Vertex Energy Provides Operational Update Following Hurricane Laura

Rhea-AI Summary

Vertex Energy (NASDAQ:VTNR) provided an update on its operations following Hurricane Laura. All employees are confirmed safe, and no damage occurred at its Gulf Coast facilities, including the Marrero, Louisiana refinery. However, heavy flooding has temporarily disrupted barge and rail traffic, affecting the transport of used motor oil feedstock and finished products. Consequently, the Marrero refinery is reducing its run rates until normal operations can resume, which Vertex Energy expects to occur within days as flooding subsides.

Positive

• No damage reported at Gulf Coast facilities post-Hurricane Laura.
• All employees confirmed safe and accounted for.

Negative

• Heavy flooding has halted barge and rail traffic, disrupting logistics.
• Temporary reduction in run rates at the Marrero refinery due to transport issues.

HOUSTON, TX / ACCESSWIRE / August 27, 2020 / Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality hydrocarbon products, today provided an assessment of the impact of Hurricane Laura on its operations.

The Company confirmed that all employees are safe and accounted for in the wake of the storm. Vertex Energy also confirmed that all facilities along the Gulf Coast, including the Marrero, Louisiana refinery, weathered the storm without taking on damage and remained operational. In the surrounding areas, heavy flooding from Hurricane Laura has temporarily halted barge and rail traffic, limiting the transport of used motor oil feedstock to the refinery, as well as the ability of the company to transport finished products out of the refinery. As a result, the Marrero refinery has elected to temporarily reduce its run rates for the time being. Vertex Energy anticipates this flooding to subside within a matter of days, allowing for a resumption in the normal flow of feedstock and products.

Vertex Energy will continue to monitor any storm-related impacts to its business.

ABOUT VERTEX ENERGY

Houston-based Vertex Energy, Inc. (NASDAQ:VTNR) is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products. Vertex is one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA) and Heartland (OH). Vertex also co-owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydro-processing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of Group II+ and Group III base oils to the lubricant manufacturing industry throughout North America.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements, including information about management's view of Vertex Energy's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "hopes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy's future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.

CONTACT

Noel Ryan, IRC
720.778.2415
IR@vertexenergy.com

SOURCE: Vertex Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/603670/Vertex-Energy-Provides-Operational-Update-Following-Hurricane-Laura

FAQ

What is the impact of Hurricane Laura on Vertex Energy's operations?

Vertex Energy reported no damage to its facilities but noted temporary disruptions in logistics due to flooding.

Are Vertex Energy employees safe after Hurricane Laura?

Yes, all employees are confirmed safe and accounted for.

How has Hurricane Laura affected the Marrero refinery?

The Marrero refinery has temporarily reduced its run rates due to disruptions in transporting feedstock and products.

What is the expected outcome for Vertex Energy after Hurricane Laura?

Vertex Energy anticipates that normal operations will resume within days as flooding subsides.