Jordan Levy

or that in it's up of you of of kind earlier just in that reference sugar the now I'm CST, just to appreciate initiatives. Todd, terms just on how on Craig's kind could level you're to the you of just given following Maybe in thinking that. stand. of protein -- all kind things. But if gave curious the you talk question about still side I setting kind cost commentary rollout of of the given on where

Todd Becker

Can on in what for some [Indiscernible] answer? up more with you Maybe you're follow looking the a little clarification

Jordan Levy

Yes.

Just looking of the where at around of market development level protein, just terms detail CST? in something kind gave similar in you of is I'm

Todd Becker

you. Okay. don't look, Yes. going we're think customers. to of I mean, be short I Thank No,

for waiting are Certification. We Food Safety

We beverage have to everything products makers, users, in everything from and industrial our syrup makers, insulation already sent some food pancake to of between.

shareholders. it's X/X not yeast I thing so coming our realize -- partners, as that's waiting with spent for and for in could probably get now next Kosher is group certifications the one process. Look, the our customers, us running I have we when at we're think make the our economic we and when really the Halal and yeast, best is that has get the to using week we time comments, well, start that our in thing our think you in-spec, free we and proper I group just marketing sales and you -- significant to with assure

rate, days of we'll So up program we day, a a XX we and back we'll can make at we will alcohol and and move running -- alcohol, start hours sorry, XXX Shenandoah product grind sale, more make make and on making side sugar campaign -- a at the more protein a make the full to where year. it running rate that and probably I'm to or At money oil. when

is used validation I spec to the syrup show to products Certification, more got going that I our think which last approved, and industrial that -- was that we it of about we're make in on in Safety mode Certification. getting the to products. on That campaign it. We that can make clear and know we everything here because our get to been beverages be can we has path that works I but technology from a So talked to that pancake continues Food Iowa go Processor Food like think and

And of so we really we're the treatment wastewater focused right to just our building what be on to products. a They're It's now capability expected, able of function there. new now. take one a local the plants

with how potential this the And users in so get meantime, have domestically up XXX%. In in -- discussions focus we're of technology, we're do both this to globally. we on discussions and significant other to plant we

since co-locating across in even States they beginning, countries We have United our to Quip, Europe had interest capabilities. Brazil or licensing and for their even as interest milling well in both milling the as technology the bolt-on wet with as we in their a Fluid like globally and expand acquired dry before technologies

with have everything As really margins not you market results gone out that sweetener not anticipate down oversupplied that an anytime see do with there, nor It's we else. soon. and other margins sugar are

Jordan Levy

this I $XX of appreciate that. million restructuring clarification, just week. then the And for

that? give did of it, year-end like should missed think something million? that or but I if kind time line to -- to a we it you get $XX Sorry Is

Todd Becker

No. We ongoing million there try days be run want rate. XX on to an within $XX to

our starts executives We've infrastructure X So we and trade We corporate departed and had have our SG&A. was as Phase week. X company several resized Phase the Monday. senior this indicated.

mill, as downsizing that as we MAP York products marketing, get is significant and I at if a or the a that think you cost spend, feed had our thing food but important of were not any our Lab, money, most our at marketing Innovation our spending to advertising the it market, with of optimal to well promotion, innovation the addition, platform our -- more company, sales we're In labs lot Center, this all call point. Aqua and and on

think point. we our products have what I to gotten this needed

B Phase So get or action Monday to the no, II on on we plan this -- this were XX within up week, we our that wrapped days. was all try and first start and

Operator

from comes Jain Saumya the line from question next UBS. of Your

Saumya Jain

score DCO oil? premium how getting So Or we a at trade $X.XX that? to oil pound guys with at are of should to XX, and you corn getting soybean a XX per $X.XX looking oil to expect soybean

Todd Becker

to oil at way, the I to selling by that $X.XX value today. the market ongoing that Yes. point think on have advantaged Thanks question. would is And no bid based that premium we problem for for $X.XX soybean the feedstock I the mean this of the have we today.

already. at like the already that oil seeing that we're $X.XX. bean indications market like trade seen with So We've

today for I value not to hard product. $X.XX a our is trade think

we've to soybean the it, If here. over product rationalize us, to off market ultimately but will seen come call, you across; it not to of some with the have tight think that is to since $X.XX high-XXs, just our We for probably that the we low-XXs globally. should or last in And view at in in is a couple that, -- starting oil us, the premium. trade market calls, increase going general. just I on things come $X.XX our bear the soybean last But that industry bottom were even oil. Look, about think

can We And that. et is our for That think to important opportunities of we CORSIA now fuel means a fuel product. Every for you also cetera, is like European markets. even our premium and that. our are products products use certified, and one I now really produce markets, thing one jet plants for get seeing

all Shenandoah. even early even our to for So was late that is certified, another were this last eligible thing are year that of and value more CORSIA achieve we during now into able plants including year

this market margin and that I soybean structure overall, oil we're think pricing. globally about change of we're That diesel low excited would we seen opportunity, into about we've But So what on renewable bottom vegetable But based significantly. markets wish domestic our the CORSIA oil the CI a which we're out optimistic placement seeing $X.XX really just was like our product in markets. pound.

Saumya Jain

and And it. biodiesel considering guys the how with your under on Chinese in DCO you and particular? then Trump tariffs impact maybe are production Got

Todd Becker

the that an is going But ethanol. good first and a important foremost, is at action, which some for beneficial to is us. proposed their it day-by-day, We're the of did was thing you really market you happen have look first our thing step-by-step. The take If retaliation, if market a Chinese for to to fuel at that not UCO Canadian it situation, and include I looked industry. think

fuels the you So that world I think change changed motor lot you're talking around just fuel that times the and when overnight. base ethanol, when can't about you around blend have a certain of requirements, you've

buy to tariff are people going the on, alcohol go tariff or not around world. put to still the put the So our on

even lower low We we're more to start sequester have on and and a ethanol to to focus I products CI CI product. even still think well. interest that we And continue carbon our getting a going in see as as

put a take able If up. day-by-day. industry on to we been have But a as or products, our we'll keep market for rally then corn we get So hasn't so corn. we'd our Obviously, and to be and wouldn't weigh it on today the market take seen corn tariff Mexico Plains tariffs bad we've cheaper that. Green our to ethanol

see little the going had a been this and bit week, production this long through to this a ultimately starting we we've but So high stocks. before. doldrums we little although winter and been doing and to ebb here We're elevated becomes game. a is, we're maybe situation a time flow catching to tariff up of slowdown, bit, get zero-sum a We've got of

Operator

of Pooran comes Sharma from from question next Your line Stephens the Inc.

Adam Reed Shepherd

for on Shepherd Adam is Pooran. This

model, it that an your of give wrote terms see much color in essentially some you to in more impact of you mentioned expect you you longer-term like updated terms just the Can margin your your And of expectations? for how all GREET previous versus and benefit Just incremental assets. might it's how potential?

Todd Becker

Yes.

at are about and at -- points we look York, now even lower. eligible new plant it look really we a assets is is here. not starting for kind for leaving modeling I different the second behind of we and XXQ And fact, our in excited a the think of -- because and XXZ has which when and we are type the

well, to So something is there which us that at focused low the energy courage look even we're gives on. distillation as

saying, be look, those more able numbers starting point the -- have, than model. the the think we'll and achieve you this today. say, if even gave except basis, confidence really is haven't math, would we our just a of we much our with confidence that so that see that say But numbers even that I are us guidance you validation want we the actually GREET what numbers. And and have to better been higher to And we in did we even that have conservative to more expected, was which changed be

other well. our paid carbon our at looking goal by We flows well voluntary as to -- that our also as situation now our and market off to -- we're all help to agreements in monetize. Again, are to is well look at situation our we cash sometime finalizing looking as the to credit either tax aspects stock of working get here -- offsets at use this where on and or those term voluntary tax in credits with credit the of price as when get looking carbon situation flow forward debt at we our help addition can generation to cash

decisions of from really when this margin past, not in was And would that the and was to it's a overall, And cash I it we like have for as part at be in maybe structure. make the free going accretive shutting of up $XX year. best for would quarter weak as part what's very best both million positive the cost to and of ethanol market Fairmont that's by from and most more. this think Green the where It And to a had Fairmont but wait for down. to flows we our $XX important a that was the later shareholders. is what X those way, that with if we a is to of coming to we that bunch almost look we we're to allocate identified because generate have to you run oil add were why But projects say, place plant are off shareholders. Plains together, shareholders oversupply, we're a our we carbon. better doing. And beneficial have these we show think doing us get million, doesn't I start capital corn

going lose run or and we is get starting of and what to And every what at game You to not absolutely to looking do, our assets going going not with cost we're products line of money know up, say going item do, to through focus every run to on our what, that what's market, SG&A, we're run. to aspect we anymore.

So actions to them and going quick. to we're swift take we're just -- and make going very going to we're

Operator

question of TPH. Matthew Blair next line from the comes Your from

Matthew Blair

I in questions to efforts. regards capture some on the carbon XXZ your had

any there in so those repealed. a XXZ mentioned to could you buyer in it that, that's you need the would a year? go other gives then the it's to find about How one, to you fair in what about side, in about that? And monetizing that be unlikely credits? it two, but XXZ would Is buyer? will find perhaps could might shift talk if say And that you'll you right? technically -- confidence earlier you the be XXZ, the the be So talk to to hard on And sentiment a are monetize so, place, relative concerns

Todd Becker

Yes. credit. I mean it's a tax

good opportunities start it, between Part have seen a a bit potential So than discount -- some seen that to buy I these of I tax anyway trade package think a for credits we've finding of they think have, market at seen offsets, buyers those and to who and today. we've we've but type it's avail, and they're of going them both. can combined to credits, credits a we allows marketed and

programs, because offset And their about hasn't credits at it carbon high-quality market These standard targets. and companies. No matter are have to -- active these certainly, are these think still people still in volume these. able offsets. the really think source programs there's will credit to we still I market gold been some what for a of interesting be tax

mean, looking at XXX%. they're and not trading you're -- I So at really, when

models and XXX%. don't So show at our I trading -- them mean

today, wouldn't those to conservative the use we to perspective. have So tax of that just being but if We We in them. we we Look, lot profits credits. find future. had we're have from expect a have our for don't those markets

So NOLs got But ultimately, be could our used some to tax we to those first. obligations. of offset ourselves through work

think already don't at for will we hard markets I market. And Look and get -- pathway to has thing today be places. that that And LCFS Oregon CCS Oregon offsets. a a in California other So then the and LCFS.

a will So couple gallons that come that of market, take off especially and for be an after California important will early years that.

and we credits savings LCFS baseline market. And offsets want the So a market offsets and tax in to and the things. have and kind we worth, are of the that's the buy X carbon what that to then those also using for buy have customers achieve buy offsets

just if necessarily remember, liability offsets, buy XXZ reducing tax carbon reducing your got is your it. You not it's you to

don't think markets I active. credit view, our that tax have In any are perspective. trouble we'll So very from

Matthew Blair

on this and the X-year for week to XX%. good. margins closer first quarter. utilization looking Sounds was into XX%, We're year XX%. the the current at that average PADD for last time trends commentary X ethanol The is just thanks of And

a turnarounds more is might any So you And upcoming is industry figure? are this utilization this of it down supply say aware problem? to fair of that knock help

Todd Becker

run can out. it's the out, hot bit of their because a run out warmer nice summer it -- run a driving utilization capacity plant that of in industry which downtick your can't I Yes. time only you -- full bit is cool hotter year here, months season, this see mean a the little has is and the gets as there, we when during could a bottleneck and been of always in Cooling and why whole you months which the the efficiently. during is plants

We driving is taking and bit. demand season, long as our as $X at we could doldrums, everything us a to the of everything exceed they little it's have surplus. for out to really potentially So pretty watch really well exports, to we'll to work where like give we addition would now, year good. EXX need, blends Look, uptake a get get be we're what come have these going just right EXX else clear billion X% keep is blend to to long good. an game. and But this, tariffs Gas in a long to products game this be utilization. demand to get be as us EXX to winter would obviously, going through think need will finally still We good. but that's full that.

of where think the just you're Weather you season here though to on We So demand winter I we're that when happening in takes May at the $XX.XX And it's a little it's of to going everything even we're we middle for top doldrums, pace, yet. way. export look going today hard furious, pretty program bit fast been middle it just draw, to with to because drive. this But when people driving or we look I a be especially up July, and the it think -- to has of expect margins think of kind $XX.XX good. the in in than them moves at or that if was June winter, But significantly else. of a the are in to be at getting right be in we're blends. And that would will running bit 'XX. different they draw Gas clear I draw ramping great. stocks to is saw little

Operator

Tiano Your line comes of question Bank next from from of the Salvator America.

Salvator Tiano

the you throughout of the to lowest, why mean, but have have think, said, Wood production mentioned business. much rather given much ramp-up increased as should capacity demand been favorable I added year, quarterly ask what in rebaselining. all was not earnest. you protein so I'm pretty this about really River since rebaselining, more discussions about that things your shouldn't still the sure want do sure means. And Firstly, the I you I you the level not really production that high the than, I And the I'm understand

Did you year? actually past premiums So were can also, the reported bring you Q-on-Q? you how actually explain in the higher we're sales earlier in this? versus expecting higher sales the but as production, quarter? Because to us obviously, actually And were

Todd Becker

question. the Thanks for Yes.

let's So the address first question.

back which and to we in As fourth of the protein Vernon our month quarter, program we that fully -- do the We indicated there. into the around the of systems, as on October, all at -- get modernization full the back until that half several underway in plant look about you, the the brought conveyor for plant into -- Mount we almost the of systems, of early bin was older was reduced online. needed the didn't plant system plant the bring offline all upgrades we at to to what lots we future, of go modernized modernized we as

to plant, protein talk have rebaselining take there the to is part when top we do, for the hard decision carbon system have we protein it's that, our with potentially does that significant -- score, bit run so little down run And of month. On different wanted carbon what the a a that to and to cause plant of change in operations because our but without we it you was that Central about rebaseline animal. we plant a in City really a drying because

offset to go do that is the you protein, do we means that plant we aspects out take So look plant a more we'll do about local we the XXZ to may capacity our make carbon to market understand more run here protein the for so for the at full before will can takes that. because to quite do protein, that some company. online. of we'll point And calculations profitable at it hits, plant if means when able to the and run and make we site have it drying down most all the not relative be plant to a in all back what's and feed. and programs, not rebaseline our may that. This to XX If days But for

from and So we quarter, made decision was this the a right perspective. market the it decision

Iowa physical under is look the saw than when soybean soybean at middle and in futures meal even and at weaker meal meal XX/XX that. you weaker the weakness trading of You soybean

was the that. to quarter it right So do

one are customers, to at pork to turned and running all out operations in that just on pet point, we've are but this We the on. physical well as the run and we food bit weaker we seen poultry last and some again, in we're month back everywhere XX continue Central the our meal soybean running in a of our that We there. But basically to ship of we're some markets well. next had are of the as at compete based City. And did protein very -- Pro basis

are these going to XX we're that the runs multiple So think multiple hit Pro start that to been a in really would targets in interesting opportunities there us months some waiting row give I confidence of we've it some starting and that of just see Sequence. Again, for. to

it's of about, And about. we what some talked again,

by and gluten the corn a world way, meal United look for gluten domestically has global corn at the than And well, which other globally. Sequence as tight and the that States, corn in product, we're tighter well. If which seeing both meal in tightness has you our as is again, the replacement become become

Salvator Tiano

doesn't do trying I not questions -- the to doing, understand reached and concept another mean, mean, a that guess, we've be addressed you phase, the now? like few I I'm is reached seem your on there. got it earnings, you on we the work but also you're I done what lot there's a -- And to that But the full to understand commercialization it. SG&A, I Okay. based and why earlier volumes of

X actions changed So 'XX or ago would years another X these to, years. the example, for warrant opposed the at X path really now as has 'XX instead what that not start for X sure continuing or same 'XX, of I'm or versus

exactly? now why So

Todd Becker

Well, only not. why I can say

down and trout our making feeds to when in and we SG&A, customers did Innovation of taking in we've the full things systems York there think while the a them operating our that is at when York of in and costs fermentation facility dextrose we we testing which minimum show that use look commercial a fly of weight -- we'll lot fully some that, just because shut to invested our everything what a has doing and way can't capable, that around facility, everything a that alone, fish from saves through for wanted Innovation us Center the I facility, savings well including feeding and that we do have we the a just in our as biggest SG&A. we less volume little you to be in what's building and we facility. look product, all as all doing, through market you're of money. On dextrose getting we salmon look at $XX ethanol lot in on in a at a savings million top year not have place,

on flow we're And going so great our we for for look And and that, all think to not? when it. laser-focused generation. to stakeholders. And It's be great continue I cash at of it's why -- good it's shareholders, for our and

to doing potentially well. our They of products. not of market. to company to Well, as there the our if doing products a had use go -- have anymore. the even in product They may probably door. And largest, it, go don't get sold yes, the But could I differently things protein I we in just could see and was never and the soybean had XX% past. that need XX% Pro overinvest not of go can't I spent invest products significant Yes, you than bit us before this research It buy in our get no, to do into back. validation back, but you if to seen pet protein in this like largest palatability uplifts less And with buy product one our could in fermented XX to You would the the market. world, we aquaculture aqua meal. SG&A we had proteins

their So the all think it need flows commercial. also line of need Green positive and and do the forward they're was to business time cash to of saying in done focus now starting that. to our operations. on company. is relying as way future? and I'm the bottom positive we XX% We less our that's And I the going do something into well; as what revenues, even need spend to for We on to it's Fluid outside not top And Plains ourselves, generating kick Quip to again going business forward, doing their house and They And are looking earnings. we're We at going need well. of finance. going

having when carbon the free setting give maximum all generate online So it, capability. decisions. SG&A decide look does flows to to when And that getting as And not focused and at we up maximum the that with to flows. cash we're ourselves have ability extra for comes us those debt those ultimately free that's making have we do on luxury cash can price well our as higher. share And of then what

Salvator Tiano

back, have perhaps you did And would could the that Great. spent you if less. comment you make go

to wasn't Clean for I guess, your It expectations initiative. Sugar on even mentioned, I wanted ask on the earnings. So

protein SG&A You but from carbon, corn EBITDA Sugar. not $XXX then high oil, million mentioned the ethanol, and and Clean

you would back you you So success this X how or do this the ago? of And years go would differently time? X initiative what judge could if at

Todd Becker

the on-site a it's all because or -- take I be we treatment, build we I plant. relied else would it time that don't it. will and last stressed we If get when potentially instead has or to wastewater X go capacity to wastewater, ago, is our do a invest we they wastewater X able local think of somewhere happens be a the one running communities weren't our on today thing years at And that sites becomes site could wastewater of somewhere, you our or Clean older, take next during at can time is that of to what -- build, to in back just we whether If of of lot go Sugar, XXX%. want

to to have all in are focus generate of on, comes And don't something so we you wastewater world clean actually over what it. that so that's out it that the running is the there technologies up the on. But focused goes team

have we it, built we somewhere then have wastewater Shenandoah. in would would but built could has right of alongside think wastewater it the could built sure, that looked it. I have at have So we front, to We don't else

work. but look told rate. we ion But bit at system full on, I running than working as I that around technology exact point, can think another out better, doing that on-spec. thing. the And we forward, we don't I can exchange of it make have contribution, world. scale important biggest #X sweetener the is little want we things comes we'll look the rate, what full couple as it's thing we the make facility we running probably end, #X. some a think one of but a you But also get And can got going that at get thing challenge. this product, And this. There's if It's different early this where not know a at it's most will that's we've well. we but around think probably be, in it's are doesn't to we -- We is to duplicate it that's not an when the it that of

have last and product. food, weeks. next want customers the come should here that couple certification in beverage in industrial our of We The

Operator

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

Eric Stine

know want one unlikely questions is in are to the obviously, at about Just and the end. you've XXZ I talked but it's uncertainty. that sneak regulatory here repealed, there ongoing

So when and change of coming business, varying of you possible down I these mean, changes a are that B? Or of kind or you you some I have the on that plan may know your the these just some do but in to your that look -- degrees, potential areas, potentially based it are impacted across there areas the see plans is road?

Todd Becker

Yes.

a It's rule, first a the there's XXQ, for years. away. carbon, that's that's on plan -- in X long-standing it's It pay always place. cash been going not think really that's B go I to and

view there the have always standpoint. is the going hold. then to is backstop is to value a we'll But our of continue XXZ So and that to from determine credit

don't from for they vote repeal. I We have Senators a support Congressmen. and think that strong Republican our would Midwest

that we have Secretary, support has the our who's I -- from also Energy also Committee Interior chairing. strong he's think

in I some who's at and look we investors the in think projects these that seeing when of these really successful. interested

then, Care And day, But a at support just in things the we've our even XXZ they got IRA, end board. bunch across repeal might other continues Look, but what's Act bit make in Affordable everything the of to very, like a to think to of repealed. strong the view of get is that's for law. I try cut. the it's the very continue little kind

really great are happens, from the when guidance the their put off was I last out usually in us going gave week point when That's much people confidence not think And that forward. IRS what of. what IRB. that changes

companies they IRA? they already States will being the credit. lot the XXZ? they Sure. at money a across at But look this on the So look large tax spent from there's look the IRA. and the based spent of United capital at XXZ Sure. -- Will should we've And

So this the is are investing behind the we sure world an largest at through well. equal opportunity from that in initiative companies as least the ourselves get that this all the way making attention

Operator

Oppenheimer. line the from of Owen comes Kristen question from next Your

Kristen Owen

I'm asset what understand production light, for I that? of capacity about with sort wanted sort of of us asset? down, and think forward, how your that forward? going just facility are help in process to look Just Would you're through sort monetize you options options are review the to to you're going maybe what that Fairmont about the you strategic the footprint idled thinking the understanding go this facility. different wondering how maybe as ask, a

Todd Becker

Minnesota want I Yes. grain put into system. the a operates state drying, our system money new standard. permit middle plant, to of a the we and We at get to the drying of the that build new and the all from mean,

carbon year. being in is go built, still that And we because out. plant our was as we've that in that. wear and that that we we meantime, -- capable obviously underinvested at on we're behind give And years make lowest so thing up counting something invest the plant. In plant counting plant structure looked we stack. sure, pipeline that plant could XX to things in plants we review, margin years will that monetize one these that on have well. to we lower it One were if to pipeline always a valuable and margin a but And were yet of our the it to to. need or XX done us -- on after progress strategic there, want that's count project we makes that -- if That's confidence the is carbon plant, this very And happen, we've there

soybean simple. When and Trade very make one both stack, up But as these of that of even very, we SG&A, EBITDA cash house, you at embarked -- strategic generally So -- are Shenandoah, some that in a and SG&A we're the always some our we now are burn it Tail around burn are selling ICM focus Otter that of to do very us. Fairmont is of to speaking, that, able order Fergus have where out do a positive. for positive, to Falls, that, review place we take little a think look a we've of the plant got our we're when less million complicated trying over that been like of and get just came and realize do to to they on SG&A year, new what was of things look have what market XX assets to we cash which do years because down of And middle we got gallon well -- not middle kind we're a is plants future not or the that, put we instead us, the products we our back the is our our them testing. plants to uncomplicate to the XX million to our of rationalizing, like that it tons company, And have market, in smaller $X.XX to to million this can the we're market. And getting anymore. And of of most all show our innovation Corporate if under, that today. do SG&A as Central are products a million that along end we're and to back do XX at assets right of bit we kind derailed to at going it's on we've be to to we products margin back I don't plants of the meal at in gallon with that that more they of we're in are now new get gallon competes XX and we plant last for have really was that on structure. spending going able as a XXX $X.XX Kristen, City, the get that

as work protein. that get commodity we the And take have hopefully, we excess ebb flow. and longer of but think, things through through we we're might bit work we other that. a through doing. will markets this to know, So we'll And than paid some little It

Kristen Owen

over new. But of this have hindsight the announcement would to XXXX, hedge. I'm reflection that last a just as year. that also the all maybe cleared It's quarter the is had that And process, Understood. now feedback prepared not wondering of hedging decks I today's you're some is, And that there you through the for question how you've some kind the are recognizing reflection you're this of remarks, been that strategy, on hedging have structurally your you've mentioned governance? that SG&A, received. you've addressing you in implementation, going new

Todd Becker

into as margin all got quarter. -- it Listen, top kind the the margins least your time talked. And margins good have quarter again, every market given very steering fast at it And sheet at I don't very, came on to manage the bit market fast. of The -- all we and I solid, very also and last cash certainly the from was better are your and you to think should we manage And moved moved bottom, well. balance last looked those to did listen quarter-by-quarter unhedged some best us but we last will look when calls. But But fundamentals extra middle a I bigger our see think everybody sure the some remained for assess to mattered. we and and have obviously, and again, quarter think make numbers cash, this we look, have shareholders. anticipating. what's we that it of make would so we'll And we shareholders. than you can It put more would decisions. the we at our last and very the of little year it

we history involved. SG&A and is talk and I notwithstanding when to over quarter, our down, is get kind to carbon year because continue programs. up in. -- it management Board relative less through on we're and basis with have Our have company. done of to that our nobody a feedstocks. we'll our ever we stuff to to get hedged, a we get have Hopefully, like just Board lot option And that. But on we've continue going and the do less either. think work our for years We advantaged working, reliance it determine we're And good what oil we the job the expected a assess to risk and Board X on the generally overall our But to what relative to speaking, that the quarter-by-quarter, contributions corn margins go case-by-case and we'll markets team of the best take in largest as maybe our

Operator

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

Laurence Alexander

bridge the on is One the cash the the flow the return capital Clean charges kind business? likely or kind after how on market the of the and you sides help restructuring X other this the Could of impacts free and year? And for impact restructuring, on the the protein Sugar things? based on you're any for separately, cash and just feedback cash of of flow year on about then equilibrium thinking next

Todd Becker

Thanks. Yes.

and be not if certainly to QX, of not huge may $XX going even in a $X it's under noncash be million think I under write-offs. it million, some charge

really a to be sheet. going to not it's our effect balance massive So

We been can and do last focused we this several are we're already very to -- some the able some had offset planning for have place over we things the months in that and that that. accruals to quickly use somewhat of really on

then a better. So very income we return I look think impact or statement cash to we our our overall, look on our amount ethanolized. structure become have the it's we big be not to going bit at look as capacity. well, them not sure -- have at if market, kind generated of ate ethanol When flows. And said, to wanted, certainly, -- of when that of earning be we cash this and off assets, protein. but not with at to point. on -- more X% XX% It's started, XX% market. to X% wanted $X.XX that's were we When like moment to this onset protein. margin all the to we uplift down just returns flow going that, of I a the driven SG&A at it to by on free $X.XX we you when But we slowing gallon lot hitting obviously, I'm as a And too matter the have of these certainly down. the it's at a then came margin assets up, that protein the is look much and we They at yet. Yes, soy wanted

to investment going take we the is sugar part So it's a also bit longer, as of largest little know, not thesis. but our

We platform, again, look we'd by couple that the protein. there, So of is in be some factor. If across running we we invested last have many believe we plants. with in to hampered and there, which, make albeit put is it. wasn't when only that by have investment it one our yields, continues over scale, XXX%, invested the in way, factor at We years, records oil of at a working deal the we we sugar technology which at to

longer $XXX but it's but we're sugar, the protein carbon to is -- future and those total million you contribution bit taking with to as is even little at in probably oil the and and And platform, together, months. oil a carbon that then just maybe some But $XXX when lastly, million at the And of and a over look generating point. protein working, anticipate So a bit more Overall, by contribution a of from lot. the investment on all over investment this work some going carbon, sugar next protein carbon. couple outsized, not uplift, we obviously, well. investment in little contribute

Operator

BMO. Your next question line comes from of Andrew from the Strelzik

Andrew Strelzik

for things X Just me.

Todd Becker

Sorry to have you last.

Andrew Strelzik

That is just fine.

my to environment. having -- that, demand better that trying out do over base that's stronger is demand? wanted we on production these things next the at that understand ethanol it how to I better a thinking environment your the view Is we is about coming enough how drawdowns you're the just to the we're of to ethanol base get summer? kind kind of think maybe when Or summer this First maybe going conversation? up? solve levels, you kind of side, time kind I'm How much thing about the think better kind about inventory to ask of of summer, understand of year, margin ethanol be post as

Todd Becker

the our production to to should I going to March we're we're fast. season, we and happen. asked going beginning among than well. peaks X looking stocks think to get going got understand and Overall, pressing as we at and because time with to summer really administration we although driving smaller rationalize -- We'd be should be exports supply? ethanol like will got demand. But that push somebody of up very have that's production at that things we're And make April. low-carbon to they're -- very, what Our our to than couple gone X going out. And into battle the and it's of have I right -- now, Fairmont play its supply going to greater setting going How to in And to for that be think be valleys as think move got some down. point and continued we mean need I stocks demand. be about home. is more -- between get winter. And this ourselves It's earlier, we uptake driving. summer we've the really that late way at turnarounds, in the middle with other which no, plants think elevated have or increase plant and well take -- we Can elevated think? or of and to of down a this will may is a this we markets. EXX we Will Will than certain right

I of off all an of in should to the we're a a we combined, in to so that know anytime bit be could able environment stretch to outsized margin ethanol bounce uplift but see significantly. massive XXXX. bottom peak have don't it's And a that here margins, that pretty we But going have

Andrew Strelzik

then or And the Okay. you last And pick All on intention post curious go-forward kind my guidance what seeing you're demand Are perspective so the expectation XXZ. on right. either and around question up? pricing from seeing just helpful. far demand the side. basis? That's of demand I'm oil a your demand a lift what's for then is the corn from

Todd Becker

Yes.

think and you've through in the ebbs heard other earnings getting calls. which diesel, I you going of several is what's And that on some fantastic. when and SAF the of look plants obviously, their at running, up renewable flows,

HEFA companies certified. our CORSIA have, fuel then excited And jet it's also that We are to our is for opportunity take that are favorable really all plants feedstocks like favorable of us. this That we generate to of to CORSIA and that. out which really

it speaking, overall and probably start-ups, something some not sheet little and having domestically if veg we're you Some plants and balance a are ebbing think significantly guys, flowing oil with for definitely bit. look we at I and fighting of but versus the you you meal justifies generally when slow look share when -- is today, oils share with -- But some slow-ups prices. higher, globally, the that think much shared higher that overall that's at I

used at going a expand it that pounds that fact renewable States oil oil their would because we're advantaged for I say, longer-term, for is price now pretty not you when it feedstock, month, million will of advantage XX not get of believe So they before, over like oil margins more XX able next watch it, buying soybean from from a million, is we've premium into sell -- X continue But we good give well. be And or feedstock, low people significantly but another feedstocks, starting to look lower pounds during their say crack, free. up that seen very vegetable and on -- diesel look especially oil the than to to long that, but was why for see soybean time at quick anymore. We'll used be corn closely, we're will CORSIA-approved to can at we're China by million, United would especially all a instead distillers longer coming in hands that's so as the strong demand cooking our seeing CI tallow very significant can continue our CI approach will we demand, closely million to away think -- X million a margins over we that's to a some products, watching contracts tenure have really buy of time get year. longer and XX they And as we oil. I can you veg period at interest oil for some product. to we us buying we're advantaged

Operator

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

Todd Becker

everyone. you, Thank Yes.

the been over As busy you see, last weeks. we've pretty several

per I we made to reorganizing think significant get the to to our days. Across which our gallon, and higher we carbon changes on year, the over the looking focus products initiative already million can to with the significant today, where we've construction, X said, profitability getting XX under pushing And per this million half on SG&A of with number starting the we've closer then less our focusing getting just at announced through products returns Nebraska. more working number reducing market online, gotten focusing that towards in Monday of our cost way drive and our structures investment and Phase on are on board, generate to that $XX next $XX site, our laterals our up platform, week. towards we last the those then as

that. we've trade at that a Nebraska believe about don't excited for Plains Green traditional coming Nebraska project an with and have see premium we'll really have significant great Tallgrass, state it, the feedstocks we're we I think out been jobs the It's on amazing generating And the is to come a and feedstocks. you opportunities -- and that you up low-carbon significant opportunity If take Agriculture significant -- a That's state, across we Trailblazer project it, setting should tour. for. ourselves what well. And as for the of believe

speaking, really We as then up in. get to obviously. carbon watch global as XXXX through starts well I have But 'XX protein and think kick into markets, generally set we to we're

time we you we'll to So really your appreciate next talk and quarter. today,

Operator

Thank concludes today's conference call. your for you participation. This

disconnect. now You may

Green Plains (GPRE) 7 Feb 252024 Q4 Earnings call transcript