Vertex Energy, Inc - VTNR STOCK NEWS

Vertex Energy (NASDAQ:VTNR) has announced a significant management transition. Doug Haugh is stepping down as Chief Commercial Officer but will continue to support the company as a Senior Corporate Advisor throughout 2024. Joshua Foster has been appointed as the new Chief Commercial Officer, while CEO Benjamin P. Cowart will assume interim Chief Operating Officer duties.

Cowart expressed gratitude for Haugh's contributions in launching the company's commercial strategy and building the team. He highlighted Foster's experience in rack marketing and crude origination, praising his efforts to improve jet fuel production value. Foster brings nearly two decades of experience in commercial operations, including his work with Delta Airlines in restructuring operations and improving netbacks.

Vertex Energy (NASDAQ:VTNR) reported its Q2 2024 results, highlighting operational challenges and financial strain. Key points include:

- Net loss of ($53.8) million, or ($0.58) per share

- Adjusted EBITDA of ($22.4) million, down from $18.6 million in Q1 2024

- Conventional refinery throughput of 67,758 barrels per day

- Secured new loans totaling $35 million to enhance liquidity

- Appointed Seth Bullock as Chief Restructuring Officer

- Paused renewable fuels production and redirecting hydrocracker to conventional fuels

The company faces challenges due to weakening gasoline and diesel demand, resulting in a 28% decrease in crack spreads compared to Q1 2024. Vertex is focusing on managing liquidity, reducing operating costs, and improving margins in the difficult macro-economic environment.

Vertex Energy (NASDAQ:VTNR), a leading specialty refiner and marketer of high-quality refined products and renewable fuels, has announced its schedule for the second quarter 2024 earnings release and conference call. The company will report its financial results before the market opens on Thursday, August 8, 2024, followed by a conference call at 9:00 A.M. ET on the same day.

Investors can access the audio webcast and presentation materials through the 'Events and Presentation' section of Vertex's website. To participate in the live teleconference, domestic callers can dial (888) 350-3870, while international callers can use (646) 960-0308, with the Conference ID: 8960754. A replay of the teleconference will be available on the company's website for up to one year following the call.

Vertex Energy (NASDAQ:VTNR) has announced the retirement of Chief Operating Officer James Rhame, effective July 25th, 2024. Rhame will continue in a consulting role through the end of 2024. Doug Haugh, the current Chief Commercial Officer, will assume the role of interim COO upon Rhame's retirement.

Rhame joined Vertex in 2022 to assist with the acquisition and transition of the Mobile, Alabama refinery. CEO Benjamin P. Cowart praised Rhame's contributions in developing talent and expertise for the safe and effective integration of the refinery into Vertex's asset portfolio.

Haugh expressed commitment to maintaining momentum as a reliable producer of refined products on the Gulf Coast, emphasizing safety and operational excellence.

Vertex Energy (NASDAQ:VTNR) has provided an operational update for Q2 2024, highlighting expected reductions in direct operating expense of 7% and capital expenditures of 29% compared to previous guidance. The company anticipates conventional throughput of 68,000 barrels per day (bpd), within the guidance range of 68,000 to 72,000 bpd. Renewable throughput and utilization are in line with prior guidance, reflecting the company's pause and pivot strategy.

Key financial updates include:

• Operating expenses per barrel expected between $3.90 to $4.10
• Capital expenditures projected at $15 - $17 million
• Conventional fuel yield expected between 64% and 68%
• Renewable diesel production around 3,000 bpd

The company has completed the planned shutdown of its hydrotreater and ceased production of renewable diesel, focusing on margin improvement and cost reduction.

Vertex Energy, Inc. (NASDAQ:VTNR) announced its operational and financial results for Q1 2024, showcasing a safe operation of its Mobile, Alabama refinery with increased Adjusted EBITDA and decreased operating expenses. The company plans to optimize hydrocracking capacity between conventional and renewable production. The strategic decision to pause renewable business and pivot to conventional fuels is expected to enhance long-term value potential and improve financials.

Vertex Energy, Inc. (NASDAQ:VTNR) provided an operational update for the first quarter of 2024, exceeding throughput guidance, improving crack spreads, reducing operating expenses and capital expenditures. The company's focus on margin efficiency and cost reduction resulted in a solid performance.

Vertex Energy, Inc. (NASDAQ:VTNR) will report its first quarter 2024 financial results on May 9, 2024, followed by a conference call to discuss the results and recent events. An audio webcast will be available on the company's website.

Vertex Energy, Inc. (NASDAQ: VTNR) reported a net loss of ($63.9) million for the fourth quarter of 2023, with Adjusted EBITDA of ($35.1) million. Full-year 2023 saw a net loss of ($71.5) million versus ($4.8) million in 2022. The company launched Vertex Renewables and Marine Fuels and Logistics business, but faced challenges in the Renewables segment due to costs. Vertex's Mobile Refinery operations showed steady conventional throughput and successful yield optimization. The company is focused on improving cash position, reducing operating costs, and enhancing margins in 2024.