Montauk Renewables, Inc. (NASDAQ:MNTK) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET
Company Participants
John Ciroli - Vice President & General Counsel
Sean McClain - Chief Executive Officer & President
Kevin Van Asdalan - Chief Financial Officer
Conference Call Participants
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 provides some important cautions regarding forward-looking statements and non-GAAP financial measures contained in the earnings materials or made on this call.
John, please go ahead.
John Ciroli
Thank you and good afternoon everyone. Welcome to Montauk Renewables Earnings Conference Call to review Second Quarter 2022 Financial and Operating Results and Business Developments. Today, we issued our earnings press release. I'm John Ciroli, Vice President, General Counsel and Secretary at Montauk.
Joining me today are Sean McClain, Montauk's President and Chief Executive Officer, to discuss business developments; and Kevin Van Asdalan, Chief Financial Officer, to discuss our second quarter 2022 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 include references to non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found at the back of our slide presentation and in our second quarter 2022 earnings press release and Form 10-Q, which are available on our website at ir.montaukrenewables.com.
After our prepared remarks, we will open the call to questions. [Operator Instructions]
With that, I will turn the call over to Sean.
Sean McClain
Thank you, John. Good day, everyone and thanks for joining our call.
In June 2022, our Board approved a capital project to upgrade our Raeger, RNG facility to increase production under stringent federal pipeline tariff requirements that limit the oxygen content of product gas. We anticipate this improvement project will become commercially operational in the second half of 2023, at which time we expect an approximately 50% increase in average daily production from the already existing available feedstock.
The company continues to progress with its dairy cluster RNG projects, Pico in Idaho. We expect to finalize the design of our digestion capacity expansion, along with water management and purification improvements in the third quarter of 2022. We expect the California Air Resource Board, CARB, will finalize its review of our CI score for Pico during the third quarter of 2022 and complete its validation of the application during the fourth quarter of 2022. We expect to begin releasing gas from storage in the third quarter of 2022.