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Vivakor, Inc. (NASDAQ:VIVK) is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, focusing on crude oil gathering, storage, transportation facilities, and contaminated soil remediation services. Recently, the company completed Factory Acceptance Tests for its Remediation Processing Center in Houston, Texas, marking a significant milestone towards commercial operations. With the aim to process waste and recycle embedded oil, Vivakor is dedicated to reducing environmental impact. The company also entered into a 10-year Land Lease Agreement and is finalizing the construction of its first site to process tank bottom sludge and oil-industry waste.
Vivakor's core business revolves around the development of innovative technology and clean energy solutions, aiming to create, accumulate, and operate exceptional assets and intellectual properties. By providing environmentally-friendly recovery of bitumen and hydrocarbons, the company focuses on contaminated soil remediation projects and crude oil extraction. With ongoing ventures in Kuwait and Houston, Texas, Vivakor demonstrates a strong commitment to sustainable practices and energy efficiency.
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Vivakor, Inc. (NASDAQ:VIVK) announces the acquisition of Endeavor Entities, targeting oil logistics and storage, with minimum revenue contracts. The $120 million deal includes cash and stock, with additional contingent consideration based on 2024 EBITDA. The acquisition aims to create synergies, streamline operations, and enhance cash flow, expected to close by June 30, 2024.
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Vivakor, Inc. announces a merger agreement with Empire Diversified Energy, Inc. to accelerate revenue growth and expand clean energy technologies. The deal involves acquiring Empire's outstanding shares for 67.2 million Vivakor common stock shares. The merger is expected to close by September 30, 2024, pending stockholder approval and other conditions.
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Vivakor, Inc. (Nasdaq: VIVK) has completed the factory acceptance tests for its Remediation Processing Center (RPC) in Houston, Texas, marking a significant milestone in moving towards commercial operation. The company is now working on obtaining permits and access to power for the site, with expectations to process 700 to 900 tons of raw material a day and produce 600 to 800 barrels of crude oil on average. Vivakor's goal is to recover and recycle embedded oil in waste generated by the oil industry, reducing the need for new oil drilling and preventing waste from ending up in landfills. The company's patented RPC processing technology has shown promising results in treating soil with Total Petroleum Hydrocarbons measured well within the accepted range.
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Vivakor, Inc. (NASDAQ:VIVK) announced financial and operational results for the three and nine months ended September 30, 2023. Key highlights include a 39% increase in revenue to $16.3 million for the three months, and a 286% increase to $45.4 million for the nine months. Gross profit increased by 28% for the three months and 253% for the nine months, with a gross margin of 9.5% and 9.4% respectively. Operating loss decreased by 37% for the three months and 23% for the nine months. Adjusted EBITDA increased by approximately 1,065% for the three months and 211% for the nine months. Net loss decreased by 59% for the three months and 3% for the nine months. Total assets stand at $76.1 million. Vivakor's Chairman and CEO, James Ballengee, expressed satisfaction with the performance of their operating assets in Colorado City, Texas and Delhi, Louisiana, attributing their solid growth and margins to strong demand and opportunities.
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Vivakor, Inc. (Nasdaq:VIVK) announced that all its proposals were approved at the Special Meeting of Shareholders, with Chairman and CEO James Ballengee accepting stock issuances at $1.08 and $1.42 per share, which are 42% and 87% above the current market price, respectively. Ballengee expressed confidence in the company's future and his commitment by accepting 100% of his annual salary in Vivakor common stock.
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Vivakor, Inc. reports revenue of $29.1 million and operating loss of $2.0 million for the first half of 2023. The company achieved better than expected revenues from its gathering centers and has executed on several strategic growth opportunities. The Remediation Processing Center (RPC) soil extraction technology has successfully reduced oil content in contaminated soil to as little as 0.02% and received a Category A approval from Kuwait Oil Company. The company has borrowed $1.9 million USD to move RPC II to Kuwait for the Kuwait Environmental Remediation Project. The RPCs have been financed via Special Purpose Vehicles (SPVs) and management plans to continue this type of financing. The RPC Houston project is nearing completion and will offer a full-service remediation center for tank bottom sludge. The company anticipates receiving permits to operate the facility soon.
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Vivakor, Inc. announces financial results for Q2 2023, with revenue increasing to $13.6 million and operating loss decreasing by 77%. Net loss decreased by 62% to $1.8 million. Cash balance is $2.6 million. For the six months ended June 30, 2023, revenue increased to $29.1 million and operating loss decreased by 64% to $2.0 million. Net loss decreased by 20% to $4.4 million. Positive business developments include plans to connect crude oil storage tank to major pipeline systems and relocation of Remediation Processing Center 2 to Kuwait.
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Vivakor, Inc. announces the relocation of its Remediation Processing Center 2 from Utah to Kuwait. The company has secured $1.95 million in loan financing and expects to generate revenue from its operations in 2024 based on successful pilot results.
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FAQ
What is the current stock price of Vivakor (VIVK)?
The current stock price of Vivakor (VIVK) is $1.52 as of December 3, 2024.
What is the market cap of Vivakor (VIVK)?
The market cap of Vivakor (VIVK) is approximately 51.9M.
What is Vivakor, Inc. focused on?
Vivakor specializes in the acquisition and development of technologies and assets in the oil and gas industry, with a focus on crude oil gathering, storage, transportation facilities, and contaminated soil remediation services.
What recent milestone did Vivakor achieve?
Vivakor recently completed Factory Acceptance Tests for its Remediation Processing Center in Houston, Texas, marking progress towards commercial operations and waste processing capabilities.
What is Vivakor's goal in waste processing?
Vivakor aims to process waste and recycle embedded oil to reduce environmental impact, prevent waste disposal in landfills, and contribute to a cleaner energy future.
What environmental initiatives is Vivakor involved in?
Vivakor is actively engaged in contaminated soil remediation projects, focusing on the recovery of bitumen and hydrocarbons using environmentally-friendly technology to support sustainable energy solutions.
Where is Vivakor currently operating?
Vivakor is involved in projects in Kuwait and Houston, Texas, showcasing its commitment to sustainable practices, energy efficiency, and innovative technological solutions.
Vivakor, Inc.
Nasdaq:VIVK
VIVK Rankings
VIVK Stock Data
51.86M
16.76M
57.65%
15.01%
0.22%
Oil & Gas Integrated
Refuse Systems
United States of America
DALLAS