Welcome to our dedicated page for Vertex Energy news (Ticker: VTNR), a resource for investors and traders seeking the latest updates and insights on Vertex Energy stock.
Vertex Energy, Inc. (VTNR) is a leading environmental services company based in Houston, Texas, that specializes in the aggregation, recycling, and processing of distressed hydrocarbon streams. The company plays a crucial role in reducing the United States' reliance on foreign crude oil by transforming used oil and off-specification commercial chemical products into higher-value commodities. Vertex Energy operates through two primary segments: Refining and Marketing, and Black Oil and Recovery.
In the Refining and Marketing segment, Vertex Energy focuses on collecting used oil from various sources such as oil change service stations, automotive repair shops, petroleum refineries, and petrochemical manufacturing operations. This segment accounts for the majority of the company's revenue, highlighting its importance in Vertex Energy's overall business strategy.
The Black Oil and Recovery segment is dedicated to the transportation, processing, and re-refining of distressed hydrocarbon-based streams into viable commodity products. These efforts help offset the United States' dependency on foreign crude oil while delivering both financial and environmental benefits.
With offices in Georgia and California, Vertex Energy provides services across the United States, ensuring the efficient recycling and re-refining of industrial waste streams. The company employs a variety of strategies and technologies to enhance the value of the products it manages, making significant strides in the alternative energy and environmentally friendly investment sectors.
Recent achievements and current projects include expanding their refining capabilities, securing strategic partnerships, and exploring innovative technologies to further improve the quality and marketability of their recycled products. By focusing on sustainability and environmental responsibility, Vertex Energy continues to position itself as a key player in the industry.
Vertex Energy, Inc. (NASDAQ:VTNR) has appointed Doug Haugh as Chief Commercial Officer effective April 17, 2023. Haugh, with over 25 years of experience in the energy and technology sectors, previously led Parkland USA, where he achieved significant growth, including a 10x increase in earnings and 20 acquisitions in under four years. In his new role, Haugh will drive Vertex's growth by overseeing commercial operations from feedstock to finished products, aiming to expand the company’s market reach. CEO Benjamin P. Cowart highlighted Haugh’s strategic expertise as vital for Vertex's next growth phase, emphasizing a commitment to innovation and customer-centric growth strategies.
Vertex Energy, Inc. (NASDAQ: VTNR) announced its first quarter 2023 operational and financial outlook. Throughput volumes at its Mobile, Alabama refinery were between 69,000-72,000 bpd, aligning with previous forecasts despite a lower volume compared to Q4 2022 due to planned downtime for a renewable diesel conversion project. The company increased CAPEX guidance for Q1 to $65-$70 million, surpassing the earlier estimate of $30-$35 million, reflecting the acceleration of project expenses to optimize efficiency ahead of phase II launch. The total CAPEX for the conversion project remains within the range of $110-$115 million. Operating expenses are estimated at $3.85-$4.00 per barrel, with a capture rate of 50%-54% on the Gulf Coast 2-1-1 crack spread.
Vertex Energy, Inc. (NASDAQ:VTNR) announced the successful mechanical completion of its renewable diesel unit at the Mobile, AL refining facility. The project is progressing as planned, with total capital expenditures projected between
Vertex Energy, Inc. (NASDAQ:VTNR) has announced its participation in several key investor conferences scheduled for March 2023. These include the Scotia Howard Weil Energy Conference in Miami from March 6-8, the Roth Conference in Dana Point, CA from March 12-14, the Piper Sandler Annual Energy Conference in Las Vegas from March 20-23, and the Wells Fargo Clean Energy Symposium in New York from March 27-29. Vertex is a leader in the energy transition, focusing on conventional and alternative fuels, with a refining capacity of 75,000 barrels per day and is a major processor of used motor oil along the Gulf Coast.
Vertex Energy, Inc. (NASDAQ:VTNR) reported robust financial results for Q4 and FY 2022. The Q4 net income surged to $44.4 million or $0.56 per share, while FY 2022 net income stood at $1.9 million. Adjusted EBITDA for Q4 was $75.2 million, marking a significant rise from $9.5 million year-over-year. The Mobile refinery achieved a throughput of 77,964 bpd with a gross margin of $147.1 million in Q4. A renewable diesel project is on track for completion by late March 2023. Vertex holds a liquidity of $146.2 million as of year-end 2022 and aims to capitalize on a favorable refining margin environment going forward.
Vertex Energy, Inc. (NASDAQ: VTNR) will report its fourth quarter 2022 financial results on February 28, 2023, before the market opens. A conference call will take place at 8:00 A.M. ET the same day to discuss the results and recent events. The call will be accessible via an audio webcast on Vertex's website, with presentation materials available 15 minutes prior to the start. Investors can also participate in a live teleconference using the provided domestic and international numbers. A replay of the teleconference will be available until March 14, 2023.
Vertex Energy, Inc. (NASDAQ:VTNR) has divested its Heartland used motor oil business to GFL Environmental for
Vertex Energy, Inc. provides updates on its renewable diesel conversion project and fourth-quarter results. The project at the Mobile, Alabama refinery remains on schedule and on budget, with mechanical completion expected by late March 2023. Throughput volumes for Q4 2022 reached approximately 77,000 bpd, a 4% increase over forecasts. Q4 capital expenditures totaled $42 million, slightly exceeding estimates. The company anticipates continued strong refining margins, which will positively impact its financial results. Vertex's renewable diesel production is set to begin in Q2 2023, with initial volumes projected at 8-10 Mbpd.
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