Manav Gupta: Perfect. Please follow-up — yes. Yes, please go on.
Bruce Fleming: I was going to say so if you look at July, we had about 70% dirty, 30% clean. The actual performance, if I recall correctly, it was $1.23 on a blended basis. So right at the kind of low end of the range. What you should look for, as you know, the spread between perhaps RBD, veg oil and crude veg oil in the market as a proxy for what happens when we blend.
Manav Gupta: Perfect. A quick follow-up is you already have a SAF transition strategy in place and expansion. I understand you’re waiting for the full confirmation of the DOE loan, but help us walk through this SAF transition strategy. And when it’s all over how much SAF could you be looking to produce in your system? Thank you.
Bruce Fleming: We’re advertising and we have been for a couple of years, 230 million gallons a year SAF at the moment based upon the engineering progress. That’s looking conservative. There’s a high case at 300 million gallons that we think is probably reasonably achievable. This is something that we’ll be reporting back to you on as we go forward.
Manav Gupta: Thanks, guys.
Bruce Fleming: Thanks, Manav.
Operator: The next question comes from Amit Dayal with H.C. Wainwright. Please go ahead.
Amit Dayal: Good morning. Thank you. The questions have been asked. Just on the timeline for the monetization with respect to this on a — to C-Corp, how does that [technical difficulty], you’re saying 2Q ’24 for the monetization within 9 months to complete the C-Corp transition. So do these have a bearing on each other in terms of how we can move forward in the monetization?
Louis Todd Borgmann: Hey, Amit, it’s Todd. It’s a good question. I think a lot of that’s driven by what type of market we’re seeing at that point in time, right? The 9 months on conversions and outside date, that can be faster than that. If you think about what needs to get done, I guess starting now, or very shortly we start doing the documentation, we’re getting ready, we’re signing the official document that didn’t transition us into filing the proxy, the S4 and receiving a shareholder vote. So it could be faster than 9 months. 9 months is the outside date. I think the Committee and the GP agreed to have a firm date. So there was certainty that a conversion would happen by a certain point in time, but it certainly can be pulled up.
So I think we’ll get a better view of that process once we’re in it, in that timing. Obviously, Q1 is going to tell us a lot at Montana Renewables too and we’re pretty confident about that, excited about that quarter. And then we’re going to assess how the market looks. And I think it’d be a combination of those three things that really drives ultimate timing. But at this point, we don’t see any reason to change anything. We think these are all additive. I think that adding more investors that potentially would have had to hold out for an MRL spin off can now invest in Calumet, and start to get inside the company and learn more about us. I know there’s a lot of people out there who are very interested and excited in MRL itself. There’s been a lot of interest in that as a standalone public company.
So I think as we look forward, that continues to be the planning base. And hopefully, we’ll get some of those investors to come in and take a look at it sooner than they otherwise would have.
Amit Dayal: Understood, Todd. Thank you for that. And just in relation to that, are there any unknowns in this transition process that could maybe delay the process? Or cause any sort of challenges, I guess?
Louis Todd Borgmann: I don’t think so. I’d say that we will have to see, just because we haven’t done it before. But we’ve got a lot of advisors and legal counsel that has, and I think there’s a pretty clear path for these types of things. So as I look at the plan, it appears pretty straightforward. There’s a lot to do, certainly. But I don’t see a specific event or turning point or anything like that, that would leave us questioning the ultimate outcome.
Amit Dayal: I appreciate that. That’s all I have guys. I’ll take my other questions offline. Thank you.
Louis Todd Borgmann: Thank you.
Operator: [Operator Instructions] The next question comes from Jason Gabelman with TD Cowen. Please go ahead.
Jason Gabelman: Yes. Hey, good morning. Thanks for taking my questions. I wanted to first ask on the MaxSAF expansion project. I think previously you had discussed that the growth CapEx was not tied to the DOE loan. It sounds now like they are kind of tied. So if that’s changed, you discussed — can you discuss why that’s changed? And then additionally, as you’ve been going out to customers to contract the SAF available in the expansion case, are you confident? Or do you have enough confidence to provide some sort of earnings outlook on that project? Thanks.
