Q4 2023 Montauk Renewables Inc Earnings Call

March 14, 2024

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Operator: Good afternoon, everyone and thank you for participating in today's conference call. I would like to turn the call over to Mr. John Ciroli as he's provide some important cautions regarding forward looking statements and non-GAAP financial measures contained in the earnings matures or made on this call. John, please go ahead.

I would like to turn the call over to Mr. Jos Raleigh as he's provide some important cautions regarding forward looking statements and non-GAAP financial measures contained in the earnings matures or made on this call. John. Please go ahead.

John Ciroli: Thank you, and good afternoon everyone welcome to Montauk Renewables earnings Conference call to review fiscal 2023 financial and operating results and developments I'm, John Ciroli, 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 Asdalan, Chief Financial Officer to discuss our 2023 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 renewables SEC filings, our remarks today May also include non-GAAP financial measures. We present, EBITDA and adjusted EBITDA metrics, because we believe the metrics assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

John Ciroli: Joining me today are Sean McClain, Montauk's President and Chief Executive Officer to discuss business development, and Kevin Van Asdalan, Chief Financial Officer to discuss our 2023 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 renewables SEC filings, our remarks today May also include non-GAAP financial measures. We present, EBITDA and adjusted EBITDA metrics, because we believe the metrics assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

Joining me today are Shawn Mcclain, montage, President and Chief Executive Officer to discuss business development, and Kevin Vann, Azlon, Chief Financial officer to discuss our 2023 financial and operating results.

John Ciroli: 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 renewables SEC filings, our remarks today May also include non-GAAP financial measures. We present, EBITDA and adjusted EBITDA metrics, because we believe the metrics assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

John Ciroli: At this time I would like to direct your attention to our forward looking disclosure statement.

At this time I would like to direct your attention to our forward looking disclosure statement.

John Ciroli: 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 renewables SEC filings, our remarks today May also include non-GAAP financial measures. We present, EBITDA and adjusted EBITDA metrics, because we believe the metrics assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

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.

John Ciroli: These risk factors and uncertainties are detailed in Montauk renewables SEC filings, our remarks today May also include non-GAAP financial measures. We present, EBITDA and adjusted EBITDA metrics, because we believe the metrics assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

John Ciroli: These risk factors and uncertainties are detailed in Montauk renewables SEC filings, our remarks today May also include non-GAAP financial measures.

These risk factors and uncertainties are detailed in Montauk renewables SEC filings.

Our remarks today May also include non-GAAP financial measures, we present, EBITDA and adjusted EBITDA metrics, because we believe the majors assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings. Yes release and Form 10-K issued and filed this afternoon. Those are available also on our website at IR Dot Montoc renewables Dot com. After our prepared remarks, we will open the call to questions and we ask that you. Please keep to one question to accommodate as many as possible, but that I will turn the call over to Sean.

John Ciroli: We present, EBITDA and adjusted EBITDA metrics, because we believe the metrics assist investors in analyzing our performance across reporting periods on a consistent basis, 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 and in our fiscal 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

John Ciroli: 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 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

John Ciroli: These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles.

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 2023 earnings. Yes release and Form 10-K issued and filed this afternoon. Those are available also on our website at IR Dot Montoc renewables Dot com. After our prepared remarks, we will open the call to questions and we ask that you. Please keep to one question to accommodate as many as possible, but that I will turn the call over to Sean.

John Ciroli: 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 2023 earnings press release and Form 10-K issued and filed this afternoon. Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

Yes release and Form 10-K issued and filed this afternoon. Those are available also on our website at IR Dot Montoc renewables Dot com. After our prepared remarks, we will open the call to questions and we ask that you. Please keep to one question to accommodate as many as possible, but that I will turn the call over to Sean.

John Ciroli: Those are available also on our website at ir.montaukrenewables.com. After our prepared remarks, we will open the call to questions, and we ask that you please keep to one question to accommodate as many as possible, with that I will turn the call over to Sean.

After our prepared remarks, we will open the call to questions and we ask that you. Please keep to one question to accommodate as many as possible, but that I will turn the call over to Sean.

Sean McClain: Thank you John good. Day, everyone and thank you for joining our call. I will begin by summarizing our announced series of development projects, we expect to materially contribute to montage multifaceted growth strategy. In December 2023, we finalized the contract for the delivery of 140000 tons per year. The agenda of carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy. And satisfaction of this arrangement, we intend to capture clean and liquefied C. O two which will then be transported to a new Texas based E methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process. The planned project is expected to contribute approximately 900 and maybe to use a day of production capacity upon commissioning. We are in the development phase of the project and have started to incur capital expenditures, while we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection. They do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Franke, our Bauer them in landfill. New R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the power of and rental which we intend to both retain and operate alongside the new R&D facility. As previously disclosed we continue to expect the capital investment to range between 85 and $95 million and anticipate the fully commission facility in 2026 to contribute approximately 3600 M. N V to use per day and production capacity, assuming currently forecasted bioshock feedstock volumes there.

Sean McClain: Thank you John, good day, everyone and thank you for joining our call. I will begin by summarizing our announced series of development projects, we expect to materially contribute to Montauk's multifaceted growth strategy. In December 2023, we finalized the contract for the delivery of 140,000 tons per year of biogenic carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy, in satisfaction of this arrangement, we intend to capture, clean and liquefy CO2 which will then be transported to a new Texas-based e-methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027, we expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 comissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility, an opportunity won by Montauk through a competitive bidding process. The planned project is expected to contribute approximately 900 MMBtu a day of production capacity upon commissioning, we are in the development phase of the project and have started to incur capital expenditures. While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

Day, everyone and thank you for joining our call. I will begin by summarizing our announced series of development projects, we expect to materially contribute to montage multifaceted growth strategy. In December 2023, we finalized the contract for the delivery of 140000 tons per year. The agenda of carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy. And satisfaction of this arrangement, we intend to capture clean and liquefied C. O two which will then be transported to a new Texas based E methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

I will begin by summarizing our announced series of development projects, we expect to materially contribute to montage multifaceted growth strategy. In December 2023, we finalized the contract for the delivery of 140000 tons per year. The agenda of carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy. And satisfaction of this arrangement, we intend to capture clean and liquefied C. O two which will then be transported to a new Texas based E methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

Sean McClain: In December 2023, we finalized the contract for the delivery of 140,000 tons per year of biogenic carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy. In satisfaction of this arrangement, we intend to capture, clean and liquefy CO2 which will then be transported to a new Texas-based e-methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027, we expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 comissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility, an opportunity won by Montauk through a competitive bidding process. The planned project is expected to contribute approximately 900 MMBtu a day of production capacity upon commissioning, we are in the development phase of the project and have started to incur capital expenditures. While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

In December 2023, we finalized the contract for the delivery of 140000 tons per year. The agenda of carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy. And satisfaction of this arrangement, we intend to capture clean and liquefied C. O two which will then be transported to a new Texas based E methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

The agenda of carbon dioxide from our four Texas R&D facilities to a north American subsidiary of European Energy. And satisfaction of this arrangement, we intend to capture clean and liquefied C. O two which will then be transported to a new Texas based E methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

Sean McClain: In satisfaction of this arrangement, we intend to capture, clean and liquefy CO2 which will then be transported to a new Texas-based e-methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027, we expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 comissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility, an opportunity won by Montauk through a competitive bidding process. The planned project is expected to contribute approximately 900 MMBtu a day of production capacity upon commissioning, we are in the development phase of the project and have started to incur capital expenditures. While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

Sean McClain: In satisfaction of this arrangement, we intend to capture, clean and liquefy CO2 which will then be transported to a new Texas-based e-methanol facility of European energy.

And satisfaction of this arrangement, we intend to capture clean and liquefied C. O two which will then be transported to a new Texas based E methanol facility of European energy. The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

Sean McClain: The delivery term is expected to last at least 15 years with deliveries expected in 2027, we expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 comissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility, an opportunity won by Montauk through a competitive bidding process. The planned project is expected to contribute approximately 900 MMBtu a day of production capacity upon commissioning, we are in the development phase of the project and have started to incur capital expenditures. While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

The delivery term is expected to last at least 15 years with deliveries expected in 2027. We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

We expect our capital investment to approximate 15 million per facility and anticipate that capital spend to begin during the second half of 2024 as we work to achieve our targeted 2027 Commissioner. During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

Sean McClain: During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility, an opportunity won by Montauk through a competitive bidding process. The planned project is expected to contribute approximately 900 MMBtu a day of production capacity upon commissioning, we are in the development phase of the project and have started to incur capital expenditures. While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

During 2023, we announced our plan to entrance into South Carolina through the development of a new landfill gas to R&D facility and opportunity one way more talk through a competitive bidding process.

Sean McClain: The planned project is expected to contribute approximately 900 MMBtu a day of production capacity upon commissioning, we are in the development phase of the project and have started to incur capital expenditures. While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

The planned project is expected to contribute approximately 900 and maybe to use a day of production capacity upon commissioning. We are in the development phase of the project and have started to incur capital expenditures, while we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection. They do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Franke, our Bauer them in landfill. New R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the power of and rental which we intend to both retain and operate alongside the new R&D facility.

We are in the development phase of the project and have started to incur capital expenditures, while we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection. They do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Franke, our Bauer them in landfill. New R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the power of and rental which we intend to both retain and operate alongside the new R&D facility.

Sean McClain: While we continue to expect the utility interconnection specifically included in our development assumptions to accept our production from this facility, the utility will require certain distribution system upgrades. So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

Sean McClain: So those upgrades do not directly impact our interconnection, they do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

They do extend our expectation of the completion of that interconnection and the commissioning of our new R&D facility into 2026. During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Franke, our Bauer them in landfill. New R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the power of and rental which we intend to both retain and operate alongside the new R&D facility.

During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Franke, our Bauer them in landfill. New R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the power of and rental which we intend to both retain and operate alongside the new R&D facility.

Sean McClain: During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill. This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

Sean McClain: During 2023, we also announced our planned development of a landfill gas to R&D project in Irvine, California at the Frank R. Bowerman Landfill.

New R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the power of and rental which we intend to both retain and operate alongside the new R&D facility.

Sean McClain: This new R&D facility is anticipated to process, a large and growing volumes of biogas in excess of the existing capacity of our existing renewable electric generation facility on the Bowerman Landfill, which we intend to both retain and operate alongside the new R&D facility.

As previously disclosed we continue to expect the capital investment to range between 85 and $95 million and anticipate the fully commission facility in 2026 to contribute approximately 3600 M. N V to use per day and production capacity, assuming currently forecasted bioshock feedstock volumes there.

Sean McClain: As previously disclosed we continue to expect the capital investment to range between 85 and $95 million and anticipate the fully commission facility in 2026 to contribute approximately 3600 M. N V to use per day and production capacity, assuming currently forecasted bioshock feedstock volumes there. Are projected to be available from the host landfill at the time of commissioning in 2026. I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho. As previously disclosed our dairy host began delivering the first two of three feedstock increases identified in our feedstock amendments the catalysts for the expansion project. Also as previously disclosed three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy has informed us that they expect to deliver the final increase in feedstock volumes in 2025 at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at dislocation. I will now discuss the many developments we've had related to our North Carolina swine waste to energy development <unk> renewables.

Sean McClain: As previously disclosed, we continue to expect the capital investment to range between $85 and $95 million, and anticipate the fully commission facility in 2026 to contribute approximately 3,600 MMBtus per day in production capacity. Assuming currently forecasted [indiscernible] feedstock volumes that are projected to be available from the host landfill at the time of commissioning in 2026. I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho. As previously disclosed, our dairy host began delivering the first two of three feedstock increases, identified in our feedstock amendments the catalysts for the expansion project. Also, as previously disclosed, three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: Assuming currently forecasted [indiscernible] feedstock volumes that are projected to be available from the host landfill at the time of commissioning in 2026. I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho. As previously disclosed, our dairy host began delivering the first two of three feedstock increases, identified in our feedstock amendments the catalysts for the expansion project. Also, as previously disclosed, three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: Assuming currently forecasted [indiscernible] feedstock volumes that are projected to be available from the host landfill at the time of commissioning in 2026.

Are projected to be available from the host landfill at the time of commissioning in 2026. I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho. As previously disclosed our dairy host began delivering the first two of three feedstock increases identified in our feedstock amendments the catalysts for the expansion project. Also as previously disclosed three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy has informed us that they expect to deliver the final increase in feedstock volumes in 2025 at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho. As previously disclosed, our dairy host began delivering the first two of three feedstock increases, identified in our feedstock amendments the catalysts for the expansion project. Also, as previously disclosed, three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho.

I will now shift to an update on our various ongoing growth development projects, starting with our digestion capacity expansion of our Pico dairy cluster project in Idaho. As previously disclosed our dairy host began delivering the first two of three feedstock increases identified in our feedstock amendments the catalysts for the expansion project. Also as previously disclosed three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy has informed us that they expect to deliver the final increase in feedstock volumes in 2025 at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: As previously disclosed, our dairy host began delivering the first two of three feedstock increases, identified in our feedstock amendments the catalysts for the expansion project. Also, as previously disclosed, three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: As previously disclosed, our dairy host began delivering the first two of three feedstock increases, identified in our feedstock amendments the catalysts for the expansion project.

As previously disclosed our dairy host began delivering the first two of three feedstock increases identified in our feedstock amendments the catalysts for the expansion project. Also as previously disclosed three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy has informed us that they expect to deliver the final increase in feedstock volumes in 2025 at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: Also, as previously disclosed, three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: Also, as previously disclosed, three of the four development payments were made to our dairy host related to those achieved feedstock increases.

Also as previously disclosed three of the four development payments were made to our dairy host related to those achieved feedstock increases. Our dairy has informed us that they expect to deliver the final increase in feedstock volumes in 2025 at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: Our dairy host informed us that they expect to deliver the final increase in feedstock volumes in 2025, at which time, we will make the final development payments.

Our dairy has informed us that they expect to deliver the final increase in feedstock volumes in 2025 at which time, we will make the final development payments. The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a Ci score a negative $2 60 156. We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56. We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: The California Air Resource Board approved after the public comment period ended in March 2023, our provisional carbon intensity score application with a CI score of -261,56.

Sean McClain: We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: We released the remaining gas from storage in the second quarter of 2023 and recognize both [indiscernible] in LCFS credit revenues related to those storage releases during 2023.

We released the remaining gas from storage in the second quarter of 2023 and recognize both ran in LCA best credit revenues related to those storage releases during 2023. Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: Regarding the physical commissioning of our Pico dairy digestion capacity increased project, we successfully commissioned the first of two new digesters as well as our new reception pit, both of which became operational during the third quarter of 2023. We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Regarding the physical commissioning of our Pico dairy digestion capacity increased project. We successfully commissioned the first of two new digesters as well as our new reception pit both of which became operational during the third quarter of 2023. We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: We immediately began using the increased reception pit capacity, and have been working to increase gas availability through the additional digestion capacity.

We immediately began using the increased reception pick capacity and have been working to increase gas availability through the additional digestion capacity. We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

We continue to commission the second and last up our new additional Digesters expect to complete commissioning during the second quarter of 2044, an increase gas availability into the third quarter of 2024.

Sean McClain: We continue to commission the second and last of our new additional Digesters, expect to complete commissioning during the second quarter of 2044, and increase gas availability into the third quarter of 2024. We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at dislocation.

Sean McClain: We continue to expect our digestion capacity expansion project will allow us to take advantage of the excess capacity in our existing R&D facility at this location.

Sean McClain: I will now discuss the many developments we've had related to our North Carolina swine waste to energy development <unk> renewables. We continue to work with our engineer of record through the optimization of improvements to our patented reactor technology. During the first quarter of 2023, we completed the relocation of our existing reactor from its original location in Magnolia North Carolina to our new Turkey, North Carolina facility in an effort to centralize future feedstock processing. We executed a receipt interconnection agreement with Piedmont natural gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont natural gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed to renewable energy Certificate Rec agreement with Duke Energy, Duke under which Duke will purchase the swine wastes Rex from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues. Beginning in 2045. Our Turkey, North Carolina project location was approved to participate in the Piedmont natural gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NC UC. In January 2024, we received notification from the NC Youll see that our Turkey, North Carolina location was approved for both our end rep. A certificate of public convenience and necessity. This is a critical step towards obtaining the <unk> designation and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location. In March 2024, we submitted an amendment to our AD rep designation to optimize its applicability to specifics facilitate componentry for which we expect a decision on that amendment during 2024.

Sean McClain: I will now discuss the many developments we've had related to our North Carolina swine waste energy development on Montauk renewables. We continue to work with our engineer of record through the optimization of improvements to our patented reactor technology. During the first quarter of 2023, we completed the relocation of our existing reactor from its original location in Magnolia North Carolina to our new Turkey, North Carolina facility in an effort to centralize future feedstock processing. We executed a receipt interconnection agreement with Piedmont Natural Gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont Natural Gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed a renewable energy Certificate REC agreement with Duke Energy, Duke under which Duke will purchase the swine wastes RECs from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina, we continue to expect the first phase total capital investment to range between $140 to $160 million, which includes approximately $33 million of accumulative expenditures through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

Sean McClain: I will now discuss the many developments we've had related to our North Carolina swine waste energy development on Montauk renewables.

I will now discuss the many developments we've had related to our North Carolina swine waste to energy development <unk> renewables.

We continue to work with our engineer of record through the optimization of improvements to our patented reactor technology. During the first quarter of 2023, we completed the relocation of our existing reactor from its original location in Magnolia North Carolina to our new Turkey, North Carolina facility in an effort to centralize future feedstock processing. We executed a receipt interconnection agreement with Piedmont natural gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont natural gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed to renewable energy Certificate Rec agreement with Duke Energy, Duke under which Duke will purchase the swine wastes Rex from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

Sean McClain: We continue to work with our engineer of record through the optimization of improvements to our patented reactor technology. During the first quarter of 2023, we completed the relocation of our existing reactor from its original location in Magnolia North Carolina to our new Turkey, North Carolina facility in an effort to centralize future feedstock processing. We executed a receipt interconnection agreement with Piedmont Natural Gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont Natural Gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed a renewable energy Certificate REC agreement with Duke Energy, Duke under which Duke will purchase the swine wastes RECs from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina, we continue to expect the first phase total capital investment to range between $140 to $160 million, which includes approximately $33 million of accumulative expenditures through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

Sean McClain: We continue to work with our engineer of record through the optimization of improvements to our patented reactor technology.

During the first quarter of 2023, we completed the relocation of our existing reactor from its original location in Magnolia North Carolina to our new Turkey, North Carolina facility in an effort to centralize future feedstock processing. We executed a receipt interconnection agreement with Piedmont natural gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont natural gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed to renewable energy Certificate Rec agreement with Duke Energy, Duke under which Duke will purchase the swine wastes Rex from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

Sean McClain: During the first quarter of 2023, we completed the relocation of our existing reactor from its original location in Magnolia North Carolina to our new Turkey, North Carolina facility in an effort to centralize future feedstock processing. We executed a receipt interconnection agreement with Piedmont Natural Gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont Natural Gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed a renewable energy Certificate REC agreement with Duke Energy, Duke under which Duke will purchase the swine wastes RECs from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina, we continue to expect the first phase total capital investment to range between $140 to $160 million, which includes approximately $33 million of accumulative expenditures through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

We executed a receipt interconnection agreement with Piedmont natural gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont natural gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed to renewable energy Certificate Rec agreement with Duke Energy, Duke under which Duke will purchase the swine wastes Rex from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

Sean McClain: We executed a receipt interconnection agreement with Piedmont Natural Gas for our Turkey, North Carolina location. Related to our interconnection, we signed a lease agreement with Piedmont Natural Gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed a renewable energy Certificate REC agreement with Duke Energy, Duke under which Duke will purchase the swine wastes RECs from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina, we continue to expect the first phase total capital investment to range between $140 to $160 million, which includes approximately $33 million of accumulative expenditures through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

Related to our interconnection, we signed a lease agreement with Piedmont natural gas to provide access to the Turkey, North Carolina property during the construction of the interconnection. In July 2023, we signed to renewable energy Certificate Rec agreement with Duke Energy, Duke under which Duke will purchase the swine wastes Rex from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

Sean McClain: North Carolina property during the construction of the interconnection. In July 2023, we signed a renewable energy Certificate REC agreement with Duke Energy, Duke under which Duke will purchase the swine wastes RECs from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina, we continue to expect the first phase total capital investment to range between $140 to $160 million, which includes approximately $33 million of accumulative expenditures through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

In July 2023, we signed to renewable energy Certificate Rec agreement with Duke Energy, Duke under which Duke will purchase the swine wastes Rex from the conversion of swine waste feedstock into renewable energy. During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina. We continue to expect the first phase total capital investment to range between $140 million to $160 million, which includes approximately $33 million of accumulative expenditures. Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

Sean McClain: During the third quarter of 2023, our board of directors approved funding for the first phase of our development initiative in North Carolina, we continue to expect the first phase total capital investment to range between $140 to $160 million, which includes approximately $33 million of accumulative expenditures through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

Through the end of 2023. We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues.

Sean McClain: We continue to expect the first of our eight processing lines of this first phase to be operational in the second quarter of 2024, and we are currently planning for a rolling commissioning schedule for the remaining processing lines beginning in the second half of 2024 through the second half of 2025 with revenues beginning in 2025. Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

Beginning in 2045. Our Turkey, North Carolina project location was approved to participate in the Piedmont natural gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NC UC. In January 2024, we received notification from the NC Youll see that our Turkey, North Carolina location was approved for both our end rep.

Our Turkey, North Carolina project location was approved to participate in the Piedmont natural gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NC UC. In January 2024, we received notification from the NC Youll see that our Turkey, North Carolina location was approved for both our end rep.

Sean McClain: Our Turkey, North Carolina project location was approved to participate in the Piedmont Natural Gas renewable pilot program, which is a step towards obtaining the new renewable energy facility and reps designation under the North Carolina Utilities Commission the NCUC. In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

In January 2024, we received notification from the NC Youll see that our Turkey, North Carolina location was approved for both our end rep.

Sean McClain: In January 2024, we received notification from the NCUC that our Turkey, North Carolina location was approved for both our NREF and the certificate of public convenience and necessity. This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

A certificate of public convenience and necessity. This is a critical step towards obtaining the <unk> designation and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location. In March 2024, we submitted an amendment to our AD rep designation to optimize its applicability to specifics facilitate componentry for which we expect a decision on that amendment during 2024.

Sean McClain: This is a critical step towards obtaining the NREF designation, and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location.

This is a critical step towards obtaining the <unk> designation and obtaining this designation could have an impact on the timing of utility infrastructure at our Turkey, North Carolina location. In March 2024, we submitted an amendment to our AD rep designation to optimize its applicability to specifics facilitate componentry for which we expect a decision on that amendment during 2024.

In March 2024, we submitted an amendment to our AD rep designation to optimize its applicability to specifics facilitate componentry for which we expect a decision on that amendment during 2024.

Sean McClain: In March 2024, we submitted an amendment to our NREF designation to optimize it's applicability to specific [indiscernible] for which we expect a decision on that amendment during 2024. Upon completion of our first full phase of the Turkey, North Carolina project, we anticipate the ability to process feedstock from over 120,000 hog spaces per day, equating to over 200 daily waste collection per day. We continue to expect to annually produce approximately 45 to 50,000 MWh equivalents, through the combination of 190 to 200,000 MMBtu and 25 to 30,000 MWh. Additionally, we continue to estimate the first phase of this project will produce 17 to 20,000 tons of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RNG processing facility at the apex landfill, this project is being driven by projections of biogas feedstock availability from the host landfill. If the landfill host continues to increase it's waste intake, we believe that the additional 2,100 MMBtu per day of production capacity of our new facility will allow for us to process the landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases in waste intake. While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

Sean McClain: Upon completion of our first full phase of the Turkey, North Carolina project, we anticipate the ability to process feedstock from over 120,000 hog spaces per day, equating to over 200 daily waste collection per day. We continue to expect to annually produce approximately 45 to 50,000 MWh equivalents, through the combination of 190 to 200,000 MMBtu and 25 to 30,000 MWh. Additionally, we continue to estimate the first phase of this project will produce 17 to 20,000 tons of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RNG processing facility at the apex landfill, this project is being driven by projections of biogas feedstock availability from the host landfill. If the landfill host continues to increase it's waste intake, we believe that the additional 2,100 MMBtu per day of production capacity of our new facility will allow for us to process the landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases in waste intake. While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

Upon completion of our first full phase of the Turkey, North Carolina project, we anticipate the ability to process feedstock from over 120000 Hog faces per day equating to over 200 times. The daily waste collection per day, we continue to expect to annually of produce approximately 45 to <unk>. 50000. Megawatt hour equivalents through the combination of 190 to 200000 M, a btu and 25% to 30000 megawatt hours. Additionally, we continue to estimate the first phase of this project will produce 17 to 20000 pounds of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RMG processing facility at the apex landfill. This project is being driven by projections of biogas feedstock availability from the host landfill. Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: We continue to expect to annually produce approximately 45 to 50,000 MWh equivalents, through the combination of 190 to 200,000 MMBtu and 25 to 30,000 MWh. Additionally, we continue to estimate the first phase of this project will produce 17 to 20,000 tons of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RNG processing facility at the apex landfill, this project is being driven by projections of biogas feedstock availability from the host landfill. If the landfill host continues to increase it's waste intake, we believe that the additional 2,100 MMBtu per day of production capacity of our new facility will allow for us to process the landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases in waste intake. While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

Sean McClain: We continue to expect to annually produce approximately 45 to 50,000 MWh equivalents, through the combination of 190 to 200,000 MMBtu and 25 to 30,000 MWh.

50000. Megawatt hour equivalents through the combination of 190 to 200000 M, a btu and 25% to 30000 megawatt hours. Additionally, we continue to estimate the first phase of this project will produce 17 to 20000 pounds of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RMG processing facility at the apex landfill. This project is being driven by projections of biogas feedstock availability from the host landfill. Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Megawatt hour equivalents through the combination of 190 to 200000 M, a btu and 25% to 30000 megawatt hours. Additionally, we continue to estimate the first phase of this project will produce 17 to 20000 pounds of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RMG processing facility at the apex landfill. This project is being driven by projections of biogas feedstock availability from the host landfill. Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: Additionally, we continue to estimate the first phase of this project will produce 17 to 20,000 tons of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RNG processing facility at the apex landfill, this project is being driven by projections of biogas feedstock availability from the host landfill. If the landfill host continues to increase it's waste intake, we believe that the additional 2,100 MMBtu per day of production capacity of our new facility will allow for us to process the landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases in waste intake. While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

Sean McClain: Additionally, we continue to estimate the first phase of this project will produce 17 to 20,000 tons of organic fertilizer alternatives annually.

Additionally, we continue to estimate the first phase of this project will produce 17 to 20000 pounds of organic fertilizer alternatives annually. During 2022, we announced our plans to construct a second RMG processing facility at the apex landfill. This project is being driven by projections of biogas feedstock availability from the host landfill. Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: During 2022, we announced our plans to construct a second RNG processing facility at the apex landfill, this project is being driven by projections of biogas feedstock availability from the host landfill. If the landfill host continues to increase it's waste intake, we believe that the additional 2,100 MMBtu per day of production capacity of our new facility will allow for us to process the landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases in waste intake. While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

During 2022, we announced our plans to construct a second RMG processing facility at the apex landfill. This project is being driven by projections of biogas feedstock availability from the host landfill. Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

This project is being driven by projections of biogas feedstock availability from the host landfill. Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: If the landfill host continues to increase it's waste intake, we believe that the additional 2,100 MMBtu per day of production capacity of our new facility will allow for us to process the landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases in waste intake. While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

Landfill host continues to increase its waste intake, we believe that the additional 2100, and then btu per day of production capacity of our new facility will allow for us to process. The landfill hosts currently forecasted increases in biogas feedstock volumes related to their projected increases. And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: While the landfill host continues to increase waste intake, we expect there could be a period, where we have excess available capacity after the second facilities commission, we currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

And waste intake. While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

While the landfill host continues to increase weight intake, we expect there could be a period, where we have excess available capacity. After the second facilities Commission. We currently expect commercial operations during the fourth quarter of 2024. In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: In 2024, we reached an agreement with one of our landfill hosts to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

In 2024, we reached an agreement with one of our landfill house to sell back our gas rates in advance of their exploration impacting one of our smaller renewable electric generation operating facilities. The strategic decision to exit. This facility was influenced by a mid 2020 for exploration. Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: The strategic decision to exit this facility was influenced by a mid 2024 exploration of an above market power purchase agreement, the elimination of decommissioning asset removal or site restoration obligations. The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

Of an above market power purchase agreement the elimination of decommissioning asset removal or site restoration obligations, the sale proceeds of $1 million being well in excess of the carrying value of this project and the offer to extend our gas rates at two of our existing R&D operating. <unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Sean McClain: The sale proceeds of $1 million being well in excess of the carrying value of this project, and the offer to extend our gas rates at two of our existing R&D operating facilities [indiscernible] for an additional five years each, the effective date of this transaction will be October 1st 2024, and with that I will turn the call over to Kevin.

<unk> metastases and coastal plains for an additional five years each the effective date of this transaction will be October one 2024, and with that I will turn the call over to Ken.

Kevin Van: Thank you, Sean I will be discussing our 2023 financial and operating results. Please refer to our earnings press release and the supplemental slides that have been posted to our website for additional information. Total revenues in 2023, or $174 9 million, a decrease of $30 7 million or 14, 9% compared to $205 6 million in 2022. Mary driver for this decrease relates to a decrease of approximately 16, 6% and realized RIN pricing during 2023 of $2 71. Compared to $3 25 and 2022. Additionally, contributing to the decrease with a decrease in natural gas index pricing of approximately 58, 7% in 2023 of $2 74 compared to $6 64 in 2022. Total general and administrative expenses were $34 4 million in 2023, an increase of <unk> 3 million or <unk>, 8% compared to $34 1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>. Finally, our rent expense was <unk> 7 million in 2023, an increase of <unk> 3 million or 69, 6% compared to zero point $4 million in 2022. Turning to our segment operating metrics I'll begin by reviewing our renewable natural gas segment.

Kevin Van: Thank you Sean, I will be discussing our 2023 financial and operating results, please refer to our earnings press release and the supplemental slides that have been posted to our website for additional information. Total revenues in 2023 were $174.9 million, a decrease of $30.7 million or 14.9% compared to $205.6 million in 2022, the primary driver for this decrease relates to a decrease of approximately 16.6% in realized RIN pricing during 2023 of $2.71, compared to $3.25 in 2022. Additionally contributing to the decrease, with an increase in natural gas index pricing of approximately 58.7% in 2023 of $2.74 compared to $6.64 in 2022. Total general and administrative expenses were $34.4 million in 2023, an increase of 0.3 million or 0.8% compared to $34.1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2.1 million compared to 2022 associated with the 2022 Montauk AG renewable stock based compensation amendments to restricted share awards. Partially offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards, our professional fees expense was $4.6 million in 2023, a decrease of 0.7 million or 12.5% compared to $5.3 million in 2022. Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Total revenues in 2023, or $174 9 million, a decrease of $30 7 million or 14, 9% compared to $205 6 million in 2022. Mary driver for this decrease relates to a decrease of approximately 16, 6% and realized RIN pricing during 2023 of $2 71. Compared to $3 25 and 2022. Additionally, contributing to the decrease with a decrease in natural gas index pricing of approximately 58, 7% in 2023 of $2 74 compared to $6 64 in 2022. Total general and administrative expenses were $34 4 million in 2023, an increase of <unk> 3 million or <unk>, 8% compared to $34 1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Kevin Van: Total revenues in 2023 were $174.9 million, a decrease of $30.7 million or 14.9% compared to $205.6 million in 2022, the primary driver for this decrease relates to a decrease of approximately 16.6% in realized RIN pricing during 2023 of $2.71, compared to $3.25 in 2022. Additionally contributing to the decrease, with an increase in natural gas index pricing of approximately 58.7% in 2023 of $2.74 compared to $6.64 in 2022. Total general and administrative expenses were $34.4 million in 2023, an increase of 0.3 million or 0.8% compared to $34.1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2.1 million compared to 2022 associated with the 2022 Montauk AG renewable stock based compensation amendments to restricted share awards. Partially offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards, our professional fees expense was $4.6 million in 2023, a decrease of 0.7 million or 12.5% compared to $5.3 million in 2022. Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Mary driver for this decrease relates to a decrease of approximately 16, 6% and realized RIN pricing during 2023 of $2 71. Compared to $3 25 and 2022. Additionally, contributing to the decrease with a decrease in natural gas index pricing of approximately 58, 7% in 2023 of $2 74 compared to $6 64 in 2022. Total general and administrative expenses were $34 4 million in 2023, an increase of <unk> 3 million or <unk>, 8% compared to $34 1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Compared to $3 25 and 2022. Additionally, contributing to the decrease with a decrease in natural gas index pricing of approximately 58, 7% in 2023 of $2 74 compared to $6 64 in 2022. Total general and administrative expenses were $34 4 million in 2023, an increase of <unk> 3 million or <unk>, 8% compared to $34 1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Additionally, contributing to the decrease with a decrease in natural gas index pricing of approximately 58, 7% in 2023 of $2 74 compared to $6 64 in 2022. Total general and administrative expenses were $34 4 million in 2023, an increase of <unk> 3 million or <unk>, 8% compared to $34 1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Kevin Van: Additionally contributing to the decrease, with an increase in natural gas index pricing of approximately 58.7% in 2023 of $2.74 compared to $6.64 in 2022. Total general and administrative expenses were $34.4 million in 2023, an increase of 0.3 million or 0.8% compared to $34.1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2.1 million compared to 2022 associated with the 2022 Montauk AG renewable stock based compensation amendments to restricted share awards. Partially offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards, our professional fees expense was $4.6 million in 2023, a decrease of 0.7 million or 12.5% compared to $5.3 million in 2022. Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Kevin Van: Additionally contributing to the decrease, with an increase in natural gas index pricing of approximately 58.7% in 2023 of $2.74 compared to $6.64 in 2022.

Kevin Van: Total general and administrative expenses were $34.4 million in 2023, an increase of 0.3 million or 0.8% compared to $34.1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2.1 million compared to 2022 associated with the 2022 Montauk AG renewable stock based compensation amendments to restricted share awards. Partially offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards, our professional fees expense was $4.6 million in 2023, a decrease of 0.7 million or 12.5% compared to $5.3 million in 2022. Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Kevin Van: Total general and administrative expenses were $34.4 million in 2023, an increase of 0.3 million or 0.8% compared to $34.1 million for 2022.

Total general and administrative expenses were $34 4 million in 2023, an increase of <unk> 3 million or <unk>, 8% compared to $34 1 million for 2022. Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Kevin Van: Our general and administrative expenses for 2023 increased approximately $2.1 million compared to 2022 associated with the 2022 Montauk AG renewable stock based compensation amendments to restricted share awards. Partially offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards, our professional fees expense was $4.6 million in 2023, a decrease of 0.7 million or 12.5% compared to $5.3 million in 2022. Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Our general and administrative expenses for 2023 increased approximately $2 1 million compared to 2022 associated with the 2020 to Montauk AG renewable stock based compensation amendments to restricted share awards. Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Kevin Van: Partially offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards, our professional fees expense was $4.6 million in 2023, a decrease of 0.7 million or 12.5% compared to $5.3 million in 2022. Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Actually offsetting this increase were the reversal of approximately 1.0 million in stock based compensation expense related to forfeited stock awards are professional fees expense was $4 6 million in 2023, a decrease of <unk> 7 million or 12, 5% compared to $5 3 million in 2022. <unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Kevin Van: Montauk AG renewables professional fees for 2023 increased approximately 0.4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2.1 million for Montauk AG Renewables. Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

<unk> AG renewables professional fees for 2023 increased approximately <unk> 4 million compared to 2022, which is included in the aforementioned total 2023 increase of $2 1 million for <unk>.

Kevin Van: Finally, our rent expense was 0.7 million in 2023, an increase of 0.3 million or 69.6% compared to 0.4 million in 2022.

Finally, our rent expense was <unk> 7 million in 2023, an increase of <unk> 3 million or 69, 6% compared to zero point $4 million in 2022. Turning to our segment operating metrics I'll begin by reviewing our renewable natural gas segment.

Kevin Van: Turning to our segment operating metrics I'll begin by reviewing our renewable natural gas segment. We produced $5 5 million Btu of R&D during 2023 flat compared to $5 $5 million <unk> produced in 2022. The reduced preventative maintenance and welfare optimization in 2023 at certain sites led to increased production, notably at our past Qasida facility, producing 84000, <unk> more in 2023 compared to 2022. Offsetting these improvements. Were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production led by our <unk> facility, producing 95000 fewer <unk> in 2023 compared to 2022. Revenues from the renewable natural gas segment in 2020 to $156 4 million, a decrease of $39 8 million or 23% compared to $196 2 million in 2022. Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022. Other R&D operating and maintenance expenses increased approximately $6 3 million in 2023 compared to 2022 as a result of it.

Kevin Van: Turning to our segment operating metrics, I'll begin by reviewing our renewable natural gas segment. We produced $5.5 MMBtu of R&D during 2023, flat compared to $5.5 million MMBtu produced in 2022. The reduced preventative maintenance and welfare optimization in 2023 at certain sites led to increased production, notably at our [indiscernible] facility, producing 84,000 MMBtu more in 2023 compared to 2022. Offsetting these improvements, were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production, led by our [indiscernible] facility, producing 95,000 fewer MMBtu in 2023, compared to 2022. Revenues from the renewable natural gas segment in 2022 were $156.4 million, a decrease of $39.8 million or 23% compared to $196.2 million in 2022. Average commodity pricing for natural gas for 2023 was $58.7% lower than the prior year, during 2023, we self marketed $44.9 million RINs, representing a $1.1 million increase or 2.5% compared to $43.8 million RINs in 2022. The increase was primarily related to the prior period RIN volumes carried over into 2023, compared to 2022. Average realized pricing on RIN sales during 2023 was $2.71, as compared to $3.25 in 2022, a decrease of 16.6%. This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Turning to our segment operating metrics I'll begin by reviewing our renewable natural gas segment.

We produced $5 5 million Btu of R&D during 2023 flat compared to $5 $5 million <unk> produced in 2022. The reduced preventative maintenance and welfare optimization in 2023 at certain sites led to increased production, notably at our past Qasida facility, producing 84000, <unk> more in 2023 compared to 2022. Offsetting these improvements. Were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production led by our <unk> facility, producing 95000 fewer <unk> in 2023 compared to 2022. Revenues from the renewable natural gas segment in 2020 to $156 4 million, a decrease of $39 8 million or 23% compared to $196 2 million in 2022. Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: The reduced preventative maintenance and welfare optimization in 2023 at certain sites led to increased production, notably at our [indiscernible] facility, producing 84,000 MMBtu more in 2023 compared to 2022. Offsetting these improvements, were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production, led by our [indiscernible] facility, producing 95,000 fewer MMBtu in 2023, compared to 2022. Revenues from the renewable natural gas segment in 2022 were $156.4 million, a decrease of $39.8 million or 23% compared to $196.2 million in 2022. Average commodity pricing for natural gas for 2023 was $58.7% lower than the prior year, during 2023, we self marketed $44.9 million RINs, representing a $1.1 million increase or 2.5% compared to $43.8 million RINs in 2022. The increase was primarily related to the prior period RIN volumes carried over into 2023, compared to 2022. Average realized pricing on RIN sales during 2023 was $2.71, as compared to $3.25 in 2022, a decrease of 16.6%. This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

The reduced preventative maintenance and welfare optimization in 2023 at certain sites led to increased production, notably at our past Qasida facility, producing 84000, <unk> more in 2023 compared to 2022. Offsetting these improvements. Were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production led by our <unk> facility, producing 95000 fewer <unk> in 2023 compared to 2022. Revenues from the renewable natural gas segment in 2020 to $156 4 million, a decrease of $39 8 million or 23% compared to $196 2 million in 2022. Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: Offsetting these improvements, were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production, led by our [indiscernible] facility, producing 95,000 fewer MMBtu in 2023, compared to 2022. Revenues from the renewable natural gas segment in 2022 were $156.4 million, a decrease of $39.8 million or 23% compared to $196.2 million in 2022. Average commodity pricing for natural gas for 2023 was $58.7% lower than the prior year, during 2023, we self marketed $44.9 million RINs, representing a $1.1 million increase or 2.5% compared to $43.8 million RINs in 2022. The increase was primarily related to the prior period RIN volumes carried over into 2023, compared to 2022. Average realized pricing on RIN sales during 2023 was $2.71, as compared to $3.25 in 2022, a decrease of 16.6%. This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Offsetting these improvements. Were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production led by our <unk> facility, producing 95000 fewer <unk> in 2023 compared to 2022. Revenues from the renewable natural gas segment in 2020 to $156 4 million, a decrease of $39 8 million or 23% compared to $196 2 million in 2022. Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Were unrelated welfare quality issues at other sites and portfolio wide weather anomalies, which lowered production led by our <unk> facility, producing 95000 fewer <unk> in 2023 compared to 2022. Revenues from the renewable natural gas segment in 2020 to $156 4 million, a decrease of $39 8 million or 23% compared to $196 2 million in 2022. Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: Revenues from the renewable natural gas segment in 2022 were $156.4 million, a decrease of $39.8 million or 23% compared to $196.2 million in 2022. Average commodity pricing for natural gas for 2023 was $58.7% lower than the prior year, during 2023, we self marketed $44.9 million RINs, representing a $1.1 million increase or 2.5% compared to $43.8 million RINs in 2022. The increase was primarily related to the prior period RIN volumes carried over into 2023, compared to 2022. Average realized pricing on RIN sales during 2023 was $2.71, as compared to $3.25 in 2022, a decrease of 16.6%. This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Kevin Van: Revenues from the renewable natural gas segment in 2022 were $156.4 million, a decrease of $39.8 million or 23% compared to $196.2 million in 2022.

Revenues from the renewable natural gas segment in 2020 to $156 4 million, a decrease of $39 8 million or 23% compared to $196 2 million in 2022. Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: Average commodity pricing for natural gas for 2023 was $58.7% lower than the prior year, during 2023, we self marketed $44.9 million RINs, representing a $1.1 million increase or 2.5% compared to $43.8 million RINs in 2022. The increase was primarily related to the prior period RIN volumes carried over into 2023, compared to 2022. Average realized pricing on RIN sales during 2023 was $2.71, as compared to $3.25 in 2022, a decrease of 16.6%. This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Average commodity pricing for natural gas for 2023 was $58, 7% lower than the prior year during. During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

During 2023, we self marketed $44 9 million rins, representing a $1 1 million increase or two 5% compared to $43 8 million Rins in 2020 to incur. The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: The increase was primarily related to the prior period RIN volumes carried over into 2023, compared to 2022. Average realized pricing on RIN sales during 2023 was $2.71, as compared to $3.25 in 2022, a decrease of 16.6%. This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

The increase was primarily related to the prior period when volumes carried over into 2023 compared to 2022. Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Average realized pricing on RIN sales during 2023 was $2 71, as compared to $3 25, and 2022, a decrease of 16, 6%. This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98. At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Kevin Van: This compares to the average D3 RIN index price for 2023, of $2.63, being approximately 11.7% lower than the average D3 RIN index price in 2020 to $2.98.

This compares to the average <unk> rent index price for 2023, or $2 63, being approximately 11, 7% lower than the average <unk> index price in 2020 to $2 98. At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: At December 31st 2023, we had approximately 0.4 million MMBtus available for RIN generation and had approximately 0.1 million RINs generated and unsold, we had approximately 0.4 MMBtus available for RIN generation and approximately 0.7 million RINs generated and sold at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

At December 31, 2023, we had approximately <unk> 4 million and <unk> available for RIN generation and had approximately 0.1 million rins generated an unsold we had approximately <unk> 4 million <unk> available for RIN generation and approximately <unk> 7 million Rins generated in <unk> at December 31, 2022. Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Kevin Van: Our operating and maintenance expenses for our R&D facilities in 2023 were $47.9 million, an increase of $4.2 million or 9.5%, compared to $43.7 million in 2022.

Our operating and maintenance expenses for our R&D facilities in 2023, or $47 9 million, an increase of $4 2 million or nine 5% compared to $43 7 million in 2022. Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: Our R&D facilities reported reduced total segment utility expenses of approximately $2.1 million in 2023 as compared to 2022.

Our R&D facilities reported reduced total segment utility expenses of approximately $2 1 million in 2023 as compared to 2022.

Kevin Van: Other R&D operating and maintenance expenses increased approximately $6 3 million in 2023 compared to 2022 as a result of it. Activity preventative maintenance repairs, well field operational enhancements and non capitalized costs. The non capitalized costs were recorded in our Pico facility in connection with the digestion capacity increased project. Our profitability is highly dependent on the market price of environmental attributes, including the market price for Rins as we self market a significant portion of our rent a decision not to commit to transfer available returns during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of <unk> III rins generated and available for transfer during the first quarter of 2024 based on our internal expectations related to the price of <unk> Rins. As a result, we have approximately $2 9 million rins remaining in inventory for 2020 from 2023 gas production and have approximately seven. 3 million Rins in inventory from 2020 for gas production as of this call. The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: Other R&D operating and maintenance expenses increased approximately $6.3 million in 2023 compared to 2022, as a result of facilities preventative maintenance, repairs, well field operational enhancements and non-capitalizable costs. The non-capitalizable costs were recorded at our Pico facility in connection with the digestion capacity increased project. Our profitability is highly dependent on the market price of environmental attributes, including the market price for RINs, as we self market a significant portion of our RIN, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of D3 RINs, generated and available for transfer during the first quarter of 2024, based on our internal expectations related to the price of D3 RINs. As a result, we have approximately $2 9 million RINs remaining in inventory from 2023 gas production, and have approximately 7.3 million RINs in inventory from 2024 gas production as of this call. The average price of D3 RINs through the end of February was approximately $3.6, we produced approximately 194,000 MWh in renewable electricity during 2023, an increase of approximately 4,000 megawatt hours or 2.1% compared to 190,000 MWh in 2022. Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Other R&D operating and maintenance expenses increased approximately $6 3 million in 2023 compared to 2022 as a result of it.

Activity preventative maintenance repairs, well field operational enhancements and non capitalized costs. The non capitalized costs were recorded in our Pico facility in connection with the digestion capacity increased project. Our profitability is highly dependent on the market price of environmental attributes, including the market price for Rins as we self market a significant portion of our rent a decision not to commit to transfer available returns during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of <unk> III rins generated and available for transfer during the first quarter of 2024 based on our internal expectations related to the price of <unk> Rins. As a result, we have approximately $2 9 million rins remaining in inventory for 2020 from 2023 gas production and have approximately seven. 3 million Rins in inventory from 2020 for gas production as of this call. The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: The non-capitalizable costs were recorded at our Pico facility in connection with the digestion capacity increased project. Our profitability is highly dependent on the market price of environmental attributes, including the market price for RINs, as we self market a significant portion of our RIN, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of D3 RINs, generated and available for transfer during the first quarter of 2024, based on our internal expectations related to the price of D3 RINs. As a result, we have approximately $2 9 million RINs remaining in inventory from 2023 gas production, and have approximately 7.3 million RINs in inventory from 2024 gas production as of this call. The average price of D3 RINs through the end of February was approximately $3.6, we produced approximately 194,000 MWh in renewable electricity during 2023, an increase of approximately 4,000 megawatt hours or 2.1% compared to 190,000 MWh in 2022. Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Kevin Van: The non-capitalizable costs were recorded at our Pico facility in connection with the digestion capacity increased project.

The non capitalized costs were recorded in our Pico facility in connection with the digestion capacity increased project. Our profitability is highly dependent on the market price of environmental attributes, including the market price for Rins as we self market a significant portion of our rent a decision not to commit to transfer available returns during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of <unk> III rins generated and available for transfer during the first quarter of 2024 based on our internal expectations related to the price of <unk> Rins. As a result, we have approximately $2 9 million rins remaining in inventory for 2020 from 2023 gas production and have approximately seven. 3 million Rins in inventory from 2020 for gas production as of this call. The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: Our profitability is highly dependent on the market price of environmental attributes, including the market price for RINs, as we self market a significant portion of our RIN, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of D3 RINs, generated and available for transfer during the first quarter of 2024, based on our internal expectations related to the price of D3 RINs. As a result, we have approximately $2 9 million RINs remaining in inventory from 2023 gas production, and have approximately 7.3 million RINs in inventory from 2024 gas production as of this call. The average price of D3 RINs through the end of February was approximately $3.6, we produced approximately 194,000 MWh in renewable electricity during 2023, an increase of approximately 4,000 megawatt hours or 2.1% compared to 190,000 MWh in 2022. Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Our profitability is highly dependent on the market price of environmental attributes, including the market price for Rins as we self market a significant portion of our rent a decision not to commit to transfer available returns during a period will impact our revenue and operating profit. We strategically determined not to transfer a significant amount of <unk> III rins generated and available for transfer during the first quarter of 2024 based on our internal expectations related to the price of <unk> Rins. As a result, we have approximately $2 9 million rins remaining in inventory for 2020 from 2023 gas production and have approximately seven. 3 million Rins in inventory from 2020 for gas production as of this call. The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

We strategically determined not to transfer a significant amount of <unk> III rins generated and available for transfer during the first quarter of 2024 based on our internal expectations related to the price of <unk> Rins. As a result, we have approximately $2 9 million rins remaining in inventory for 2020 from 2023 gas production and have approximately seven. 3 million Rins in inventory from 2020 for gas production as of this call. The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: We strategically determined not to transfer a significant amount of D3 RINs, generated and available for transfer during the first quarter of 2024, based on our internal expectations related to the price of D3 RINs. As a result, we have approximately $2 9 million RINs remaining in inventory from 2023 gas production, and have approximately 7.3 million RINs in inventory from 2024 gas production as of this call. The average price of D3 RINs through the end of February was approximately $3.6, we produced approximately 194,000 MWh in renewable electricity during 2023, an increase of approximately 4,000 megawatt hours or 2.1% compared to 190,000 MWh in 2022. Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Kevin Van: As a result, we have approximately $2 9 million RINs remaining in inventory from 2023 gas production, and have approximately 7.3 million RINs in inventory from 2024 gas production as of this call. The average price of D3 RINs through the end of February was approximately $3.6, we produced approximately 194,000 MWh in renewable electricity during 2023, an increase of approximately 4,000 megawatt hours or 2.1% compared to 190,000 MWh in 2022. Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

3 million Rins in inventory from 2020 for gas production as of this call. The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

The average. Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Rice of <unk> through the end of February was approximately $3 six. We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: The average price of D3 RINs through the end of February was approximately $3.6, we produced approximately 194,000 MWh in renewable electricity during 2023, an increase of approximately 4,000 megawatt hours or 2.1% compared to 190,000 MWh in 2022. Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

We produced approximately 194000 megawatt hours and renewable electricity during 2023, an increase of approximately 4000 megawatt hours or two 1% compared to 190000 megawatt hours in 2022, our security facility produced. Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Kevin Van: Our security facility produced 5,000 MWh more in 2023, compared to 2022 as a result of the prior period engine maintenance.

Alvin megawatt hours more in 2023 compared to 2022 as a result of the prior period engine maintenance. Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022. The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Kevin Van: Revenues from renewable electricity facilities in 2023 were $18.4 million, an increase of $1.2 million or 7.4%, compared to $17.2 million in 2022.

Revenues from renewable electricity facilities in 2023 were $18 4 million, an increase of $1 2 million or seven 4% compared to $17 2 million in 2022. The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Kevin Van: The increase was primarily driven by the timing of generation and monetization of REGs and PPA pricing step ups at our [indiscernible] facility.

The increase was primarily driven by the timing of generation and monetization of Rex and PPA pricing step ups in our <unk> facility. Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

Kevin Van: Our renewable electricity generation operating and maintenance expenses in 2023 were $11.7 million, a decrease of $1.3 million or 10.2% compared to $13.1 million in 2022.

Our renewable electricity generation operating and maintenance expenses in 2023 were $11 7 million a decrease of $1 3 million or 10, 2% compared to $13 1 million in 2022. The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: The decrease was primarily due to timing of scheduled preventative maintenance intervals at our [indiscernible] facility. During 2023, we recorded an impairment of 0.9 million, a decrease of 4.0 million or 81.4% compared to $4.9 million in 2022.

The decrease was primarily due to timing of scheduled preventative maintenance intervals at our <unk> facility. During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

During 2023, we recorded an impairment of <unk> 9 million, a decrease of 4.0 million or 81, 4% compared to $4 9 million in 2022. In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash. Whereas assessments. This compares to a 2022 impairment of $2 1 million for a renewable electric generation site, whereas the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2 5 million. Operating profit in 2023 was $23 6 million, a decrease of 21.0 million or 47% compared to $44 6 million in 2022. <unk> operating profit for 2023 was $59 3 million a decrease of $35 1 million or <unk> 37, 2% compared to $94 4 million in 2022. Renewable electricity generation operating loss for 2023 was zero point $6 million, a decrease of $6 4 million or <unk> 91, 5% compared to $7 million in 2022. Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>. The amendment and between Manta and Manta Holdings limited amending and restating in its entirety, the third loan agreement and secured promissory note as amended. The balance of the loan remained unchanged at approximately $10 million. However, the amendment extended the maturity date to December 31 2033. Terms of the amendment or otherwise substantially similar to the original loan agreement as previous as previously disclosed we entered into the <unk> loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among and 10-K and the other party there to in connection with our 2021 initial public offering.

Kevin Van: In 2023, we recorded an impairment of approximately 0.8 million, for specifically identified R&D machinery, and feedstock processing equipment that are no longer in operational use, as well as 0.1 million in obsolete renewable electricity generation critical spares. As to the remaining long life asset groups, we concluded, based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023, that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash flows assessments. This compares to a 2022 impairment of $2.1 million for a renewable electric generation site, where in the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2.5 million. Operating profit in 2023 was $23.6 million, a decrease of 21.0 million or 47% compared to $44.6 million in 2022. R&D operating profit for 2023 was $59.3 million, a decrease of $35.1 million or 37, 2% compared to $94.4 million in 2022. Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022. Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended. The balance of the loan remained unchanged at approximately $10 million.

In 2023, we recorded an impairment of approximately <unk> 8 million for specifically identified R&D machinery, and feedstock processing equipment or are no longer an operational use as well as zero point $1 million in obsolete renewable electricity generation critical spares as. As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: As to the remaining long life asset groups, we concluded, based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023. That the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash flows assessments. This compares to a 2022 impairment of $2.1 million for a renewable electric generation site, where in the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2.5 million. Operating profit in 2023 was $23.6 million, a decrease of 21.0 million or 47% compared to $44.6 million in 2022. R&D operating profit for 2023 was $59.3 million, a decrease of $35.1 million or 37, 2% compared to $94.4 million in 2022. Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022. Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

Kevin Van: As to the remaining long life asset groups, we concluded, based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023.

As to the remaining long life asset groups. We concluded based on our annual cash flow assessment conducted for monitoring potential indicators of impairment in 2023 that the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash.

Kevin Van: That the cash flows to be generated are significantly in excess of their carrying values of our operating sites due primarily to the length of the underlying gas rights agreements and we did not record any other impairments related to our cash flows assessments. This compares to a 2022 impairment of $2.1 million for a renewable electric generation site, where in the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2.5 million. Operating profit in 2023 was $23.6 million, a decrease of 21.0 million or 47% compared to $44.6 million in 2022. R&D operating profit for 2023 was $59.3 million, a decrease of $35.1 million or 37, 2% compared to $94.4 million in 2022. Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022. Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

Whereas assessments. This compares to a 2022 impairment of $2 1 million for a renewable electric generation site, whereas the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2 5 million. Operating profit in 2023 was $23 6 million, a decrease of 21.0 million or 47% compared to $44 6 million in 2022. <unk> operating profit for 2023 was $59 3 million a decrease of $35 1 million or <unk> 37, 2% compared to $94 4 million in 2022. Renewable electricity generation operating loss for 2023 was zero point $6 million, a decrease of $6 4 million or <unk> 91, 5% compared to $7 million in 2022. Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

This compares to a 2022 impairment of $2 1 million for a renewable electric generation site, whereas the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2 5 million. Operating profit in 2023 was $23 6 million, a decrease of 21.0 million or 47% compared to $44 6 million in 2022. <unk> operating profit for 2023 was $59 3 million a decrease of $35 1 million or <unk> 37, 2% compared to $94 4 million in 2022. Renewable electricity generation operating loss for 2023 was zero point $6 million, a decrease of $6 4 million or <unk> 91, 5% compared to $7 million in 2022. Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

Kevin Van: This compares to a 2022 impairment of $2.1 million for a renewable electric generation site, where in the future forecast cash flows did not exceed the carrying value of the site long lived assets and other 2022, specifically identified impairments totaling approximately $2.5 million. Operating profit in 2023 was $23.6 million, a decrease of 21.0 million or 47% compared to $44.6 million in 2022. R&D operating profit for 2023 was $59.3 million, a decrease of $35.1 million or 37, 2% compared to $94.4 million in 2022. Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022. Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

Operating profit in 2023 was $23 6 million, a decrease of 21.0 million or 47% compared to $44 6 million in 2022. <unk> operating profit for 2023 was $59 3 million a decrease of $35 1 million or <unk> 37, 2% compared to $94 4 million in 2022. Renewable electricity generation operating loss for 2023 was zero point $6 million, a decrease of $6 4 million or <unk> 91, 5% compared to $7 million in 2022. Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

Kevin Van: Operating profit in 2023 was $23.6 million, a decrease of 21.0 million or 47% compared to $44.6 million in 2022. R&D operating profit for 2023 was $59.3 million, a decrease of $35.1 million or 37, 2% compared to $94.4 million in 2022. Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022. Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

<unk> operating profit for 2023 was $59 3 million a decrease of $35 1 million or <unk> 37, 2% compared to $94 4 million in 2022. Renewable electricity generation operating loss for 2023 was zero point $6 million, a decrease of $6 4 million or <unk> 91, 5% compared to $7 million in 2022. Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

Renewable electricity generation operating loss for 2023 was zero point $6 million, a decrease of $6 4 million or <unk> 91, 5% compared to $7 million in 2022. Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

Kevin Van: Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022. Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

Kevin Van: Renewable electricity generation operating loss for 2023 was 0.6 million, a decrease of $6.4 million or 91, 5% compared to $7 million in 2022.

Kevin Van: Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million. During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

Kevin Van: Turning to the balance sheet, in December 2023 66.0 million was outstanding under our term loan.

Turning to the balance sheet in December 2023. The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

The balance sheet in December 2023, 66 zero million was outstanding under our term loan. As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

Kevin Van: As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117.5 million.

As of December 31, 2023, the company's capacity available for borrowing under the revolving credit facility was $117 5 million. During 2023, we generated $41 1 million of cash from operating activities. A 49, 4% decrease from the prior year ended December 31, 2022 of $81 $8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

Kevin Van: During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million. In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

Kevin Van: During 2023, we generated $41.1 million of cash from operating activities, a 49.4% decrease from the prior year ended December 31, 2022 of $81.8 million.

Kevin Van: In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note, the MNK amendment, and between Montauk and Montauk Holdings limited, amending and restating in its entirety, the third loan agreement and secured promissory note as amended.

In December 2023, we entered into the fourth amended and restated loan agreement and secured promissory note <unk>.

The amendment and between Manta and Manta Holdings limited amending and restating in its entirety, the third loan agreement and secured promissory note as amended. The balance of the loan remained unchanged at approximately $10 million. However, the amendment extended the maturity date to December 31 2033. Terms of the amendment or otherwise substantially similar to the original loan agreement as previous as previously disclosed we entered into the <unk> loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among and 10-K and the other party there to in connection with our 2021 initial public offering.

Kevin Van: The balance of the loan remained unchanged at approximately $10 million, however, the amendment extended the maturity date to December 31st 2033. The terms of the amendment are otherwise substantially similar to the original loan agreement, as previously disclosed we entered into the MNK loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among MNK and the other party there too, in connection with our 2021 initial public offering. Based on our estimate of the present value of our Pico earn out obligation, we recorded an increase of approximately $1.3 million to the earn out liability during 2023, an increase of 0.1 million or 12.8% compared to $1.1 million increase in 2022. This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63.1 million of which $18.6 million, $13.7 million and $13.1 million were related to the ongoing development of Montauk AG Renewables, the Pico Facility digestion capacity increase, and the second Apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73.8 million, adjusted EBITDA for 2023 was $46.5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70.5 million for 2022. EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Kevin Van: The balance of the loan remained unchanged at approximately $10 million, however, the amendment extended the maturity date to December 31st 2033.

The balance of the loan remained unchanged at approximately $10 million. However, the amendment extended the maturity date to December 31 2033. Terms of the amendment or otherwise substantially similar to the original loan agreement as previous as previously disclosed we entered into the <unk> loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among and 10-K and the other party there to in connection with our 2021 initial public offering.

Kevin Van: However, the amendment extended the maturity date to December 31 2033. Terms of the amendment or otherwise substantially similar to the original loan agreement as previous as previously disclosed we entered into the <unk> loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among and 10-K and the other party there to in connection with our 2021 initial public offering. Based on our estimate of the present value of our Pico earn out obligation. We recorded an increase of approximately $1 3 million to the earn out liability. During 2023, an increase of <unk> 1 million or 12, 8% compared to $1 1 million increase in 2022. This. This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63 1 million of which $18 6 million $13 7 million and $13 1 million were related to the ongoing development of <unk> <unk> and <unk>. Facility digestion capacity increase in the second apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73 8 million. Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: The terms of the amendment are otherwise substantially similar to the original loan agreement, as previously disclosed we entered into the MNK loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among MNK and the other party there too, in connection with our 2021 initial public offering. Based on our estimate of the present value of our Pico earn out obligation, we recorded an increase of approximately $1.3 million to the earn out liability during 2023, an increase of 0.1 million or 12.8% compared to $1.1 million increase in 2022. This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63.1 million of which $18.6 million, $13.7 million and $13.1 million were related to the ongoing development of Montauk AG Renewables, the Pico Facility digestion capacity increase, and the second Apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73.8 million, adjusted EBITDA for 2023 was $46.5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70.5 million for 2022. EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Terms of the amendment or otherwise substantially similar to the original loan agreement as previous as previously disclosed we entered into the <unk> loan agreement in accordance with our obligations set forth in a transaction implementation agreement entered into by and among and 10-K and the other party there to in connection with our 2021 initial public offering.

Based on our estimate of the present value of our Pico earn out obligation. We recorded an increase of approximately $1 3 million to the earn out liability. During 2023, an increase of <unk> 1 million or 12, 8% compared to $1 1 million increase in 2022. This. This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63 1 million of which $18 6 million $13 7 million and $13 1 million were related to the ongoing development of <unk> <unk> and <unk>. Facility digestion capacity increase in the second apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73 8 million. Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: Based on our estimate of the present value of our Pico earn out obligation, we recorded an increase of approximately $1.3 million to the earn out liability during 2023, an increase of 0.1 million or 12.8% compared to $1.1 million increase in 2022. This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63.1 million of which $18.6 million, $13.7 million and $13.1 million were related to the ongoing development of Montauk AG Renewables, the Pico Facility digestion capacity increase, and the second Apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73.8 million, adjusted EBITDA for 2023 was $46.5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70.5 million for 2022. EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63 1 million of which $18 6 million $13 7 million and $13 1 million were related to the ongoing development of <unk> <unk> and <unk>. Facility digestion capacity increase in the second apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73 8 million. Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

For 2023, our capital expenditures were $63 1 million of which $18 6 million $13 7 million and $13 1 million were related to the ongoing development of <unk> <unk> and <unk>. Facility digestion capacity increase in the second apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73 8 million. Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: This increase was recorded through our R&D segment royalty expense. For 2023, our capital expenditures were $63.1 million of which $18.6 million, $13.7 million and $13.1 million were related to the ongoing development of Montauk AG Renewables, the Pico Facility digestion capacity increase, and the second Apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73.8 million, adjusted EBITDA for 2023 was $46.5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70.5 million for 2022. EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Kevin Van: This increase was recorded through our R&D segment royalty expense.

Kevin Van: For 2023, our capital expenditures were $63.1 million of which $18.6 million, $13.7 million and $13.1 million were related to the ongoing development of Montauk AG Renewables, the Pico Facility digestion capacity increase, and the second Apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73.8 million, adjusted EBITDA for 2023 was $46.5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70.5 million for 2022. EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Facility digestion capacity increase in the second apex facility respectively. As of December 31, 2023, we had cash and cash equivalents of approximately $73 8 million. Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

As of December 31, 2023, we had cash and cash equivalents of approximately $73 8 million. Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: As of December 31, 2023, we had cash and cash equivalents of approximately $73.8 million, adjusted EBITDA for 2023 was $46.5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70.5 million for 2022. EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Adjusted EBITDA for 2023 was $46 5 million, a decrease of 24.0 million or 34.0% compared to adjusted EBITDA of $70 5 million for 2022. EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

EBITDA for 2023 was $45 3 million a decrease of $20 4 million or 31, 1% compared to EBITDA of $65 7 million for 2022. Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022. Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Kevin Van: EBITDA for 2023 was $45.3 million a decrease of $20.4 million or 31.1% compared to EBITDA of $65.7 million for 2022.

Kevin Van: Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022, the decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income. With that I'll now turn the call back over to Sean.

Kevin Van: Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income.

Kevin Van: Net income for 2023 decreased 20.3 million, or 57.7% compared to net income for 2022.

Net income for 2023 decreased 23, $2008 3 million or 57, 7% compared to net income for 2022. The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: The decrease was primarily driven by price driven reductions through revenues of approximately $30.7 million that were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9.3 million, leading to our $20.9 million reduction in 2023 operating income.

The decrease was primarily driven by price driven reductions through revenues of approximately $30 7 million and were offset through our tiered royalty structure, which reduced our royalty expense in 2023 by approximately $9 3 million, leading to our $20 9 million reduction in 2023 operating income with that I'll now turn the call. Back over to Sean.

Kevin Van: With that I'll now turn the call back over to Sean.

Back over to Sean.

Sean McClain: Thank you Kevin. In closing, and though we don't provide guidance as to our internal expectations on the market price of environmental attributes, including the market price of D3 RIN, we would like to provide our full year 2024 outlook. For 2024, we expect our R&D production volumes to range between 5.8 and 6.1 million MMBtus with corresponding R&D revenues to range between 195 and 215 million. We expect our 2024 renewable electricity production volumes to range between 190 and 200,000 MWh with corresponding renewable electricity revenues to range between $18 and $19 million, and with that we will pass for any questions.

In closing. And though we don't provide guidance as to our internal expectations on the market price of environmental attributes, including the market price of <unk>, we would like to provide our full year 2020 for outlook. For 2024, we expect our R&D production volumes to range between five eight and $6 1 million MLP to use with corresponding R&D revenues to range between 195 and $215 million. We expect our 2020 for renewable electricity production volumes to range between 190, 200000 megawatt hours with corresponding renewable electricity revenues to range between 18 and $19 million and with that we will pause for any questions.

And though we don't provide guidance as to our internal expectations on the market price of environmental attributes, including the market price of <unk>, we would like to provide our full year 2020 for outlook.

For 2024, we expect our R&D production volumes to range between five eight and $6 1 million MLP to use with corresponding R&D revenues to range between 195 and $215 million. We expect our 2020 for renewable electricity production volumes to range between 190, 200000 megawatt hours with corresponding renewable electricity revenues to range between 18 and $19 million and with that we will pause for any questions.

Sean McClain: For 2024, we expect our R&D production volumes to range between 5.8 and 6.1 million MMBtus with corresponding R&D revenues to range between 195 and 215 million. We expect our 2024 renewable electricity production volumes to range between 190 and 200,000 MWh with corresponding renewable electricity revenues to range between $18 and $19 million, and with that we will pass for any questions.

Sean McClain: For 2024, we expect our R&D production volumes to range between 5.8 and 6.1 million MMBtus with corresponding R&D revenues to range between 195 and 215 million.

We expect our 2020 for renewable electricity production volumes to range between 190, 200000 megawatt hours with corresponding renewable electricity revenues to range between 18 and $19 million and with that we will pause for any questions.

Sean McClain: We expect our 2024 renewable electricity production volumes to range between 190 and 200,000 MWh with corresponding renewable electricity revenues to range between $18 and $19 million, and with that we will pass for any questions.

Operator: Thank you, ladies and gentlemen to ask a question please press star one on your telephone and then wait to hear your name announced. To withdraw your question, please press star one again. As a reminder, we ask that you limit yourself to one question only, and then feel free to jump back into the queue. Please standby, while we compile the Q&A roster. Our first question comes from the line of [indiscernible] with UBS. Your line is open.

Ladies and gentlemen to ask a question. Please press star one on your telephone and wait to hear your name announced. Draw. Your question. Please press star one again. As a reminder, we ask that you limit yourself to one question Ali and then feel free to jump back into the queue. Please standby, while we compile the Q&A roster. Our first question comes from the line of some your Jang with UBS. Your line is open.

Draw. Your question. Please press star one again. As a reminder, we ask that you limit yourself to one question Ali and then feel free to jump back into the queue. Please standby, while we compile the Q&A roster. Our first question comes from the line of some your Jang with UBS. Your line is open.

As a reminder, we ask that you limit yourself to one question Ali and then feel free to jump back into the queue. Please standby, while we compile the Q&A roster. Our first question comes from the line of some your Jang with UBS. Your line is open.

Operator: As a reminder, we ask that you limit yourself to one question only, and then feel free to jump back into the queue. Please standby, while we compile the Q&A roster. Our first question comes from the line of [indiscernible] with UBS. Your line is open.

Operator: As a reminder, we ask that you limit yourself to one question only, and then feel free to jump back into the queue. Please standby, while we compile the Q&A roster.

Please standby, while we compile the Q&A roster. Our first question comes from the line of some your Jang with UBS. Your line is open.

Operator: Our first question comes from the line of [indiscernible] with UBS. Your line is open.

Our first question comes from the line of some your Jang with UBS. Your line is open.

Unknown: Hi, Thank you for taking my questions, also for [indiscernible] that was super helpful. I guess I was wondering do you have a long term outlook regarding future [indiscernible] pricing or how do you see a potential [indiscernible]

I guess I was wondering do you have a long term outlook regarding <unk>. Pricing or how do you see a potential project.

Pricing or how do you see a potential project.

Sean McClain: Excellent question, as we often times say on these calls [inaudible] not give guidance for our views on what the forward prices are for environmental attributes, particularly D3 RINs. We do take note however of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes, and we do acknowledge based on available data that is on the EPA's site for the renewable fuel standard. The relative monthly generation statistics, which do suggest a recurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVOs starting with 2024.

Okay. Excellent question. We. Often times say on these calls. Not give guidance. Our views on what the forward prices are for environmental attributes, particularly <unk>. We do take note. However of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes and. We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Excellent question. We. Often times say on these calls. Not give guidance. Our views on what the forward prices are for environmental attributes, particularly <unk>. We do take note. However of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes and. We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

We. Often times say on these calls. Not give guidance. Our views on what the forward prices are for environmental attributes, particularly <unk>. We do take note. However of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes and. We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Often times say on these calls. Not give guidance. Our views on what the forward prices are for environmental attributes, particularly <unk>. We do take note. However of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes and. We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Not give guidance. Our views on what the forward prices are for environmental attributes, particularly <unk>. We do take note. However of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes and. We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Our views on what the forward prices are for environmental attributes, particularly <unk>. We do take note. However of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes and. We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Sean McClain: We do take note however of the three year guidance that has been provided by the EPA, representing 30% increases in the demand for those attributes, and we do acknowledge based on available data that is on the EPA's site for the renewable fuel standard. The relative monthly generation statistics, which do suggest a recurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVOs starting with 2024.

We do acknowledge based on available data that is on the Epa's site for the renewable fuel standard the relative monthly generation statistics, which do suggest a. Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Sean McClain: The relative monthly generation statistics, which do suggest a recurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVOs starting with 2024.

Occurring shortage of the generation of those attributes related to the run rate that would be more indicative of the demand that you will have for those three year RVO is starting with 2024.

Operator: Thank you, please standby for our next question. Our next question comes from the line of Matthew Blair with Tudor Pickering Holt, your line is open.

Please standby for our next question. Our next question comes from the line of Matthew Blair with Tudor Pickering Holt Your line is open.

Our next question comes from the line of Matthew Blair with Tudor Pickering Holt Your line is open.

Matthew Blair: Thank you and good afternoon, I'm hoping you could talk a little bit more about the Q4 production. If I'm doing my math correctly it looks like Q4, R&D production was actually down a little bit from Q3, which I remember was impacted by some weather issues. So did those weather issues reoccur in Q4? And what is your outlook for for Q1 would you expect things to bounce back? Thank you.

Matthew Blair: Thank you and good afternoon, I'm hoping you could talk a little bit more about the Q4 production.

Hoping you could talk a little bit more about the Q4 production if I'm doing my math correctly. It looks like Q4, R&D production was actually down a little bit from Q3, which I remember was impacted by. Some weather issues, so those weather issues to reoccur in Q4. And what is your outlook. For for Q1 would you expect things to bounce back. Thank you.

Matthew Blair: If I'm doing my math correctly it looks like Q4, R&D production was actually down a little bit from Q3, which I remember was impacted by some weather issues. So did those weather issues reoccur in Q4? And what is your outlook for for Q1 would you expect things to bounce back? Thank you.

Matthew Blair: If I'm doing my math correctly it looks like Q4, R&D production was actually down a little bit from Q3, which I remember was impacted by some weather issues.

Some weather issues, so those weather issues to reoccur in Q4. And what is your outlook. For for Q1 would you expect things to bounce back. Thank you.

Matthew Blair: So did those weather issues reoccur in Q4? And what is your outlook for for Q1 would you expect things to bounce back? Thank you.

And what is your outlook. For for Q1 would you expect things to bounce back. Thank you.

For for Q1 would you expect things to bounce back. Thank you.

Kevin Van: Matthew in regards to providing quarterly guidance, we continue to just provide annual guidance for which our guidance ranges are between $5.8 and $6.1 MMBtu. In regards to the fourth quarter, weather contributed but we also had some of the host well field quality issues, primarily at our large site in Cincinnati, Ohio, which impacted our expectations as we closed out the fourth quarter. In regards to ongoing weather anomalies, similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between $5.8 and $6.1 MMBtu, are contemplating all of our expected contributions from our R&D portfolio across the year.

Kevin Van: Matthew in regards to providing quarterly guidance, we continue to just provide annual guidance for which our guidance ranges are between $5.8 and $6.1 MMBtu.

I 0.8, and $6 1 million Btu in regards to the fourth quarter. Weather contributed but we also had some. Well the host well field quality issues, primarily at our large site in Cincinnati, Ohio, which impacted our expectations as we closed out the fourth quarter. In regards to ongoing weather anomalies. Similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between five eight and $6 1 million Btu. Are contemplating all of our expected contributions from our R&D portfolio across the year.

Kevin Van: In regards to the fourth quarter, weather contributed but we also had some of the host well field quality issues, primarily at our large site in Cincinnati, Ohio, which impacted our expectations as we closed out the fourth quarter. In regards to ongoing weather anomalies, similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between $5.8 and $6.1 MMBtu, are contemplating all of our expected contributions from our R&D portfolio across the year.

Weather contributed but we also had some. Well the host well field quality issues, primarily at our large site in Cincinnati, Ohio, which impacted our expectations as we closed out the fourth quarter. In regards to ongoing weather anomalies. Similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between five eight and $6 1 million Btu. Are contemplating all of our expected contributions from our R&D portfolio across the year.

Well the host well field quality issues, primarily at our large site in Cincinnati, Ohio, which impacted our expectations as we closed out the fourth quarter. In regards to ongoing weather anomalies. Similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between five eight and $6 1 million Btu. Are contemplating all of our expected contributions from our R&D portfolio across the year.

Kevin Van: In regards to ongoing weather anomalies, similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between $5.8 and $6.1 MMBtu, are contemplating all of our expected contributions from our R&D portfolio across the year.

In regards to ongoing weather anomalies. Similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between five eight and $6 1 million Btu. Are contemplating all of our expected contributions from our R&D portfolio across the year.

Similar to Sean not wanting to predict the future of RIN prices, we try to manage our expectations through weather as of right now our existing guidance range is up between five eight and $6 1 million Btu. Are contemplating all of our expected contributions from our R&D portfolio across the year.

Are contemplating all of our expected contributions from our R&D portfolio across the year.

Operator: Thank you. Please standby for our next question. Our next question comes from the line of Craig Shere with Tuohy Brothers. Your line is open.

Please standby for our next question. Our next question comes from the line of Craig Shere with Tuohy Brothers. Your line is open.

Our next question comes from the line of Craig Shere with Tuohy Brothers. Your line is open.

Craig Shere: Hi, Thanks for the updates and taking the questions. Any thoughts of, specifically about the EBITDA margin in '24 and more generally about the EBITDA ramp that might be expected through '27 as the North Carolina Swine latest project is completed, your Pico expansion is brought online, you have your apex expansion and then you also have the blue granite and government projects.

Craig Shere: Hi, Thanks for the updates and taking the questions.

Taking the question. Any thoughts specifically about the EBITDA margin in 'twenty, four and more generally about the EBITDA ramp that might be expected through 2007. The North Carolina Swine latest project is completed your Pico expansion is brought online yesterday apex expansion and then you also have the blue granite and government projects.

Craig Shere: Any thoughts of, specifically about the EBITDA margin in '24 and more generally about the EBITDA ramp that might be expected through '27 as the North Carolina Swine latest project is completed, your Pico expansion is brought online, you have your apex expansion and then you also have the blue granite and government projects.

Any thoughts specifically about the EBITDA margin in 'twenty, four and more generally about the EBITDA ramp that might be expected through 2007. The North Carolina Swine latest project is completed your Pico expansion is brought online yesterday apex expansion and then you also have the blue granite and government projects.

The North Carolina Swine latest project is completed your Pico expansion is brought online yesterday apex expansion and then you also have the blue granite and government projects.

Sean McClain: Thanks Craig, yes, we do anticipate our EBITDA increase in 2024 to follow along with our increase of expected, from our increase in expectations of volumes, RIN price notwithstanding based on our internal assumptions. In regards to the ramp in 2025, specifically related to our North Carolina operation, based on our current expectations, we look to fill around half of our expected output under the [indiscernible] swine REG agreement, with revenues starting around the second half of 2025. Thereafter, the EBITDA contributions from a more recent project that we announced, the European energy, from a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a carbon sequestration tax credit view. However, I do want to note that this is not a tax credit play for us, it is a revenue driver, increasing and diversifying our topline revenues whenever we start to deliver our volumetric CO2 to European Energy.

RIN price notwithstanding based on our internal assumptions. In regards to the ramp in 2025, specifically related to our North Carolina operation based on our current expectations, we look to fill around half of our expectation output under the swine Rec agreement. With revenues starting around the second half of 2025 thereafter, the EBIT contributions from a more recent project that we announced the European energy. From a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a. Carbon sequestration tax credit view, however, I do want to note that this is not a tax credit play for us. It is a revenue driver. Increasing and diversifying our topline revenues whenever we start to deliver our volumetric cotwo.

Sean McClain: In regards to the ramp in 2025, specifically related to our North Carolina operation, based on our current expectations, we look to fill around half of our expected output under the [indiscernible] swine REG agreement, with revenues starting around the second half of 2025. Thereafter, the EBITDA contributions from a more recent project that we announced, the European energy, from a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a carbon sequestration tax credit view. However, I do want to note that this is not a tax credit play for us, it is a revenue driver, increasing and diversifying our topline revenues whenever we start to deliver our volumetric CO2 to European Energy.

In regards to the ramp in 2025, specifically related to our North Carolina operation based on our current expectations, we look to fill around half of our expectation output under the swine Rec agreement. With revenues starting around the second half of 2025 thereafter, the EBIT contributions from a more recent project that we announced the European energy. From a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a. Carbon sequestration tax credit view, however, I do want to note that this is not a tax credit play for us. It is a revenue driver. Increasing and diversifying our topline revenues whenever we start to deliver our volumetric cotwo.

Sean McClain: Thereafter, the EBITDA contributions from a more recent project that we announced, the European energy, from a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a carbon sequestration tax credit view. However, I do want to note that this is not a tax credit play for us, it is a revenue driver, increasing and diversifying our topline revenues whenever we start to deliver our volumetric CO2 to European Energy.

With revenues starting around the second half of 2025 thereafter, the EBIT contributions from a more recent project that we announced the European energy. From a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a. Carbon sequestration tax credit view, however, I do want to note that this is not a tax credit play for us. It is a revenue driver. Increasing and diversifying our topline revenues whenever we start to deliver our volumetric cotwo.

From a volumetric and price standpoint, I think it would be fair to say from a top line revenue contribution from European energy the pricing of that agreement is generally in line with some expected prices from a. Carbon sequestration tax credit view, however, I do want to note that this is not a tax credit play for us. It is a revenue driver. Increasing and diversifying our topline revenues whenever we start to deliver our volumetric cotwo.

Sean McClain: However, I do want to note that this is not a tax credit play for us, it is a revenue driver, increasing and diversifying our topline revenues whenever we start to deliver our volumetric CO2 to European Energy.

Carbon sequestration tax credit view, however, I do want to note that this is not a tax credit play for us. It is a revenue driver. Increasing and diversifying our topline revenues whenever we start to deliver our volumetric cotwo.

Increasing and diversifying our topline revenues whenever we start to deliver our volumetric cotwo.

Operator: Thank you. Please standby for our next question. We have a follow up question from the line of Matthew Blair with Tpa. Your line is open.

Please standby for our next question. We have a follow up question from the line of Matthew Blair with Tpa. Your line is open.

We have a follow up question from the line of Matthew Blair with Tpa. Your line is open.

Matthew Blair: Hi, Thanks for taking my follow up, I was going to ask about your 2024 spending plans, but I'm actually seeing it in the K's here, it looks like it's approximately $150 million to $167 million is that correct? And could you talk about what's driving the increase year over year?

Hi, Thanks for taking my follow up I was going to ask about your 2020 for spending plans, but I'm. I'm actually seen it in the K here it looks like it's approximately 100. Third $50 million to $167 million is that correct. And. Could you talk about what's driving the increase year over year.

I'm actually seen it in the K here it looks like it's approximately 100. Third $50 million to $167 million is that correct. And. Could you talk about what's driving the increase year over year.

Third $50 million to $167 million is that correct. And. Could you talk about what's driving the increase year over year.

Matthew Blair: And could you talk about what's driving the increase year over year?

And. Could you talk about what's driving the increase year over year.

Could you talk about what's driving the increase year over year.

Yes that is accurate Matthew, thank you, more poignantly, our annual maintenance capital disaggregated, we expect that to be between $14 and $17 million, and then our development project capital range is between $135 and $150 million. That's largely driven by our two larger products projects the RNG build on the Frank R. Bowerman landfill in California, as well as our continued development of the up to eight processing reactor lines at our North Carolina location.

That's largely driven by our two larger products projects the RNG build on the Frank R. Bowerman landfill in California, as well as our continued development of the up to eight processing reactor lines at our North Carolina location.

Larger products projects the RMG build on that Frank are arm in landfill in California, as well as our continued. Development of the up to eight processing reactor lines at our North Carolina location.

Development of the up to eight processing reactor lines at our North Carolina location.

Operator: Thank you. I am showing no further questions in the queue, I would now like to turn the call back over to Sean for closing remarks.

Operator: I am showing no I am showing no further questions in the queue I would now like to turn the call back over to Sean for closing remarks.

Sean McClain: Thank you, and thank you for taking the time to join US on the conference call today, We look forward to speaking with you on our 2024 first quarter conference call.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.

Okay.

[music].

Okay.

[music].

Q4 2023 Montauk Renewables Inc Earnings Call

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