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 (NASDAQ:VTNR) announced that shareholders overwhelmingly approved the sale of its used motor oil collection and recycling assets to Safety-Kleen Systems, a subsidiary of Clean Harbors, on September 28, 2021. Approximately 99.9% of votes were in favor, representing 56.8% of outstanding stock. The deal is pending regulatory approval from the U.S. Federal Trade Commission. CEO Benjamin P. Cowart emphasized the vote's support for the company's value creation strategy and commitment to growth. Results will be filed with the SEC.
Vertex Energy (NASDAQ: VTNR) has provided an update on its acquisition of the Mobile refinery from Shell, indicating the transition of commercial operations is on schedule. The acquisition is anticipated to close in Q1 2022, pending regulatory approvals and financing. Vertex, a key processor of used motor oil, aims to enhance its market position with this strategic acquisition, boosting its production capabilities and refining capacity in North America.
Vertex Energy (NASDAQ:VTNR) announced on September 21, 2021, receipt of a Second Request from the U.S. Federal Trade Commission regarding its planned asset divestiture to Safety-Kleen Systems. This follows the June 29 definitive agreement to sell used motor oil collection and recycling assets for $140 million. The Hart-Scott-Rodino Antitrust Improvements Act waiting period is extended by 30 days pending compliance. Vertex is cooperating with the FTC during this review process, with the transaction also subject to shareholder and customary closing conditions.
Vertex Energy (NASDAQ:VTNR) has announced the phased restart of operations at its Marrero, Louisiana refinery following Hurricane Ida, which made landfall on August 29. The refinery was offline as a precaution but incurred no significant damage. As of September 10, operations are expected to return to normal production rates shortly. Vertex continues to coordinate with local authorities for a safe restart process, ensuring the safety of employees and contractors. Vertex specializes in refining alternative feedstocks and is a major processor of used motor oil in the U.S.
Vertex Energy (NASDAQ:VTNR) has provided an operational update following Hurricane Ida, which impacted its Marrero refinery in Louisiana. The refinery was taken offline as a precautionary measure but reported no significant damage or environmental concerns. As the region faces power outages, Vertex aims to restart operations in phases once power is restored. The company prioritizes the safety of its employees and will allow access only when normal conditions resume. A further update will be issued regarding the restart timeline.
Vertex Energy (VTNR) reported a net loss of $16.0 million for Q2 2021, increasing from a net loss of $8.9 million in Q2 2020. However, the company marked a turnaround with $1.6 million in operating income and an Adjusted EBITDA of $4.0 million, up from a loss of $5.3 million year-over-year. Vertex is in advanced discussions for financing its $75 million Mobile refinery acquisition expected to close in Q4 2021, alongside a divestiture of used motor oil assets for $140 million. These transactions aim to enhance its position in renewable fuels.
Vertex Energy, Inc. (NASDAQ:VTNR) announced it will release its second quarter 2021 financial results on August 10, 2021, before market opening. A conference call is scheduled for 9:00 A.M. ET that same day to discuss the results and recent events, with a Q&A session to follow. Investors can access a webcast of the call on Vertex's Investor Relations website. Vertex is a leading specialty refiner of alternative feedstocks and is one of the largest processors of used motor oil in the U.S., with operations in several states.
Vertex Energy (NASDAQ:VTNR) has agreed to sell its used motor oil collection and recycling assets to Safety-Kleen for $140 million, with expected net proceeds of approximately $90 million post-debt retirement. This transaction supports a strategic transformation of Vertex's balance sheet and enables investment in a new renewable feedstock pre-treatment unit, projected to generate $75-$100 million in EBITDA by year-end 2023. Vertex's focus shifts toward higher-margin energy transition opportunities, consolidating its position as a leading energy transition company.
Vertex Energy (NASDAQ:VTNR) has announced its inclusion in the Russell Microcap Index effective June 28, 2021, following the annual reconstitution. This recognition highlights the company's growth strategy in the energy transition sector. Membership in the index could significantly broaden its investor base and enhance visibility among institutional and retail investors. The Russell indexes include assets worth approximately $10.6 trillion and are commonly utilized as benchmarks for investment strategies.
Vertex Energy, Inc. (NASDAQ: VTNR) has announced its definitive agreement to acquire the Mobile Chemical LP refinery from Shell for $75 million. This acquisition will transform Vertex into a leading independent refiner of renewable and conventional products. The company anticipates generating $3 billion in annual revenue and over $400 million in gross profit by year-end 2023, following an $85 million capital project to convert the refinery's hydrocracking unit. The acquisition is expected to close in Q4 2021, pending regulatory approvals.
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