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CEO Jamie Welch noted that while Delaware North has seen more recent investment due to high activity and less existing infrastructure, the ECCC pipeline unlocks new potential by connecting New Mexico gas to Texas, and capital will follow producer opportunities. SVP & CFO Trevor Howard stated the H2 2025 ramp is driven by Kings Landing and well developments in both Delaware North and South. SVP of Commercial, Kris Kindrick, added that producer delays are for varied reasons, but the underlying rock quality remains excellent for 2026.

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President & COO John Gatling explained that GORs are increasing as expected for a maturing basin, with long-term gas volumes projected to grow while oil remains relatively flat. He also confirmed that throughput volumes are expected to continue growing through the third and fourth quarters, consistent with full-year guidance, with any long-term plan changes to be updated in January.

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President and CEO Sean McClain confirmed the plan to build and construct an RNG processing facility at the Tulsa site, which currently hosts a smaller Renewable Electricity facility that will remain operational. He explained the decision to add RNG capacity is a result of a measurable increase in available gas feedstock, driven by collaboration with the landfill and targeted well-field investments.

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Sean McClain, President and CEO, confirmed the plan to build and construct an RNG processing facility at the Tulsa, Oklahoma site, which currently hosts a smaller Renewable Electricity facility. He explained that the decision was driven by a measurable increase in available gas feedstock resulting from collaboration with the landfill and targeted well-field investments. McClain expressed excitement about the project having dual-commodity production capacity.

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CFO Kevin Van Asdalan stated that while the company does not provide price guidance, they are bullish that the ongoing CARB rulemaking, with a key meeting expected in November, will result in a beneficial and appreciable increase in LCFS pricing. He noted that facilities like Pico are well-positioned to benefit from any future price uplift.

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CFO Kevin Van Asdalan stated that while the company does not provide price guidance, management is 'bullish' that upcoming CARB rulemaking will be beneficial and lead to an 'appreciable increase' in LCFS pricing. He highlighted that the Pico facility is well-positioned to benefit from any future price uplift.

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CFO Kevin Van Asdalan clarified that the delay was primarily due to the timing of receiving necessary permits and components for the site. He confirmed the new commissioning target is Q1 2025 and stated that the delay is not expected to materially impact 2024 production volumes. The project was initiated to meet capacity needs as the landfill host increases waste intake.

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President and CEO Andrew Littlefair stated that approximately 80% of RNG still goes to the transportation market, which remains the highest-value use. He confirmed that Total is still the largest shareholder, the co-marketing relationship with BP is deep and ongoing, and the partnership with Chevron is seeing renewed interest as the market reassesses the viability of electric trucks.

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CEO Andrew Littlefair and Executive Robert Vreeland characterized UPS as a long-time pioneer in natural gas vehicles, viewing their significant order as a strong endorsement of the X15N engine. They confirmed Clean Energy has a major existing supply relationship with UPS and anticipates providing RNG for these new trucks, reinforcing the engine's market validation.

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Imre Havasi, SVP of Trading, expressed optimism for distillers corn oil (DCO) prices, citing its low carbon intensity (CI) score, restrictions on imported UCO, and anticipated RVO increases. For protein, he described the domestic market as flat but highlighted significant progress in securing higher-margin sales for aqua and pet food, which is expected to improve the overall margin mix for Green Plains' specialized protein products.

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Todd Becker, President and CEO, confirmed DCO is already seeing a $0.04 to $0.05 per pound premium and believes it could reach $0.07 to $0.10, supported by all plants now being CORSIA certified. Regarding tariffs, he noted the ban on Chinese UCO is beneficial and that global demand for low-CI fuels provides some insulation from potential new tariffs.

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Executive Leslie van der Meulen reported that the SFCT process has successfully started up in York, producing its first cellulosic ethanol, and will next focus on second-gen corn oil and protein validation. CEO Todd Becker added that the Tharaldson JV is ramping up production, opening new markets on the West Coast due to its low-toxin, high-quality protein.

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CEO Andrew Marsh provided a direct response, stating he does not see data center backup power as a significant opportunity in 2025. He positioned it as a longer-term play, likely for 2028-2029, citing the need for extensive hydrogen storage infrastructure, such as pipelines, to support long-duration outages effectively.

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CEO Andrew Marsh stated that future price hikes would depend on inflationary pressures like tariffs, but current pricing for new deals is profitable. CFO Paul Middleton added that the path to positive gross margins relies on sales volume, cost reductions, workforce optimization, and the full impact of recent price increases, noting a 37% quarter-over-quarter improvement in Q3.

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CEO Andy Marsh indicated that significant price increases have already been implemented and future hikes would primarily be a response to new inflationary pressures, such as tariffs. CFO Paul Middleton added that the path to positive gross margin is driven by working through older backlog, increasing sales volume, reducing material costs, and workforce optimization, highlighting the 37% quarter-over-quarter gross margin improvement in Q3 as evidence of this progress.

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President and CEO Jason Few stated that while there are rumors of a 45V update before Christmas, the current regulatory uncertainty has pushed some hydrogen adoption timelines 'to the right.' He anticipates that clearer rules will reopen opportunities for the TriGen platform, which can produce low-to-zero carbon hydrogen. Few also highlighted the continued commitment to hydrogen from major auto manufacturers like Toyota and Honda as a positive long-term driver.

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CEO Todd Borgmann stated the EBITDA per gallon margin was consistent with the prior quarter, around $0.16, and would have been higher without a $6 million feedstock lag impact. He also confirmed that the full-year CapEx guidance range remains unchanged, though actual spending may come in slightly lower.

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CEO Dr. Patrick Gruber expressed high confidence in attracting equity investors for the Net-Zero 1 project, noting that the DOE's extensive due diligence has de-risked the project for potential partners. He stated that annualized RNG production is expected to reach approximately 400,000 million BTUs this year, an increase from the 325 million BTUs produced last year.

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CEO Randall MacEwen highlighted strong growth in the bus market, noting execution against the Solaris order and a new order from Wrightbus. He mentioned that New Flyer typically orders later in the year and that U.S. low-emission grant awards are up 150%, which is encouraging. For rail, he sees significant opportunities developing in both passenger and freight locomotives in North America, expecting key market indicators in the next 6-12 months.

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CEO Randall MacEwen highlighted strong growth in the bus market and noted that New Flyer typically orders later in the year. He mentioned incremental orders from Solaris but nothing on the scale of the prior large order. For the rail market, he expressed excitement for both passenger and freight applications in North America, believing hydrogen is the only viable decarbonization path for heavy freight and expecting key market indicators in the next 6-12 months.

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Chairman and CEO Eric McAfee explained that the RNG and SAF value chains are almost entirely domestic, minimizing any direct tariff impact. He detailed that balance sheet improvement will be driven by several factors: continued debt repayment ($15.5M in Q1), significant new LCFS revenues upon pathway approvals, additional revenue from new dairies coming online, cash proceeds from the planned India subsidiary IPO, and monetization of the new 45Z production tax credits starting in 2025.

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