Montauk Renewables, Inc.

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

Thank you, and good day, everyone. Welcome to Montauk Renewables' earnings conference call to review the first quarter 2025 financial and operating results and developments. I'm John Cerulli, Chief Legal Officer and Secretary at Montauk. Joining me today are Sean McClain, Montauk's President and Chief Executive Officer, to discuss business development, and Kevin Van Asselen, Chief Financial Officer, to discuss our first quarter 2025 financial and operating results. At this time, I would like to direct your attention to our forward-looking disclosure statement. During this call, certain comments we make constitute forward-looking statements and, as such, involve a number of assumptions, risks and uncertainties that could cause the company's actual results or performance to differ materially from those expressed in or implied by such forward-looking statements. These risk factors and uncertainties are detailed in Montauk Renewable's SEC File. Our remarks today may also include non-GAAP financial measures. We present EBITDA and adjusted EBITDA metrics because we believe the measures assist investors and analyzing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. 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 in our first quarter 2025 Earnings Press Release and Forms and Keywords, issued and filed on May 8th, 2025. These are available on our website at ir.montaukernobles.com. After the release, we will open the call to questions. We do ask that you please keep one question to accommodate as many questions as possible. And with that, I will turn the call over to Sean.

Thank you, John. Good day, everyone, and thank you for joining our call. On March 7th, 2025, The Environmental Protection Agency announced its delay of the 2024 renewable fuel standard compliance deadline for all categories. The EPA has yet to decide on a proposed partial waiver of the 2024 cellulosic biofuel volume requirements or the timing of its decision on this matter since its origination in their December 5th, 2024 EPA announcement. As we have sold all of our D3 RINs associated with our 2024 RNG production, we have zero exposure to the timing and resolution of this 2024 proposed compliance waiver. We have entered into commitments to transfer the majority of our RINs in inventory related to 2025 RNG production at prices approximating the D3 RIN index. The EPA biogas regulatory reform rule became effective in 2025, requiring the separation of RINs after dispensing, which is delayed approximately by one additional month, the ability to have RINs available for sale from current year production. Additionally, we believe the EPA extending the compliance period for 2024 has further delayed the timing of obligated party purchases of RINs from 2025 RNG production. Though regulatory uncertainty continues to impact the renewable natural gas industry in a variety of ways, We believe our overall financial position, our prudent operational and commercial practices, and our capacity under our existing 200 million credit facility provides us the ability to maintain stability through this period of economic ambiguity. Our development efforts in North Carolina continue in full force with an expectation to commence significant production and revenue generation activities in 2026. As previously noted, The favorable change in swine renewable energy credit generation enacted by the state of North Carolina in 2024 has us engaged in various stages of negotiations with obligated utilities to provide RECs from our expected 2026 production. Correspondingly, we continue to negotiate with utilities to purchase the power we intend to generate from the conversion of swine waste to energy starting in 2026. Our collection and transportation of feedstocks' wine waste continues to be refined to maximize feedstock solids and caloric value to minimize the transportation of low-energy liquid waste and to pelletize a stable, odorless fuel supply for our patented reactor process. We are in the final commissioning stages of our second facility at our apex site and expect completion in the second quarter of 2025. As previously discussed throughout 2024, We continue to expect a period of excess production capacity while the landfill host increases their waste intake. We continue to work with the landfill host as well as alternative gas transportation, offtake, and equipment providing partners to evaluate alternatives to develop our Blue Granite project. As previously discussed, we have received notice from the utility in February 2025 that it will no longer accept R&D from any producer into its distribution system. a statement in direct opposition to the letter of intent they issued when we were awarded the gas rights to that site. We have prioritized our Atapsia Feta location as the first of our biogenic CO2 projects to be developed, related to our previously announced agreement with European Energy. As previously announced, we are also progressing with our design and construction plans to incorporate food-grade CO2 processing at our Runke R&G project locations. with an expected commissioning of Q3 2027 and expected volumes of approximately 50,000 metric tons per year of food-grade CO2 to be monetized independently from our agreement with European Energy. In October 2024, we announced a collaboration with Embolon to transform methane emissions from waste stream biogas into high-value carbon negative fuel. Leveraging Embolon's patented technology, The initial pilot is a small-scale demonstration of recovering and converting biogas into green methanol. The pilot project at our Atascocita facility in Houston, Texas, continues with Envolon having installed their patented containerized processing technology. We do not expect short-term financial benefits from this demonstration, nor a disruption to our operations. And with that, I will turn the call over to Kevin.