Good day, ladies and gentlemen, and welcome to the Vertex Energy Q4 2021 earnings conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Noel Ryan. Sir, the floor is yours. Hey, thank you, Holly. Good morning and welcome to Vertex Energy's fourth quarter and full year 2021 results conference call. Leading the call today are our Chairman and CEO, Ben Cowart, CFO, Chris Carlson, and EVP of Development, Alvaro Ruiz. We issued a press release before the market opened this morning detailing our recent operational and financial results. I'd like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the risk factors that could cause actual results to differ, please refer to the Risk Factors section of Vertex Energy's latest annual and quarterly filings with the SEC. Additionally, please note you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. Today's call will begin with remarks from Ben Cowart, followed by a financial review from Chris Carlson. The conclusion of these prepared remarks will open the line for questions. With that, I'll turn the call over to Ben. Thank you, Noel, and good morning, everybody. Thank you for joining the call with us today. I'd like to begin our call with a brief overview of our fourth quarter and full year results, followed by a progress update on our pending acquisition of the Shell Mobile Refinery, including those key milestones leading up to the closing of the transaction. I'm pleased to report that we delivered record fourth quarter and full year results from our legacy business, driven by a combination of improved refined product margins, increased sales volumes and strong operational execution both at our Marrero and Heartland refineries. Adjusted net income increased by more than $7 million year-over-year to $4.6 million in the fourth quarter, accumulating in record full year adjusted net income of $17.4 million. Adjusted EBITDA increased nearly $10 million year-over-year to $9.5 million in the fourth quarter, bringing full-year adjusted EBITDA to more than $25 million. Operationally, our team did an outstanding job throughout the year as we continue to capitalize on elevated refined product spreads. Total throughputs at our Marrero refinery increased materially on both year-over-year and sequential basis in the fourth quarter as the refineries operated at capacity throughput at full capacity throughout the period. Despite a week-long outage at Heartland Refinery during the fourth quarter, we still managed to achieve capacity utilization of 95% in the period, positioning us to capitalize on consecutive market-led price increases in base oil prices that continued on during the first quarter of this year. We have continued to see further market-led base oil price increases during the last 60 days on our Group II Plus product. Back in January, we announced our intentions to terminate the planned divestiture of our UMO and re-refining assets to Safety-Kleen. Following a prolonged regulatory review process, we determined that to move forward with this transaction would not be in the best interest of our shareholders. Given the balance sheet recapitalization we've engineered over the last six months in advance of the Mobile Refinery acquisition, Vertex is in much better position today than we've ever been in our history, supported by profitable growth of the business. I'm incredibly proud of our operations team who, throughout this process, never lost focus and stayed the course over the last year, delivering record results to our shareholders. Last week, we announced that we had accelerated our call option to repurchase the Tensile Capital 65% interest in our Heartland Refining business and 15% interest in our Myrtle Grove facility as planned. Once completed, these transactions will simply simplify our asset portfolio structure, positioning Vertex to become the sole owner of these assets once again. Given evident strength within our broader markets and specifically within the base oil markets, we believe these assets are worth significantly more today than they were a year ago. We expect this transaction will provide us with increased flexibility and optionality while allowing Vertex to reap the full financial benefits being generated by these assets. Looking ahead, we anticipate our first quarter performance should be consistent with that of the fourth quarter as product spreads remain very strong entering the year within our legacy assets. Moving now to discuss the Mobile Refinery acquisition. During the first quarter, we reached several key financial commercial milestones in advance of a planned closing on Mobile, which we expect to assume ownership as of April 1, 2022, subject to the finalization of key financial agreements. Last month, we received a commitment letter with a syndicate of lenders with respect to a three-year, $125 million first lien senior secured term loan facility. The term loan proceeds, which have been funded in escrow, are expected to be used to fund a portion of the purchase price of the Mobile Refinery and a portion of the planned renewable diesel conversion project at the Mobile Refinery, liquidity needs and certain fees and expenses associated with the closing of the term loan. The term loan is expected to be secured by substantially all the present and after acquired assets of the company and its subsidiaries, and to be guaranteed by the company and certain of its subsidiaries. Also in February, we announced that Vertex had entered into an initial five-year product offtake agreement with Idemitsu Apollo Renewable Corporation. As one of the largest suppliers of both conventional and renewable fuels in North America, Idemitsu is a valued offtake partner that provides us with the depth of product marketing experience and access to growing regional markets in the Western United States and Canada. This agreement will ensure offtake of all the produced renewable diesel production at the Mobile Refinery, while we expect Shell and Bunker One will assume offtake of our conventional fuel production as previously disclosed. Finally, we recently entered into a contract with Haldor Topsoe, a global provider of carbon emission reduction technologies for the chemical and refining industries, to lead the technology implementation for the planned conversion of our existing hydrocracking unit at the Mobile Refinery upon closing of the acquisition. Mobile Refinery's hydrocracker is uniquely suited for renewable diesel production, requiring a low complexity conversion process. Separately, Vertex has moved forward with initial design, engineering, and procurement activities with Worley, a global provider of professional project and asset services in the energy, chemical, and resources sectors, and expects renewable diesel production to commence by the end of fourth quarter 2022, assuming the project's timeline for the Mobile Refinery acquisition and related conversion RD conversions. From here, the two key remaining milestones ahead of closing involve the finalization of the $125 million term loan, together with the planned completion of our working capital facility, both of which are expected to close in conjunction with the closing of the Mobile acquisition. Once we close on Mobile, we intend to provide an update combined company forecast, marking to market our latest assumptions, which we currently intend to provide on our first quarter 2022 earnings call. We continue to believe that Vertex is uniquely positioned to capitalize on growing demand for advanced renewable fuels driven by carbon reduction policies supportive of the global energy transition. As an energy transition company of scale, we are actively exploring a variety of low carbon intensity feedstocks, along with sustainable aviation fuel, carbon sequestration, and green hydrogen as we seek to grow in emerging and adjacent markets. Beginning in late 2022, we intend to launch an internal ESG reporting initiative, one that will provide our investors with deep appreciation of how Vertex is working to drive value creation for our shareholders while helping to make the communities where we live and work great places to be. We look forward to providing a heightened level of disclosure and transparency as our business enters this next chapter of growth. With that, I'll hand the call over to Chris for a review of our recent financial performance. Thanks, Ben, and welcome to those joining us on the call today. For the three months ended December 31st, 2021, we reported a GAAP net loss of $5.3 million, versus a net loss of $2.9 million in the fourth quarter of 2020. Fourth quarter 2021 results include a $4.6 million loss in the value of a derivative warrant liability, together with $3.5 million in non-recurring transaction-related costs. Fourth quarter results benefited from a combination of improved refined product margins and used motor oil collections growth, together with a strong operating performance at both Marrero and Heartland. Currently, both the Marrero and Heartland refineries are fully operational. First quarter 2022 to date, refined product margins remain consistent with fourth quarter levels, implying a strong start to the year. As of December 31st, 2021, the company had total cash available of $36 million, in addition to $100 million of restricted cash. Total cash available as of December 31st, 2021 included $13 million of total cash limited to use by the two SPVs. Vertex had total debt outstanding of $140 million net of OID as of December 31st, 2021. With that, I will turn the call over to the operator as we take questions from those joining us on the call today. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on speakerphone to provide optimum sound quality. Please hold while we poll for questions. Your first question for today is coming from Manav Gupta. Please announce your affiliation, then pose your question. Good morning, guys. Manav Gupta, Credit Suisse. First of all, congrats on fourth quarter earnings. The assets are performing much better than expectations. My first question here is, we are about 22 days away from the end of this quarter, and obviously you have said that most likely you will be the owner of the mobile asset by April 1. Can you just help us walk through what remains to be done and give us a little more assurance around the details that by April 1 most likely you will be the owner of this asset? If you could talk about that. Yep. I'll turn it over to Alvaro Ruiz, our corporate- As Ben mentioned during the call, it's basically wrapping up the credit agreement both for the term loan and the working capital facility. On the term loan, we already have a binding commitment letter, so it's basically you know legal hours to get you know the credit agreement through the finish line and the intermediation agreement with the working capital provider. On the working capital provider, you know we are under NDA, we cannot disclose the name, but you know we are working on the term sheet all the way to you know a current intermediation agreement with a major bank in the space. You know based on where we are and three weeks of time ahead of us, we feel very comfortable as hitting the target, Manav. Congrats. Second question here is, you did want to sell your used motor oil business, but looking at what you did in the fourth quarter, and if that rate could be sustained for some time, maybe it's a good thing that the deal didn't go through because maybe you were selling it for a little less than what it's worth. If you could talk about what your expectations were when you put that business up for sale and what it is doing in the current environment. Yeah. Obviously, the markets recovered well from COVID. I think that's the first key point. Probably better than most people expected. You know, we certainly was fully committed to follow through on that transaction. It was unfortunate that, you know, we got pulled into a very unforeseen, long, and drawn-out process in order to get the transaction affected. In that black tunnel, we felt it to be the best interest of our shareholders to, you know, terminate under the rights of the agreement, the transaction and stay focused on the mobile refinery. That really has been our focus and what we are really, you know, honed in on accomplishing. You know, timing is everything, so we're very thankful that the markets have recovered like they have. The assets are performing. Really a big appreciation to our operating teams who never, you know, really let up on doing their job and taking care of our customers and the performance by them and the results that they put up, you know, during this period that we were very deep into this Mobile Refinery transaction. Really gives us a opportunity to step back and make new decisions related to the legacy business. We still have our bank engaged who supported you know, the transaction. We certainly have had a lot of interest in these assets post this announcement. You know, as I said, we're really focused on Mobile today, and we'll be making, you know, deeper decisions, you know, as to our bigger strategy. We are excited that, you know, this business fits very well with our future. We're we see no issue in continuing those operations. Okay. My last question is, look, when you announced the Mobile Refinery acquisition, cracks were doing something. Today, we are in a completely different environment. Europe is struggling to operate refineries. We're seeing cracks meaningfully higher. Versus when you announced this deal to where we are in the refining world, won't the refining earnings from the Mobile Refinery, let's for a minute step aside the renewable diesel business, but just the refining earnings from the Mobile Refinery would be much stronger than what you had expected when you actually announced the acquisition. I'll leave it there. Thank you. Yep. No, that's a very good point, and it's incredible what these current crack spreads look like. Certainly, you know, when we made the offer on the refinery, you know, spreads were at all-time low because of the COVID impact and the demand destruction across the whole refining sector, leaving a lot of refining capacity offline even today and not recovered, and now with a shortage of finished products. Those crack spreads, you know, for the refineries have exponentially improved. We're, you know, if March is any indication. You know, we've seen probably an $18 spread improvement from the COVID period, you know, maybe more to where we are today. Pretty exciting. Thank you for taking my questions, guys. Thank you. Thank you. Your next question is coming from Eric Stine. Please announce your affiliation and pose your question. Yeah, Eric with Craig-Hallum. Thanks everyone for taking the questions. Hey, Eric. Good morning, buddy. Good morning. Maybe, just going back to the UMO business. I mean, obviously the market conditions have improved substantially and the focus, you know, rightfully so, has been on Mobile. Maybe if you could just kind of give us an update, since it's been a while, in terms of where you stand on collection volumes. I know spread management has always been a big focus. Maybe how those two factors played into what you saw in the fourth quarter. Yeah, I appreciate the question because it allows me to further highlight, you know, the job our team has done and the growth both in-quarter and year-over-year on our collections is in the 20% type of organic growth range, which is just, you know, amazing. I've been in that business my whole life, and I don't think I've ever had a year that I had 20%+ organic growth. A lot of work goes into making that happen. The spreads have hit all-time highs across, you know, both footprints. You know, we've never really seen these type of spreads since we've owned the assets. You know, I just think we're in a good spot on our legacy business and its performance, Eric. Gotcha. No, that's helpful. Maybe just turn to Mobile now. In your prepared remarks, and, you know, I just wanna. I'm curious if I'm reading this right, but it does seem like you're moving up the timeline a little bit for when you think you'll be at 14,000 barrels per day of renewable diesel. You know, and it might be by a quarter or two. First of all, you know, am I right on that? Second of all, what are some of the steps, again, needed to do that? I know hydrogen availability is one, but just steps needed to do that, and maybe steps for why you might be moving that forward a little bit. Yeah. Let me back up to phase I, though, because I think it's important to note in light of a tremendous amount of challenge and efforts with the current market related to the supply chain and equipment and, you know, labor and all the other, you know, incumbent challenges that we faced in the last three or four months. We still have a startup target for year-end as we had planned. So that's a very positive, you know, disposition on the project. Now, the second phase, which is the additional 4,000 barrels a day of production, has been moved up. Maybe a quarter, I don't wanna get too far, you know, ahead of those numbers because there's still a lot of work that we are wrapping up. The main reason is, you know, our ability to procure an unused hydrogen plant that's already been manufactured and in storage that we have located and will be moving to the site. This is gonna accelerate our timeline and our total capital that's gonna be deployed for that plant. We've also negotiated the terms with a hydrogen partner who will be carrying that investment on their balance sheet and tolling the hydrogen to our operation, which is a big, you know, CapEx benefit to us in you know bringing this project together. A lot of good things have taken place related to the phase II expansion, and there'll be more to come in our first quarter call as far as a better update, you know, to that point. Gotcha. Okay, thanks for that. Maybe last one for me, just an update on Myrtle Grove. I know that that's a little bit longer term, and that's, you know, beyond phase II or in concert with phase II. Just investments made to date and outlook for what we should see going forward in terms of the preprocessing facility. Yeah. I guess it'd be neat to just kind of see all the work that's underway at the site, just from renovation of offices and warehouses and you know getting the site ready you know for you know playing a key role in this energy transition strategy for the company. We've got you know we've got multiple innovative opportunities for that asset beyond a potential pretreatment site for feedstock for the Mobile plant. You know this energy transition and renewable fuel industry is dynamic and it's you know it continues to validate the assets that we own already and how they can be deployed into this space and create real value for our shareholders. The site is underway. We have a hydrocarbon recovery business that's working every day. We have completed our marine dock seven miles from the site where we've got now marine water access, you know, and a connection to the site. A lot of the first round of improvements for the site that we discussed in the probably last couple of calls have already been deployed. We are in business at the Myrtle Grove site. Not much to talk about at the moment, but very pleased with the progress. Okay. Thanks everyone. Thank you. Thank you. Your next question for today is coming from Amit Dayal. Please announce your affiliation, then pose your question. Hey, good morning, guys. Amit with H.C. Wainwright. With respect to, you know, the UMO business, Ben, are we looking to now continue to grow that, you know, segment or, you know, how should we think about sort of your, you know, future with respect to the UMO business? Is it steady state, you know, in terms of capacity, et cetera, from these levels, or are you gonna start maybe looking to continue to expand, you know, the UMO business as well? We clearly have an opportunity in the current market conditions to expand, you know, capacity. Don't forget we have our TCEP plant in Houston that we can bring back online and add value rather quickly from that standpoint. Our plant in Ohio, we've spent a lot of time and money engineering a major expansion for that site prior to you know, the decision to sell those assets. Those plans, you know, are being reviewed again. The industry as a whole with changes in Europe related to lubricant requirements to have re-refined base stocks as part of those formulations are now creating interest in our finished product here in the U.S. Then when you think about, you know, for the base oil plant in Ohio, it's got an 85% lower carbon footprint in comparison to base oils that are made from crude. With the decarbonization and the initiatives that many companies have committed to, that base oil in its quality and purity being equal to or in a lot of cases better than what you get from crude and bringing an 85% lower carbon footprint, there's a lot to think about as far as how we expand, you know, that opportunity or not. We have been very focused on Mobile. You know, our team has kept our business in good order and has provided a platform to consider some interesting upside around those assets. Okay. Understood. You know, you've already indicated you're seeing sort of, you know, healthy growth margins in the first quarter. Ben, could you share maybe what your view is on, you know, those margin opportunities for the rest of the year? Given all these supply chain constraints, it looks like, you know, you could be in a period of, you know, earning, you know, stronger than average margins for some time. You know, how should we think about your opportunity, at least for the near term on that front? Yeah. You know, it's. I'd love to lean way forward, right? We've tried to discipline our you know our forward view on a quarter-by-quarter basis, but we're very confident that our first quarter will follow or improve on what we did in the fourth quarter for that legacy business. You know, I'll say that in our first quarter earnings call, we really hope to lay some numbers down and really start to paint you know what we see and anticipate as a financial picture you know for the rest of the year based on all the things that we're all you know viewing and seeing. We don't see a break in what we're doing and those margins. We're just not sure, you know, how much more they will scale. When I say that, you know, we're, you know, across the whole business, both in Mobile and across our legacy business, we're dealing with record spreads and, you know, they're improving exponentially by the day. So it's just, it's a little bit scary to try to forecast around the current geopolitical, you know, impacts on oil and fuels. So we're trying to be, you know, conservative to what we have already done and, you know, just, you know, staying in that groove and taking advantage of the opportunities. I feel like we'll be able to do that. I can appreciate that. Yeah. With respect to some of these, you know, one-time charges, non-cash charges, should we be looking to see some more of these come into play, you know, as you go through 2022? You know, how should we think about any of those expenses? Yeah, good question. You know, you'll definitely see more of the same, I would say in Q1. In Q2 and out, they will start to diminish and go down from there. Certainly, I mean, the transaction on the refinery, the Mobile Refinery, has weighed heavy on, you know, the financial results, you know, with legal and consultants and other things that we've had to deploy to do this the right way. That we anticipate, as Chris said, to tail off as we close and start to, you know, clean all those expenses up, so. Okay, okay. Yeah, I'll take my questions regarding that offline. Thank you so much, guys. Appreciate it. Thank you very much. Thank you. Appreciate it. Your next question is coming from Michael Hoffman. Please announce your affiliation, then pose your question. Stifel. Hi, Ben, Chris, Alvaro. Ben, what's the plan with regards to having created a disc ops or asset held for sale? Will they be brought back in and when, with regards to the oil assets? You know, they basically have maintained the engagement, you know, with us, Michael. No plans or schedules of, you know, anything has been made at this time. We really are looking at, you know, the fiduciary responsibility that we have to shareholders to evaluate, you know, the direction and how we think best to move, you know, those legacy assets forward. You know, as you can see, there's not a sense of urgency right now. I think time's in our favor. You know, our primary focus is on the Mobile refinery and executing that well is really, you know, what's got the majority of our attention to date. Yeah. I apologize. I asked the question badly. You pulled the sale, so will those be brought back into the financials as continuing operations, and when? So we're—we obviously was in a discontinued accounting, discontinued operations related to accounting at end of the year. That will be decided, you know, before our earnings release in the first quarter, you know, how that will be pulled back in or stay in the current state from an accounting standpoint. Okay. Then in the quarter, how much oil did you collect and how much did you buy? I'm curious what the trends were on what you were buying, given what's been happening on a geopolitical basis. Yeah. You know, volumes are pretty solid, John. I mean, You talking about the fourth quarter here? Yeah. Fourth quarter then going into 1Q, you know, I'd like to understand what did you collect in 4Q, and then what's happening in 1Q, given the geopolitical environment around filling the plant? Yeah. I don't have the exact numbers. Let me just say, you know, the growth year-over-year was 20% on the organic self collections. On the third party, you know, we have been buying all that we need to maintain full production at the refineries, and we've had no problem doing that to date. We have seen the supply, you know, to be there. I don't see anything today. Yeah, I guess if you get some demand destruction around gas prices and people stop driving, that those volumes could be impacted. We've actually enjoyed very solid growth, and we've displaced third-party oil year-over-year with our own collections. Would you anticipate continuing to grow your own collections? Yes. Okay. Yeah. Within the context of the spread, what is at this point leading the greatest expansion incrementally? Is it that you've got a cap on what you have to pay for because IMO 2020 has really had an influence? Or that you're getting a better selling price? Or some combination of both? Yeah, I think it's a combination of both. I would give more credit to the selling price, obviously, both on base oil and on the marine fuels that we sell in the Gulf. You know, cost of oil at a street level has come up by nature of you know, the exponential increase in oil prices. You know, the spreads have continued to improve. That means that we're keeping more of that margin because of the finished quality products that we're producing and the demand being on that more than on crude or raw materials. Crack spreads, like you see with the crude business, relate very well to crack spreads that you would see on the marine fuel and base oil side of the business. Okay. Last one on this topic, and I'd like to move to Mobile. Given the increasing demand for ESG issues, sustainability, your comment earlier about Europe requiring a percentage of total refined products on the lubricant side having a refined product in it, what's happened to the discount that you've always had to take on posted prices? What's the trend there? Yeah. On base oil, it's trending in our favor. I mean, we don't have a substandard product anymore to your tier one buyers. They appreciate the carbon impact, you know, the greenhouse gas reductions and emissions and, you know, the footprint that the product brings to the table. You know, that's really happened in the last, you know, six months-nine months, where we've just been able to, you know, sell the product with contracts and with very good buyers at a fair price. Okay. I do have one more. The spread is unusually wide. We are in this really strange geopolitical environment. I mean, who would have ever figured you'd be running a business where you're facing the Spanish flu, 1930s European aggression, 1970s energy crisis, and 1980s hyperinflation all at once. That said, at some point, all this starts to correct theoretically. That spread does narrow. Do you see any line of sight that that's happening in 2022? That if it's gonna happen, it's more likely in 2023. No. That's a heck of a question for everybody on the call to try to figure out the answer to. If you just ask, my view, I think 2022 is gonna be a strong year for the industry. Well. Yeah. Sure. What I see is our collections today in third-party buying is 50 bpd for our refineries. As far as volume. Volume. Yeah. That's increased from 60/40 two years ago in our collection volume. Yeah. Yeah. It helps us dramatically. At a collection level, Michael, the needle doesn't move as quick and as fast as the sale side on the finished products. I think our outlook when we look at markets and where this is going, it's gonna be a strong 2022, and many would say on into 2023. All right. On to Shell, back a year ago. Can't believe that it's almost been a year when you announced this. There's a couple things. One, is Bunker One still intended to buy the work in progress from the conventional refinery as originally described? Is that still the plan? Nope. No. That's in part why we've taken more time, you know, in finalizing this transaction, you know, towards the end of the quarter. We've brought a tier one bank that will be supporting all the inventory from, you know, the purchase at close to the working capital around the inventory for an ongoing, you know, operation. So this is a much better approach to working capital and inventory management, where you've got oil prices that could exponentially increase. You know, the capital requirements are fixed in our facility with very nice brackets, where, you know, it can absorb a very big, you know, increase in the cost of product. You know, those are very complicated and detailed partnerships, you know, when you put a, what they call a crude intermediation structure together, and that, you know, takes extra time. As Alvaro indicated, we're in final documentation, you know, related to that facility. We still have credit approval, you know, final credit approval that we don't anticipate being a problem, you know, with that partner. I think it's a really good setup, you know, versus what we originally were gonna do to close the transaction, which was just get it across the finish line and then try to do what we're doing today. Okay. The deal comes together very solid under our situation now. Okay. I gotta ask the geopolitical question because it's the world we're living in. There's two parts to it. You know, at the moment, nobody's willing to take a bid on even at the extraordinary discount on Russian crude, except that on last Friday, Shell did announce they bought Russian crude and turned right around and apologized. Are there any assurances that Shell's not shipping that oil to Mobile, one? Two, you know, as you sit here today and look at feedstock, the Russian fertilizer is gonna be banned on a worldwide basis. It's gonna have an enormous implication to Brazil or Latin America and their crop production because they're supposed to be applying fertilizer right now. Where are you in, one, locking up a feedstock agreement? Two, what's happening to that potential soybean crush prices given we could have a real shortage of soybeans? Very good questions on both ends. Let's take the Shell supply of conventional feedstock for the refinery. Fortunately, our refinery runs clean crudes, low sulfur light tight oils that are domestic, as we see it. We do not anticipate having a supply issue related to that feed for the Mobile Refinery. I'm very comfortable there. Then on the feedstock, on the renewable side, we've spent a lot of time in the market with producers, crushers and our speed to market and our timing coming into production is very positive. Our location, from a logistics differential standpoint, we're in a very good position related to the economics, you know, on the feed. We don't envision a problem related to feeding our renewable plant. We, you know, intend to be well ahead of the startup as it relates to the storage of our feed. Okay. Last two questions for me. There's chatter in the market that Cargill, largest private ag company in the world, is going to internalize and do this themselves. All of their volume, that's across the thousands of their small subsidiaries, is gonna be redirected internally. What's that mean to building up a book of, you know, reliable feedstock for this plant if they do that? Yeah. I mean, if they internalize it or, you know, some of the other announced projects come online, it's the same draw on that supply chain. Again, it's, you know, for us, you know, we look at our location, our deep port facilities, our unit train receiving capability, and our barge and manifest rail capability all, you know, to support feed and our location being the closest east of the Mississippi River. Logistics play a huge role and price. You know, we're converting a hydrocracker train inside an existing operating facility with all its costs already baked into its current operation. Our ability to run that plant, you know, from a cost per barrel standpoint is as good as it gets, I think. our ability to manage freight to the best markets, being able to load our finished product by deep port vessel and deliver that, you know, to the West Coast, really gives us a freight advantage all the way around that comes back to our ability, you know, to compete, you know, for the feed. You know, this is gonna be a very dynamic market. There's a lot of new crush capacity coming online, you know, in Canada, and there's gonna be new approvals. There's a lot of things that still have to take place, that will, you know, supply the feed I think, we're gonna need for the plant. All right. Last one for me. Original plan, about a year ago, you run the conventional to cover $100 million of fixed costs so that you lever this into the economics of the renewable diesel. What has happened to that outlook of that fixed cost given the inflationary environment? What's that 100 million number done? Is it? Yeah, I mean, not much different, you know, in our location. There's just, you know, there really hasn't been a lot of pressure there since the plant's under, you know, day-to-day operations. You know, we do anticipate, you know, some change in input costs and things as we get in there. It's a little early for us until we got control of the actuals, you know, we hadn't changed our models to date to reflect that. You know, like I said, you know, there's an $18 improvement of crack spreads from the time we made our offer on the refinery. I think we got it covered. Okay, good luck. Interesting times. Thank you, Michael. Yeah. Thank you, Michael. Appreciate it. Yeah. That is all the time we have for questions today. I would like to hand the floor back over to Ben for any closing comments. Thank you, operator. We appreciate everybody's time today and joining us on this, what I believe will be a historic call for our company and, you know, just, you know, recapping, you know, a legacy business that has hit all its targets and done everything we hoped it would do, and all the investments we've made years past and all the work that we put into the business. Couldn't be happier and more pleased with, you know, our people and what we've accomplished, you know, to date. As we look ahead, with the Mobile Refinery and the team there and all those that will be joining Vertex, you know, just building on, you know, our drive and our excellence about operations and the safety that our company has operated through this period and the improvements we've made year-over-year, just gives us a bigger platform, bigger opportunity to continue to showcase what a team and a group of people can accomplish. It's really a honor to lead this company and represent our employees and our shareholders. We look forward to our call for the first quarter that will come soon and really, you know, showcasing the future and where we plan to take the business. Thank you again for the call. If you have any questions, feel free to reach out to Noel Ryan at ir@vertexenergy.com. We look forward to talking soon. Thank you. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.