GPP - Earnings call 4 2021 | Green Plains Partners LP

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Operator

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

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

Phil Boggs

Chief Welcome Quarter Plains Earnings slide van on a the Presentations under Events and call President on everyone. available and Investor Financial Simpkins, Plains There Call. and Leslie Partners Marketing today's and link Innovation. Becker, can Todd Fourth and Full are Officer; to morning, Patrich Inc. Chief corporate Meulen, Green page Green Participants Executive der Officer; and Good Year websites. on Product you EVP, and is presentation it both find the XXXX

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

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

Todd Becker

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

to continues gain transformation momentum. Our

to we have be QX. we is and made achieve initiatives. We report end last a are significant planning have our to to We late we up strides realize and We transformative story. always great forward aren't been, making goals. another key them to are year, These excited sustainability The commitment be path and necessary changed, inaugural milestones decade and is and execute a idle neutral we achieving goals That shaping we released year our been by our market are to more. XXXX footprint XX% continue ESG and review towards true in ongoing we to telling on the and reducing by to progress it. release transformation, about to starting achieve concrete GHG and have XXXX of but the has XXXX carbon these a haven't are XXXX. always and our

chip we avoided If up anything our chain been these constraints With time tightness, upgrades, and our delayed utilization year, supply the different, to which first by Mount only shortages unique opportunistic long-term weakness the and as fourth Overall, overachieved consolidated significantly had gallon for early. completion Plains. Operationally, in crush financial with half gallons. and fourth for we this. impacted labor was for the liquidity over order well we our consolidated we Madison had as many by these we substantially hedged execute would strategically daily maybe crush with said, of per $X.XX were in management. QX been in results of quarter, available reduce have the first hedging facilities. We in line would the the and extreme cash in in year. capital year that have hedged we $X.XX on manage would the we what the additional approximately ended quarter of have indicated not and the equivalents our full for did transformation the We higher, all as crush our we half was locations as Green average from protect that achieved in available that year. will unprecedented, see although credit million had Vernon earlier, to margins our in to risk raised For at the tied making risk stability and XXXX, are national the perspectives this not $XXX limited and year had

week, this operational of and late started new quarter. this expect to system we side be Vernon the the Mount one full dryers Just

quarter, utilization during York damage grain which limited bin overall Additionally, at experienced well. that location our the location as

While a these this of no to the in X we challenges quarter crush of utilization combined the in the from spot was opportunity are in result the the one accident, hurt locations thankful lost as that resulted expansion market. given

as This discount increased Combined, incident on this well on those continue service mark-to-market got million the be also fact renewable Plains top the impact RBOB to from stocks ethanol. in Green higher soft along XXXX our that, $X and ethanol by end as that to items on the week. shipments On will slowdown carriers, We that and incented the items fourth over on took gallons the oil $X due to blend in as the ethanol negative and in back more quarters positions of results to the stocks values come running reduced quarter well trucking deliveries levels focused Much remain blender Plains RIN delivered the fully the quarter. and these we the we our with eliminations of XXXX production is business from weren't it out current fast. logistical industry believe some and rail over is the Green elevated, grew saw The executed. million. logistics discretionary a first export execute included of challenges order about significant quarter X.X as built to and in U.S. as York some well. Margins X.X. in started for With at out corn couple challenges in of

this get week gas demand driving While hesitant this structure demand as can bottom call a excess mild to margin winter to quickly. clear temperatures, the we with out of with rebounding

impacted to lows in mechanism, million are that volume per it a Chicago window. of the production argue which by parties to a addition, sent million new market little like continue gallons the better take price few looks In the sales barrels we to to for of as flawed for very pricing way advantage a X continue more day industry ethanol on of

to year. the we global energy move behind transportation put could pandemic demand strong believe begin through we and us, as see Finally, economics as we the

oil fuel and prices needs run to demand move plants as robust vegetable More the higher. ethanol been importantly market continue to have though,

addition, are started after that protein to demonstrate In strong to increased be of and many we in the our seeing to begin the the products. later ingredients, shortages for impact our particularly what our and redundancy up I MSC potential for discuss size in we demand positive strategy location second will seems market. call, to our high

protein in can target be the the produce aquaculture to to about scheduled ingredient River We our begin and the are new value-added are used space. that we potential at to excited trial XX% X week or Wood next a

for and working aquaculture We the our and excited are of are can customers program. us new with product, this our who samples to believe be transformative we get

their opportunity. We long-term of plans. Green more and in moving have that protein equipment this Obion, for shortly quarter the Mount the break to Plains this on thawed. Vernon is levels to the we increase are are $X.XX we'll our in the the able and ground start-up per as quarter lead Tharaldson a Central goal track executing long and City The ground unit. on and in distribution We Partners and beyond was system above, operating spring patented Obion place, to is protein MSC know time the ground as soon XXs fourth plan at a and mid-XXXX of fully start-up XXs broke in at on and

the commitments to pleased partnership distribution are in The our long-term our and quarter I minimum update the a ongoing a is back We flows. volume in a all on of for row. to exciting second on come cash and spend strong increase committed in an resulting XXXX for sugar call provide will carbon. protein, and verticals, oil, and beyond time on initiatives stable

Inc. Green both to Plains Partners over to Now Plains the I'll and financial Green turn call Patrich review performance.

George Simpkins

and than year of Plains million the morning. mainly Thank revenues consolidated Good of Todd, run driven a million, fourth for by the rates. you, higher $XX.X higher and same $XXX.X were ago prices Green quarter period

anticipate putting rate higher through startup plant a XX% Our Madison, move and final run during rate rates utilization and the period, Vernon we at fourth position for quarter, us year the in which fourth quarter. We during run the the XXXX. concluding for favorably utilization year-over-year in compares with a items quarter rate York first to prior XX% as improved Mount an

prior decline in gas loss quarter, or the $X.X year million by realized optimization Adjusted Ag largely for XXXX. the million, per $XX.X with we in and quarter from to crush largely EBITDA million year. compared energy favorably a share of contributions $X.X million natural in period to due in loss year-over-year ethanol the $XX margins, diluted quarter, in was stronger $X.XX to For reported the the same prior margins favorable net the for a reported comparing quarter, offset due

--- noncash of a net tax on to million assets. for the included charge loss deferred quarter valuation nontax a $X.X charge adjustment Our of our tax related

and For gallon the a quarter result gallon $X.XX per for period, a strong the a realized protein we fundamentals, corn $X.XX year of in crush oil as full per crush the and pricing ethanol sales. consolidated margin margin

XXXX, was of higher favorable of issuance of the the related change driven the compared to in in to convertible of fourth cost million offset by the of offset expense the prior year of in capitalized was $X.X during of segments the costs partially interest. for expenses. Interest and a quarter, For converts quarter, addition XXXX, accrued to associated from all converts, adjustment early driven our expense by $XX.X XX our Quip of XX extinguishment million debt with and reported SG&A our by an to quarter, in mainly QX $XX.X debt million $XX.X by our a Fluid treatment combination the interest SG&A XX effect compensation million

expense the reported based tax $XX cash quarter was expense. Income which interest a the before result approximately per on for year. will debt quarter in for interest, $X.X expected million, capitalized XXXX, represents which lower cumulative average tax levels, adjustment For income expense million interest should

until balance a in summary successful ended of of in before, Slide XXXX cumulated We loss NOLs highlights. $XXX Green and million campaign to and credits cash we sheet capital deck result, the is growth for year, $XXX.X in during working our the the therefore, of of the earnings have with cannot interim. On discussed net a reserve million benefits any results our X compared period support the we've we objectives. We As reflecting use position, the consistent future capital or Plains to tax prior as a income. remains the against demonstrate of net company's

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

we protein safety CapEx, maintenance initiatives and profit sustaining the $XXX.X including $XX.X ending the million $XX.X total our projects, quarter, to capital, million and regulatory allocated million year capital CapEx around towards growth $XX.X million. and For of MSC to approximately with

range the our maintenance parent's $XXX was continues in $XXX ago be am another the sale a to anticipated $XX $XX.X capital adjusted approximately plan. the Ord result coverage EBITDA is of growth balance should million report and the past quarter the period partnership for to year plan million including with The $X.XX CapEx the MVCs quarter. $XX.X million million the protein and capital EBITDA capital to the total to to spend XX while from completed deploy company Hereford XXXX. the per of an initiatives. This as our capital achieving projects ratio of in year perform that the of in enabled from levels of investment unitholders allocated first partnership returns to XXXX, will key we according of to enhance continued at quarter debt rolling a look of for over with be transformation of we As million, of important the distribution remains realized XXXX pleased raised an to significant toward combined other of X.XX initiatives. I same the the over the to supported $XX.X unit increasing million plants. Refinancing be as performance quarterly for and to months for by maintaining a partnership's earlier by down MSC year,

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

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

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

Todd Becker

Patrich. Thanks,

each and to our pillars. of strategy update theme walk I'd on our on you strategic like an So continues, through of our execution

annualized and in converted, mode over our on protein gallons on partnership, our tons to and XXX,XXX value-added we we construction XXXX First, online locations have ultra-high million and early into initiatives, over producing ingredients during early in XXXX. bringing planning are Including XXXX. we XXX continue X plan turnkey

areas. We quarter see we the have are continued in demand, in all represented seeing strong customer additional by and multiyear last customers interest growing adding space to MOU as announced pet

We partners alternatives our protein products and aquaculture with are the in globally. as of fish to ultra-high production are plant-based our ingredients using for substantive as to meal late-stage discussions use demand in growing well as soy products

forthcoming to we visibility this be this year. One key aquaculture XX% we successful, expect good into announcements are potential believe QX during protein QX We have will demand. and is trial if month, and we starting the of

our well plant-based the new for novel high in approximately for a when what's and pets, farm is rate decades many in inclusion be feed addressable in swine have dairy confidence what find but higher proteins our raised protein protein especially needed, our and We rations, production products to we protein over much feed shift completed, will just make and market degree will a scale poultry. world thesis below future. to one The million is is and also fish path of relevant our market to tons. in tons, we ingredient X% our concentrations. The now our at of at the remains short real and novel ultra-high XX addressable intact structural XXX,XXX And largest our

is will accelerate a believe world will over last also start continue price years things recent move protein all or be We its just differentiator. The demand successful protein the higher XX% pressuring protein supply expanded in markets crush protein We continually to for that or will be fears XX and evidence change more and flows protein of product needed, soy for trajectory to again alleviating that matter. trade believe production beneficial production where continue more globally. prove to will to more and ultra-high any ultimate be

low corn Regarding overall and corn vegetable to renewable our continue score renewable for oil. carbon and high oil for values intensity our strategy, oils see we strong demand

acceleration now double in again capacity. the fourth pause XXXX towards and quarter, as While the of diesel end pricing brief is we of took to to robust industry industry the and expect year a return demand are expected seeing its this pricing renewable on the values

Our to with pound-for-pound on are and teams MSC valuable which the maximizing improved kernel. Shenandoah the corn yields, our Wood yields of of River, component focused corn our have and is addition the most

the pounds IP is the share corn increase towards will XXX of per and believe through patient as call, our a also process We yields, structural developing. at part by Quip Fluid thoughts continue oil, I value and protein, not rate to XXX anticipate exit projects partner of of increased the factoring of shareholders. only everything completion have the our has but ongoing being year, advantage to on production that systems, MSC once business owning year in expanding that this over after in we more controlling this as the around the MSC this technologies pounds stand-alone end feedstock million year annualized will returns completed. In we in to heading substantive of be for how is million are discussions on our only

our clean front. is updates the sugar exciting most of on One

and patented produced milling lower our XX% process study As lot at a dextrose do Fluid dextrose unique using from can the operation. a sugar? a technology we in process. in a than different, Because completely indicated Quip of disruptive is energy-intensive we cleaner has study mill in owns produce a least produce assets that a it that invented a intensity, after completely clean is will clean sugar more reminder, call wet that This the increase opinion. Why carbon dextrose dry value our exponentially or

sugar. up York to busy this commercial scale been produce of innovation center our volumes ready We and at getting have clean at

to are the have potential more X engineering begin the colocation We are completed samples making detailed and as in progress sugar on we large-scale to other study customers. discussions and don't currently a we ready clean unit more offtake sugar see believe additional process. We any clean have agreements operations on unique sent other system. good and in FEL substantive commercial risk We technology

dextrose at Our full plan the on a biorefineries. to of million done will portion our conditions. A sugar clean than to or while of XXXX break pounds to sugar corn XX which rather the up, a likely involve one allow second system the a market in should scale conversion leaving of depending to scale most a to dedicating annually. the commercial produce XX,XXX a of to clean continue grind at system per flexibility over will engineering on day start, XXX close system, also being of ethanol million is ground gallons bushel produce This of equivalent with half ethanol, facility

using competitive production there is also today. our products other of cost We out patented technology our believe low-carbon to

is the for in-demand interested in who of We bioeconomy feedstock this the that our believe type us. So product? product upon is is

enzymes biology being with fermenter. talking anything results And customers are chemicals green to made to have to bioplastics a about is from synthetic positive. We been just to that all the in

carbon, on this than remain kernel it its other the last sugar, piece we corn on to which monetize focused clean best of how on Finally, does own.

Our just dramatically. X to Solutions Carbon potential the these our scores the direct X injection. goes CI committed plants, fermentation lowering other team reviewing is Southeastern their capture at and COX locations Summit from of locations project remain beyond to our opportunities

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monitoring this, Green closely we opportunities Plains are review important We full well. fuels industry aviation at produce and development plenty nascent, to come looking technological could for and over for be but a ATJ the on early competing This to of is that and for commercialize alcohol-to-jet a others help this the opportunity. various have the them we long available term. on technologies technologies very undertaken believe partner days as for are an still to believe of sustainable time there's More this

bolsters late be and going we were as -- agricultural received In our believe significant Green should of create the Quip for Finally, IP, partners let's the several today. go X leading defend that well, X value for Plains This the X in active with investment in Fluid We in an we our technology and Brazil. a Canada, and patents, opportunity portfolio to issued which opportunity XXXX alone, in against may will the in all We at take on. the world opportunities XXXX ownership take is IP additional We an XXXX. infringement. let's look our our some believe in shareholders. there notices in X U.S.,

buys someone We company technology else's a are anymore. not just that

monetize to in products starting value, on of opportunities continues my using to to Our those opinion. corn capitalize technology accrue aim from real opportunities. kernel a and our IP expand, to is the The we

XXXX in of platform, that ready Gen can So and future? shape Green in we than what in transformation for X beyond. fuel look our start our through as to does take this the we value the all and XXXX, getting mean the Other today volatility see for Plains

estimated million the of non-ethanol feel margin again specialty during the $X.XX $XX once on on last contribute average. quarter itself of guidance protein that, alcohol pound, touching $XX and rest to to that oil Ultra-high million contribute still corn And $XXX remains a Ag course, same. is from oil in of from million $XXX and With for XXXX pound as corn of Our over be additive, between platform at we top SG&A. pricing to $X.XX EBITDA million the comfortable less, per contribution XXXX energy well will corporate XXXX. could

are recovery additive some not ethanol fuel from economics not numbers. anything, will away current we As transformed, also from be these and and transforming levels, still to to need take

higher traditional ingredients confidence technology for decarbonization with We of that to are do sugar call manner. Thanks we Q&A to in than be own produce clean as mill that now in this truly patented session. lastly, stages beginning and us the economics. in produce can margins and scale can start a growing of we This responsible matter disruptive. And all can we are dry at expect today, joining base sustainable significantly our the stakeholders our

Operator

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

Craig Irwin

nobody guess Green in ethanol. for I their mind right Plains owns So

what get bug Todd, How going of quarter. we on a key do scenario? is reasonable attention you XX% that produced is looking XXX,XXX should you there? When into that's about your the that in as working It's this different do we with the on pricing 'XX. the hedging the in customers. trials. a you're number getting for? comments does take to the I pay progress. be exciting I'll start analysts And see actively shape? didn't to I'm it I So visibility previously What know of be large hear. going operating to let question any morning say Hi-pro from investors details congratulations to the would tons

Todd Becker

Yes.

food markets premium is at that about a to high is remember, soybean over today. are of $X.XX continued evaluating traditional are DDGs. $XXX protein has for premium -- $XXX soybean meal that just a We And Today, traded meal high-protein ton about a price, every in in $XXX process our products. prices process equivalent. pet to We at already gallon

starting So uplift that that even above from to we baseline, obviously corn gallon, type $X.XX that comparing is not include don't meal. in to oil it And see high-protein protein $XXX just those you're on if a premium another oil of the soybean alone, every you're corn numbers. original including just

about trials. see and first protein and like success the pro on when $XXX didn't on to primed we a concentrates the priced before top start a get are XX% of all really soy to contracts there, a and and things our upcoming protein of I to And look stand higher goal believe up concentrations at today, want can you what against we we get partners market stop -- successful to yeast at achieve concentrations. in our So just take our And of if our $XXX perspective. that to competing protein it's think other wait, then And kind to at first -- higher commercial XX% will we is when ton. On XX% stop and that. that yeast. wanted extensively breakdown XX% products We volumes, is we're really XX protein and that, the with biological think from extend and of really you XX% our product XX% is and

worth a yeast XX% the today, in market If should of comparable of take be products ton. price our protein you and the price $XXX XX% the the the

being start starts get to think product up we from our there, the that key and focus to and make it into market. those able so And is levels. The

we verge protein in a because on trials. the days more XX lot not working these Africa protein XX on -- spending products Asia South to focused next differentiation, with kind to and a North to on to are XX them of lot know time the customers We and of on with the from our we'll Europe higher America of XX to the really of and products differentiation and to Mediterranean the these believe taking success that we're

a what So which the And much built will $X.XX point, to up to $XXX we determine over them what later the a that at going give we $XXX that market based year we're on based with $X.XX is the systems start grains. up look, look protein to we'll new in come think with. able the to start as a better premium gallon be sites and these to margin, to we're except I distillers' going on a say

able that something today more in and deep our in exciting and We of as our place substantive as and be we're in in are species put shareholders. to all our customers, aquaculture. I And for will achieve areas pet of high really to -- discussions all with that with food several discussions, in that believe

Craig Irwin

I ask So about as wanted a the relationship. second question, Novozymes to

adopted that can tailored needs do things that touch scenario us into of with progress the the we describe gently potentially the better maybe high-protein profile did you You for be product response food what couple trials? engineered better the in bioavailability, to made different years? move in upside being the groups. maybe the platform? technology in a When you the subject on your nutritional last is customer of would potential see just Can of see now. But that's your potential for been And an

Todd Becker

product others constant Yes, And discussion our would of that always with that's a and continue Novozymes just and beyond we Novozymes with be be one But concentrations. to protein our start partnership customers redundancy our at really sold. running at make to we can have multiple and the for to so trial, new we up order to we locations, happens have partners and them. we be in spec wanted this

fact today the significantly you plain protein. in if look value focus really step XX% that is yeast next it's contains at And our the on our market, than higher so the just And value of the product yeast. the to value, of

express do to yeast that whether that, And XX% acid palatability to or so amino characteristics. it's is nutritional able to work target to characteristics we are together that starting or

we've We and you product have work -- see positive been -- we've results. a of that opportunities. That's in go early work change about after to where ongoing you and the make done partners to really can, where value results those this we're starting some with step we're those from our again

So we we make you yeast are have of a capacity have lot when there, that already and long the about fermentation opportunities a way to a think But of go. available. yeast bioengineering and we lot

you greater. when going put from But formula, all it you never If we're is protein XX% nice of our where to do. our opportunity that company. the with partnership. that's and a going come from others. so a certainly doing for those XX% we is was into would bioengineering combine the going where protein. and we're And what value to also this the with together going around together believe thing That's partnership to making and that's And that's really we Novozymes and and real to come come about is think we product. It our did, But yeast be making value our the X value really

Operator

Your Manav comes the Credit next Gupta of question from line from Suisse.

Manav Gupta

soybean the So close. year and will renewable the had in eventually and start I a predicted intensity markets the think guys corn pricing ago, oil about gap carbon that or correctly between so will diesel you oil

move is we soybean above oil that oil. what are to seeing started Now has corn

the so have has billion that X first over that a it ahead? here soybean gallons do at RD to That's of comes of trade obviously, corn, So ahead going product question on, new premium expect question. treat, you a discount form most my you capacity of going will is, as some free

Todd Becker

corn the on way oil. has the the shift -- liberating terms we're we're extracting more work to relative of the produce, and that, X.X, liberating really regarding of question there there we really and top process your X.X own to X.X believe in -- of of ability and And we've per now even more so Yes, already ourselves some there's is we corn, focused of which in some why if making and demand separate of kernel. Remember, distillers to which that our and more technology seen what use on to through achieving the we MSC the begins oil it, hard of pricing. is of process both the it's rest pounds left through X.X oil XX it. To for system, of in improvement stand-alone pounds in a that answer the X/X improvements, another that of structural are get protein oil

-- -- seen get markets, that -- $X.XX some what really take benefits soybean shortage that in, and that year seen We little premium as more just low-carbon inclusive is diesel online, our will definitely as where you oil a there as $XXX oil a a both gives which Plains, have high, margin used not strength cooking expect structural MSC waste to if for contribution and to now, of for distillers a million shortage baseline Then at corn the a take is year intense pound, XXXX, oil. They're a high. really oil. what's it comes of a renewable million a -- really that's whether if structural -- there's of meal overall, -- will this we right But accrue distillers even you all, -- waste really million bids fats as soybean to to comes and that's accrue future as look us at over more but both and alone, going we as participate it's out to bit. we for relaxing of coming the $XXX what fats confidence we've oils to $XXX of that system. And look stocks, oil, benefit late capacity corn double it's Green animal we're or

to at own intensity relative as by your opportunity scores carbon that more starts and diesel. to really continually to that a Plains fuel assets take renewable front on valuable value our Green that reduce producing just the its we the are make You look for alone, of

But So excited I'd oil, the just if was opportunity, we're obviously. I about well. very as making soybean excited about as opportunity that be

Manav Gupta

my in shouldn't And understand follow-up the we can get clear. more challenges it. whether a is, second Perfectly leave there. just is understand whatever rear-view a repeat. in little focus So half you of first mirror. easing? on just And it those I'll kind I half, it's bit to what supply XXXX, XQ confidence in XQ Are I faced? want happened doesn't We chain here that or little

Todd Becker

these Once our is really spent to Vernon, at it thing market Mount that, daily of $X.XX Madison were single and it, contribution programs. Same has U.S. down because looked we useful we one the our being own full X every -- to think that a short its see would there. we replacing need our gallon obviously that within of or up have full assets inclusive and spot came which that assets ethanol at waiting modernized. It assets from in years back Mount of as making if looked for we the are dryer finally great I of capital the been of cause and thing day, system over control we fuel which our started supply went average year, same the modernization waiting in you're rates with these disruptions and going are more why came, in a Madison. which be they last crush this was to were the have we're are X half outlived to year, ramping up side DCS, we now of to The When older going life. And getting would happened Yes. progress we and couple market Vernon. for for parts run actually to at negative of and the more at upgraded, not may last week. been dryer chip One the on

great there the the the up The later And to X next we demand be of A our location built, of MSC start-up one other half southeastern production back in A that's in for that's because great standpoint. in a time Indiana. protein from standpoint. Mount being from is location and in facilities up X should should running Vernon, start river weeks. the year,

be a us. to is on Labor Everything continues accomplish challenge. So that those we be this. to need behind site should

industry that's as But such denaturant escalation urea. labor, across and chemicals in seen increase. the things production like and have costs We of an equal cost opportunity

business, 'XX. And mid-March up finished. was injured. being one I alcohol quarter in old. at better And full bins The collapsed. have online. We facility to than stood York overall, so, the significantly specialty replacement that in that were is 'XX But running shape we're as one impacted and where a importantly, when already facility, fourth about Nobody well. we other we're run in negatively in bin were think bin be back more should XX% bring the our that And our we we now capacity, which

about we're steady opportunities protein, when be as would a look our well. outcome excited all carbon, So oil, sugar of and great we forward, overall, in market very ethanol and another

Operator

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

Adam Samuelson

over ethanol oil crush to considerably, we're pieces what quarter, want prices. all quarter So oil obviously corn even crush. some because just trying the lot first specifically, what understand Todd, corn based margins And and pieces sure ethanol the I'm just in meaningfully about think crush hedging in of spot to from conditions of just I'm clarify those should of pieces some we for of -- calibrated because the in year, different... that crush year, weakened have how to and high translates just very past way to or framing means that rolled I an bad. producing got on you're into will Obviously, market and the terms be just the -- talking from first your you ethanol moving deviated make just General in the we've actual there's you into the all reported make obviously, for that And reported ethanol more a ethanol good you're this Hi-pro get I of crush the I on 'XX, kind gave how the trying -- maybe trying as year. and actually -- sure about guess increments. the

Todd Becker

hopefully as listen I'll I'm... base right? start -- thinking I up X look at the -- we here, it take can we be a If said, No, -- you year ethanol. clear we

Now negative. pure crush -- right ethanol now, ethanol is standpoint a from

if we million. year, by of up So could to some that's out of how at you started in over contribute itself, well. But make look the for year we we corn last and think oil as kind $XXX have later that

million. it's component better really $XX between to or that's the we're you X protein, to positive as at contribute base environment stand-alone the achieve should give even other or ethanol crush, are we we was oil value start clarity we're worked going you our mean or at a going the minus end the quarter minus look what you really a and results. million what accelerate ethanol plus corn of to component base protein return, And margin show through should achievement negative we'll extremely we down was and a our $XX what I positive every process, that think to is a first of XX what ethanol as our daily or our achieve every when crush, how to a I results. obviously, our well. show going was in -- have ethanol And is still XX. XX plus come If XX on we'll And if -- businesses you return, really the what above,

already. setting We're so ourselves for. that's we're up seeing And really it what

the incentive when shape ultimately during the come think that all started you will quarter, return but market the then as back. out bit in of today. and probably you And return dislocations we to base the chain fact know from you all the we is starting During in of view standpoint into meantime, I ethanol, some at quarter. based around later into supply like blend look everything And margin on that United these quarter, will on that very weak together, hit our back we the first things will well. But And -- issues are long. And looks top to a up numbers can a positive. negative into market take the the remain around the while doesn't a market as this negative, moving the is you it's little terms we're base at significant to to it there see of second add bid the quarter point, bottom add starting And look feels ethanol the it when ethanol that, for like margin seeing States XXXX. crush at get

Adam Samuelson

That's on work framing. start first Okay. I if clean could then the have All a sugar right. And on follow-up system. the engineering very helpful as you a

gallon be I it is XXXX you thought Just until effective fully than different capacity, about is still you framed you the they look it months XX been in think over CapEx? do you've it so? how the this -- how But the would engineering you clear, capital XX, last $X it the past? a framed about is match like gallon won't or of economics with a, associated is know I about guess And it to how to a talking on was there unit in there per the previously. any way that complete.

Todd Becker

we're is We unit basically we we we're think seeing out per it, today. with start higher. plant, smaller about we a said would That's what that -- think everything could when Yes. CapEx but be obviously, why

our bushels X% XX equivalent production our about basically will That of day. the equivalent it, million at be XX,XXX produce looking or dextrose, plant or And So is we engineering best think It the the gallons million about when about XXX that. which production. could we is pounds end, are clean low-carbon of in size minus a dextrose. of plus of

we we're greater All said than on $X.XX based and our versus $X dextrose production. equivalent economics a margins gallon of about thus gallon sub $X.XX the per the in right with what consistent CapEx a seeing of are now equivalent that pound past, cost far

we And plan a very we our is at so the first confident plan to unit. look do that, when good you take a in are have place that

to heard with demand have today exist colocation opportunities potential have for to in the companies world companies discussions chemicals synthetic biology first in that several probably other of. unit. also We with renewable you our We're from that for

to refined They fully don't for dextrose. characteristics We're these has little -- And we be is actually food-grade a demand go there deep for so product. producers. have minerals strongly We're don't we beneficial the buy product not a turned the some leaving is dextrose. to that it's very to ours want other today. And and clear different and which to clearer it, believe also in this

to confidence And we our make the start we system product, it to towards look so break have when clean what be forward the we believe we take that being look York a we to look and at is first and and the accomplished in all great that at of beginning ground our will revolution what will platform of future in sugar. a XXXX in with able

Adam Samuelson

that's ground clarify. 'XX? Okay. long a what's later -- in that into there's is service to And this how going the -- just service? year, how break take think If by early you do to Or to come

Todd Becker

We do, it's size a think XX it's somewhere on between we think what or of we depending year -- months. the and XX

we which end of of service that will selection get our we get can do it's late if our ground XXXX we're a broken we quarter it by the our at. -- as making on So sites speak the if And we XXXX, can site goal. is one third of which

Operator

And from our next Ben Bienvenu Stephens. question from line of comes the

Ben Bienvenu

about ask corn to want I oil. So

from pound. You to product contribution $X.XX a anchored your that

think -- idea the for though, price point the get corn has goes to the with prices corn that across suppose understood corn want vegetable industry you oil and for and as business I I think view, leverage quite your I outlook it oil to bullish the the ethanol. much higher up, lowers that looks the price oil breakeven in taken on oils how particular. essentially

your by price to just upside dimensionalizing to But So your improvements curious that. how absolute I would would think hear price. your you process than of yield the thought around so driven I'm more think kind about be

Todd Becker

that. come -- and I we energy, the or gasoline very demand out and on think consumer for these consumer when other products, And the it's in to gets alcohol at still step for, you things and general, demand in there's that that and back think fuel and there's look RBOB good of ATJ product like today whether and and base oil when that, around specialty normal. for look it's demand the a the opportunities at will other back drives I when a in whether take our you of top globally,

everybody's But industry an you of certainly some yes, in make oil are as crush. of the given while the into So that economics be unit certainly, that could as let the it Not happen. has certainly assumption and past base others. high corn yields -- the can back

the yet. diesel. distillers have all margin So think you renewable far, And industry much we But as you to in ultimately, want experienced well. to of if I ethanol think make corn healthy making have I that realizes that oil significant industry really a haven't have to that

industry talk -- that I regarding case. necessarily the was give just that the products But They'll think the I So makes. that's it away. don't think different

and right -- there's and driven demand in supply which the around rebounding weakness is now chain consumer the still dislocations supply just then think movements the with today. carriers weak issue is ultimately, really January, by And the truckers. I in first

think away. still there's I that an to opportunity not give back So to have

don't the X.X of leverage, other can our X.X right, plus you average case. But more we'll think industry MSC to the oil, or Some our plants, have take then opportunities per at all X.X to an correct. you're I or extract to stuff is of leverage be When higher and you on that's to that. be going achieving and at yourself X.X of pounds bushel

ultimately realize to have deep more. and ethanol the away deeper so can they is for going give low in demand those the it's that all that CI get and the economics think and that industry renewable feedstocks I crush in diesel to doesn't

Ben Bienvenu

Yes.

guys of to My in at priorities expect moment? the where Okay. around question the just that the How is sense. that critical project path ramp second Tharaldson. your Makes of do is kind of phasing and you

Todd Becker

priorities. It's in a huge critical path of our

We thaws, ready to are quite ground for the We're mobilize. building. thaw, frankly. to to ground we're going waiting that just And when get

do that we're We're ready start ready knew that at is -- just engineering it's because winter and to of It's getting hard and -- up go. started waiting of point. just have some worked to to we work, advanced this a to there. some all do winter we ready We build already. to matter And obviously to

And biggest very expect yields But we the protein, excited doing as there In we're United will plant the up XXXX. size, completed well. And States their corn be ready about what to expanding also our build it's ready ultra-high in hold get in so we But with move partners. oil And warms and complete we we on to terms producing protein that are it we get be to amount with to hopefully bit. far, try largest of when XXXX until starting that running on the started the a thing little we're construction in start want this done XXXX scope the of what we what construction, we've scale year. to substantially least be if make that the depending off get towards weather complete to up. can sure should like -- year. it -- of faster, into this Construction could may to up end the we'd take to But construction. at

Operator

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

Jordan Levy

earnings ethanol. in as ramp the coming we've is phase wanted earnings lot maybe give recently the plan investors protein to stability that through only from the question. recent transformation next go high-level on initiative Obviously, thoughts ramp the You've have another of us lot comes of seen to as mitigate so earnings but that -- transformation up, the the touched some scale ethanol with volatility but up? not of the on could confidence a that in you quarters the on and of your a can volatility the in far, I you the ability this the see more a of if

Todd Becker

Yes.

our expect pro second $XXX should our proteins at into a XXX,XXX market meal produce XXX,XXX -- there we not protein and soybean completed base a we earnings be today. That's just XXXX build base to high-protein could a As the get will the from talk XX to tons comparable in whatever should year, around of is we're be still earnings. when -- base and as going XXXX you million higher again, we just to to and earnings -- on about just be start year the per

you of that, at total start. X and of top right gallon on you there then a X the start think oil corn then I of base to your billion and earnings, add $X.XX over gallons take production close you those together, If

from ethanol harder So minus whether accelerate to that available or from you many away ethanol have XX think I so economics because things away you to you push plus are is start that. XX%, to

concentrate, cut from concentration away for If as there significant to and see your increase soy at your first another ton obviously protein XX% you increase protein and $XXX take a from acceleration just a replacement a like economics. ethanol you can you things

I covered -- from really clean away oil, around economics. ethanol ethanol yourself converting the covered more to still into And and confidence completely more going gaining acceleration away from day. we as economics, be more more you And is sugar. think and divorce and are ultimate we alcohol protein point, more from at every we that and

volatile get our year. XXXX know certain base from. So still We to where could going be earnings amount a a of we're

U.S. during U.S. which certainly see ethanol of starting and up demand. We've demand, sitting and would the driving from I We than up. product another underlying back somewhat helpful we're domestic consumer seen of come traditional export traditional we think consumer at gas be that have are And the world $X.XX in the consumers. been of well, is with ramps that gasoline as manage ethanol global the export consumer, other the $X.XX interest ramping The global and some have under is demand, that -- through the to markets, signs as return RIN at I seeing do to consumer for to our the very and think the ramps be that volatility exited ramping up, that margin, able up, is our gas driving we'll year. for

the actually fundamentals overall, solid. So look

get manage got volatility. to the some point, ethanol to volatility. from slight think 'XX, to economics But be away doldrums. we're should And able able completely at XXXX, than away And economics. winter accelerate come our we to of that we You've better from come get those other I start out

-- think, on just Jordan that. I to close

on just Jordan. I close to think -- that,

breaking X have We construction, under X ground.

run entry XXXX our and rate run into exit rate Our is solid.

We Wood next that. And the are really updates to at and even bottlenecks fix. week, had sites, starting bring a post of have under extra construction we product, we that. product on A come. now were also, that benefits product And see process as of product, testing River the it will lastly, build we'll and in saw And and start lot needed on we actual it And those: today. few to us. have the as we build early should we our real. we to more X weren't to that of fully make it's bids as continue you we just one for demand they we than significantly They before our actually

that about that well as during very we're we'll next So excited and the couple where goes of see quarters.

Jordan Levy

the side a on things. of next segue That's into protein good my question

uplifted trials profile seen I'll yes, there. you've see wanted been we J-curve some and to talked there? you've get could customers maybe whether those been details supportive it more and to you've outside doing the Just if the And some of of have before with on leave of value pet the of sort

Todd Becker

Yes.

year the We've last well. done including into species, products the our all of of go We trials cattle. over that have some in almost seen as beef

get our And MSC. in in see we that we'll continue look, good results And aquaculture. second. But some a to post into of

We everything see from super continue full sacks the customer as our from base pet. expanding we quantities to great in interest By well. way, we're speak pet to as rail

that makes of just anybody has top pet our really It's food are an it's interest today of one buying product. the -- not so product. big in our X And one that

it's a We're protein product space. that look still of more at at came see poultry, our least through, And include trials to we're for alone, is trials. that and -- kind for seeing seeing even that substitution other pet we're couple in more had the when trials, ongoing And more. and palatability product that's more industry way of to that in the at standard but as is clean a I we've very what today, the brands for think of our so feed really ration that, we're because you well. And a And and again, well, seeing we not clean you see good pet. things finishing when look thought what how least feeding swine at which really to into ongoing well starting comes demand some starting demand And a clean to again, market demand and be -- industry. there actually diets, is we're this value what for return, trials protein, we're And piglets poultry accept start this in get MSC starting markets does And we in when that's then personally the see and what poultry as are. And the do those in well. the good the well to through -- And plants. uses like but that then continue product of from bit but product, wouldn't swine, into we're all we're lot proteins as demand to that markets adds rations. to that out well as that's see -- of there the one in surprising, the that really

any you one least operating: trials. them, aqua middle X where have tiny. of a you of they And now we're couple very in if size the a at doing handfuls. And of in salmon they're were saw we trial, large-scale innovation Shenandoah So visited, the centers of

Omaha again, grow that our fully to innovation you And now in a seen as feeds opened. customers. seeing specialty long obviously, you've great then results center We're on there's York clean we're technology salmon. And bigger. So our our producing York far. there But have we there well Center, so And sugar. they're Innovation our feed has results go sharing and amazing then we're way getting with when -- the

just innovation and we're investment our centers seeing and care of take Everything will to we're customers production is X facilities certainly, these So making. our from need saying the rest -- across an running we while that's that and get itself. develop

Jordan Levy

last one one just Maybe sneak I could in. quick

is I little business You to while could for mean scaling wanted on what Optimal well? been a that since that It's pro and see have Optimal to talked we important the on trial as of specifically. your bit. Aqua this talked to how a thoughts XX you to

Todd Becker

a pro a is trials higher more them. looking and that. on those small commercial business largemouth Fish bass the and substantive like of pro. regarding diets, is to and Optimal think that hands trophy differentiation pro, brand aqua and And great really towards we Yes. this value of some Aqua are our a partners. feeds. -- for a our is with discussions XX other the inclusion we're Optimal differentiation XX been the aquaculture is of ponds partners. running on trial, we XX continuing does really think, with with in Optimal think a that's They've aquafeeds around and things their are XX rates and And production together get around to announcements commercial creator. The we exciting inclusions verge And real formulation, our there work we're

product Europe on everywhere really to that get that's So once is globally to really included -- getting when to we Canada Chile we from to XX Asia. above our start pro, and focus to Africa

Operator

comes question of Steve the line of America. from from next Our Bank Byrne

Steve Byrne

do clean your if sugar Is fraction in there over all is you And either gasoline convert you technology what limit of interest of any technologies it's not a it, successful, to developing to have an convert If these of capacity aviation fuel? there? to your or ethanol ethanol would it?

Todd Becker

Yes.

you is look we next that what I for we going and or to -- clean believe sugar when the think is at years we double that if -- the years. know today XX more XX demand X to in

comes. continue to pays I dextrose convert you really we -- whatever say, and, more. our whichever and when will earnings more kernel today. Obviously, happen. against more the back where toggle more, -- ethanol, the where alcohol-to-jet, And forth The what our or And corn that pays and it's between great that's best dextrose optionality really think our plan can you convert produce sites own just to a site, can that's sugar product. clean is We and of

renewable sugar And while it's our it protein after well. and view oil these first. produced as will to some going are is happening Our that next, in then that that, sugar in fuels. happen beyond chemicals clean potentially in be of potentially And fermenters first, new

order. take all you at kind of that, that's when a of look So the

evaluating you've I those today we important announcements. ATJ exclusivity is what's are technologies. And in all Those -- think really the don't believe today seen any are around we technologies there's of yet. any

adopting announcements companies today. technology certainly you're some technology view, to of to programs the other programs. without are some of evaluating going the there's put It's make those in are we to available potentially market national technologies other There's our that in other But well. to But companies them adopting, profitable. of sitting place also the government are highly people others there's as of labs. are some subject, sitting at it in that to and While have still those you in that make

in toggling investment So I to than what think significantly clean about higher dextrose toggle order jet, to the sugar is make to new the optionality -- and And having our more best to is. the going it's a to view. obviously be outcome making the what outcome in it's and best invest renewable

it's But to it of rebasing than And what less that that verge economics, So more for deal it with and does, to industry you a you rebasing, the market while look the need a the -- dry to Green have gallons, but what but with volatility and quarterly mill a deal a on revaluation can of, want you Plains we step -- a think, we may valuation I the that's to others close other the this I lot just facility while of have just this there's of verge and you industry of are think ethanol monthly assets illustrates past you on process. it as at it X giving And with and look really not value for. as future credit industry. more around really with is billion the jet -- chemicals. opportunities as all this for carbon is sugar, these others of base oil, and the of at value well protein look

Steve Byrne

having is well where about renewable taken you pulling And increased want you risk and and protein of with for you outlook seeing any to a demand glut oil do is, your to feedstock, you're up production see for comments on from diesel. all here U.S., et that meal corn that I that with going challenge crushing an initiatives? question the could certainly be outlook on have in a impact already. your and oil, The soybean And one the are there follow cetera. My did in increased

Todd Becker

that question. are you the out don't to all Yes, the to bills these of about is of cadence United continue them are will a the more I think be to But at And long going soybean out a worried I opportunities. to meal that great States. building certainly, look just think have Number build that's one, whether to any able of crushing that closely. take of take time world

the United there's whole disposition going able even think soybean think piece the won't I always a is we bit China And But States continue soybeans buy with -- mess. And world Argentina a the to at standpoint shifting service our that we the it or is would capacity to positive time. a fast be crush additional remain the we of economics Will flows have of they're in think not gets there. But clear demand. that upon while built, switch anticipating seen industry of using concentrations trade a and I But long -- even characteristics, policy the bit crush with ultimately, you market years. it But I and capacity a -- we're that buy lumpy certainly us. But looking will, yes, closely. in biological potentially probably in word. I to which accelerate have for protein different that world. will to from clear think fast. and good we I'm to and higher for We've have might nutritional general, that -- if I'm into all very you're stealing going will and is it think protein meal -- a there? a some as

have enough, soybean did, impact think that put cadence not in we to start a just I see to and product that is think significant open isn't if think believe, you'd accelerating capacity you But on, at the movements protein, COVID, you market to If And the now pricing I lot accelerate but And look any it protein. COVID just I a what's that. short But see little I fast on pricing. that's away going short on this the continues to as going demand up, is because it resulting come of world, meal world the protein. a it. pause price the and from on of

Operator

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

Kenneth Zaslow

Easy question.

XX% protein were for to to to? million if case to base you your $XXX pro, is does If $XXX that million, translate what go actually

Todd Becker

I we prices, but look, think XX pro, has a J-curve high there -- just if long a you use game. that's out that have certainly a

going all It overall, pro -- want place and to But of all but and grains million that's a ton place XX would first at If you will market thing product, ton is to XX in there. to immediately displace XX the don't million that's into an $XXX channels. $XXX traditional say first time plus. you you take uplift uplift the you're to the from to that start spend time that is proper a about $XXX to distillers get that

completely to I things you're higher that end, to think U.S. some the think fish opportunities meal, top going that displacement substitute really J-curve ingredients. go into to of but displace -- diets with never I ever plant-based of you in grown want end after like there's

a that. I as look million took just wind you if ton. catch there, another above $XX or starting obviously, well. But think And above a is I million or $XX think $XXX at that -- every so a from then to $XX million ton that's first to $XXX

opportunity we're quicker huge going it's to our Again, that market. It we our long take thought. for But we us. to happen. And going to a before the to is just there thought to partner. going than it with it's X So a was time develop higher lot was venture on it's X year up view get a proteins then

Kenneth Zaslow

that I'm not Okay. smart.

So wait.

who $XXX go I would $XXX that benchmark, Would What beyond us translate that, to would $XXX million? started if million? out? transition million? XX higher that XX that. that million get to but a $XXX that, pro, out. under going you're that $XXX just transition what where I million would million through and to like to the as and to So pro. going XX on $XXX for go And it's $XXX to it Help to to know be just be be But Would I the -- the get you use pro million mean it I that relative does was simple? that us

Todd Becker

to markets, ton, so earnings and that then cut. up nutritionists and $XXX you markets million adds you translate time global Okay. immediate is somewhere first obviously, on up of that around at for of and product rations you're $XXX rest because is ton is What XX between But think somewhere product. would go trade $XXX it's product stop, that higher this XX it more middle this that through attract it ton as our to our accepted and $X,XXX work in moves tons load an land and that it at first from the becomes moving to we and a have and from as into amounts $XXX million believe, limited somewhere there and well world. from $XXX gallon, not higher value it's it. But base of different rations the the opportunity, view between because a into pro that we'll the of and And as there trials for XX we but goes And we'll going than to have still ultimately, value product. that flows

Kenneth Zaslow

you're from second, million that out million $XXX substantially anymore. way corn million base even But Hi-pro marginalized, about $XXX not the really where to real a is that to statement? moves is. a starting $X.XX that a million about forget of moving, right? with fair It's Is up $XXX your just while eventually. -- the that So there at the kind just least base become thinking ago. the at put base Even oil the for EBITDA that sugar Is to you it $XXX

Todd Becker

et that's day and getting when That's product, you you it focused first start why on why of -- Hi-pro. And Again, more -- this to like doing rations, see and it's the into move, rations. every pro, we're we start prices your into the much then cetera. acceptance get XX interest once made to we're

the of those think ultimately I potentially. up first XX thing from value value expand with happen then to and we're to head or but nothing the yes, we to protein the going But is you start that's pro. of are And what will the numbers. there, is actually we'll of We value realize same to -- start place the curve. And know protein on that value move where want just and displace immediate, that you correct real protein. --

Kenneth Zaslow

aquaculture? Okay. I'll are what are now, what And mix if a base And from then then what you're leave pet it state? will customer you that food, percentage on percent have, there. year the looking And

Todd Becker

pet, until we're But second pet brought River dairy plant see plus we also -- plant Wood one and things we and online Because like Yes. filling River still facility. -- online, it plant to Wood in starting was of swine. poultry, out interest one had our only really XXX%

pro, that right get today percentages product. we're XX but wanting well will for over think aquaculture is it's on there pet, to well sales. So customer transition of over into take as -- look aquaculture now, not XX% product customer I is competition when really until as And place we send then this at you and that

on been trial this not to that product. protein waiting send so get channels, product we're focused XX we XX% to wanting -- can So to product really, patient, protein pro we've into our the over the -- XX aquaculture

Operator

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

Eric Stine

in at Definitely issues the about just more carbon shatter some hearing local the sneak capture. at here permitting regulatory-wise, level. end, and state just I'll one just on

there. curious that if changes the outlook Just

opportunity seems of that the pipeline permitting the side this the the direct I does term, mean, think opportunity? is were I it I on outlook potentially first. but know like I move the mean previously, longer ahead and pipeline injection X first. probably still

Todd Becker

farmers' Summit states. right there your happy you sure, to is on Carbon the is extended thus said, They're when look great up you They towards resonates to while for any the tracking more point pipeline, just the think very right-of-ways run at certainly, even environment would I these at tracking and project about permitting? about you agriculture. in these need project. showing Summit -- they'll risks regarding who's really you yes, highly of states help awesome -- away. making what starting look it, when through want doing. company. obviously, cetera. still. you through progress I about when this certainly time and you -- that yes, Is this want tracking pipeline we're Summit's to I and -- the No, And and headlines can't customer what imagine And permitting far, in not U.S. continue happening project. you And well is farmer-backed obviously, massive the who's really thought this thus get the that to the make the we They're the I don't think get traditional they're read think we this together on, farmer very pipeline really states would door, Summit in say as really really at far, somebody think put at around: be that going I that's you -- want et right-of-ways they're who's their But that. Obviously, and assess of showing clean with all probably confidence do place. land. When is states with invested have what's obviously it's the to they COX, have -- we're to But permitting processes to not already an a all permits up is up the This -- And as shipping that fermentation through are agricultural -- pipeline where have each

at where comfortable today. very we're they're So

is capture and to inject, and other to with other other you necessarily there on inject -- in as technologies opportunities opportunities we're we're where of them There you are those If products. discussions well go at direct produce only opportunities there. carbon out have our direct don't look evaluating carbon. one And many that

higher we this And But sugar. Green Because than best product. don't I anymore. Plains and value lot if to think use you're So the -- because pipeline. early emit carbon committed carbon product the still combined -- other certainly very from sugar, of of and story most the carbon about clean us less make in the with the you in opportunities highest keeping risk the also early is a corn is a for think is in to use at you clean carbon carbon that a kernel days

day, does all, if kernel think goes X/X up you every it So that not ethanol about at stack. to what of just is valued

of emitting kernel, make carbon a carbon make atmosphere. part longer that clean you're which of that you into and when sugar, you no reused molecule, sugar carbon the the -- If X/X now is -- you is

Plains think carbon sugar Green clean make So to is to well. on be at and able flex I plan ultimate our as

Operator

our question Laurence And line last Jefferies. Alexander comes from the of from

Laurence Alexander

ones. X quick

facility the to to sense can maybe to able in with the On X some to normalized say, secondly, Quip, after licensing strategy licensing in, get expect X long where And do service and be update give on dextrose, how pricing? hit revenues you Fluid years? could you of your an is -- validate

Todd Becker

Yes.

regard normalized Our view pretty with is pricing will happen to quick CST.

is whether look matches traditionally And what in pilot. of end-use on in know traditionally. colocation product to it's product the in or discussions have all more it buy going terms of multiple own and they or whether and production it's their And the the We going already are and bought bench characteristics what they've in they used potential like the opportunities. with to

And have produce we're opportunities this -- is at some is and supplying will So potentially campus will is our because product opportunities one facility -- price colocate them -- will -- pull it. view bit first to we them call be is think in be this of pretty at of well there'll this the easier actually campus as defined that that looking these a all we do we'll well. dextrose future on where the partners little

So point, there's other opportunities. at that

about that. excited we're So

make IP that's down were up. Quip and this Quip value our the when that. that continue to is. Fluid have we Fluid the and where stand-alone a technology. this real product out And around X not of just and X going beyond this opportunities thing. to the We that a -- around -- buy needed opportunities we the company don't around world really what's process, to bioeconomy, certainly think early remember, the technology more continue Quip and own lock -- oil it's that little are ultimately, ownership to IP, the one licensing But days of and and of value you a get we're the Fluid great. more technology and we with monetize clean for patents to those year button the sugar. anymore. product, the potential we technology. I'll as look take of But protein the I as the we just last that think it's And need to portfolio clean and sugar close for sure at the from value the I in we build And

As it's about way I great it sugar Quip think about and as and Fluid a around that. think to protein, the -- we IP think oil, and

about green we by fed world when the technologies the future and and that will we're what happens The and separation clean fermentation -- bolster sugar the and scale does drop the and is that's Quip bioplastics of to of you it, out it is -- happen? and outside get biochemicals our in to -- and no all It we what vessel drops think biology the large biology world and solids the the of We positions. separated. And largest in continue how technology. IP and need all the protein, -- doing protect solids world believe Fluid of one in a it best rest synthetic the separation

on about chemicals as these that move that we investment separating bioeconomy, or to you through -- the into run going move around ingredients you in or of real take opportunity to want separation components believe with types all specifically, Fluid we you is significant different have separation. an of it as ahead as it's and know, them alone stillage, a Quip that our talk If opportunity all today that, could as do technology well, to running Quip the products biological has you protein incredible other our And do what many the system. but with through because Fluid of it that's we

technology as I just also part think So but is deployment believe valuable, it, I not licensing the more. is if strategy of

Operator

over not any you. I'd closing the any like questions remarks. for I'm Todd queue. in to showing turn further the to back Thank call

Todd Becker

to everybody, for We're strategy. us. technology value times be of that to And have Green standing for ahead going lot Thanks, lot to today and great our next coming make that exciting our opportunities our going about, Plains to our systems. the prove platform. When phases company. we're the the that portfolio to And you strategy. at technology the to opportunity look we've of an undervalued very into and the at us going do a call. standing lot is the to that We're and IP our year next of opportunities exciting investment you Obviously, exciting our believe are to possess have, go for rolling moving the a that value and going I as we up out continue are of of shareholders we'll on because technology very that Yes. to of We're of significantly that's at up. talk the our ahead derisked the is phase valuable solutions But up we us. importantly, and the into that total our of exciting a more we to that continue look execute. And believe to this we our we're relative continue long-term assets

today, jumping grow We continue going have earnings to to and into the talk base those guys you base on we're and 'XX. Appreciate next go load as you load and call we we'll to quarter. 'XX earnings

Operator

for today's participating. you And conference Thank this call. concludes

disconnect. now may You

Green Plains Partners (GPP) 11 Feb 222021 Q4 Earnings call transcript