Opal Fuels Inc (OPAL) 2024 Q3 法說會逐字稿

Good morning, and welcome to OPAL Fuels third quarter 2024 earnings call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. As a reminder, this event is being recorded. I will now turn the call over to Todd Firestone, Vice President of Investor Relations, to begin. Please go ahead.

早安，歡迎參加 OPAL Fuels 2024 年第三季財報電話會議和網路廣播。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員指示）請注意，今天的會議正在錄製中。提醒一下，此事件正在被記錄。現在我將把電話轉給投資者關係副總裁 Todd Firestone。請繼續。

Thank you, and good morning, everyone. Welcome to the OPAL Fuels third quarter 2024 earnings conference call. With me today are Co-CEOs, Adam Comora, Jonathan Maurer; and Scott Contino, OPAL's interim Chief Financial Officer.

謝謝大家，大家早安。歡迎參加 OPAL Fuels 2024 年第三季財報電話會議。今天與我在一起的有聯合執行長 Adam Comora、Jonathan Maurer；以及 OPAL 臨時財務長 Scott Contino。

OPAL Fuels released financial and operating results for the third quarter 2024 yesterday afternoon, and those results are available on the investor relations section of our website at opalfuels.com. Presentation and access to the webcast for this call are also available on our website. After completion of today's call, a replay will be available for 90-days.

OPAL Fuels 昨天下午發布了 2024 年第三季度的財務和營運業績，這些結果可在我們網站 opalfuels.com 的投資者關係部分查看。我們的網站上也提供了本次電話會議的演示和網路廣播。今天的電話會議結束後，將在 90 天內提供重播。

Before we begin, I'd like to remind you that our remarks including answers to your questions, contain forward-looking statements which involve risks, uncertainties and assumptions. Forward-looking statements are not a guarantee of performance, and actual results could differ materially from what is contained in such statements.

在開始之前，我想提醒您，我們的言論（包括對您問題的回答）包含前瞻性陳述，其中涉及風險、不確定性和假設。前瞻性陳述並非業績的保證，實際結果可能與此類陳述中包含的內容有重大差異。

Several factors that could cause or contribute to such differences are described on slides 2 and 3 of our presentation. These forward-looking statements reflect our views as of the date of this call. And OPAL Fuels does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call.

我們簡報的投影片 2 和投影片 3 描述了可能導致或促成此類差異的幾個因素。這些前瞻性陳述反映了我們截至本次電話會議之日的觀點。OPAL Fuels 不承擔任何更新前瞻性陳述以反映本次電話會議之後發生的事件或情況的義務。

Additionally, this call will contain discussion of certain non-GAAP measures. A definition of non-GAAP measures and use in the reconciliation of these measures to the nearest GAAP measure is included in the appendix of the release and presentation.

此外，本次電話會議也將討論某些非公認會計準則措施。非 GAAP 衡量標準的定義以及這些衡量標準與最接近的 GAAP 衡量標準的協調使用包含在新聞稿和簡報的附錄中。

Adam will begin today's call by providing an overview of the core results, recent highlights and an update on our strategic and operational priorities. Jon will then give a commercial and business development update, after which Scott will review financial results. We'll then open the call for questions.

亞當將在今天的電話會議開始時概述核心成果、近期亮點以及我們策略和營運重點的最新情況。然後喬恩將介紹商業和業務發展的最新情況，之後斯科特將審查財務表現。然後我們將開始提問。

And now, I'll turn the call over to Adam Comora, Co-CEO of OPAL Fuels.

現在，我將電話轉給 OPAL Fuels 聯合執行長 Adam Comora。

Thank you, Todd, and good morning, everyone, and thank you for participating in OPAL Fuels Q3 2024 earnings call. This quarter's results were solid and in-line with our expectations as we continue to execute against both our near term financial goals and longer term growth initiatives.

謝謝托德，大家早上好，感謝您參加 OPAL Fuels 2024 年第三季財報電話會議。本季的業績穩健，符合我們的預期，因為我們持續執行近期財務目標和長期成長計畫。

Underpinning our growth is our continued ability to develop new RNG projects, move them through construction into operation and leveraging the strength of our vertically integrated business model to both realize the highest value for that RNG and drive market share gains across the business.

支撐我們成長的是我們持續開發新的 RNG 專案的能力，將其從建設階段轉移到營運階段，並利用我們垂直整合業務模式的優勢，實現 RNG 的最高價值並推動整個業務的市場份額成長。

We are pleased that we have recently commissioned and brought into operation both the Sapphire and Polk RNG projects, our 10th and 11th. When combined with the earlier commissioning of Prince William, we have increased our share of nameplate design capacity in operation up to 8.8 million MMBtus, an increase of 3.6 million MMBtus this year.

我們很高興最近調試並投入了 Sapphire 和 Polk RNG 項目，這是我們的第 10 和第 11 個項目。加上威廉王子號的早期調試，我們已將運行中的銘牌設計產能份額增加至 880 萬 MMBtus，今年增加了 360 萬 MMBtus。

Adjusted EBITDA for the quarter was approximately $31 million as we continue to see improvements across our business segments. Significant drivers to adjusted EBITDA this quarter were the contribution from Prince William, continued strength in environmental credit sales and strong results in our fuel station services from both higher throughput of RNG through our dispensing network and continued positive trends in the construction and services part of this segment.

本季調整後 EBITDA 約為 3,100 萬美元，我們繼續看到我們各業務部門的改善。本季調整後EBITDA 的重要驅動因素是威廉王子的貢獻、環境信貸銷售的持續強勁以及我們加油站服務的強勁業績，這得益於我們的分配網絡的RNG 吞吐量的提高以及加油站建設和服務部分的持續正向趨勢。

We are also well on track of putting at least 2 million MMBtus of OPAL's share of initial design capacity into construction. With the announced projects of Cottonwood, Burlington and now Kirby, we have placed approximately 1.8 million MMBtus of initial design capacity into construction this year.

我們也預計將 OPAL 初始設計產能中至少 200 萬 MMBtus 的份額投入建設。隨著 Cottonwood、Burlington 和現在的 Kirby 項目的宣布，我們今年已將約 180 萬 MMBtus 的初始設計產能投入建設。

We're seeing continued strength in our downstream business and remain encouraged that we will meet our growth objectives for this segment. We have good visibility on full year results and are maintaining our current guidance. Scott will go into further detail regarding our results and outlook a little later in the call.

我們看到下游業務持續強勁，並對實現該領域的成長目標感到鼓舞。我們對全年業績有良好的了解，並維持目前的指導。斯科特稍後將在電話會議中進一步詳細介紹我們的結果和前景。

One other financial item in the quarter that I want to highlight, we saw the first monetization of ITC credits in the Q3 for net cash proceeds of $8.6 million, included in our net income but not in our adjusted EBITDA. We expect continued investment tax credits from projects that have recently entered operation and from projects that are in construction.

我想強調的本季度的另一個財務項目是，我們在第三季度看到ITC 信貸首次貨幣化，淨現金收益為860 萬美元，包含在我們的淨利潤中，但不包含在調整後的EBITDA中。我們預計最近投入營運的項目和在建項目將繼續獲得投資稅收抵免。

Finally, I want to add some commentary on the results of the election. Over the past year, we were frequently asked how our business would be impacted under either a Democratic or Republican White House or control of Congress. We continue to feel that what we do doesn't come down to partisan politics.

最後，我想對選舉結果補充一些評論。在過去的一年裡，我們經常被問到，在民主黨或共和黨的白宮或國會的控制下，我們的業務將受到怎樣的影響。我們仍然認為我們所做的事情並不涉及黨派政治。

Humans and the agricultural sectors create organic waste that decompose and creates biogas or biogenic methane. It is common sense climate and energy policy to capture those emissions with cost effective and proven technology and use them productively for either renewable electricity generation or as RNG.

人類和農業部門產生有機廢物，這些廢物分解並產生沼氣或生物甲烷。採用具有成本效益且經過驗證的技術捕獲這些排放，並將其有效地用於再生能源發電或作為再生能源，是常識性的氣候和能源政策。

RNG is attractive as a renewable fuel because it is available today, utilizes existing pipeline infrastructure and proven cost effective technology that can then be used to decarbonize difficult sectors, such as heavy duty trucking. We see an increasing focus on the need to address the rising electricity demand and we believe electricity produced from biogas can play an important role as it can serve as base load renewable power increasing local grid stability.

RNG 作為一種再生燃料很有吸引力，因為它現在就可以使用，利用現有的管道基礎設施和經過驗證的成本效益技術，然後可用於對重型卡車運輸等困難行業進行脫碳。我們看到人們越來越關註解決不斷增長的電力需求的需要，我們相信沼氣產生的電力可以發揮重要作用，因為它可以作為基本負載再生能源，提高當地電網的穩定性。

With that, I'll turn it over to Jon. Jon?

有了這個，我會把它交給喬恩。喬恩？

Thank you, Adam, and good morning, everyone.

謝謝你，亞當，大家早安。

As Adam mentioned, 2024 has been a busy year for OPAL Fuels. With Prince William, Sapphire and now Polk commencing commercial operations, we have 11 RNG projects in operation. Our operating RNG facilities represent an annual design capacity of 8.8 million MMBtu, organically doubling over the past 2 years.

正如 Adam 所提到的，2024 年對 OPAL Fuels 來說是忙碌的一年。隨著 Prince William、Sapphire 和現在的 Polk 開始商業運營，我們有 11 個 RNG 專案正在運營。我們營運的 RNG 設施的年設計能力為 880 萬 MMBtu，在過去 2 年內翻了一番。

We note that we received EPA certification for our Sapphire project in the quarter. So the project is able to generate RINs under the updated DRR provisions.

我們注意到，我們的藍寶石計畫在本季度獲得了 EPA 認證。因此，該專案能夠根據更新的 DRR 條款產生 RIN。

Certification for Polk will follow shortly. Third quarter productions were in line with our expectations. RNG production was 1 million MMBtus for the 3 months ended September 30, 2024. This production is more than a 40% increase year-over-year and higher than the second quarter 2024.

Polk 認證很快就會推出。第三季產量符合我們的預期。截至 2024 年 9 月 30 日的三個月，RNG 產量為 100 萬 MMBtus。這一產量年增超過 40%，高於 2024 年第二季。

We're seeing both inlet design capacity utilization and utilization of inlet gas ratios in line with expectations and reflective of having several new facilities coming online and in their ramp-up phase. Shifting gears to our in construction portfolio, we have put 3 projects into construction this year and now have a total of 6 projects in construction, representing 2.6 million MMBtu of OPAL'S share of annual design capacity, in addition to our 11 operating projects.

我們看到入口設計產能利用率和入口氣體比率利用率均符合預期，並反映出有幾個新設施上線並處於啟動階段。轉向我們的在建投資組合，我們今年已投入建設 3 個項目，除 11 個營運項目外，目前共有 6 個項目在建，佔 OPAL 年設計產能份額的 260 萬 MMBtu。

Among the projects put into construction, we're happy to have announced the start of construction at our Kirby Canyon Landfill project in Santa Clara, California earlier this week. OPAL owns 100% of the RNG facility. Kirby will contribute 0.66 million MMBtu of annual design capacity net to OPAL. We are well-positioned headed into year end and beyond. Market fundamentals are supportive, and we expect additional opportunities will result from our growing relationships.

在已投入建設的項目中，我們很高興在本週早些時候宣布位於加州聖克拉拉的柯比峽谷垃圾掩埋場計畫開始建設。OPAL 擁有 RNG 設施 100% 的股權。Kirby 將向 OPAL 貢獻 66 萬 MMBtu 的年設計容量淨值。進入年底及以後，我們處於有利位置。市場基本面是有利的，我們預期我們不斷發展的關係將帶來更多機會。

With that, I'll turn it over to Scott to discuss the quarter's financial performance. Scott?

接下來，我將把它交給斯科特討論本季的財務表現。史考特？

Thank you, Jon, and good morning to all the participants on today's call. Last night, we filed our earnings press release, which detailed our quarterly results for the quarter ending September 30, 2024. Our 10-Q will be filed on Tuesday.

謝謝喬恩，今天電話會議的所有參與者都早安。昨晚，我們提交了收益新聞稿，其中詳細介紹了截至 2024 年 9 月 30 日的季度業績。我們的 10-Q 將於週二提交。

Looking at Q3 results, RNG production increased to 1 million MMBtus from 0.7 million MMBtus compared to the third quarter of 2023. The increase is largely due to both the Emerald and Prince William RNG projects contribution to production volumes.

從第三季的結果來看，與 2023 年第三季相比，RNG 產量從 70 萬 MMBtus 增加到 100 萬 MMBtus。這一增長主要歸因於 Emerald 和 Prince William RNG 項目對產量的貢獻。

Revenue in the third quarter was $84 million as compared to $71.1 million in the third quarter of 2023. The main driver for the increase in revenues was increased production and the timing and pricing of environmental credit sales, including both RNG fuel and fuel station services where we dispense all of the RNG for our projects, including our joint venture projects, as well as other third-party RNG supplies.

第三季的營收為 8,400 萬美元，而 2023 年第三季的營收為 7,110 萬美元。收入增加的主要驅動力是產量增加以及環境信貸銷售的時間和定價，包括 RNG 燃料和加油站服務，我們為我們的項目分配所有 RNG，包括我們的合資項目以及其他項目第三方 RNG 供應。

OPAL's share of revenues from equity method investments for the quarter was $11.7 million as compared to $4.7 million in Q3 2023, which is not included in revenue as reported on the income statement. Net income for the third quarter was $17.1 million as compared to $0.2 million in the third quarter of 2023. The difference was primarily driven by growth in our fuel station services business and the sale of investment tax credits.

OPAL 本季權益法投資收入份額為 1,170 萬美元，而 2023 年第三季為 470 萬美元，該收入未包含在損益表中報告的收入中。第三季淨利為 1,710 萬美元，而 2023 年第三季淨利為 20 萬美元。這一差異主要是由我們的加油站服務業務的成長和投資稅收抵免的銷售所推動的。

Adjusted EBITDA was $31.1 million in the third quarter, compared to $16.5 million in the third quarter of 2023, partially driven by the timing of environmental credit sales. A reconciliation to GAAP results is provided in our earnings release from yesterday and in our investor presentation updated this morning on our website.

第三季調整後 EBITDA 為 3,110 萬美元，而 2023 年第三季為 1,650 萬美元，部分原因是環境信貸銷售的時機。我們昨天發布的收益報告以及今天早上在我們網站上更新的投資者介紹中都提供了與公認會計原則（GAAP）結果的對帳。

As a reminder, we've added project development and startup costs as a separate line item on the income statement to reflect costs associated with projects that are in pre-construction or in startup phase. This quarter's adjusted EBITDA includes a $3.8 million add-back of certain project development and startup costs that are incremental to the ongoing operational expense with respect to the Prince William virtual pipeline.

提醒一下，我們已將專案開發和啟動成本作為損益表中的單獨行項目添加，以反映與處於施工前或啟動階段的專案相關的成本。本季調整後的 EBITDA 包括某些專案開發和啟動成本的 380 萬美元回加，這些成本是威廉王子虛擬管道持續營運費用的增量。

These costs are temporary in nature and expected to be incurred until mid-2025. The total virtual pipeline costs are included in the project development and startup costs line item on the income statement and the – add-back to adjusted EBITDA.

這些成本本質上是暫時的，預計將持續到 2025 年中期。虛擬管道總成本包含在損益表的專案開發和啟動成本行專案中以及調整後 EBITDA 的加回中。

RNG fuel segment revenue was $25.9 million for the third quarter as compared to $20.1 million in the third quarter 2023, primarily due to the addition of our Prince William RNG facility. Fuel station services segment revenue was $45.4 million for the third quarter as compared to $37.3 million in the third quarter of 2023.

第三季 RNG 燃料部門營收為 2,590 萬美元，而 2023 年第三季為 2,010 萬美元，這主要是由於我們增加了威廉王子 RNG 設施。第三季加油站服務部門營收為 4,540 萬美元，而 2023 年第三季為 3,730 萬美元。

The increase in revenues was primarily the result of increased RNG marketing fees, increased construction and service revenue. Renewable power revenue was $12.8 million for the quarter compared to $13.7 million in the Q3 of 2023. Year-to-date capital expenditures were $95.6 million which includes $22.8 million relating to equity method investments and $16.2 million associated with downstream stations.

收入的增加主要是由於 RNG 行銷費用的增加、建設和服務收入的增加。本季再生能源收入為 1,280 萬美元，而 2023 年第三季為 1,370 萬美元。年初至今的資本支出為 9,560 萬美元，其中包括與權益法投資相關的 2,280 萬美元和與下游站相關的 1,620 萬美元。

Our senior secured credit facility provides up to $450 million of term loans over an 18-month draw period and $50 million of revolving credit. As of September 30, 2024, $231.6 million was drawn down on the facility and we have utilized $14.1 million of our revolver availability to issue letters of credit.

我們的優先擔保信貸安排在 18 個月的提款期內提供高達 4.5 億美元的定期貸款和 5,000 萬美元的循環信貸。截至 2024 年 9 月 30 日，該貸款已提取 2.316 億美元，我們已利用可用的左輪手槍中的 1,410 萬美元來簽發信用證。

As of September 30, 2024, liquidity was $285.3 million consisting of $254.3 million of availability under the credit facility and $31 million of cash, cash equivalents and short term investments.

截至 2024 年 9 月 30 日，流動資金為 2.853 億美元，其中包括信貸安排下的 2.543 億美元可用資金以及 3,100 萬美元的現金、現金等價物和短期投資。

We believe our liquidity and anticipated cash flows from operations are sufficient to meet our existing funding needs. As Adam and Jon discussed, we are maintaining our current 2024 guidance.

我們相信我們的流動性和預期營運現金流足以滿足我們現有的資金需求。正如 Adam 和 Jon 所討論的，我們將維持目前 2024 年的指引。

I'll now turn it back to Jon for concluding remarks.

現在我將把它轉回喬恩進行總結發言。

In closing, we are happy with this quarter's results. We remain committed to furthering OPAL's vertically integrated mission, together with our partners to build and operate best in class biogas capture and conversion projects that deliver industry leading, reliable and cost effective, low carbon intensity energy products that displace fossil fuels and mitigate climate change.

最後，我們對本季的業績感到滿意。我們仍然致力於推進OPAL 的垂直整合使命，與我們的合作夥伴一起建造和運營一流的沼氣捕獲和轉化項目，提供行業領先、可靠且具有成本效益的低碳強度能源產品，取代化石燃料並緩解氣候變化。

And with that, I'll turn the call over to the operator for Q&A. Thank you all for your interest in OPAL Fuels.

然後，我會將電話轉給接線生進行問答。感謝大家對蛋白石燃料的興趣。

Thank you at this time, we'll conduct a question-and-answer session (Operator Instructions)

謝謝您，我們將進行問答環節（操作員說明）

Matthew Blair, TPH.

馬修·布萊爾，TPH。

Thank you and good morning. Adam, I appreciate your initial comment from the election. Maybe we can dig into that a little bit more. How much risk do you see to areas like the D3 RVO and the ITC from the election results? And I think the general take is that the election results are negative for renewable fuels. But I'm curious, are there any silver linings here? Are there any areas like permitting that could get a little bit easier going forward? Thank you.

謝謝你，早安。亞當，我感謝你對選舉的最初評論。也許我們可以進一步深入研究。您認為選舉結果對 D3 RVO 和 ITC 等領域有多大風險？我認為普遍的看法是選舉結果對再生燃料不利。但我很好奇，這裡有一線希望嗎？是否有任何領域（例如許可）可以讓進展變得更容易？謝謝。

I appreciate that question, Matt, and thanks for joining the call. So a couple of things on the election outcome. I guess your first question regarding D3 RVO volumes. I think there's a couple of important things to remember.

我很欣賞這個問題，馬特，並感謝您參加這次電話會議。關於選舉結果的一些事情。我猜你的第一個問題是關於 D3 RVO 磁碟區的。我認為有幾件重要的事情要記住。

First is that we don't think that there really is liquid biofuel opposition or anything within some of the other stronger Republican constituencies regarding D3 volumes. We're actually aligned with a lot of those same participants in the renewable fuel standard where they want to see strong D3 RVO volumes because if those volumes are set too low, then you have the potential impact of D3s going down into those liquid RIN markets. So, in all of our discussions with the other folks in the RFS, everybody is supportive of strong D3 volumes.

首先，我們認為在 D3 產量方面，其他一些較強的共和黨選區中並不存在液體生物燃料或任何反對意見。實際上，我們與再生燃料標準中的許多參與者保持一致，他們希望看到強勁的 D3 RVO 銷量，因為如果這些銷量設置得太低，那麼 D3 進入這些液體 RIN 市場可能會產生潛在影響。因此，在我們與 RFS 中其他人的所有討論中，每個人都支持強勁的 D3 卷。

Second thing I would say is that the statutory objective of the renewable fuel standard is 16 billion cellulosic D3 RINs. So, in some sense, we think and that's been reiterated time and time again. So, we think in some sense, the Chevron doctrine maybe supports the continued growth and growing RVO volumes in the cellulosic category.

我要說的第二件事是，再生燃料標準的法定目標是 160 億個纖維素 D3 RIN。因此，從某種意義上說，我們認為這一點已經被一次又一次地重申。因此，我們認為從某種意義上說，雪佛龍原則可能支持纖維素類別中 RVO 產量的持續成長和成長。

I would also add that from an IRA perspective and also with those D3 RVOs, we have a lot of support amongst a lot of what most folks consider more red areas and the investments that are being made in those facilities. So, we don't -- we really do believe what we do is bipartisan and we're seeing more and more Republicans come along looking for smart climate policy.

我還想補充一點，從 IRA 的角度以及那些 D3 RVO 的角度來看，我們在大多數人認為更多的紅色區域以及對這些設施的投資中得到了很多支持。所以，我們確實相信我們所做的事情是兩黨合作的，而且我們看到越來越多的共和黨人正在尋求明智的氣候政策。

And the capture of these waste methane emissions, we think are going to continue to be supported. A lot of times people ask about the cellulosic waiver credit and I think as everybody knows there is no cellulosic waiver credit in place but the EPA has that ability. You could also be in a situation where if there's more support for those agricultural biofuels that's supportive for D4 and D5 pricing, which has an impact on a potential cellulosic waiver credit.

我們認為捕獲這些廢棄甲烷排放將繼續得到支持。很多時候，人們詢問纖維素豁免信用，我認為眾所周知，沒有纖維素豁免信用，但 EPA 有這種能力。您可能還會遇到這樣的情況：如果對那些支持 D4 和 D5 定價的農業生物燃料提供更多支持，這會對潛在的纖維素豁免信用產生影響。

So we don't know if the cellulosic waiver credit comes back or not. If it does, we think that there's plenty of reasons why there could be additional support for it. I think one of our competitors also mentioned, if folks aren't aware of how the formula works, it's also inversely correlated to gas prices.

所以我們不知道纖維素豁免信用是否會回來。如果確實如此，我們認為有很多理由可以為其提供額外支持。我想我們的一位競爭對手也提到過，如果人們不知道這個公式是如何運作的，它也與汽油價格成反比。

So, if there is downdraft in pump prices, that's also supportive of a piece of the sale elastic waiver credit. In general, outside of the RFS and it should also be noted that we feel that the RNG industry is well supported by Republicans as far as tax credit goes.

因此，如果汽油價格出現下降，這也會支持部分銷售彈性豁免信貸。總的來說，在 RFS 之外，還應該指出的是，我們認為 RNG 行業在稅收抵免方面得到了共和黨的大力支持。

There was a hearing in DC about methane abatement potential from landfills and the first two comments came from Republican senators talking about their support for inclusion of biogas conversion equipment in that Section 48. And not long after that, we saw that technical correction. So, we believe our industry is I know a lot of investors like to throw energy transition in one bucket.

在華盛頓舉行了一場關於垃圾掩埋場甲烷減量潛力的聽證會，前兩則評論來自共和黨參議員，他們談論了他們對將沼氣轉換設備納入第 48 條的支持。不久之後，我們看到了技術調整。因此，我們相信我們的產業是我知道很多投資者喜歡將能源轉型歸類的產業。

We really do believe we are a good answer for both parties in terms of smart common sense climate policy. What we're really excited about in terms of that election outcome is what it could mean for our fuel station service business and what it could mean also for the potential for renewable power and baseload green electricity.

我們確實相信，就明智的常識性氣候政策而言，我們是雙方的一個很好的答案。我們對選舉結果真正感到興奮的是，它對我們的加油站服務業務意味著什麼，對再生能源和基本負荷綠色電力的潛力也意味著什麼。

As people are really starting to focus on how can we increase generation capacity, whether it's for baseload green power for AIs or data centers. And we think the eRIN policy fits squarely in the middle of that and supports a lot of more red areas or sectors.

人們真正開始關注如何提高發電能力，無論是人工智慧還是資料中心的基本負載綠色電力。我們認為 eRIN 政策正好符合這一點，並支持更多的紅色區域或部門。

And the last piece on the election is we think it could have a dramatic impact for natural gas or CNG or RNG for heavy duty trucking. And are really excited about what a new energy policy could mean regarding using natural gas in that kind of a sense. So, I'll stop there.

關於選舉的最後一點是，我們認為這可能會對用於重型卡車運輸的天然氣或 CNG 或 RNG 產生巨大影響。對於新能源政策在這種意義上使用天然氣可能意味著什麼感到非常興奮。那麼，我就到此為止。

It's obviously something that we focus on, but we think any outcome in the election is a positive because I feel like we've been stuck in limbo on a lot of different policies. And now that we do have the election behind us, we're excited, that there could be a lot of work done on numerous fronts.

這顯然是我們關注的事情，但我們認為選舉的任何結果都是正面的，因為我覺得我們在許多不同的政策上陷入了困境。現在選舉已經過去，我們很興奮，因為可以在許多方面完成大量工作。

Sounds good. And then we understand that most of your RINs are sold forward. We also noticed that your realized price moved up quite a bit in the quarter. I think it was 3.22 a gallon versus last quarter at 3.03. So I guess one could you share how much of your RIN production is sold forward for 2024 and in 2025 and then two, when you do sell RINs forward, is the price locked in at the point of the sale or is it still connected to changes in in spot RIN prices? Thanks.

聽起來不錯。然後我們了解到您的大部分 RIN 均已遠期出售。我們也注意到，本季你們的實際價格上漲了很多。我認為是 3.22 每加侖，而上季度為 3.03。因此，我想您能否分享一下您在 2024 年和 2025 年遠期銷售的 RIN 產量有多少，然後，當您遠期出售 RIN 時，價格是在銷售時鎖定的，還是仍然與變化有關現貨RIN價格？謝謝。

Yeah. No, I appreciate that question there. So, the last part of the question is we have sold all of our RINs for 2024. And when we say that we sell them forward, what that means is we transact at whatever the current price is and then we deliver them in those forward quarters. So those sales and that realized price that you saw in the third quarter, those were transactions that we entered into earlier in the year for third quarter delivery.

是的。不，我很欣賞這個問題。因此，問題的最後一部分是我們已經出售了 2024 年的所有 RIN。當我們說我們遠期出售它們時，這意味著我們以當前價格進行交易，然後在遠期季度交付它們。因此，您在第三季看到的這些銷售和實現價格，是我們在今年稍早為第三季交付而簽訂的交易。

So you do lock in the price when you sell them on your forward sales and then you deliver them in whatever period that you agree to deliver them.

因此，當您在遠期銷售中出售它們時，您確實會鎖定價格，然後在您同意交付的任何期限內交付它們。

Got it. Okay. So basically just a coincidence. That the spot prices moved up and in your contract price moved up. Okay, sounds good. Thank you.

知道了。好的。所以基本上只是巧合。現貨價格上漲並且您的合約價格上漲。好吧，聽起來不錯。謝謝。

Alex Kania, Marathon Capital.

亞歷克斯·卡尼亞，馬拉松資本。

Thanks. Thanks for giving a pretty good outlook. I'm kind of curious about just thinking about the voluntary markets right now and your view on how they're evolving. Just thinking about this broader like data center theme and hyperscalers really scrambling to find as much power as they can and the potential maybe there's going to be a greater reliance on natural gas than maybe initially conceived.

謝謝。感謝您提供了一個很好的前景。我很好奇現在的自願市場以及您對它們如何發展的看法。想想這個更廣泛的資料中心主題，超大規模企業確實在爭先恐後地尋找盡可能多的電力，而且對天然氣的依賴可能會比最初設想的更大。

Is there an opportunity for -- like term deals with hyperscalers to help decarbonize the gas streams that will be going into potential new capacity? And I'm wondering about whether that's something that you're seeing kind of in the market today or is that a longer term opportunity?

是否有機會與超大規模企業進行類似的術語交易，以幫助將進入潛在新產能的氣流脫碳？我想知道這是否是您今天在市場上看到的東西，或者這是一個長期機會？

Yeah. This is Adam again. So a couple of things there. From the molecule side of things, we still see the transportation fuel market as the highest value off-take market and we're going to continue pursuing that for our molecules. And we do see interest in the voluntary markets here in the US, we're really interested in the medium term about what can be developing in Europe and we'll probably touch on that a little bit later as well.

是的。這又是亞當。有幾件事。從分子方面來看，我們仍然認為運輸燃料市場是價值最高的承購市場，我們將繼續為我們的分子追求這一目標。我們確實看到了人們對美國自願市場的興趣，我們對歐洲的中期發展非常感興趣，我們可能稍後也會談到這一點。

But from the electron side of things, we're starting to see some reports published out there about green premium or green baseload premium because solar and wind can be intermittent. And there could be some applications there on the renewable power side, where that could be an interesting off-take market that develops for us.

但從電子方面來看，我們開始看到一些關於綠色溢價或綠色基荷溢價的報告，因為太陽能和風能可能是間歇性的。再生能源方面可能有一些應用，這可能是為我們開發的一個有趣的承購市場。

We think that the eRIN potential for renewable electricity could be more attractive to us from a financial standpoint. It may not have the same term that you're probably referring to in longer term baseload green power.

我們認為，從財務角度來看，eRIN 在再生電力方面的潛力對我們更具吸引力。它可能與您在長期基本負載綠色電力中提到的術語不同。

And I think it's important that everybody realizes again that electricity generation from biogas is baseload, which is really attractive and increases that grid stability. And we think a lot of people in DC are excited about that as a potential answer to what to do with some of these waste emissions.

我認為重要的是，每個人都再次認識到沼氣發電是基本負荷，這確實很有吸引力，並且可以提高電網穩定性。我們認為華盛頓特區的許多人對此感到興奮，因為這是如何處理這些廢物排放的潛在答案。

But I think we're more I think we're optimistic on that eRIN policy being a more attractive financial off-take market, but we are monitoring what can be done on a PPA perspective to give you maybe longer term off-take for some of those other industrial users for that green power.

但我認為我們更樂觀地認為 eRIN 政策是一個更具吸引力的金融承購市場，但我們正在監控從 PPA 角度可以做些什麼，以便為您提供一些長期承購其他工業用戶對綠色電力的需求。

Great. Thanks for that. Maybe just to follow up since you open that door, just kind of thoughts on the articulating the thoughts on the Europe opportunity as well would be great. Thank you.

偉大的。謝謝你。也許只是在你打開那扇門後跟進，只是表達對歐洲機會的想法也會很棒。謝謝。

Yeah, And I'm sure we're going to talk about guidance and how we feel about the full year. What's happening right now with the European export markets is towards the end of the month here in November. And if people think that the regulations are a little complicated here in the US, I encourage you to go look at what happens over in Europe between the Europe Commission and the various countries within Europe.

是的，我確信我們會討論指導以及我們對全年的感受。歐洲出口市場目前正在發生的情況是在 11 月月底時發生的。如果人們認為美國的法規有點複雜，我鼓勵您去看看歐洲委員會和歐洲各國之間發生的情況。

But the export market for US produced RNG is going through some regulatory changes and pathway changes there. And towards the end of the month, there is an ISCC certification pathway, which Europe is reevaluating for how the US tracks their molecules and that sort of thing.

但美國生產的 RNG 的出口市場正在經歷一些監管變化和路徑變化。接近月底，歐洲正在重新評估 ISCC 認證途徑，以了解美國如何追蹤其分子等。

So for the European off-take market, there's going to be a pause towards the end of this month. And then, we're working on how to work with some of these European regulators to reopen up those RNG export markets. So, we think it's going to be interesting. We think it's going to be potentially attractive market and not really so much from the voluntary market there is obviously something, but it's really the compliance markets over there, where there are all sorts of new costs being put on various industries, whether it'd be the marine industry on landed ships and some other places as well.

因此，對於歐洲承購市場來說，本月底將會暫停。然後，我們正在研究如何與一些歐洲監管機構合作，重新開放這些 RNG 出口市場。所以，我們認為這會很有趣。我們認為這將是一個潛在有吸引力的市場，自願市場顯然沒有那麼明顯的東西，但它確實是那裡的合規市場，那裡有各種各樣的新成本被施加到各個行業，無論是是陸地船舶和其他一些地方的海洋工業。

So, we have to work through some of the regulatory and potentially trade issues regarding US RNG exports into Europe, but it's something that we think will likely get sorted out. And maybe one of the one positives that came out of these biogas reg reforms could be the tracking system that the EPA is now going to be using maybe there's a path forward to start using that as a basis that we can start opening up some of those European pathways.

因此，我們必須解決有關美國 RNG 出口到歐洲的一些監管和潛在貿易問題，但我們認為這可能會得到解決。也許這些沼氣監管改革帶來的積極因素之一可能是美國環保署現在將要使用的追蹤系統，也許有一條前進的道路可以開始使用它作為基礎，我們可以開始開放其中一些歐洲途徑。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Yeah, thanks for taking my questions. I guess just one more on the election do you think M&A could pick up under the new administration, given the potential for less restrictive regulations? And any color on M&A broadly that you're seeing would be helpful.

是的，謝謝你回答我的問題。我想，考慮到限制性監管可能會減少，您認為在新政府領導下，併購可能會加速嗎？您所看到的有關併購的任何顏色都會有所幫助。

Hey, Ryan, Jon here. We're always looking at M&A transactions and we're seeking to maximize shareholder value and we continue to look at market opportunities as they arise. We think that the environment is really good for M&A and will get better.

嘿，瑞安，喬恩在這裡。我們始終關注併購交易，尋求股東價值最大化，並持續關注出現的市場機會。我們認為併購的環境確實很好，而且會變得更好。

Clearly, we've seen a lot of good marks in the M&A area, I'm thinking about Enbridge last December. And over the course of this year, however, there's been a number of transactions that have been out in the market that really didn't reach fruition or close.

顯然，我們在併購領域看到了許多好的成績，我想到了去年 12 月的 Enbridge。然而，今年以來，市場上出現的許多交易實際上並未實現或完成。

But the marks that we have seen really support the private transaction value and gives us a lot of comfort that we're on the right track with our organic growth and our vertically integrated model and on the valuation that we're creating as a result of that.

但我們看到的標記確實支持了私人交易價值，並給了我們很大的安慰，我們的有機增長和垂直整合模型以及我們所創造的估值都走在正確的軌道上那。

So, the industry is quite fragmented, as we all know, and we think there's a lot of room for consolidation in this industry. The one transaction, recently closed of note, Apollo, on the downstream side, Apollo bought a network of small a small network of fueling stations in Texas for a pretty strong price that gives us again comfort and where we're headed in terms of our business plan, business model.

所以，眾所周知，這個行業相當分散，我們認為這個行業有很大的整合空間。最近值得注意的一筆交易是阿波羅，在下游方面，阿波羅以相當強勁的價格購買了德克薩斯州的一個小型加油站網絡，這讓我們再次感到安慰，並就我們的發展方向而言商業計劃，商業模式。

But the short answer is that, we see gathering momentum in that market and we see good signals that opportunities will continue.

但簡短的回答是，我們看到該市場的勢頭正在增強，並且我們看到了機會將持續存在的良好訊號。

That's helpful. Thank you. For my second one, it looks like Cummins started full production of the natural gas engine at its Jamestown plant in September, and UPS bought 250 of the nat gas powered trucks. Have those developments accelerated your customer discussions at all.

這很有幫助。謝謝。對於我的第二個案例，康明斯似乎已在 9 月在其詹姆斯敦工廠開始全面生產天然氣發動機，UPS 購買了 250 輛天然氣動力卡車。這些發展是否加速了您的客戶討論。

This is Adam again. And we're really excited about the potential for the fuel station service segment. As a reminder, it's got 2 pieces there. One is, it's really got a good strategic value for OPAL fuels providing us off take in that transportation fuel market.

這又是亞當。我們對加油站服務領域的潛力感到非常興奮。提醒一下，那裡有 2 塊。一是，蛋白石燃料確實具有良好的戰略價值，為我們提供了運輸燃料市場的份額。

And quite frankly, we're really excited about just the prospects of natural gas or renewable natural gas and heavy duty trucking. And the 15 liter rollout is -- we think has the potential to be really impactful. I would remind listeners, if right now Cummins is selling more 15 liter natural gas engines in China than they are diesel.

坦白說，我們對天然氣或再生天然氣和重型卡車運輸的前景感到非常興奮。我們認為 15 公升的推出有可能產生真正的影響力。我想提醒聽眾，如果目前康明斯在中國銷售的 15 升天然氣引擎多於柴油引擎。

And the US is sitting on the largest long life reserve base of natural gas and it probably stays cheap to oil versus as long as the -- I can see. So there's all sorts of energy security benefits. It's disinflationary because it's cheaper than diesel. You still get 17% to 20% emission reductions. So we kind of feel like this is one where -- and then I think we all understand what's happening on the electricity demand side of things.

美國擁有最大的長壽命天然氣儲備基地，只要我能看到，它的價格可能比石油便宜。因此，能源安全有各種各樣的好處。它可以抑制通貨膨脹，因為它比柴油便宜。您仍可減少 17% 至 20% 的排放量。所以我們感覺這是一個地方 - 然後我想我們都了解電力需求方面正在發生的事情。

And there been a lot of challenges for the zero emission, heavy duty trucks whether it's on the battery side of things, leaving aside that electricity demand and stress on our grids, just the performance in the battery weight and how do you get all that power to those sites.

零排放重型卡車面臨著許多挑戰，無論是在電池方面，拋開電力需求和電網壓力不談，只是電池重量的性能以及如何獲得所有這些電力到那些網站。

And we think hydrogen still looks like it's a little ways out, difficulty producing those molecules, transporting those molecules around. And we think natural gas is sitting right here with proven technology, cost effective, disinflationary. And now I also want to say that the 15 liter rollout never goes as fast as anybody wants. And this is not unique to this product model. We saw the same thing happen when the 12 liter engine was introduced.

我們認為氫看起來仍然有一點出路，難以產生這些分子，也難以運輸這些分子。我們認為天然氣就在這裡，技術成熟，成本效益高，可以抑制通膨。現在我還想說，15 公升的推出速度永遠不會像任何人想要的那麼快。這並不是該產品型號所獨有的。當 12 升引擎推出時，我們也看到了同樣的情況。

And I'd say this time around though, we've got a lot more engineering and marketing and experience with it like incumbent zones 100% of it this time, which last time was a 50-50 JV and probably didn't get all the attention and really, whether it be on the aftermarket support and that sort of thing.

我想說，這一次，我們擁有更多的工程、行銷和經驗，就像現有區域一樣，這次是 100%，上次是 50-50 的合資企業，可能沒有得到全部關注度，實際上，無論是售後支援還是諸如此類的事情。

So we think the 15 liter is really primed for what could be accelerated adoption. And at the same time, as I was mentioning, we don't have all the product availability yet. When we looked at the beginning of 2024, 81% of the heavy duty market was covered by OEM product offerings.

因此，我們認為 15 升引擎確實已經為加速採用做好了準備。同時，正如我所提到的，我們還沒有提供所有產品。展望 2024 年初，OEM 產品覆蓋了 81% 的重型市場。

Right now, we're at 29% of how many of the OEMs are offering the product. Now, we're encouraged that Freightliner is going to begin taking orders on the product. I think I've heard in the beginning of next year, first quarter of '25 and start delivering on that product and that'll take us back up to -- I don't know, about 70%.

目前，我們佔提供該產品的 OEM 廠商的 29%。現在，我們很高興福萊納將開始接受該產品的訂單。我想我聽說在明年年初，25 年第一季開始交付該產品，這將使我們回到——我不知道，大約 70%。

But we see a lot of good growth potential. We're having all those conversations now with new fleets that are looking at it. And you're really encouraged also where the price premium felt really high to us and others in the industry and we're working with across the industry and equipment suppliers that we're going to have a product that'll really be economically attractive.

但我們看到了很多良好的成長潛力。我們現在正在與正在研究這個問題的新艦隊進行所有這些對話。當我們和業內其他人感到溢價非常高時，您也會受到很大的鼓舞，我們正在與整個行業和設備供應商合作，我們將擁有真正具有經濟吸引力的產品。

So yes, to the answer on those questions where fleets are really digging in and feel like the trucking industry is thinking about this as a good answer to diesel and versus some of those other technologies.

所以，是的，對於這些問題的答案，車隊正在真正深入研究，並感覺到卡車運輸行業正在考慮將其視為柴油和其他一些技術的一個很好的答案。

And there have been some roadblocks also on the regulatory side, which we think may ease up a little bit in terms of utilizing this technology and some other public policy support that could really accelerate it. So we're excited about the 15 liter engine. I think the fleets are excited about it and we just got to get the product out there.

監管方面也存在一些障礙，我們認為在利用這項技術和其他一些能夠真正加速這項技術的公共政策支持方面，這些障礙可能會有所緩解。所以我們對 15 升引擎感到興奮。我認為車隊對此感到興奮，我們只需要把產品推出去即可。

And the nice thing for us is you had mentioned UPS there, we're still seeing the good growth without that 15 liter engine because the customers that we've worked with and UPS being the largest one and I would remind folks, we built our first station for UPS in 2014 And since then, we've built 50 more.

對我們來說，一件好事是你在那裡提到了UPS，我們仍然看到了在沒有15 升引擎的情況下的良好增長，因為與我們合作過的客戶和UPS 是最大的客戶，我想提醒大家，我們建立了我們的2014 年，UPS 建立了第一個站點，從那時起，我們又建造了 50 個站點。

And we service those stations on a 24/7 basis, high reliability, high uptime. And we really think that's the poster child of what a successful deployment looks like. And as these major fleets look to roll those out, there aren't many people that have really done it successfully.

我們以 24/7 的方式為這些站點提供高可靠性、高正常運作時間的服務。我們確實認為這就是成功部署的典範。當這些主要艦隊希望推出這些產品時，真正成功的人並不多。

And I would say, even shorter list of folks that have done it and it's really worked for those fleets. So we're excited about it. We still have some work to do to get the product out there. We still have some work to do with our channel partners to make it as cost effective and economic as possible. And we're excited to see how that sort of rolls through in 2025.

我想說的是，已經做到這一點的人名單甚至更短，而且它確實對這些艦隊有效。所以我們對此感到興奮。為了將產品推出市場，我們還有一些工作要做。我們仍然需要與通路合作夥伴合作，以使其盡可能具有成本效益和經濟性。我們很高興看到這種情況在 2025 年會如何發展。

Really, helpful detail. Thanks, guys.

真的，很有幫助的細節。謝謝，夥計們。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

Good morning. Thanks for taking the question. I'd like to dig a little further into Ryan's 15 liter CMI engine question. Of course, with any new rollout, the sales and deliveries are never as fast as one would hope as you already opined. But, if there are orders for two, three, four years ramping up over time, the fuel probably needs to be teed up ahead of time.

早安.感謝您提出問題。我想進一步深入探討 Ryan 的 15 升 CMI 引擎問題。當然，隨著任何新產品的推出，銷售和交付永遠不會像您所希望的那樣快。但是，如果兩年、三年、四年的訂單隨著時間的推移而增加，燃料可能需要提前準備。

They got to know that they can fill up these trucks before they buy all those engines. So I guess what I'm asking is, what are the prospects for notable front loaded multiyear fueling agreements that could tee up your longer term volumes and further downstream development?

他們知道，在購買所有這些引擎之前，他們可以為這些卡車加滿油。所以我想我要問的是，重要的前載多年燃料協議的前景是什麼，這些協議可以促進您的長期產量和進一步的下游開發？

So I would say it this way. I think people are aware that the vast majority of what OPAL does, because we're still in the early innings of adoption here, are on really private fleets, dedicated fleets, either distribution centers or supermarkets or refuse companies, where you really have those defined fueling locations and that sort of thing.

所以我會這樣說。我認為人們都知道 OPAL 所做的絕大多數事情，因為我們仍處於採用的早期階段，是在真正的私人車隊、專用車隊上，無論是配送中心、超市還是垃圾公司，在那裡你確實擁有這些定義加油地點之類的。

And those customers typically do sign up for long term fuel agreements. We think what you're talking about in terms of multi-location programs makes a lot of sense to us. And I think the first go through, maybe it's a one site location kind of thing where they're testing and getting comfortable with it. And those sort of broader thematic programs likely come after they go through that first wave. But we're still sort of in the early innings of that, but we are looking to find those kinds of fleets and programs.

這些客戶通常會簽署長期燃料協議。我們認為您所談論的多地點計劃對我們來說很有意義。我認為第一次經歷的可能是單一站點位置的事情，他們正在測試並適應它。這些更廣泛的主題計劃可能會在經歷第一波浪潮之後出現。但我們仍處於早期階段，但我們正在尋找此類艦隊和項目。

Got you. And given your focus on the transportation market, can you opine about, I guess if I'm not mistaken, late today we were supposed to get an LCFS market update from carb and to the degree LCFS pricing obviously RINs has been great the last year or 2. But to the degree LCFS kind of gets its mojo back, could that have any implications on the weighting of your projects in the next couple of years?

明白你了。鑑於您對運輸市場的關注，您能發表一下意見嗎？但就 LCFS 恢復魔力而言，這會對你們未來幾年計畫的權重產生任何影響嗎？

We're still principally. This is Jon. We're still principally a landfill oriented company and the majority of our credits are going to be RIN based. Landfills don't attract significant amount of LCFS credits, but certainly as the price improves on LCFS credits, that can only help. On the downstream side of our business, we have substantial fueling capacity in California and we utilize that for low-carbon intensity dispensing with third-party supply. That is where we get the substantial bulk of our LCFS and as an aside 45Z coming up as well credit revenue.

我們還是以為主。這是喬恩。我們主要仍然是一家以垃圾掩埋場為導向的公司，我們的大部分信用將基於 RIN。垃圾掩埋場不會吸引大量的 LCFS 信用，但隨著 LCFS 信用價格的提高，這只會有所幫助。在我們業務的下游方面，我們在加州擁有大量的燃料能力，我們利用它來實現低碳強度，而無需第三方供應。這就是我們獲得大部分 LCFS 的地方，另外還有 45Z 以及信貸收入。

So that as the price improves that's where we are likely to see that growth. In terms of our mix, we will stay principally a landfill company. We have our Sonoma project. We are working on our projects out in California, and we always look at opportunities in the low-CI space and we will continue to do that. But from an outlook perspective, we see the credit bank starting to perhaps roll-off sometime during the course of next year, not completely, but start to turn back the other direction.

因此，隨著價格的上漲，我們很可能會看到這種增長。就我們的結構而言，我們將主要保留一家垃圾掩埋公司。我們有索諾瑪項目。我們正在加州開展我們的項目，我們總是在低 CI 領域尋找機會，我們將繼續這樣做。但從前景的角度來看，我們認為信貸銀行可能會在明年的某個時候開始縮減規模，但不是完全縮減，而是開始轉向另一個方向。

And as that happens, we expect to see some strengthening in the price. Obviously, everybody expects the reduction of the carbon targets from the carb to be positive and we are included in that group. So we look forward to that announcement later today.

當這種情況發生時，我們預計價格會有所走強。顯然，每個人都期望碳水化合物的碳目標減少是正面的，我們也屬於這個群體。因此，我們期待今天晚些時候的公告。

Yeah, I think from a price perspective, I think that meeting is going on today. They've ticked up a little bit this week. I think we're currently sitting around $74 per credit. And it will help us if those prices go up as John had mentioned and, we get into 2025 guidance, we'll talk about the sensitivities to LCFS pricing to our results.

是的，我認為從價格角度來看，我認為會議今天正在進行。本週他們的表現有所上升。我認為目前每個積分的價格約為 74 美元。如果這些價格像約翰提到的那樣上漲，這將對我們有所幫助，並且我們將進入 2025 年指導，我們將討論 LCFS 定價對我們結果的敏感度。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Hey, gentlemen. Good morning. Two questions, if I could. I think for the first one is probably for Adam. One of your competitors have said they have seen a shift up in what they can get as a percentage of the RIN in their fueling station, comparing to the RNG producer. Wondering if you have seen a similar development.

嘿，先生們。早安.如果可以的話，有兩個問題。我認為第一個可能是給亞當的。您的一位競爭對手錶示，與 RNG 生產商相比，他們在加油站獲得的 RIN 百分比有所提高。想知道您是否看到過類似的發展。

Yeah. I mean, for sure, we've seen a tightening of the dispensing market. RNG supply is growing faster than dispensing capacity and that's what drives up those shares. It's also one of the reasons why we sort of put together our business model the way we did, by being vertically integrated and having the RNG production as well as the station dispensing capacity.

是的。我的意思是，我們確實看到了配藥市場的收緊。RNG 供應量的成長速度快於分配能力，這就是推動這些份額上漲的原因。這也是我們透過垂直整合並擁有 RNG 生產以及加油站分配能力來整合我們的業務模式的原因之一。

OPAL is not as impacted by either paying out higher RIN shares or where that [nest] or where those economics lie within the value chain. And so I would agree that RNG marketing fees have been rising or dispensing fees as maybe somebody else termed it. And that's where we sort of like the way the OPAL business model is positioned. And we also like the fact that we have a little bit more control or impact over our destiny to continue to grow out that dispensing capacity for our RNG production.

OPAL 不會受到支付更高 RIN 股份、[巢穴]或這些經濟因素在價值鏈中所處位置的影響。所以我同意 RNG 的行銷費用一直在上漲，或者像其他人所說的那樣分配費用。這就是我們喜歡 OPAL 商業模式的定位方式。我們也喜歡這樣一個事實，即我們對自己的命運有更多的控製或影響，以繼續擴大我們的 RNG 生產的分配能力。

Adam, just don't know whether you will be willing to share. I think historically that the split between the upstream and the downstream is 80-20. Is it now 75-25 or any number that you can share and whether that you think that ratio will still have more room to go up over that year is already receiving pushback and sort of the limit?

Adam，只是不知道你是否願意分享。我認為歷史上上游和下游之間的差距是80-20。現在是 75-25 還是您可以分享的任何數字？

Yeah, we're not going to get into those specific numbers. I would say this though, as I had mentioned that dispensing capacity is tightening, so the numbers are going up. And if you want to give those numbers to some of our JV partners, I encourage you to do so.

是的，我們不會討論這些具體數字。不過，我想說的是，正如我所提到的，分配能力正在收緊，因此數字正在上升。如果您想將這些數字提供給我們的一些合資夥伴，我鼓勵您這樣做。

Okay. And that the same question that you monetize some of the ITC for next year. What is the remaining available for you to monetize for next year?

好的。這與您明年將部分 ITC 貨幣化的問題相同。明年還有多少剩餘資金可供您變現？

Yes, with respect. This is Scott, by the way, with respect to the ITC credits. So, as you pointed out, we did sell our first ITC credits. You know, we have three projects that were placed in service this year and we'll be seeking to sell credits for those three projects and, and, and the sale of ITC will be an ongoing program as we place more projects into service over the next few years. You know, the ITC is clearly a significant source of liquidity to help fuel our growth over the next several years.

是的，帶著尊重。順便說一下，我是斯科特，關於 ITC 的積分。因此，正如您所指出的，我們確實出售了我們的第一個 ITC 積分。您知道，我們今年有三個項目投入使用，我們將尋求出售這三個項目的積分，而且，隨著我們在未來幾年內投入更多項目，ITC 的出售將是一個持續的計劃。您知道，ITC 顯然是重要的流動性來源，有助於推動我們未來幾年的成長。

I got, can you help me out that how we calculate that? ITC and then what that, I mean, what is the remaining that for the three projects for next year?

我明白了，你能幫我看看我們如何計算嗎？ ITC，然後我的意思是，明年三個專案的剩餘資金是多少？

Yes. With respect -- this is Scott, by the way. With respect to the ITC credits, so as you pointed out, we did sell our first ITC credits. We have three projects that were placed in service this year, and we'll be seeking to sell credits for those three projects. And the sale of ITC will be an ongoing program as we place more projects into service over the next few years. The ITC is clearly a significant source of liquidity to help fuel our growth over the next several years.

是的。恕我直言——順便說一句，這是斯科特。關於 ITC 積分，正如您所指出的，我們確實出售了我們的第一個 ITC 積分。我們今年有三個項目投入使用，我們將尋求出售這三個項目的積分。隨著我們在未來幾年將更多項目投入使用，ITC 的出售將是一個持續的計劃。ITC 顯然是重要的流動性來源，有助於推動我們未來幾年的成長。

Scott, can you help me out that how we calculate that ITC? And then all that, I mean, what is the remaining that for the three projects for next year?

Scott，你能幫我看看我們如何計算 ITC 嗎？然後，我的意思是，明年這三個項目的剩餘資金是多少？

So we're not going to get into specific numbers, but the ITC credits are typically 30% to 40% of the CapEx cost for the projects, 30% is the base and 40% if you can meet one of the US domestic content adder, and those would be the approximate percentages that we'd be using.

因此，我們不會透露具體數字，但ITC 抵免額通常為專案資本支出成本的30% 至40%，其中30% 是基礎，如果您能滿足美國國內內容添加者之一的要求，則為40 % ，這些就是我們將要使用的近似百分比。

Thank you.

謝謝。

Adam Bubes, Goldman Sachs.

亞當·布布斯，高盛。

Hi, good morning. Congrats on placing the Kirby project in construction. It looks like the same partner and partnership structure as the Cottonwood project. To what extent are there similar 100% equity projects teed up? And as a follow-up, how do the economics look on the 100% equity projects, little smaller plants compared to some of your larger projects that are structured as JVs?

嗨，早安。恭喜 Kirby 專案投入建設。它看起來與 Cottonwood 項目的合作夥伴和合夥結構相同。類似的100%股權專案籌備到什麼程度？作為後續行動，100% 股權項目（與一些合資企業結構的大型項目相比，規模較小的工廠）的經濟效益如何？

Hey, Adam. Jon here. So you've got kind of a couple of different questions mixed up in there. So, we entered into a number of gas rights agreements with WM and we're really pleased that the Kirby project represents the second project there and yes, 100% ownership there. I think that as we build relationships across the industry, our partners have different goals and objectives within that.

嘿，亞當。喬恩在這裡。所以你有一些不同的問題混合在一起。因此，我們與 WM 簽訂了多項天然氣權利協議，我們非常高興 Kirby 項目代表了那裡的第二個項目，是的，我們擁有那裡 100% 的所有權。我認為，當我們在整個行業中建立關係時，我們的合作夥伴有不同的目標和目的。

From a GFL, our great partner GFL, we have a fifty-fifty relationship and we really like that relationship from the standpoint that it aligns the counterparties really well to perform on those projects.

從 GFL（我們偉大的合作夥伴 GFL）來看，我們有 550 個合作夥伴關係，我們非常喜歡這種關係，因為它使交易對手能夠很好地執行這些項目。

Certainly, the 100% ownership such as the Waste Management or other municipal counterparties like we have New River Solid Waste Authority and we have the Prince William County and we have the Polk County down in Florida and Atlanta County and Burlington County in New Jersey, which are 50-50 joint ventures with SJI.

當然，100％的所有權，例如廢物管理公司或其他市政對手方，例如我們有新河固體廢物管理局，我們有威廉王子縣，我們有佛羅裡達州的波爾克縣，以及新澤西州的亞特蘭大縣和伯靈頓縣，這與 SJI 建立 50-50 家合資企業。

But so we have a mix of those and we look to build on those relationships to get further gas rights and we'll see different opportunities across the board. One aspect of what you're seeing is that people are reaching down to smaller size projects. Obviously, as we've discussed before, there are significant economies of scale in this industry and as you go up in size to 4,000, 5,000, 6,000 SCFM projects of the size of say our Sapphire or Prince William projects or 10,000 even the size of the Emerald project, you've got really great economics.

但我們有這些的組合，我們希望在這些關係的基礎上獲得更多的天然氣權利，我們將看到全面的不同機會。您所看到的一方面是人們正在著手進行較小規模的專案。顯然，正如我們之前討論的，這個行業存在顯著的規模經濟，當您將規模擴大到4,000、5,000、6,000 個SCFM 項目時，其規模相當於我們的藍寶石或威廉王子項目，或者甚至達到10,000 個規模翡翠項目，你有非常好的經濟效益。

It's challenging to make those economies of scale work for small projects. We are pleased that we were able to do that with the Kirby project and others that we're seeing in that 2,000 to 3,000 SCFM size range.

讓這些規模經濟適用於小型專案是具有挑戰性的。我們很高興能夠透過 Kirby 專案和我們在 2,000 至 3,000 SCFM 尺寸範圍內看到的其他專案來做到這一點。

Got it. That's helpful. I appreciate the color there. And then, really strong EBITDA margins in fuel stations in the quarter. I think margins were up 400 basis points sequentially. What drove the acceleration in margins and what's the right way to think about the run rate margin profile of this business?

知道了。這很有幫助。我很欣賞那裡的顏色。然後，本季加油站的 EBITDA 利潤率非常強勁。我認為利潤率環比上升了 400 個基點。是什麼推動了利潤率的加速？

Yes. So this is Adam here. We're sort of pleased that it came across the board in fuel station services, improving margins in our construction business where we build fuel stations. And I don't think we had it in the release, but it'll be in the Q where we also had increasing backlog on the construction business as well.

是的。這是亞當。我們很高興它在加油站服務領域全面普及，提高了我們建造加油站的建築業務的利潤率。我認為我們在發布版本中沒有它，但它會在 Q 中，我們在建築業務上的積壓也不斷增加。

And also strong margins on the service side of the business. I'd say the lion share of that margin increase was the higher throughput of RNG through our dispensing capacity. And that was likely some of the margin share gain as well. But from second quarter to third quarter, it could have I think it was a blend across those three areas in the fuel station service segment.

業務服務方面的利潤率也很高。我想說，利潤成長的最大部分是透過我們的分配能力提高了 RNG 的吞吐量。這也可能是利潤份額收益的一部分。但從第二季到第三季度，我認為它可能是加油站服務領域這三個領域的整合。

And then last one from me. Just any commentary around how the 2025 forward D3 RIN market is developing? Any update on how those off-take conversations are coming post-election?

然後是我的最後一張。關於 2025 年遠期 D3 RIN 市場如何發展有什麼評論嗎？關於選舉後這些承購對話如何進行的任何更新？

Yes. Well, post-election, in the last couple of days, we haven't seen a lot of activity. I would say, somebody's just telling you, yeah, maybe they're down a dime or something. We started to see some trading activity, I'd say, within the last month, and we did sell some of our 2025 RINs around $3 level. And I wouldn't say there's heavy volumes yet, but they are starting to transact for 2025.

是的。嗯，選舉後，在過去的幾天裡，我們沒有看到很多活動。我想說，有人只是告訴你，是的，也許他們跌了一毛錢什麼的。我想說，上個月我們開始看到一些交易活動，我們確實以 3 美元左右的價格出售了一些 2025 年 RIN。我不會說交易量很大，但他們已經開始在 2025 年進行交易。

I'd see the price is really converging around the $3 mark. And as we get closer to the end of the year and move into 2025. We expect those prices to strengthen around the $3 mark.

我發現價格確實在 3 美元左右。隨著我們越來越接近年底並進入 2025 年。我們預計這些價格將在 3 美元左右走強。

Thanks so much.

非常感謝。

Thank you. I'm showing no further questions at this time. I'd now like to turn it back to Adam Comora for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請亞當·科莫拉（Adam Comora）致閉幕詞。

All right. Well, we do appreciate everybody's interest in OPAL Fuels and hope everybody has a great rest of the day.

好的。好吧，我們非常感謝大家對 OPAL 燃料的興趣，並希望大家度過愉快的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。