2月份，内蒙古焦炭月度平均价格为1316.75元/吨，环比价格持平，同比价格上涨3.70%。 2月份，内蒙古国产LNG（液化天然气）平均出厂价格、平均零售价格分别为每吨3948.50元、4393.75 元。环比，LNG出厂价格下降1.06%，LNG零售价格略涨0.21%。同比，LNG出厂价格、零售价格分别 下降12.76%、10.71%。 2月份，内蒙古CNG（压缩天然气）平均零售价格为3.90元/立方米，环比价格略降0.19%，同比价格下 降1.75%。 内蒙古日报·草原云记者：李永桃 转自：草原云 能源价格是大众关注的热点话题，在刚刚过去的2月份，内蒙古能源价格是涨是跌？3月16日，记者从内 蒙古自治区价格监测和认定中心获悉：2月份内蒙古动力煤、焦炭价格保持稳定，天然气价格有涨有 降。 2月份，内蒙古动力煤月度平均坑口价格为364.27元/吨，环比持平，同比上涨6.89%。其中，东部褐煤 平均坑口价格为333.86元/吨，环比价格持平，同比价格上涨1.61%；鄂尔多斯地区动力煤平均坑口价格 为417.50元/吨，环比价格持平，同比价格上涨15.27%。 ...

Financial Data and Key Metrics Changes - For the full year 2025, adjusted EBITDA was $90.2 million, flat compared to 2024, despite a 28% increase in production [4][13] - Revenue for Q4 was $99.8 million, up from $80 million in the same period last year, driven by increased production and recognition of tax credits [13] - D3 pricing declined by approximately $0.70, equating to a $33 million impact on adjusted EBITDA, with the average realized RIN price at $2.45 in 2025 compared to $3.13 in 2024 [13][14] Business Line Data and Key Metrics Changes - RNG production reached 4.9 million MMBtu in 2025, representing a 28% year-over-year growth, with Q4 production exceeding 1.3 million MMBtu, up approximately 24% from Q4 2024 [14] - The Fuel Station Services segment's EBITDA increased to $46.7 million in 2025, a 22% increase from $38.4 million in 2024 [14][15] Market Data and Key Metrics Changes - The trucking and logistics sector experienced macro softness in 2025, but market fundamentals have stabilized entering 2026, leading to a re-engagement by fleets on deferred truck purchases [10][11] - CNG and RNG currently fuel only 2% of the heavy-duty trucking market, indicating significant growth potential [11] Company Strategy and Development Direction - The company aims to improve RNG production through enhanced operations and efficiencies, with expectations for growth in 2026 driven by existing assets [5][10] - A new $180 million preferred stock facility will support incremental infrastructure investments across the RNG value chain [7] - The company is focusing on expanding its Fuel Station Services platform to support RNG and CNG fueling infrastructure for heavy-duty trucking fleets [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improved macro conditions and potential growth in fleet adoption of CNG and RNG in heavy-duty trucking [5][10] - The company anticipates a challenging start to 2026 due to adverse weather conditions impacting production [70][72] - Management highlighted the importance of capital allocation and maintaining a strong balance sheet while pursuing growth opportunities [26][44] Other Important Information - The company ended 2025 with $184 million in total liquidity, including $30 million in cash and short-term investments [15][16] - Capital expenditures for 2025 were approximately $90 million, primarily related to new RNG facilities and OPAL-owned fueling stations [16] Q&A Session Summary Question: Liquidity and growth outlook beyond current projects - Management indicated a liquidity position of about $160 million available for projects in construction and expressed excitement about allocating more capital to the Fuel Station Services business [24][25] Question: Inlet utilization levels and future expectations - Management reported increased inlet utilization levels and expects to achieve 85%-86% utilization, driven by operational improvements and gas growth [30][31] Question: Specific operational changes for improvement - Management emphasized a focus on improving gas quality and training across the platform to enhance operational efficiency [36][38] Question: Relationship with NextEra - Management confirmed a strong ongoing partnership with NextEra, which remains a 50% owner in certain projects and continues to collaborate on environmental credits [40] Question: MMBtu capacity goals for 2026 - Management acknowledged a strong pipeline of new project opportunities and indicated that capital allocation would be judicious across various segments [43][44] Question: Growth guidance for Fuel Station Services in 2026 - Management anticipates lower growth levels in Fuel Station Services for 2026 but sees potential for margin expansion as more fueling stations are owned [52][54]