Montauk Renewables, Inc.

Good afternoon, everyone, and thank you for participating in today's conference call. I would like to turn the call over to Mr. John Cerulli as he provides some important cautions regarding forward-looking statements contained in the earnings material or made on this call. John, please go ahead.

Thank you, and good afternoon, everyone. Welcome to Montauk's Renewables Earnings Conference call to review fiscal 2021 financial and operating results and developments. I'm John Cerulli, Vice President, General Counsel, and Secretary at Montauk. Joining me today are Sean McClain, Montauk's Chief Executive Officer and President, to discuss business developments, and Kevin Van Asselen, Chief Financial Officer, to discuss our 2021 financial and operating 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 the company's future results of operations and financial condition, as well as our expectations and plans for the company, such as with our Montauk Ag Renewables project in North Carolina, the PICO Improvement Project and PICO CI Score, and market volatility and fluctuations in commodity prices and the market prices of environmental attributes. These statements are subject to known and unknown risk 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 2021 earnings press release, In our Form 10-K for the fiscal year ended December 31, 2021, and in our other reports on file with the SEC, and 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 Fiscal 2021 Earnings Press Release and Form 10-K issued and filed this afternoon. These are available on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions. We ask that you please keep to one question to accommodate as many questions as possible. And with that, I turn the call over to Sean. Thank you, John.

Hello, everyone, and thanks for joining our call. I want to start this call with a summary of the major events for Montauk during 2021. In January 2021, the company completed the initial public offering of its common stock on the NASDAQ capital market and its related reorganization transactions, including the secondary listing of its common stock on the Johannesburg Stock Exchange. In May of 2021, we completed the Montauk Ag Renewables Asset Acquisition in North Carolina to purchase developing technology to recover residual natural resources from waste streams of modern agriculture and to refine and recycle such waste products through proprietary and other processes in order to produce high-quality renewable natural gas, bio-oil, and biochar. In August of 2021, we were granted a patent of over 24 specific aspects of our continuous feed closed-loop reactor technology acquired in the acquisitions. In October of 2021, we closed on a $5.5 million transaction to acquire approximately 146 acres and an existing approximately 500,000 square foot structure in North Carolina, which we plan to use as we pursue our development project associated with the Montauk Ag renewables acquisition. We have also executed master service agreements that provide access to waste feedstock for Montauk AG to process. The feedstock will be swine waste sourced from our farming partner locations. We do not currently expect significant production to commence at Montauk Ag Renewables North Carolina project during 2022 based on the current development timeline. I also want to provide an update on our first dairy cluster project, the PECO facility in Jerome, Idaho. As part of our overall capacity expansion at the PECO facility, we undertook significant efforts to improve the performance of its existing digestion process. We temporarily idled RNG production at this facility in order to clean out settled solids in the digester, replace the cover of the digester, and to make various other efficiency improvements. We have completed the improvements, and RNG production has resumed at PECO. At this stage of the capacity expansion, has impacted the timeline for modeling PICO's initial CI score pathway model and subsequent auditing approval by CARB. We did not receive a temporary CI pathway in 2021, and we're not able to generate LCFS credit revenue on 2021 production. We are and we will be storing 2022 production from PICO while CARB completes its CI score pathway. Though we expect to receive the results of this approval during the second half of 2022, We do not currently expect to receive LCFS credit revenue on PICO's 2022 production until 2023. And with that, I will turn the call over to Kevin Van Asselen, our Chief Financial Officer.