Conference Call Note

Continue to progress CP2 while sticking to conservative H2’27 timeline, expect continued contracting into year-end and beyond Slides: Link Call Summary: Neutral: As expected, the majority of the call was spent on project updates, contracting…

H2 profitability improvement to come from higher production and higher RIN prices, working to improve existing asset while plenty of growth is coming down the pike Call Impact: Moderately positive. Stock is now +7% in…

W. TX datacenter deal announced with early 2027 start; power outlook remains strong; higher lube oil costs quantified as a $1.5mm/mth drag Press Release: Link Call Impact – Positive: After reporting Q2 Adj. EBITDA of…

Permian upside more of a 2027 story; elevated capex likely to persist in 2027 Slides: Link Press Release: Link Call Impact – Neutral: Stock is underperforming peers today against a broadly red tape. The market…

Upstream RNG to drive H2 improvement, high diesel prices sparking CNG interest, and still waiting for new 45Z GREET model Call Impact: Mostly positive. Stock is now only -1% after the call, vs the -6%…

Brazos assets to fill quickly on active customer base; expect Pathfinder returns to approach 20%; Permian remains the priority for growth Call Impact – Neutral: WES is up today following raises in their EBITDA/DCF/FCF guides…

Marketing to moderate in H2, while volume growth tracking better; setup for 2027 still building Slides: Link Press Release: Link Call Impact – Positive: Another solid quarter of results from TRGP, which is being rewarded…

Curtailments are back; near-term capacity tight; new capex run-rate higher with acceleration of Delaware activity Slides: Link Press Release: Link Call Impact – Positive: Stock reaction is merited today given the strong Q2 performance and…

Q3 utilization to bounce back and ethanol margins supported by attractive fundamentals, but not much new on how GPRE will use TPHe 20% FCF yield Slides: (LINK) Call Impact: Largely positive. GPRE now trading off…

A lot of moving parts with potential EOP upside, progress on SOTP efforts, and incoming SRE cash, although not many exact details on the call Call Impact: Slightly positive. DK is -8% today, approx in…