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SulphCo, Inc. (NYSEMKT:SUF)

Q2 2009 Earnings Call Transcript

July 30, 2009 5:00 pm ET

Executives

Stanley Farmer – VP and CFO

Larry Ryan – CEO

Florian Schattenmann – VP and Chief Technology Officer

Analysts

David Firshein – Cascade Capital Corporation

Jim Van Allen – Philadelphia Investors

Kevin Brady – Raymond James

David Monson [ph]

Operator

Good afternoon, ladies and gentlemen, and welcome to the SulphCo quarterly investor conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded. I will now turn the call over to Mr. Stanley Farmer, Chief Financial Officer. Mr. Farmer, you may begin.

Stanley Farmer

Thank you, Martin. Good afternoon and thanks to everyone for joining us on the investor call today. With me on the call today is Dr. Larry Ryan, SulphCo's CEO and Dr. Florian Schattenmann, SulphCo's Chief Technology Officer.

Before we get to the body of today's call, I would like to offer the following disclaimer. Please note that some of the information you would hear today may consist of forward-looking statements regarding revenue, memorandum of understanding, test results, margins, operating expenses and future goals. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our Forms 10-K and 10-Q on file with the SEC.

SulphCo assumes no obligation to update any forward-looking statements or information as of their respective dates. As was the case with our last call the slide presentation that we're going to be reviewing during today's call has been posted on SulphCo's Web site and is also been filed in 8-K with the SEC. We encourage all investors to access one of these two sites to allow them to follow-on with today's presentation.

With that, I'm going to turn the call over to Larry Ryan to briefly go to the Q2 highlights and get into the presentation. Thank you.

Larry Ryan

Thanks, Stan. Thanks everyone for joining in the call today. We appreciate your time. Just by way of agenda here in the presentation we're going to go through the Q2 highlights, then Stan will come back and talk about some of the financial in IR PR highlights, Florian's going to go through a brief technology updates for you, I will then come back and go through the commercial update of where we are with some exciting programs and then we will go through the expected next steps and then we will open up the lines for a couple of question and answer session.

So with that I will go to the second quarter highlights it was a busy quarter for us here at SulphCo. First of all, we executed our product scale technology evaluation with OMV. As many of you know we signed the technology agreement with OMV in May of this year. Since then we preformed successful pilot scale continuous Sonocracking and hydrotreating trials at OMV's facility in Austria.

And based on those results as we have recently disclosed, OMV is currently utilizing its healthy model which is their linear programming model for economics and their refinery to evaluate one to two specifics applications based on that data.

At the same time we were performing an independent evaluation at intersect part which is a testing lab up in the Pittsburgh area. And we perform pilot scale hydrotreating trial on both untreated and sonocrack diesel fuel and w really produced some favorable results regarding traditional hydrotreating and the value propositions of sonocracking.

Most importantly, was that we observed and Florian will talk about this in some more detail. So that roughly to remove the last 1% of the sulfur from this stream requires of the 50% of the total outage in the consumed during the process.

Most importantly, for us the data was very consistent with the results obtained from OMV. Based on this data and the data package we generated we have been able to really accelerate progress with other commercial prospects. One is with the major integrated oil company, that project is moving forward with true specific application, and I will talk about this little bit later in the presentation but we are pursuing several opportunities with so-called transmix players. So people who collect and distribute offset diesel products.

From a financial perspective cash burn moderated through the resolution of litigation, the reduction of some other expenses, we have also continued raising SulphCo's visibility in the market and media through our IR and PR program. So really we are as a team we are focused on key target application, and our commercial development projects are growing and they are progressing very well.

So with that I'm going to hand it over to Stan for some discussion on the financial side.

Stanley Farmer

Thanks, Larry. Just starting as a comp. As of June 30th we had approximately $10.9 million of cash on hand and approximately $4.7 million of convertible notes available. As we previously announced on July 29, the company prepaid in full the convertible notes payable. The company anticipates the cash reserve should be sufficient to fund requirements into the latter part of the first quarter of 2010 and the company continues to evaluate financing options.

Also during the second quarter of 2009 the company was notified that it had prevailed in the Talisman litigation and that the SEC had completed its investigation at SulphCo and did not intend to take any enforcement action against the company.

On the media and IR front, SulphCo has recently featured in Houston Chronicle article that ran on July 16th edition of the paper and on July 11, 2009, Dr. Schattenmann made a presentation on oxidative desulfurization to the Houston chapter of the U.S. Association for Energy Economics.

We are quite pleased with the progress that we have made on this point thus far. And with I'm going to turn it over to Dr. Florian Schattenmann for the technology update. Thanks. Florian?

Larry Ryan

Just let me (inaudible) for a minute, it seems that there might be some slight problem with the Web site at this point and just we're actively working to the big issues that's possible. So be a little bit patient if it's an issue. Sorry.

With that we are going to turn it over to Florian.

Florian Schattenmann

Larry, Stan, thank you so much, Stan. I am pleased to enter page 7, you see there a schematic of the front end of the typical refinery, I show the same graph last call and we discussed that this is one of the primary opportunities for us in the sonocracking process, but we discussed two options, in the next few pages I will clearly line out why the first one which is the placement of the sonocracking technology host hydrotreating is the preferred area of our focus at this point.

Please turn to page 8. As Larry mentioned at an independent facility call, intersect part, we conducted a series of similar experiments and maybe some of the most important results are shown here on page 8. In this flock you can see the hydrogen consumption versus the sulfur reduction in the hydrotreating of a 3,200 ppm diesel straight run diesel stream. And 100% of hydrogen means that hydrotreat the diesel fuel, the legal limit of well-below ppm, roughly around in this case it was 6 ppm, maybe you can see as you further deep the sulfurize the diesel, you need more, more hydrogen.

But the story changes that around 99% of the sulfur removed when the trajectory of the hydrogen consumption sharply increases and the end result is that or in other words is that the first 99% of the sulfur removal. So from 3,200 tons about 35 ppm requires only about 60% of the hydrogen, the final 40% of the hydrogen are used to remove the last 30 some things of ppm in this diesel. And that clearly gives us a very good cost benefit value that we want to exploit with our sonocracking technology.

Please turn it to page 9 please. Here is one example of many results that we have on the finishing side. This is a previously hydrotreated diesel stream with about 200 ppm, in this case, in the blue treat is the sulfur speciation of the feet diesel stream, the red curve is after our sonocracking process and the green curve is the diesel after we run this treated diesel through an absorption bid. And you can see first of all the most of the sulfur present is actually the hard to hydrotreat sulfur which is the one that we want to attack, but secondly you see a significant conversion of the species to the oxidized version of the sulfur compound. And you can see on the green curve that is newly formed sulfur species action remove very efficiently in a single path absorption.

And on the page 10, I would like to give you sort of complete picture that shows you why finishing of diesel streams is a very good opportunity for us to enter the market. First, diesel is probably the most highly regulated petroleum product stream in the market. On road [ph] diesel is already at below 15 ppm sulfur in the United States, below 10 ppm in the European union and regulation is scheduled according to the EPA plans who tighten up for all other diesel stream.

The typical starting sulfur value that we are using when we start already with previously hydrotreat diesel is already around 100 ppm or lower. And then as we showed on the last slide up to 50% of the hydrogen actually is used to remove that last 1% or 2% of sulfur depending on the stream and by the way I would like to note here that we independently confirm those results with the stream at OMV.

Now it turns off to the observe date of chemistry that we are employing reacts very well with a difficult to hydrotreat compound. And some of those are called calculated dibenzothiophenes and is not really a surprise as hydrotreating is a reductive process, we're in oxidative process, and they typically complement each other. So the bottom line is that there is a very good cost benefit equation for us at SulphCo as the cost of SulphCo process is proportion to the sulfur content and it starts quite low here.

The other thing that we have to consider is barriers of entry and if you are placing a unit downstream of all other major refining processes you disturb the refinery as a lead. And so it's relatively easy to implement. And although this represents a wonderful entry into the market this chemistry involves ever we learn about it will translate to a wide range of applications including other petroleum products streams and crude oil. That sort of the highlight of the technology. And I would like to turn it back to Larry Rein to discuss economic impact.

Larry Ryan

Thanks, Florian. So the next pages will update on our commercial activities. First on page 12, I just like to reiterate our commercial strategy and focus. The current state of our technology addresses multimillion barrel per day global diesel fuel market although we remain active in all market segments.

We are prioritizing applications in terms of technology bid, ease of implementation and cost benefit value to both us and the customers. That's really based on customer feedback, the recent data that we received and developed, this is really pointing to diesel fuel finishing as a great first application.

We are establishing two to three strategic committed large refining customers and focusing on specific applications and execution. Most importantly that we are developing relationships with technology champions within these strategic customers. And also we have a tactical focus which is complementary from the technology standpoint. On projects in the diesel fuel transmix market segment which I'll talk about in a little bit more detail on couple of pages.

So, we turn to page 13. You look at refinery diesel finishing application. From a volume perspective this is typically it's roughly about 20% of the total refining capacity in a given refinery. This as Florian mentioned that diesel typically would contain somewhere a less than 100 parts of million after low pressure hydrotreating. In a lot of cases, hydrotreating is required to meet ultra low sulfur diesel specification.

And as Florian went through removing the last 1% or less than 100 ppm of sulfur consumes after 50% of the total hydrogen requires high intensity processing and also uses quite a bit of catalyst. Also if someone has not made the investment in high pressure hydrotreating the difference between high pressure hydrotreating capital cost and low pressures roughly 1.5 to 2x.

And most importantly, our process addresses these difficult three sulfur compounds which require this high pressure hydrotreat. So in our process provides opportunity for reducing both the capital and operating cost needed to meet sulfur regulations in these applications.

If you look at the transmix diesel finishing application again, these are typically smaller collection facilities where they are collecting that interfacial layer between say if someone shipping gasoline and kerosene and diesel through a pipeline there is always some mixture of these at the interface and these are collected in these transmix facilities.

The typical volume opportunities are somewhere usually in the 1000 to 5000 barrels a day. But what ends up happening is that collect these off spec material because not all of these fuels have the same sulfur specification. And so in order to meet the diesel specification they have to do something. And one of the problems is that they lack the scale to invest in a conventional hydrotreating or expensive sulfur removal technology. Again, the sulfur levels range somewhere between 50 and 300 parts of million so it's in the finishing range.

And a lot of the exemptions that have been in place where diesel produced from these facilities begin to expire in 2010 so there is a market media that needs to be addressed. In our process is an economically attractive option from both capital and operating cost perspective. So this is the good technology fit, it is a smaller volume opportunity, but it’s potentially a faster way for us to go and get some revenue for the company.

So in terms of page 15 here, this is the page that folks seen before, what are the benefits from our process, what are people looking for. And really from a commercial perspective is where we are focused is taking lower quality or sulfur containing diesel and making it meet these most stringent regulations.

What we have been able to show and demonstrate based on our work load with OMV as well as interject part, has a lot to do with hydrotreat sulfurisation offshore operations in the mill.

So in terms of lower hydro consumption we have been able to show that you can potentially reduce up to50% of the hydrogen usage, we know that lower temperatures and different catalysts we are able to use that translates into longer catalyst life, puts you a turnaround, low energy requirements, there is a potential that de-bottleneck out of desulphurization unit because of the run time is longer, that turnaround a fewer and therefore you don’t have to turn down more the refinery when you are changing out its GS catalyst. So there is a lot in here that we have been able to prove out in some detail from a technology perspective based on our data that we have gained really over the past few months.

From a carbon footprint perspective this is really important category particularly in Europe and become more and more important here in the U.S. If you can reduce the amount of hydrogen that's consumed in these hydrotreating processes, Nevo [ph] refinery is producing hydrogen via from natural gas or some other method in a hydrogen plant they most certainly producing carbon dioxide as a bi-part. So the lower the hydrogen uses that you can have them used, the lower the fuels to footprint is going to be. That’s extremely important in a lot of geographies these days as many of you are well aware.

So really where we're stay is at the technical data that we've been able to receive from our work at home as well as intersect part in our labs in Houston, is really confirming these sonocracking benefits, but the real value here is application specific, because although lot of these, I would always categorize it as about 80% of the equipment in the operations in a refinery or other operations are roughly the same that less 15% is different and so therefore the different cost buckets and the different benefit buckets will be really application-specific.

If you go to page 16 and take a look at strategic program focus and status I went through an explanation of this. In the last call I really wanted to just highlight some of the real progress that we've made over the past few months.

Again it's a top of the page here you see that where we're with OMV is that we’ve taken this now and we've done a tremendous amount of work with them in their facilities with our people in their facilities, working with them, do our process and then take that material and run it through their pilot scale facilities to generate a significant amount of data that’s relevant for their system.

We’re at the point now where they've taken that data and evaluating it in a rather complex economic model, they've taken all the data that we generated all the parameters and putting in it to the complex model to really drive out what's the value or the benefit is going to be to OMV.

We have another opportunity with major international oil company that was introduced to us about three months or four months ago and now we’re really at the point where that's in this three specific evaluation phase, they have a specific requirement that they're looking for, we met the initial technical requirement during the last and we're currently in the process of going forward with them and establishing what the performance need to be in the fuels. We're very excited about this move, very quickly for us and it's really been helped by the data that we've been able to generate over the past several months both independently and with OMV.

The last line on it didn't appear the last time was these transmix folks, they have started, we've been in contact with several of them, there are a lot of companies now that are actively working with us, we have lots of samples going back and forth with them to be able to help them, meet the upcoming regulation that they have to meet in 2010, we're joined probably half a dozen that we're working with and two or three were really in some detailed discussions with about their specific needs, their specific equipment layout and their specific application.

We also have below here you can see there is a few companies that we continue to work with of course, there is one independent oil company here in the U.S. that we've been working with for a long time, they're in the process of reviewing the data that we've given them from intersect park work and again looking at how that's relevant to their internal operations and looking at the benefits for them so it's really an exciting time for us because we've really now with, the work that we've been doing, we're all focused on the goal of driving revenue and commercializing this process as fast as possible, we continue to get more and more data as we go along here and we have very good data packages that really points out the specific benefits for folks in each of their application.

And again just as in the slide of course this is an older program there are all the samples, there are all the customers that we have available, lots of folks at, we're also working with here in the lab in Houston.

So if you look at Page 17 and what the commercial steps are in the progress if we talk about OMV as you know we have this technology agreement that we signed, that’s complete, we've developed a specific data set that was part of this technology agreement now we're into this economic evaluation based on those results and we've narrowed it down to a couple of applications where we think the highest benefit will be for both of us. And we expect that we're going to have a go, no-go decision to enter the commercialization phase, based on this work, sometime in this quarter.

In terms of this international oil company opportunity we've established a laboratory results and the data pack we've met the initial technical performance requirements, now we're working with this potential customer and we do expect that this one also will have a go, no-go decision from a commercialization or entering the commercialization phase within this quarter. So we're really focused on getting this opportunity, not just starting opportunities, but moving these opportunities to the commercialization phase and executing.

So in summary, the current state of our technology addresses multi-million barrels a day diesel fuel market. We are focused on this diesel finishing process of refineries and in the transmix market segment.

We are achieving the effective milestones and timing of the OMV program, we anticipate feedback from the economic evaluation in the Q3, this quarter. We're moving forward rapidly with another major international oil company application, again as I've said we've achieved this initial success, we expect this commercial go, no-go decision within this quarter.

And as I mentioned with several transit opportunities that have been developed and the good thing here is that the technology requirement or similar to transition refinery applications so we're able to really concentrate our technology efforts for a wide range of applications so as it seem I think we're really excited and proud of what we're doing, where we're doing and we've made a tremendous amount of progress but clearly as a team we're focused on the commercial development and execution to get the revenue as best as possible.

So with that I would like to thank you for your time and open up the line for a few questions.

Question-and-Answer Session

Operator

(Operator instructions) Our first question comes from David Firshein of Cascade Capital Corporation. Please go ahead.

David Firshein – Cascade Capital Corporation

Larry, guys, good, very good report and good luck with it. My questions are focused on any sort of gauge of actual revenue events occurring. Is there anything you can comment on that that makes sense to share?

Larry Ryan

Sure, thanks, David. This past of commercialization is the process. We over the past several months have made a tremendous amount of positive steps in the direction of commercialization of this process. One of the things that one has to remember is that is not like selling a video [ph] I mean this is a process that needs to be developed and almost customize for particular applications because these are complex environment that you are working in. So, David, I am very confident in the direction we're going and the programs that I discussed. I think we continue to make absolutely the right progress and great progress in getting towards commercialization, there are a series of steps, I mean, for example, with OMV, I think that the next steps are that the (inaudible) success and that we have a go ahead into another application, we're going to go through full scale trials in that period and that will take some time but it will always be steps in the positive direction, I think that, that what you can expect from anyone of these opportunities. I do think that transmix opportunity has the potential to go faster because they are near the market and of course that's why they are in our tactical focus and why we're working with them. And so my commitment to you, David, and the rest of the shareholders, is that everyone here is focused on the same thing, which is getting revenue to the company as best as possible to show the commerciality is responsible.

David Firshein – Cascade Capital Corporation

Do you think there is a chance for that by the end of the year or we are talking 2010?

Larry Ryan

David, its hard to say, what I can tell you, David, we're doing everything we can to take any delay from our side out of this issue, but I can't control is what potential customers is so I don't want to comment on that other than again our commitment to you is we are not letting ourselves to be any part of the delay.

David Firshein – Cascade Capital Corporation

Follow on to that last question from me as you ink any of these deals in terms of the milestones of turning them commercial what's your anticipation of the copycat customers that would follow on, is it already happening or is there piling on or is that once you say like if you turn it OMV, do you anticipate having too many customers to deal with or what?

Larry Ryan

I know its rash, what I would say David is that what's been a very positive favorable experience for us is having this intersect part data that we develop and also having that the consistent with the work that we performed at OMV because now when you talk to folks that are in the stage clearly they understand the impact of that can have on their system and no longer do we, the introductory period or the discussion period upfront does the technology work and such a thing is over and we can really get into what is the potential benefits for them, so, I would say, it's my thought in them, pretty confident that once you get one of these things really going then having customers is not a problem.

David Firshein – Cascade Capital Corporation

Thanks very much.

Larry Ryan

Thank you, David.

Operator

(Operator instructions) Our next question is from Jim Van Allen of Philadelphia Investors. Please go ahead.

Jim Van Allen – Philadelphia Investors

Hi Larry, and everybody else, this sounds very encouraging, could you tell us what the difference is if there is any between your expectations or your schedule between now and in the middle of June when you had your annual meeting. I mean you go on faster then you thought, has there been hurdles that everybody expects hurdles but unforeseen hurdles what…

Larry Ryan

I think the answer to that is I think that our work with OMV has progressed almost exactly as we would have thought it. We said in May that we were going to spend a couple of months to work in the facilities, they're generating data we did that on time, we've now entered into the next phase of that program, if you will, as expected. Probably I think we're faster and the other two opportunities that I mentioned here on the call today the international companies go to the transmix players because we've only really in the path I would say month or so seen a tremendously accelerated interest from them. So I think we are pretty happy with the fact that those are going like fast than we expected but we're just as happy that we're doing everything, we start we're going to do on the OMV program.

Jim Van Allen – Philadelphia Investors

Well that sounds great. Do you see any comp change in the competitive arena or and what is the competitive arena right now, are there other people using, for instance, sonocracking to get into your space?

Larry Ryan

Well, I mean of course, a lot of folks have seen announcements from Detro Avac [ph] and PetroSonic –

Jim Van Allen – Philadelphia Investors

Great.

Larry Ryan

Jim, what I would say is we are very confident and comfortable with our intellectual property position and that those guys notwithstanding I think that we're going to protect our intellectual property always and diligently, we're always looking at the competitive landscape but the proof of the putting here is getting the thing to commercialization so we always have in our eyesight, but we are focused on execution.

Jim Van Allen – Philadelphia Investors

Okay. And just one more have you been with going out and seeing some of the mutual funds and investors?

Larry Ryan

We have done a lot of that. Having just Stan on board, he has been helping to maintain a lot of contact with investors especially on the follow-up with folks, we've between Stan, Florian, myself and Geoff, we have touched a lot of accounts and we are going to continue to do so because we have a great story. We’re telling folks that story and we’re in a mode where we're delivering on the items that several going to deliver on. So it's a good time that we will be able to talk into potential new investors and existing investors.

Jim Van Allen – Philadelphia Investors

Are they actually the potential new investors or the coming investors?

Larry Ryan

You 'd have to ask them. What I can tell you is the general feedback is pretty positive, you never know.

Jim Van Allen – Philadelphia Investors

Okay, thank you and well done.

Larry Ryan

Thank you.

Operator

Our next question comes from Kevin Brady of Raymond James, please go ahead.

Kevin Brady – Raymond James

Larry, thanks for taking the call and congratulations on the great steps. You referenced go, no-go decisions in the third quarter by two companies, both OMV and the other international oil company. How is that go decision or hopefully not no-go decision be communicated to shareholders?

Larry Ryan

Well, let me once you get to that point, Kevin, you are talking about a real commitment by both parties, so therefore you will know about it. This is now a point where both parties will have committed to really entering the commercialization phase which means if your customer you're committing your resources and money and time in a significant way and likewise for us in this material you will know.

Kevin Brady – Raymond James

So, your material is on a PR release?

Larry Ryan

Absolutely.

Kevin Brady – Raymond James

Thank you.

Larry Ryan

No problem. I think we have time for one more question.

Operator

And our last question comes from David Monson [ph], private investor. Please go ahead.

David Monson

Yes, Larry, I have been a shareholder for many, many years, substantial one. Question regarding refineries generally, their catalyst that they use in a refining process a great portion of them are rare hoarse and they made you source for rare earth is China. And China has been reducing the volumes of rare earth substantially that they are willing to export. As the rare earth for catalic usages in many areas but especially in refining yet reduced, does this improve the position for SulphCo?

Larry Ryan

David, that’s a good point. I think the short answer is we believe that based on the data that we've obtained that we can allow for a longer living catalyst life in the hydrotreating application, we find it use a lot of catalyst and a lot of different processes, but when it comes to the hydrotreating catalyst we think we can extend that life and help them operate in a milder condition, how that impact is one way or the other from your observations or knowledge from the China market, I really can't comment on because this is now what we do.

David Monson

When you say you extend the life in a hydrotreating process that you do it by 20% or by (inaudible).

Larry Ryan

It depends, when I give you consulting answer it depends. It depends a lot on what the person is doing today and what catalysts are using today, what we can say is that we can (inaudible) data that it looks like it's several degrees lower starting temperature, lower pressure to reach the same sulfur level, so there is a lot of things puts and takes that can win there, but is really dependent on the catalyst that's being used.

David Monson

Thank you very much.

Larry Ryan

Thank you, Dave. I just like to take the time again to thank folks who have been on the call. We are extremely upbeat of where the company is and where we are going. We are making great progress on the program as we laid out here and we are committed to communicating our events to you as they occur in a timely fashion. So again thanks a lot everyone and I hope you all have a great Friday and weekend.

Operator

Ladies and gentlemen, this concludes today’s conference. Thank you very much of your participation. You may now disconnect.

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