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 completed its acquisition of the Mobile, Alabama refinery from Shell for a base price of $75 million, with an additional $25 million for capital expenditures. Vertex has obtained $165 million in hydrocarbon inventory and plans to convert the hydrocracking unit by year-end 2022 to produce renewable diesel by Q1 2023. The acquisition aims to enhance Vertex's position as a regional supplier of renewable and conventional fuels, expected to boost margins due to high demand. The company also closed a $125 million senior secured loan to support the acquisition.
Vertex Energy reported significant financial results for Q4 and full-year 2021, showcasing a 201% increase in gross profit to $15.5 million. However, the company faced a net loss of $5.3 million due to non-recurring items. Adjusted EBITDA for the fourth quarter reached a record $9.5 million, driven by improved margins and operational efficiency. Vertex also secured a $125 million term loan commitment and entered into a five-year renewable diesel supply agreement. The acquisition of the Mobile Refinery is set to close soon, with plans for renewable diesel production to start by year-end 2022.
Vertex Energy, Inc. (NASDAQ:VTNR) announced a $125 million first-lien senior secured term loan facility in connection with the planned acquisition of the Mobile refinery from Equilon Enterprises LLC. The loan, arranged by a syndicate led by BlackRock, Whitebox Advisors, and Highbridge Capital, will fund part of the acquisition and a renewable diesel conversion project. The facility will secure Vertex's assets, with interest rates structured on market conditions. Additionally, Vertex will issue warrants to lenders, allowing them to purchase shares at $4.50 each, subject to registration rights.
Vertex Energy (NASDAQ:VTNR) will announce its Q4 and full-year 2021 financial results on March 8, 2022, before the market opens. A conference call is scheduled for the same day at 9:00 A.M. ET to review financial outcomes, recent developments, and conduct a Q&A session. Interested parties can access the call via the Investor Relations section on Vertex's website. Vertex is a leading specialty refiner of high-purity refined products with significant operations across the U.S. and a reputation as a key supplier to the lubricant manufacturing industry.
Vertex Energy (NASDAQ:VTNR) announced a 5-year product supply agreement with Idemitsu Apollo Renewable Corporation, contingent on the acquisition of the Mobile, Alabama refinery. The agreement will see Vertex supply 100% of the renewable diesel produced at this refinery, expected to generate over $6 billion in revenue if production targets are met. The partnership enhances Vertex's access to the renewable fuels market in North America, leveraging Idemitsu's distribution capabilities. Completion of the refinery acquisition and subsequent upgrades are anticipated by year-end 2022.
Vertex Energy (NASDAQ: VTNR) announced the termination of its agreement to divest used motor oil assets to Safety-Kleen Systems due to a lengthy regulatory review by the U.S. Federal Trade Commission. The decision, made by Vertex's management, is aimed at reallocating efforts to the acquisition of the Mobile refinery, which is expected to close in Q1 2022. Vertex's used motor oil assets are performing well, paving the way for future growth in renewable diesel production and other capital improvements.
Vertex Energy reported a third quarter 2021 net income of $10.6 million, a significant increase from a net loss of $2.0 million in Q3 2020. The Adjusted EBITDA also rose to $1.5 million from a loss of $0.5 million year-over-year. The company completed a $155 million offering of convertible senior notes and is set to acquire the Mobile refinery for $75 million, anticipating improved revenue forecasts for 2022 and 2023. Additionally, Vertex approved the divestiture of its used motor oil collection assets for approximately $90 to $100 million in net proceeds.
Vertex Energy, Inc. (NASDAQ:VTNR) will release its third quarter 2021 financial results on November 9, 2021, before market open. A conference call to discuss these results will occur at 9:00 A.M. ET, with a Q&A session to follow. Investors can access the live webcast via the company's website. Vertex is recognized as a major processor of used motor oil and supplies high-purity refined products across North America. The company operates facilities in Texas, Louisiana, and Ohio, enhancing its standing in the lubricant manufacturing market.
Vertex Energy (NASDAQ:VTNR) announced the pricing of a $155 million offering of convertible senior notes due 2027. The offering is expected to close on November 1, 2021, yielding approximately $133.9 million in net proceeds. The funds will primarily be used for the Mobile Refinery Acquisition, engineering services, debt repayment, and general corporate purposes. The notes have a 6.25% interest rate, convertible at $5.89 per share, and mature on October 1, 2027. A majority of the proceeds will be escrowed until conditions for the acquisition are met.
Vertex Energy, a leading specialty refiner, has announced a proposed private offering of $155 million in convertible senior notes due 2027. The notes will be sold primarily to qualified institutional buyers and accredited investors. The offering aims to raise funds for the pending acquisition of a Mobile, Alabama refinery, engineering services, debt repayment, and general corporate purposes. The notes will be issued at 90% of face value and will be convertible into cash or stock, subject to shareholder approval for conversions exceeding 19.99%.
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