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Syntroleum Corporation (NASDAQ:SYNM)

Q4 2011 Earnings Call

March 7, 2012 11:00 am ET

Executives

Karen Power - SVP and PFO

Gary Roth - President and CEO

Ron Stinebaugh - SVP, Finance and Acquisitions

Analysts

Shawn Severson - JMP Securities

Michael Prouting - 10K Capital

JinMing Liu - Ardour Capital

Anthony Chen - Alc Capital

J. Dunlea - CPAs and Advisors

Operator

Good morning, and welcome to the Syntroleum Corporation fourth quarter and yearend 2011 conference call. (Operator Instructions) I would now like to turn the conference over to Karen Power, Senior Vice President and Principal Financial Officer.

Karen Power

Good morning and thank you for joining us today. Remarks for today's call will be presented by Karen Power, Senior Vice President and Principal Financial Officer, who will report the financial results for the year ended December 31, 2011, followed by Syntroleum's President and Chief Executive Officer, Gary Roth.

Before we begin our remarks, I would like to remind everyone that during this call, we will make certain forward-looking statements as well as use historical information. Words such as belief, estimate, expect, intend, plan, anticipate, could or should are intended to identify forward-looking statements. Although Syntroleum believes that expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties. Future results may differ materially from those projected in these forward-looking statements. You are encouraged to refer to our SEC filings, including our most recent Annual Report on Form 10-K for a full disclosure of these risks and uncertainties.

For the year ended December 31, 2011, the company reported an operating loss of $3 million resulting from total revenues of $4.2 million and operating expenses of $7.2 million. The total net loss for the year ended December 31, 2011, was $16.9 million. $13.9 million in this loss related to Dynamic Fuels operation for the 12 months ended September 30, 2011. We do not consolidate Dynamic Fuels, instead we report using the equity method of accounting.

Income or losses under the equity method are reported below operating income as income or loss in equity of Dynamic Fuels, per Generally Accepted Accounting Principles, we do not report gross revenues associated from Dynamic Fuels, because the entity is not consolidated. We will only report our share of the total net income or loss.

As reported in our 10-K, Dynamic Fuels had revenues of $127.1 million, operating expenses and general administrative expenses of $153.9 million and other expense of $2.5 million, resulting in a net loss of $29.3 million for the year ended September 30, of which we report 50% in our Syntroleum financials.

During this time 25.5 million gallons of renewable fuels were sold and 26 million gallons were produced. For the 12 months ended December 31, 2011, Dynamic Fuels produced 33.5 million gallon. As of December 31, 2011, Syntroleum cash balance was $22.6 million. We have not provided any additional working capital fund to Dynamic Fuels, since November of 2011.

Now, I'll turn the call over to Gary Roth.

Gary Roth

Thank you, Karen. Effective January 1, 2012, Dynamic Fuels restructured its renewable diesel sales contract efforts with its agreements with Mansfield Oil Company. As a result, Dynamic Fuels achieved 100% of full RIN value diesel pricing in January of 2012 as compared to 88% of full RIN value pricing for the 12 months ended December 2011.

We define full RIN value as ULSD Gulf Coast plus subsidy if any, plus 1.7 times RIN price. And Dynamic Fuels sold its fuel on a full RIN value basis for calendar year 2011 and would have recognized an operating loss of $2.7 million versus an operating loss of $24 million.

During calendar year 2011, Dynamic Fuels ran at an average uptime of 47% with operating cost of $1.65 per gallon. Assuming average uptime of 75%, total RIN value diesel pricing and operating cost of $1 per gallon, operating income would have been $33 million in 2011.

Effective January 1, 2012, Dynamic Fuels entered into an 18 months agreement with Mansfield Oil Company, the largest fuel supply chain manager in the United States. The arrangement allows Dynamic Fuels to nominate up to 100% of Geismar diesel production and Mansfield is required to take the nominated volumes at posted ULSD and RIN prices less than industry standard fee.

In addition, Dynamic Fuels and Mansfield will market renewable diesel directly to fleet customers. Mansfield has a supply force of approximately 50 people, who call on national fleets, railroad, transit authorities, and other state and local entities. In addition to sales support, Mansfield supplies logistic and back-office operations for sales to all 50 states. Our arrangement with Mansfield provides Dynamic Fuels the flexibility to sell to Mansfield or direct to the customer.

As an example of the corporation between Mansfield and Dynamic Fuels, we announced the first fleet relationship with Norfolk Southern on February 14. Dynamic Fuels is supplying Norfolk Southern already in Mississippi rail yard with approximately 750,000 gallons per month of renewable diesels since early January.

As stated by Norfolk Southern and I quote," Our locomotive engines are completely compatible with the pure renewable diesel provided by Dynamic Fuels and Mansfield."

The Norfolk Southern transaction is a perfect example of customers using dropped and renewable diesel fuel while allowing them to achieve their sustainability objectives about sacrificing performance.

Dynamic Fuels has completed production of 450,000 gallons of middle distillate for the U.S. Navy. Dynamic Fuels and Solazyme competitively bid and were awarded this contract in November, 2011. Dynamic Fuels shift and invoice to 121,000 gallons in marine diesel from the Geismar plant to Port Orchard, Washington in February.

The remaining 329,000 gallons have been delivered to a toll processor to fractionate into jet fuel and marine diesel. It is anticipated all project products will be shift to the Navy by the end of the month. The fuel marine needs military specifications which are stricted in those of commercial petroleum based fuels.

This summer the Navy will use the fuel in a final qualification step towards Great Green Fleet initiative, thereby it plans to convert 50% of its energy needs to renewable sources by 2020. The fuel that's produced from used cooking oil and algae oil. Solazyme provided 50,000 of algae oils this campaign. Our military fuels sales augment our hydro treated renewable jet fuel that has been flown by KLM and Alaska Air.

As previously reported, we had operating issues primarily related to the hydrogen compressor, solvent recycle pump, and feedstock pre-treatment. We have significantly improved the reliability of the hydrogen compressor. The compressor has two types of valves which I will refer to as Type A and Type B.

As of March 1, our Type A valves, which are the third generation valves have logged 63,090 gallons of run time which is approaching typical commercial runs of about $8,400. The Type B valves logged approximately $3,700 before replacement in kind was required. We intend to replace the Type B valves with fourth generation Type A valves. We've achieved 98% available up time in the hydrogen compressor since May of 2011.

Thus far, in 2012 the solvent recycle has encountered technical issues and had available up time of approximately 77%. This is compared to 70% in the fourth quarter ended December, '11 and 91% for the third quarter ended September, 2011.

We now have a one-year of operating data and have concluded this pump type will not reliably respond to operational excursions, examples of which include loss of electric power and hydrogen supply disruptions. We have supplied historical operating data to five major pump vendors and we see it expresses of interest in quotations from all.

In the interim, we are taking steps to further improve the reliability of existing pumps. To date we have civilized seal life issues and corrosion debris issues. Recently we were experienced the alignment issues caused by misaligned connective piping. The problem was resolved during January and February. We've also taken steps to improve the wear resistance of existing pump internals by changing materials of construction including procuring wear resistant rotors, balance drum, and balance sleeve.

Over a year of operating history, we've seen a high degree of variable in the constituents in the feedstock. Working with our partner Tyson we've designed replacements and modifications to the feedstock pre-treatment system to improve the efficiency and robustness of the design.

New primary processing equipment has been purchased with one unit, we do expect it to install in May and two units in September. Despite the variability of the feedstock received, it has not impacted the quality of the finished products which concisely need or exceed commercial and military standard.

Dynamic Fuels continues to extend its feedstock supply of network. Today Dynamic Fuels has qualified 46 supplier facilities compared to 21 as of November, 2011. We have received and processed shipments of inedible corn oil from ethanol plants. Approximately 40% of all ethanol plants have installed corn oil extraction technology and is expected that most ethanol plants will install this technology in the coming years creating a growing source of feedstock.

Our consultant to their National Biodiesel Board estimates that of all dry mill corn ethanol plants installed corn oil extraction technology and estimated 350 million to 375 million incremental gallons of inedible corn oil would be added to the supply chain annually.

Previously reported December production of 4.4 million gallons or 70% of capacity, in January, February we produced 2.9 million to 2.8 million gallons or 46% and 45% of capacity respectively. This compares to an average rate of 58% of designed for the quarter ended December 31, 2011. Our recent performance impacted by Downtown associated primarily with the solvent recycle pumps.

Beginning March 20, we've taken the plant due to hydrogen supply interruption. Our supplier is performing a catalyst change-out and other maintenance operations which occur approximately every seven years. This supply interruption is expected to last four weeks. We have been negotiating with alternative hydrogen suppliers, but cost effective solutions have not been found to date.

Concurrent with the hydrogen supply interruption, Dynamic Fuels will conduct a change out of the catalyst and guard bands within the hydrotreating reactors, which will take approximately two weeks. Dynamic Fuels does not intend to change out the catalyst in the isomerization unit. The turnaround in 2011 lasted 14 days and mainly changed out the guard bits in the hydrotreating reactors.

In addition to catalyst change out, Dynamic Fuels will perform a routine maintenance on the hydrogen compressor, update the process, train heat exchangers and change out the solvent recycle pump internals with new higher-wear designs.

As of January 1, 2012, the dollar per gallon tax subsidy for renewable diesel and Biodiesel expired. RIN prices since the beginning of 2012 have ranged from $1.39 to $1.59 and are currently $1.44. RIN prices averaged $1.30 in 2011. Based on soy Biodiesel economics, it is our conclusion that RIN have adjusted for the producer to recover approximately $0.70 to $0.80 of the dollar subsidy.

We reported to you in our last call, EPA enforcement actions associated with the creation and distribution of fraudulent RINs. As a result of EPA actions, we have seen increased scrutiny of RINs by obligated parties. We understand that obligated parties are primarily accepting RINs from a select list of better producers, who can document RIN chain of customer.

Dynamic Fuels has had no issue with its RINs. We understand year-to-date RIN trading has been relatively light as obligated parties were focusing on RIN betting their 2011 RIN inventories for compliance, which was due to the EPA at the end of February. We expect that RIN trading will accelerate and obligate, as parties focus on accumulating 2012 RINs to meet the 1 billion gallon mandate. We believe the fundamentals for the RIN market remain intact.

With respect to feedstock prices, our weighted average feedstock price for the 12 months ended December 31 was $0.52 a pound. This compares delivered to crude, degum, CBOT soybean oil at $0.59 per pound. Average 2012 feedstock prices were $0.46 per pound. As the 146 million of feedstock purchased in 2011, approximately 60% was supplied by Tyson.

On our last call we discussed two main issues we were working to resolve, full value for our renewable diesel and increased plant reliability. With respect to renewable diesel pricing, we have achieved this goal with our agreement with Mansfield. With respect to plant reliability the hydrogen compressor continues to operate at 98% of uptime.

The feed pretreatment optimization is underway. And after resolving issues related to seals in corrosion products in 2010, we experienced excessive pump wear associated with incorrectly installed piping in 2012, which we have subsequently corrected on the solvent recycle pump. Additionally, we have improved materials of construction and while we placed internal pump elements during the plant shutdown.

Let me update you on few other aspects of our business. We were recently given notice of allowance by the U.S. Patent Office for our phase change material composition patent. Phase change material or PCM can be made from the intermediate hydrodeoxygenated paraffin product produced at the Geismar plant.

Our current work on this project is sponsored by $1 million grant from the Department of Energy. This involves working with Oak Ridge National Laboratory and Egyptian Board Manufacturer to determine the optimal manufacturing conditions for wallboard-incorporated PCM pellets.

Wallboard manufactured with PCM pallets has been installed at the Oak Ridge national exposure test facility in Charleston, South Carolina, where the performance of enhanced wallboard is being determined. The results so far show that our PCM pellets reduce both peak power requirements and net energy consumption. To date preliminary results indicated a 20% to 30% reduction in peak power requirements. The Oak Ridge program will be completed during the fourth quarter 2012.

Sinopec continues to operate the STF demonstrating Syntroleum's FT technology. The results have been excellent and consistent with those observed by Prince Petroleum when running the Catoosa demonstration facility in the United States. Sinopec has been operating the STF since June of 2010. We believe the momentum for coal to liquids in China is building and these encouraging results could lead Sinopec to develop a commercial plant using Syntroleum's FT technology.

FT technology continues to look economically viable using GTL within the U.S. Recent gas prices have been approximately $2.50 per Mcf, while diesel prices have remained strong at approximately $3.25 per gallon. At current prices, the cash margin of GTL plant would be approximately $85 a barrel. We continue to receive early stage interest from third parties about licensing our GTL technology.

Thank you for your attendance today. We will now open the call up for questions.

Question-and-Answer Session

Operator

(Operator Instructions) And our first question comes from Shawn Severson of JMP Securities.

Shawn Severson - JMP Securities

I was wondering if you could walk through kind of a timeline forth on the plants upgrades, giving pre-treatment of those. And I know you just started bidding out proposals for the new pump, if you just going to walk through, what the expected timeline is on that for each of those segments?

Gary Roth

For Phase 1, one piece of equipment should be installed in May. Few more parallel pieces of equipment will be delivered and should be installed in September, that's the primary pieces of equipment we're buying now. We have engineered the balance of the equipment required in working with the Tyson feedstock folks. And we are in the engineering procurement phase of those and we would expect in general, will that process would be done by the third, late-third, early fourth quarter.

Shawn Severson - JMP Securities

And when you mean done, do you mean installed and inline a facility or just having the product deal go?

Gary Roth

Installed in a facility.

Shawn Severson - JMP Securities

And then in regards to the Navy contract, is there any thing else, any more expected there? I mean what's the signal so far, as far as incrementing old refinery?

Gary Roth

The signal for the s we need to get these trial volumes done. They need to run it in the fleet. They need to do their analysis to post fleet test and then maybe will make announcements from their.

Shawn Severson - JMP Securities

The 18 month agreement Mansfield, is there any specific criteria that has to be met in order for renewable or just give it kind of an idea of how that would work at the end of the contract?

Gary Roth

Let me led Ron Stinebaugh answer that question for you, Shawn.

Ron Stinebaugh

We have the option for two one-year renewals at our option in addition to the 18 months.

Shawn Severson - JMP Securities

And to clarify is this an exclusive agreement or could you go out of market on your own directly to other fleet buyers or do you intend to kind of work through Mansfield for pretty much everything, for all the incremental capacity.

Gary Roth

The agreement allows us to nominate anywhere from zero to our full-plant volume. What working with Mansfield does is he has taxing, logistics, and back office in all 50 states. Dynamic Fuels, of course does it so by working with Mansfield, it gives us such access to easy deliveries in all those other areas outside the general Gulf Coast area. So it gives more than just a marketing effort, it allows to control our cost in terms of the administrative part of the business.

Operator

Our next question is from Michael Prouting of 10K Capital.

Michael Prouting - 10K Capital

I had a couple of questions, first question is can you update us on the math on the rent pricing because you said that you thought that the current rent pricing recaptured, I believe you said $0.70 to $0.80 of that dollar subsidy that is no longer there. Could you just walk us through the math on that?

Ron Stinebaugh

Yes, Michael we took a look at soy biodiesel economics as published by the Jacobson for last year and for early this year and we looked at gross margin, so if you look at the gross margin in third quarter and fourth quarter, its about $0.74 to $0.77 for a typical soy biodiesel producer. At January, it was $0.51.

So just kind of looking at their gross margin, it looks to us like most of the dollar has been recaptured but not quite all of it. But they are still making money and there is an almost other levels they were making on gross margin last year.

Michael Prouting - 10K Capital

That's interesting as far as it applies to the rest of the industry, can you talk to what the impact as for you guys. Can you just walk us through that same math for you guys in terms of how much of that dollar you believe that you can recapture of have recaptured at current pricing?

Gary Roth

We think it' consistent for the industry.

Michael Prouting - 10K Capital

And then as far as the hydrogen supply issue, what's the timing around that of when you expect to be down for four weeks and when you do expect to be back up again?

Gary Roth

We expect to go down around March, 27 or 28. And they were down for four weeks as the way it currently stands with the hydrogen supply.

Michael Prouting - 10K Capital

I'm sorry I cut out there, can you repeat that?

Gary Roth

We expect to go down March 27 or 28, depending on scheduling optimization and we expect to be down for four weeks unless we can find another hydrogen supply, which we are actively in discussions with.

Michael Prouting - 10K Capital

And then finally, obviously, this multiple engineering issues that you're tackling and you mentioned different timelines associated with those different issues. Once your back up after the four weeks and assuming progress on those issues as you anticipate and know other unanticipated issues, any thoughts on where you might be? I guess it would be effectively in May I suppose. Any thoughts in terms of where you might be as a percent of design capacity in May?

Gary Roth

We hope to be at 100%. If we look at our production today of fresh feed plus rerun, we're running at 96% in capacity, when I look at the DCS.

Operator

(Operator Instructions) We do have a question from JinMing Liu of Ardour Capital.

JinMing Liu - Ardour Capital

I read your 10-K. There you mentioned that there is a feedstock disruption during the past year. When did that happen?

Gary Roth

Can you repeat?

JinMing Liu - Ardour Capital

In your K, you just mentioned that during the past year Dynamic Fuels experienced some disruptions in the feedstock supply. When did that happen?

Gary Roth

That was during the early part of this year, when we had the Mississippi floods, if you remember. And then during that part of the year, railcars got diverted, as they couldn't get around the Mississippi. So we had a short disruption associated with railcars and the flood in the Midwest.

JinMing Liu - Ardour Capital

So you didn't experience any disruption in the recent months?

Gary Roth

We have not experienced any disruption in recent months.

JinMing Liu - Ardour Capital

I noticed animal fat price increased recently. And based on current market prices, what is your gross market for the Dynamic Fuels production?

Ron Stinebaugh

Can I tell you exactly today, I probably can't tell you today.

Gary Roth

But as far to say, February or March

Ron Stinebaugh

Gross margin for February and March has been north of the dollar, $1.10, $1.15, $1.20 just depending on the day, probably $1.10 today,

JinMing Liu - Ardour Capital

Lastly, what type of fat oil grease you mainly use? Is it yellow grease or lower beef tallow?

Gary Roth

Well, we've used all types of grease, including yellow grease and beef tallow. Currently today, we're generally running more yellow grease than we are beef tallow.

Operator

And next we have a question from Anthony Chen of Alc Capital.

Anthony Chen - Alc Capital

You mentioned, during the downtime when you had the hydrogen disruption, you're going to change out some of your catalyst I know you changing out you said, you mentioned changing out that catalyst, are you changing any of the precious metal catalysts at that time?

Gary Roth

No, we are not. The summarization catalyst is not to be changed out.

Anthony Chen - Alc Capital

So it's working fine?

Gary Roth

Yes, it is.

Operator

And the next question comes from J. Dunlea at CPAs and Advisors.

J. Dunlea - CPAs and Advisors

You mentioned before about the design capacity that is currently running. And I guess my question is, I got a couple of questions here. Is with regards to January and February results, why is there such a delay in getting that kind of information out, if you already know like currently running 96% how comes it's hard to get that information. We've tried emailing, calling, is there any consistency to the production output?

And also I had a question. In the last quarter with regards to the grand opening, just wanted to get any kind of update on both of them, communication seems very relax. And obviously with the January and February numbers, I can see why but I mean, it'd be great to know if there is just going to be a consistent communication process going forward?

Gary Roth

I mean, we report our quarterly and our audited report, we tend typically not to report month-by-month waiting on the review of the numbers. As for the grand opening, we continue to work on the plant and solving technical and operational problems in the plant. And that's really been our focus for the last year is identifying solving and getting out of resolving plant issues.

Typically, equipment purchases in these plants can run up to a year but we need to work on planning, to get those planning and as analysis is done as quickly, focused on the engineering of the technical staff.

J. Dunlea - CPAs and Advisors

And then with regards to the hydrogen, when did that become like a known issue? Is that just a recent discovery, does that seems like that would be kind of material information for the shareholders to be aware?

Gary Roth

We put it here as we've done in our conference call. We understood the vendor. We had a previous hydrogen outage. We reported that. The supplier gives us notification and we get notification. He is being working on all alternative supply. But as of today, we understand that we will not have supply for four weeks. There is a network of hydrogen pipelines in the area and often times various suppliers are able to work in different supplies from different suppliers. But in this case it is our understanding now that that's not going to happen.

J. Dunlea - CPAs and Advisors

I just see that one of those things were it's, if it can go wrong it will go wrong here. So I guess it's just been unfortunate.

Gary Roth

Yes. It's once in every seven or year event is our understanding, and it just to happen, this is our year.

Operator

And our next question is from (Nick Biase of GV Capital).

Unidentified Analyst

I wanted a follow-up on the last gentleman's question. I also originally your monthly production numbers were being received monthly. And then all of a sudden they stop. And they stopped at a time when the numbers aren't so good. And they have also similar difficulties getting through to Investor Relations and getting answers.

And I think from a standpoint of investors, I would recommend and hope that you would try to resolve this. I would try to steer towards more information on a monthly basis as opposed to less. It was sort of an ill-advised time to make that maneuver going from monthly to quarterly when things weren't great, because it does of course raise the issue of our creditability. So I'd recommend that, A, we don't do that in the future. And B, maybe if you can tell me, why monthly data which you have been providing is no longer being provided

Ron Stinebaugh

We understood after we got through the first year. It would be sufficient information to supply on a quarterly basis. We had continuing improvements and up times in the plant but we understand your concern and we understand that we need to probably continue to report to you the production from the plant on a monthly basis.

Unidentified Analyst

I think just to kind of explain why? Yes, absolutely. Considering the engineering issues we've had, it sort of our only visibility or gage into what's going on a monthly basis versus quarterly. So if you take that away then it becomes a real blind flight.

Gary Roth

Once again, we thank you for that input and we accept that we need to do a better communication with you. And understand putting out plant numbers on a monthly basis is a way to do that.

Operator

And we have a follow-up question from Michael Prouting of 10K Capital.

Michael Prouting - 10K Capital

Two questions, firstly, going forward and given the criticality of the hydrogen supply, would you expect to have some contingency plan in place if the seven year issue recurs again before we go through another seven years?

Gary Roth

Yes. I would expect that to be the case. There is alternative supply now coming on, matter of fact, it's coming on this week in Geismar. So we would expect to get able to access that supply in the future.

Michael Prouting - 10K Capital

And then I'm just wondering if you could give us a quick update on your thinking in terms of cash adequacy both Dynamic Fuels itself and at Syntroleum?

Gary Roth

As of year end, we've had about $22 million in cash and at this time we think its sufficient cash to maintain and run the business. As we discussed in our conference call, if we have been on market pricing, we would had significantly reduce loss and that's where we are. We went at a loss of about $2.7 million versus $24 million. So that's why that was on number one focus was to get our product into market pricing. The second focus is of course is to get the plant at higher levels of capacity and reliability and that's what we're focused in.

Michael Prouting - 10K Capital

So in other words, at least given your kind of outlook, there is no need to raise additional capital either at the JV level or at the Syntroleum level?

Gary Roth

The JV level will require capital for the capital upgrades but as for Syntroleum, we believe we have sufficient capital to refund our shares of those capital upgrades.

Operator

This concludes our question and answer session. I would like to turn the conference back over to Karen Power for any closing remarks.

Karen Power

Again, we want to thank you for your attendance today and your interest in Syntroleum. Thank you.

Operator

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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