8/16/2021

speaker
Operator
Conference Moderator

Good afternoon, everyone, and thank you for participating in today's conference call. I would now like to turn the call over to Mr. John Cerulli as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. John, please go ahead.

speaker
John Cirolli
Vice President, General Counsel and Secretary

Thank you, and good afternoon, everyone. Welcome to Montauk Renewables' second quarter 2021 earnings conference call. I'm John Cirolli, Vice President, General Counsel, and Secretary at Montauk Renewables. Joining me today are Sean McClain, Montauk's Chief Executive Officer and President, and Kevin Van Asselen, Chief Financial Officer. And they are here to discuss our second quarter 2021 results. During this call, certain statements we make will be forward-looking and based on management's beliefs and assumptions and information currently available to management at this time, including, without limitation, statements relating to acquisition and other growth opportunities, such as with PICO, monetization of renewable natural gas production abroad, and diversification of Montauk's monetization strategy. These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control, including those set forth in our safe harbor provision for forward-looking statements that can be found in our second quarter 2021 earnings press release issued this afternoon, in our Form 10-Q filed this afternoon, in our most recent Form 10-K annual report, and in our other reports on file with the SEC this that provide further detail about the risks related to our business. Additionally, please note that the company's actual results may differ materially from those anticipated and, except as required by law, we undertake no obligation to update any forward-looking statement. Our remarks today may also include non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in our slide presentation and in our second quarter 2021 earnings release and Form 10Q issued and filed this afternoon, which are available on our website at ir.montaukrenovables.com. With that, I will turn the call over to Sean.

speaker
Sean McClain
Chief Executive Officer and President

Thank you, John. Hello, everyone, and thank you for joining our call. This is a very exciting time for Montauk. Our strength and longevity in the renewable energy industry, combined with the tailwinds of the federal, state, and now international attribute incentive programs that support renewable natural gas have enabled us to execute and progress through our multi-pronged growth strategy. We continue to identify, develop, and prioritize opportunities to optimize and grow within our existing portfolio, most recently evidenced by our feedstock supply amendment, which we refer to as the PECO feedstock amendment, at our dairy digester cluster project in Jerome, Idaho, which we refer to as our PECO project. With that amendment, we intend to both increase the capacity and optimize the technology of our facility to provide best-in-class manure management for the dairy farm-supported while increasing the efficiency of our methane recovery and optimizing our production of renewable natural gas. For the first time in the company's history, our renewable natural gas production is supporting international renewable fuel programs, such as the Renewable Energy Directive of the European Commission, through the qualification and registration of our facilities under the International Sustainability and Carbon Certification Program. This strategy to redirect and monetize R&G production abroad has the potential to help stabilize domestic attribute pricing, both at the federal and state levels, for renewable natural gas production. The continued optimization and expansion of our existing portfolio, combined with the diversification of our monetization strategies, creates the financial stability to support groundbreaking development and exciting new ways to address environmental impacts of industrial agriculture. Our recent acquisition of business assets in North Carolina, a pioneering environmental technology company with specialized patent-pending near-zero emissions technology to convert animal and agriculture waste into renewable energy alternatives is a great example. The acquisition provides us an exciting opportunity to service the swine farming community in North Carolina and help address their challenges of lagoon management while deploying a highly efficient technology that converts approximately 95% of the BTU value of animal and agriculture feedstock into multiple product fractions, all of which have the potential to provide expansive growth opportunities for Montauk for years to come. And with that, I'll turn the call over to Kevin Benazdalan, our Chief Financial Officer. Kevin?

Disclaimer

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