Montauk Renewables, Inc. (NASDAQ:MNTK) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET

Company Participants

John Ciroli - Chief Legal Officer & Secretary
Sean McClain - President & Chief Executive Officer
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 material 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 the third quarter 2024 financial and operating results and development. 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 developments; and Kevin Van Asdalan, Chief Financial Officer; to discuss our third quarter 2024 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 measures assist investors in analyzing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles.

Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures can be found in our in our slide presentation and in third quarter 2024 earnings press release and Form 10-Q issued and filed this afternoon, which are available on our website at https://ir.montaukrenewables.com. After our remarks, we will open the call to questions. [Operator Instructions]

And with 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'd like to begin with commending our operations staff for the production levels we achieved both during the 2024 third quarter and for the 9 months ended September 30, 2024. For 2 consecutive quarters, our Houston, Texas facilities were challenged by severe weather events, resulting in multi-day utility power outages. Our Houston, Texas based facilities account for over half of our RNG production. While we estimate production losses during the first 9 months of 2024 due to these weather events, totaled approximately 100,000 MMBtus, our employee safety and the operability of all facility equipment were preserved throughout.