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    Montauk Renewables announces 1Q 2022 results.


    May 17, 2022 - Chemical Business Newsbase (Company Report Abstracts)

     

      Montauk Renewables Inc, a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (RNG), announced on 10 May 2022 financial results for the 1Q 2022 ended 31 Mar 2022. Total revenues in the 1Q 2022 were $32.1 M, an increase of $0.7 M (2.3%) compared to $31.4 M in the 1Q 2021. An increase of 81.2% in realized RIN pricing during the 1Q 2022 of $3.46 compared to $1.91 in 1Q 2021 was the primary driver for this increase. Additionally, an increase in natural gas index prices of 84.0% in the 1Q 2022 of $4.95 compared to $2.69 in 1Q 2021 also contributed to the increase. Offsetting these increases were lower revenues recognized under counterparty sharing arrangements of $0.2 M in the 1Q 2022 compared to $3.8 M in the 1Q 2021. Finally, losses of $3.5 M associated with gas commodity hedging programme reduced revenues in the 1Q 2022. Operating and maintenance expenses for RNG facilities in the 1Q 2022 were $9.6 M, an increase of $2.0 M (25.8%) compared to $7.6 M in the 1Q 2021. The primary reason for the increase is because the Houston based facilities were favourably impacted by lower utility rates during the 1Q 2021. Total general and administrative expenses were $8.5 M in the 1Q 2022, a decrease of $12.0 M (58.5%) compared to $20.5 M in the 1Q 2021. Of the total in the 1Q 2021, $14.4 M related to stock-based compensation costs associated with the initial public offering (IPO) and reorganization transactions. Operating loss in the 1Q 2022 was $1.7 M, a decrease of $10.6 M (86.5%) compared to an operating loss of $12.2 M in the 1Q 2021. Net loss in the 1Q 2022 was $1.1 M, a decrease of $13.2 M (92.2%) compared to a net loss of $14.3 M in the 1Q 2021. The company produced 1.4 M metric M British Thermal Units (MMBtu) of RNG during the 1Q 2022, an increase of less than 0.1 M compared to 1.3 M MMBtu produced in the 1Q 2021. The Galveston facility produced an increase of less than 0.1 M more MMBtu in the 1Q 2022 compared to the 1Q 2021, as a result of higher inlet gas due to wellfield changes and plant efficiency optimization of process equipment. The company produced approximately 45,000 megawatt hours (MWh) in Renewable Electricity in the 1Q 2022, a decrease of 2000 MWh (4.2%), compared to the 47,000 MWh produced in the 1Q 2021. This decrease was driven by preventative engine maintenance at Bowerman facility which produced 2000 MWh less in the 1Q 2022 compared to the 1Q 2021. Four tables present the company's financial results for 2022 and 2021. Original Source: Montauk Renewables, 2022. Found on website: http://www.globenewswire.com.

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