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DATE

Thursday, Aug. 6, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Investor Relations - Thomas Driscoll
• President and Chief Executive Officer - Barclay F. Corbus
• Chief Financial Officer - Robert Vreeland
• Chief Operating Officer - Bartolomeo Frabotta

TAKEAWAYS

• Revenue -- $106.4 million, reflecting higher station construction and credit values that offset lower commodity prices.
• Net Loss -- $(14.9) million, or $(0.07) per share, compared to $(20.2) million in the prior year quarter.
• Adjusted EBITDA -- $16.0 million, aligning with management's expectations for the second quarter.
• Total Fuel Volume -- 81.8 million gallons, an increase of 7% year over year.
• RNG Volume Sold -- 63.2 million gallons, representing 2.9% growth compared to the second quarter of 2025.
• Upstream RNG Production -- 2.1 million gallons, driven by ramp-ups at the South Fork project in Texas and the East Valley project in Idaho.
• Station Construction Revenue -- $16.0 million, more than doubling from $7.8 million in the prior year period.
• RIN and LCFS Revenue -- $14.2 million, an increase from $11.9 million driven by higher volumes and pricing.
• Cash and Short-Term Investments -- $138 million at quarter end, an increase from $126 million at the end of March 2026.
• Moss Energy Works JV Contributions -- $24 million through June plus $12 million in July, with less than $5 million in remaining commitments.
• Adjusted EBITDA Guidance -- $70 million to $75 million for the full year 2026, assuming the finalization of clean fuel production rules.
• GAAP Net Loss Guidance -- $(71) million to $(66) million for the full year 2026.
• Amazon Warrant Charges -- $9.6 million contra-revenue charge in the quarter, compared to $17.4 million in the prior year period.
• Hydrogen Contract Value -- $27 million, for the design and construction of a private station for the Orange County Transportation Authority.
• Upstream Adjusted EBITDA Guidance -- $3 million to $5.1 million for the full year 2026.
• Conventional Natural Gas Volume -- 18.6 million gallons, reflecting additional fueling locations for large fleet customers.
• Service Revenue -- $15.3 million, relatively stable compared to $15.5 million in the second quarter of 2025.
• Fuel Sales Revenue -- $61.1 million, a decrease from $67.9 million in the prior year period due to lower commodity pricing.

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RISKS

• Vreeland stated, "If the guidance is delayed or provides minimal benefit over the current production tax credit values, adjusted EBITDA would come in below our $70 to $75 million range," regarding the potential delay of Section 45Z credit rules.
• Corbus noted that with uncertainty regarding final 2027 EPA standards, "there has been a large prebuy of legacy diesel trucks," which has slowed the adoption of new natural gas-powered engines.

SUMMARY

Management maintained its full-year financial guidance while reporting volume growth across both renewable and conventional natural gas segments. The company reported operational improvements in its upstream production business and construction progress for joint venture projects. Strategic expansion into hydrogen infrastructure and independent power solutions was identified as a growth driver, utilizing existing compression capabilities. The company continues to monitor regulatory clarity on federal production tax credits while managing the rollout of new heavy-duty engines.

• CEO Corbus stated that the $27 million contract with the Orange County Transportation Authority represents the company's "largest hydrogen project to date."
• Management reported emerging opportunities in the independent power market, providing bridge fuel solutions to facilities such as fulfillment centers indefinitely awaiting utility connections.
• The Western Canadian natural gas fueling network was completed with the addition of two stations, including a node just outside Vancouver in British Columbia.
• CEO Corbus noted that high diesel taxes in Canada make the cost comparison with natural gas "all that much more attractive" for high-mileage fleets.
• Treasury's finalization of the Section 45Z clean fuel production credit rules is currently expected in the fourth quarter of 2026.
• The company appointed Bartolomeo Frabotta as Chief Operating Officer to lead execution and operational performance initiatives.
• Management confirmed that the Federal Transit Administration recently announced it will prioritize low-emission solutions like CNG over zero-emission buses for funding.

INDUSTRY GLOSSARY

• RNG (Renewable Natural Gas): A sustainable fuel derived from organic waste sources like dairy farms and landfills.
• GGE (Gasoline Gallon Equivalent): A unit of measure used to compare the energy content of natural gas to one gallon of gasoline.
• RIN (Renewable Identification Number): A serial number used to track and trade compliance with the U.S. Renewable Fuel Standard.
• LCFS (Low Carbon Fuel Standard): A state-level credit system in California and elsewhere designed to reduce the carbon intensity of transportation fuels.
• X15N: A 15-liter natural gas engine produced by Cummins designed for heavy-duty trucking.
• Section 45Z: A federal clean fuel production tax credit established by the Inflation Reduction Act.
• GREET Model: A tool used to calculate the greenhouse gas emissions and energy use of various fuel and technology combinations.

Full Conference Call Transcript

Operator: Thank you for your continued patience. Your meeting will be in shortly. Zero, and a member of our team will be happy to help you. Your meeting is about to begin. Hello, and welcome, everyone. Joining today's Clean Energy Fuels Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press Please note, this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Tom Driscoll. Please go ahead.

Thomas Driscoll: Thank you, operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ended 06/30/2026. If you did not receive the release, it is available on the Investor Relations section of the company's website. Where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we would like to remind you that some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Such forward looking statements are not a guarantee of performance and the company's actual results could differ materially from those contained in such statements.

Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10 Q filed today. These forward looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward looking statements or supply new information regarding the circumstances after the date of this release.

The company's non GAAP EPS and adjusted EBITDA will be reviewed on the call and exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results, Non GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non GAAP information, the definition of non GAAP EPS and adjusted EBITDA, and a reconciliation between these non GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today.

With that, I will turn the call over to our President and Chief Executive Officer, Andrew Corbus.

Barclay F. Corbus: Thank you, Tom. Good afternoon, everyone. Today, we reported solid results for the second quarter. $106 million of revenue, $63 million of RNG sold and $16 million of adjusted EBITDA. These results were in line with our expectations and keep us on track for our annual financial outlook. Which we are maintaining. We kept our balance sheet strong and finished the quarter with $138 million in cash and short term investments. Upstream RNG production business saw improvement in the second quarter. Helped by better weather compared to the first quarter and continued ramp up at our 2 largest projects.

South Fork in Texas and East Valley in Idaho. there is still more work to be done as we ramp production and improve operations across our portfolio. And we expect continued improvement in the second half of the year. In addition to our 8 operating RNG projects, have 3 projects under construction through our joint venture with Moss Energy Works. We continue to make good progress and expect 2 projects to come online later this year with the final project finishing up next year. The section 45Z clean fuel production credit is an important value driver for our RNG projects.

We continue to await treasury's finalization of the 45Z rules and credit values which is now expected in the fourth quarter. We believe the finalized rule and updated Greek model once released will positively impact our upstream results in 2026 and the years ahead. Our RNG fuel volume from heavy duty trucking held steady during the quarter. We are seeing a handful of fleets add small numbers of trucks equipped with the X15N. But with the uncertainty surrounding the final 2027 standards recently released by the EPA, there has been a large prebuy of legacy diesel trucks.

At the same time, we and others remain deeply engaged with many fleets to show strong interest in RNG, particularly with higher diesel prices. Over the past 4 to 5 months, we increased our advertising. To target the trucking industry, emphasizing RNG's low stable price compared to diesel. That effort has generated measurable interest and leads with potential new customers. I also hope you saw the press release we distributed earlier this week about the growing natural gas heavy duty truck market in Canada. We recently completed 2 additional stations, including a critical node in British Columbia just outside Vancouver, that completes a Western Canadian natural gas fueling network. Canada has extremely high taxes on diesel.

And high truck mileage, which makes the cost comparison with natural gas all that much more attractive. And with the Cummins x 15 n arriving in the Canadian market, fleets that use a lot of fuel are responding very positively. As I mentioned on our last call, our legacy markets in transit and refuse continue to provide a solid foundation for us. 25 years after the first CNG buses rolled into cities, the transit market continues to be strong with new opportunities, and new wins. In fact, just last week, the Federal Transit Administration announced their funding will prioritize low emission solutions like CNG over zero emission buses. Our fueling expertise also creates opportunities beyond RNG.

Clean energy has been awarded more contracts than any other company to build hydrogen fueling stations for transit agencies that are expanding with fuel cell buses. Reinforcing our leadership in alternative fuel infrastructure. Last week, we announced the latest and largest hydrogen project to date, a $27 million contract at the Orange County Transportation Authority, to design and build a new private station. This station will support OCTA's existing fleet of 10 fuel-cell buses plus the 40 buses the agency plans to add. Demonstrating both the strength of our customer relationships and scalability and flexibility of our platform. With nearly 30 years operating in the natural gas sector, our in house capabilities also extend beyond vehicle fueling and RNG production.

As we all know, the country is experiencing a rapidly evolving energy market. And power grids are overtaxed. Because of this, we see emerging opportunities for clean energy and our ability to serve independent power solutions. Today, no 1 has nationwide compression capabilities that we do. And that CNG does not have to go into a vehicle tank. Large volumes can be put into tube trailers and that need power. but may have issues hooking up with the local grid. Or are not proximate to a natural gas pipeline. We can solve that problem. We currently serve customers across a range of natural gas solutions.

And as demand for reliable, cleaner energy grows, customers are increasingly looking to us for these solutions. So let me share a few examples. As many of you know, we deliver LNG marine bunker fuel to Pasha at the Port Of Long Beach and have been doing this for the past 3 years. We produce the LNG at our plant in Boron, California, transported to the port using our fleet of LNG cryogenic tanker trucks, and provide fueling services that enable Pasha container ships to continually operate on cleaner burning LNG. Our LNG team has experience that includes designing and building LNG systems for gas to power applications.

As an example, we were recently awarded contracts for 2 projects in Puerto Rico, that will provide energy security and resiliency for a pharmaceutical manufacturing facility owned by a global health care provider and another 1 for a 6-megawatt power plant. For customers that would rather operate facilities with cleaner, less expensive natural gas versus fuel oil, or cannot get enough electric power, we deliver compressed natural gas to our fleet CNG tube trailers to commercial and industrial customers that do not have pipeline access. We have long standing relationships with large volume customers. But we are also discovering new customers and new markets.

Just recently, we signed a contract to supply CNG to a large fulfillment center in California that needs a bridge fuel solution for its power generation, while it indefinitely awaits a utility connection. Clean energy is uniquely positioned to provide natural gas solutions to customers across multiple fuel types, multiple applications, and multiple regions. In The United States and Canada. We have room to grow here and we are excited about it. Finally, I want to recognize Bartolomeo Frabotta, who we recently appointed as our chief operating officer. Improving execution and operational performance and driving technology throughout the company is a top priority for us. BART is the right leader for that work.

Over his 15 years of clean energy, he has been central to building and running our company. I look forward to what his leadership will help us accomplish. Now with that, it is Rob's turn.

Robert Vreeland: Okay. Thank you, Clay. Good afternoon to everyone. Overall, our second quarter performance was in line with our expectations from both the financial performance and fuel volume standpoint. Maintaining our full year guidance assumes improved financial performance in the second half of 2026, which is consistent with our original expectations. Thus far, in 2026, fuel price pricing, including RIN and LCFS credit values, has been favorable. Operating expenses remain on plan. And fuel volumes are meeting expectations. Our outlook for 2026 also assumes that final guidance on the Greek model for the 45Z production tax credit will be issued before year end. And that could provide up to $5 million of incremental adjusted EBITDA.

Now if the guidance is delayed or provides minimal benefit over the current production tax credit values, adjusted EBITDA would come in below our $70 to $75 million range. Turning to volumes. Second quarter fuel volumes increased by 7% year-over-year to 81.8 million gallons. Approximately 2-thirds of the growth came from conventional natural gas, driven by additional fueling locations for large fleet customers for which we also provide maintenance services. RNG volumes increased 3% year-over-year to 3.2 million gallons, reflecting normal variations across customer sectors. As noted on our first quarter earnings call, RNG volumes declined sequentially because the first quarter included incremental deliveries to customers outside our station network. Through June, RNG volumes remained ahead of our plan.

RNG production volume from our dairy projects was 2.1 million gallons for the second quarter of 2026, well above the prior year period as our RNG upstream portfolio continues to ramp. Consequently, we saw a notable improvement in the operating results of our RNG upstream business in the second quarter compared to the first quarter. This improvement was contemplated in our plan and guidance. Second quarter revenue was $106.4 million, up from $102 million-- $106.4 million, up from $102 million in the prior year period. Higher station construction revenue and increased rent and LCFS credit values more than offset lower commodity prices and customer pricing.

As expected, revenue declined sequentially from the first quarter, primarily due to lower natural and natural gas prices and reduced gas trading volatility consistent with normal seasonal patterns. Fuel margins, including RIN and LCFS credits, were largely in line with our plan for the second quarter of 2026. Fuel and customer mix variations modestly reduced margins during the quarter, which is normal and factored into our outlook for 2026. Our cash and investments of $138 million at the end of June were up from $126 million at the end of March. And through June, we contributed $24 million to our Moss Energy Works dairy joint venture. Followed by an additional $12 million in July.

Less than $5 million remains to be contributed before the projects are placed in service. And with that, operator, please open the call to questions.

Operator: Thank you. If you would like to ask a question, please press 1 on your keypad. To leave the queue at any time. Press 2. Once again, that is *1 to ask a question. We will take our first question from Eric Stine with Craig Hallum. Please go ahead. Your line is open.

Eric Stine: Hi, Clay. Hi, Rob. Karen here. Hey. So maybe if we could just start with the X15N. I mean, I know that I mean, we all know that it has been slower on the uptake. Certainly, slower than Cummins, people in the industry, etcetera. But could you maybe talk about what you are seeing in terms of the incremental cost? Because for some time, that was 1 of the areas of pushback. You know? And I and I know you mentioned that there is a heavy diesel prebuy.

I mean, I know it is also a tough environment for fleets given what has happened to diesel prices, but, you know, just curious if at least the incremental cost piece you are hearing that, that has normalized to an extent.

Barclay F. Corbus: Well, as we think about the incremental cost, 1 thing that has, once again, I think confused the market is that the delay on the certification for the 2027 engine and what that is meant for the diesel boys because a certain extent, you know, they had already you know, Cummins and all the other OEMs had already invested all the money into the technology, which was going to increase the price of the diesel engine, which would decrease the incremental cost. And with that sort of in disarray, it is unclear than what is going to there.

I think what we hear from what I think is public that we got from the Cummins earnings call is that they are just going to sort of roll it out during the rest of 2027. So that, you know, they are still going to roll it out, but it is not all going to happen in January. it is going to happen over the, you know, over the year. But ultimately, you still are gonna have that incremental cost or that the incremental cost decrease because diesels are getting more expensive.

I think on, you know, when you subtract that away, we still work with our other partners in the industry, you know, whether it is whether it is, you know, with the fuel tank providers, whether it is with the dealers, whether it is with the OEMs or the OEM manufacturers as well, to see what we can do to try to get that price down. You know, I do not think we have seen real movements in the in the sort of actual price. it is just movement around, you know, how each 1 of the different participants can chip in a little bit to help bring that price down.

So that the incremental payback creating it down to a reasonable level. I would say though that what is important about that is it is not just the incremental price. it is how much they are saving on fuel and that is where, you know, the high price of diesel. And I think everything you read is that the price of diesel is gonna stay high for a while. And even if it does not stay high, that volatility does help us. And that is why, you know, we poured a lot more money into advertising to highlight that in the trade this past quarter. Which, you know, you know--our results.

But we think it was absolutely good investment in the long term because it has resulted in a lot more appointments, a lot more discussions, you know. it is the type of investment that we want to make in order to drive future growth. Got it. that is helpful commentary.

Eric Stine: And then maybe 1 just for Rob. You mentioned that your EBITDA guide you talked about $5 million incremental there depending on the outcome. Of the 45Z guidance. But to me, incremental would mean that it is above and beyond where you were. But then at the end, you talked about that if it were not to come to bear, that would mean downside to your guidance. So maybe just talk through some of the puts and takes as we think about that, and we see if that if that occurs.

Robert Vreeland: Yeah. I mean, we when we issued our guidance at the beginning of the year, we were and still believe that the when the guidance comes out on the 45Z, the GREET model, it will have an improved value for the production tax credits. So we factored we factored you know, up to about $5 million in our guidance. And we are just that was also you know, we were also expecting that guidance would come out sooner than it has. And so as that has slipped, it is like, okay. Well, now we are getting to moving that closer to year end.

And if something happens there, then let's have some transparency on what that could mean to our number. If that--now we think they will be positive. So we are not saying it is not going to be at all. And I guess the binary choice would be if they moved the approve the whatever, approval across into 2027, well, then you would not get that It would not happen for us in 2026. Other than that, then maybe the value could be different. But we do not think we think it will be positive to us.

Eric Stine: Okay. So in your mind, it is more about timing. I mean, it is whether it gets acted on both in time. For you to impact results rather than necessarily you know, just thinking about what the potential outcomes might be. Exactly. Yeah. Okay. Thank you.

Barclay F. Corbus: Thanks, Eric.

Operator: Thank you. Our next question comes from Rob Brown with Lake Street Capital Markets.

Rob Brown: Hi, Clay. Hi, Rob. Hello. I just wanted to follow-up on your comments about the interest level increasing the diesel fuel prices. I guess you are advertising, you said you had more sort of activity. But given the diesel price change and the spread now, what is your sort of view on fleet adoption and in the industry, kind of changing toward natural gas?

Barclay F. Corbus: Well, I do not think it is changed. You know, I think we are still we are ever optimistic. I think it is because we do see you know, as you get as these, as the engine gets more seat, you know, to be frank, when the engine first came out, those alpha you know, and some of the testing did not go as anybody had hoped. And it just took a little while to work out the kinks. And so I think as you get more use cases out there, and you can and the improvement increases, you get better you know, you adjust the engine more for the use types. You get the right transmission in there.

You get your mileage penalty reduced a little bit. You continue to see improvement in the performance of the engine with the fleets need. And when you combine that with the price of diesel, it makes a pretty compelling case. But, again, when you have all this uncertainty that is going on with the regulatory environment, that just you know, the market just says, Okay. Yeah. We like this. We will keep talking about it, but we are just gonna, you know, sort of wait to see how things settle out here before we make a big commitment. I think what we do see and what we like is, you know, people are people you know, we sell 10 here.

I mean, if you look like, for instance, that Canadian release, you look at that. We got 35 you know, X15N's up there. it is not 1 fleet. it is a spread out among 7 or 8 fleets. And that is exactly what you would like to see. You know? It means that people are out there testing it. They are running it hard. They are putting the miles on it. And, you know, from there, we just we anticipate and hope they have good experiences. And that, you know, the adoption starts to pick up. Okay. Great. Thanks for the color.

Rob Brown: And then on the RNG upstream business, it was close to breakeven EBITDA in the quarter. It sounds like it is crossing into positive. How do you sort of see that trend line? And how much more to go in terms of the maturity of those units? That are running or installations that are running?

Barclay F. Corbus: Well, you know, I there is there is we see a lot of opportunity for those to improve You know, there is there is always there is always a story with every plant, you know, whether you have too much heat or too much cold, how the cows are producing everything. But we see the trend line absolutely going in the right direction. You know, we have enough manure at a number of the facilities. We have, you know, we have the process improvements that we put in place. You see the you know, we see the you know, 2 of the MOS projects coming online this fall and, as we mentioned, the third coming online early next year.

So I think we see that trend line, you know, absolutely continuing. It will be the second half of the year will be much better than the first half of the year. So we are optimistic. And then, I mean, if you layer on top of that what could happen if you get 45Z across it, then financially, you start to see a much a much better impact as well. You know, it is for us, it is great because your you know, it is I mean, it is like much of our business. The more volume you get across it, the more easier you cover your overhead and the more that drops to the bottom line.

And that is what we are seeing with our plants as well. So I would say overall we are optimistic. Excellent. Thank you. I will turn it over.

Rob Brown: Great. Thanks.

Operator: Thank you. We will move next with Nate Pendleton with Texas Capital. Please go ahead.

Nate Pendleton: Good afternoon. Thanks for taking my questions.

Barclay F. Corbus: Hi, Nate. How are doing?

Nate Pendleton: Doing well. Regarding the opportunities to support power generation that you highlighted in your prepared remarks, how large is the pipeline of opportunities that you are assessing and if you could frame for us just how much investment would be needed to meet any incremental demand there?

Barclay F. Corbus: Well, you know, Nate, we have had a we have had a subsidiary for a number of years called NG Advantage that is based in the in the Northeast that really has been working with off pipeline customers for a long time. And they have had an established good business. And it is been really interesting for us. You know, we have got 100 tube trailers. We got, you know, some large compression capacity. Up there. And it is been really interesting for us that as you have these sort of messy middle with getting power to a lot of facilities. Know, everything from EV charging to fulfillment centers, you know, data centers is a pretty large load.

But we find that we are starting to get a lot of phone calls asking us if we can sort of service this. Can we do know, sometimes it is a it is a short term opportunity. Others are looking for much longer term opportunities. And as we think about it, we do have compression capacity across the entire United States. You know, we have it reserved and it is typically used for trucking, but it is underutilized. And then we also have the you know, we have excess tube trailers. So, in order to test this market, we do not have to spend anything. Can just use existing assets and existing infrastructure we have.

And so I think that is where we stand. This would be a use case if, you know, as we I mean, we are doing it, you know, and as we see more of these come along, you know, depending on the on the on the you know, profit on the returns profile, we will determine whether it ends up taking up any investment. But it is not this is not like, you know, a $200 million dairy project in Idaho. This is small incremental justified by contracts we would have in place. But we do think, we do see there is a lot of growth potential here.

And again, it is enabled by the fact that we have got, you know, 600 fueling stations across the country that have excess compression capacity. Got it. it is sounds like a great opportunity.

Nate Pendleton: And then if I may It is.

Barclay F. Corbus: Like, can you talk can you talk about the potential size and cadence of opportunities on the hydrogen side of the house? Following the recent announcement, with Orange County that you discussed? Yeah. You know, the way that we have gone about hydrogen is not to use our own capital. We use it you know, our model in the transit agencies world, which is where, you know, a transit agency puts out an RFP, you know, you win the RFP based on your experience and your cost, and then you get the contract, and it is usually cost plus contract.

And then, in this case, we are also having operation and maintenance agreement to go along with it as well as in a hydrogen fuel supply to go along with it. So in all these cases, it is something where it is it is not putting our capital at risk or our you know, or we are taking you know, commodity risk on anything here. it is really a service that we provide. And I think we see that well, know we see that as the model going forward. We are happy to see, you know, OCTA go after this. We think that hydrogen you know, is a tough commercial, you know, to do hydrogen independently is pretty tough commercially.

But I think when it is going through a transit agency and it is, you know, and it is and it is supported by the state or by the locality or by the feds to help you know, promote the industry and get it to a point where it can grow. We are there to be a service provider for that. But not to take you know, risk with our own capital to see where that market is gonna unfold.

Nate Pendleton: Understood. Thanks for taking my questions.

Barclay F. Corbus: Welcome.

Operator: Thank you, Nate. Thank you. We will move next with Matthew Blair with TPH. Please go ahead.

Matthew Blair: Thank you, and good afternoon. Want to ask about the California LCFS market. Just in light of the recent supply demand data that shows a growing quarterly shortage. Can you remind us where do you stand on pathways that is it still just Del Rio that has the LCFS pathway? And then I know it is not in your hands, but do you have an estimate of reasonable timeline of when you would receive future California LCFS pathways Thank you.

Barclay F. Corbus: And, Matthew, when you say Del Rio, you that is a provisional pathway. Right. And then and then we have others have We have temporary we have temporary pathways on the 7 others. Yeah. We expect probably on our you know, early next well, next year, we expect on our you know, in our joint venture with BP, the 5 of them we expect to get the provisional next year. And then I think on our big 1, you know, up in Idaho, on both South Park South Fork and East Valley, you know, it is probably 2020 yeah. probably 2028.

I mean, it is really hard This is 1 where it is really, you know, it is entirely dependent on CARB. You know, we have been whenever we gave the data out on Del Rio, we were ultimately frustrated every quarter and saying, well, we thought it was gonna be this quarter, but it is next quarter. So you know, right now, we would hope the end of 27 and 2028, but you know, we are not we are not putting anything in our forecast to move from provision from temporary to provisional. We are monetizing that to temporary. Right. Level. Sounds good.

Matthew Blair: And then could you talk a little bit more about the moving parts in your outlook for fuel distribution? In the back half of the year? If I am doing my math right here, looks like your guidance implies that h 2 would be a little bit lower than h 1. Is that just typical seasonal pattern, or are there any other moving parts that could help explain that? Thank you.

Robert Vreeland: No. I mean, it should be do not I do not think it will be lower.

Barclay F. Corbus: It should be relatively consistent, maybe some improvement. On the for the distribution.

Robert Vreeland: Great.

Matthew Blair: Thank you.

Robert Vreeland: Thank you.

Operator: And at this time, there are no further questions in queue. I will now turn the meeting back to Andrew Corbus for closing comments.

Barclay F. Corbus: Well, thank you, everybody, for being on the call. I know on a late on a Thursday afternoon in the beginning of August, there is probably things you would rather be doing. So I appreciate your time and interest in clean energy. Thanks very much.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.