Vertex Energy Announces Successful Startup of Mobile Refinery Hydrocracker in Conventional Service
Vertex Energy (OTCPK:VTNRQ) has successfully started up the Mobile Refinery hydrocracker in conventional service, marking the beginning of higher-value finished product production for Q4 2024. The reconversion project, completed on time and budget with zero OSHA recordable injuries, was executed as part of a planned catalyst and maintenance turnaround.
In conventional service, the hydrocracker uses vacuum gas oil (VGO) as feedstock to produce additional volumes of higher-value refined products, including gasoline and diesel. The Mobile Refinery has maintained its renewable fuels production capabilities for potential future market demands.
Benjamin P. Cowart, President and CEO of Vertex Energy, emphasized the team's operational excellence in safely redeploying the asset while preserving future renewable optionality. The company's focus now shifts to further business optimization for sustained performance and long-term growth.
Vertex Energy (OTCPK:VTNRQ) ha avviato con successo l'idrocracker della Mobile Refinery in servizio convenzionale, segnando l'inizio della produzione di prodotti finiti di maggiore valore per il quarto trimestre del 2024. Il progetto di riconversione, completato nei tempi e nel budget con zero infortuni registrabili OSHA, è stato eseguito come parte di un programma pianificato di cambio di catalizzatore e manutenzione.
In servizio convenzionale, l'idrocracker utilizza olio gasolio sotto vuoto (VGO) come materia prima per produrre volumi aggiuntivi di prodotti raffinati di alto valore, inclusi benzina e diesel. La Mobile Refinery ha mantenuto le sue capacità di produzione di combustibili rinnovabili per soddisfare le potenziali esigenze di mercato future.
Benjamin P. Cowart, Presidente e CEO di Vertex Energy, ha sottolineato l'eccellenza operativa del team nel rilanciare in sicurezza l'asset, preservando nel contempo opzioni rinnovabili future. L'attenzione dell'azienda ora si sposta verso ulteriori ottimizzazioni aziendali per garantire prestazioni sostenute e crescita a lungo termine.
Vertex Energy (OTCPK:VTNRQ) ha comenzado con éxito la puesta en marcha del hidrocracker en la Refinería Móvil en servicio convencional, marcando el inicio de la producción de productos terminados de mayor valor para el cuarto trimestre de 2024. El proyecto de reconversión, completado a tiempo y dentro del presupuesto con cero lesiones registrables por OSHA, se ejecutó como parte de un plan de cambio de catalizador y mantenimiento.
En servicio convencional, el hidrocracker utiliza óleo gasóleo bajo vacío (VGO) como materia prima para producir volúmenes adicionales de productos refinados de alto valor, incluyendo gasolina y diésel. La Refinería Móvil ha mantenido sus capacidades de producción de combustibles renovables para las posibles demandas del mercado futuro.
Benjamin P. Cowart, Presidente y CEO de Vertex Energy, enfatizó la excelencia operativa del equipo en la reimplementación segura del activo, mientras se preserva la opción de futuros recursos renovables. El enfoque de la empresa ahora se dirige hacia una mayor optimización del negocio para un rendimiento sostenido y un crecimiento a largo plazo.
Vertex Energy (OTCPK:VTNRQ)는 모바일 정유소의 하이드로크래커를 전통적인 서비스로 성공적으로 가동했습니다, 이는 2024년 4분기 고부가가치 완제품 생산의 시작을 의미합니다. 이 재전환 프로젝트는 정해진 시간과 예산 내에 완료되었으며 OSHA 신고된 부상 없이 실행되었습니다. 이 프로젝트는 계획된 촉매 교체 및 유지보수 회전 작업의 일환으로 이루어졌습니다.
전통적인 서비스에서 하이드로크래커는 진공 가스유(VGO)를 원료로 사용하여 고부가가치 정제 제품의 추가 부피를 생산합니다, 이에는 휘발유와 디젤이 포함됩니다. 모바일 정유소는 미래 시장 수요에 대비하여 재생 가능 연료 생산 능력을 유지하고 있습니다.
Vertex Energy의 회장 겸 CEO인 Benjamin P. Cowart는 자산을 안전하게 재배치하면서 미래의 재생 가능성도 확보한 팀의 운영 우수성을 강조했습니다. 회사의 초점은 이제 지속적인 성과와 장기 성장을 위해 비즈니스 최적화로 이동합니다.
Vertex Energy (OTCPK:VTNRQ) a réussi à démarrer le hydrocracker de la raffinerie mobile en service conventionnel, marquant le début de la production de produits finis de plus grande valeur pour le quatrième trimestre de 2024. Le projet de reconversion, achevé à temps et dans le respect du budget, sans aucune blessure déclarée par l'OSHA, a été exécuté dans le cadre d'un plan de changement de catalyseur et de maintenance.
En service conventionnel, le hydrocracker utilise l'huile de gaz sous vide (VGO) comme matière première pour produire des volumes supplémentaires de produits raffinés de plus grande valeur, y compris l'essence et le diesel. La raffinerie mobile a maintenu ses capacités de production de biocarburants pour répondre aux futures demandes du marché.
Benjamin P. Cowart, président et PDG de Vertex Energy, a souligné l'excellence opérationnelle de l'équipe dans le déploiement sûr de l'actif tout en préservant les options renouvelables futures. L'accent de l'entreprise se déplace désormais vers une optimisation commerciale supplémentaire pour une performance soutenue et une croissance à long terme.
Vertex Energy (OTCPK:VTNRQ) hat erfolgreich den Hydrocracker in der Mobile Refinery im konventionellen Betrieb gestartet, was den Beginn der Produktion von höherwertigen Fertigprodukten für das vierte Quartal 2024 markiert. Das Umstrukturierungsprojekt wurde fristgerecht und im Budgetrahmen ohne OSHA-registrierte Verletzungen abgeschlossen und wurde als Teil einer geplanten Katalysator- und Wartungsumrüstung durchgeführt.
Im konventionellen Betrieb nutzt der Hydrocracker Vakuumgasöl (VGO) als Rohstoff zur Produktion zusätzlicher Mengen höherwertiger raffinierter Produkte, einschließlich Benzin und Diesel. Die Mobile Refinery hat ihre Produktionskapazitäten für erneuerbare Kraftstoffe für zukünftige Marktnachfragen aufrechterhalten.
Benjamin P. Cowart, Präsident und CEO von Vertex Energy, betonte die betriebliche Exzellenz des Teams bei der sicheren Wiederverwendung des Vermögenswerts und gleichzeitig die Zukunftsmöglichkeiten für Erneuerbare zu bewahren. Der Fokus des Unternehmens richtet sich nun auf eine weitere Geschäftsoptimierung für nachhaltige Leistung und langfristiges Wachstum.
- Successful startup of Mobile Refinery hydrocracker in conventional service
- Project completed on time and on budget
- Zero OSHA recordable injuries during the reconversion project
- Increased production of higher-value refined products (gasoline and diesel)
- Preserved renewable fuels production capabilities for future market conditions
- None.
The hydrocracker reconversion project began following the completion of final processing of renewable feedstock inventories and was executed as part of a previously planned catalyst and maintenance turnaround. The project was completed on time and on budget with zero OSHA recordable injuries. In conventional service, the Mobile Refinery’s hydrocracker utilizes vacuum gas oil (“VGO”) as feedstock to produce additional volumes of higher-value refined products, including gasoline and diesel. In line with the previously stated plan, the
“Once again, the team has demonstrated operational excellence in safely and in successfully redeploying the asset back into conventional service, while maintaining future renewable optionality to support energy transition demand,” said Benjamin P. Cowart, President and CEO of Vertex Energy, who continued, “With this key asset shift safely executed, our focus continues on further optimization of the business in pursuit of sustained performance and longer-term growth.”
ABOUT VERTEX ENERGY
Vertex Energy is a leading energy transition company that specializes in producing high-quality refined products. The Company’s innovative solutions are designed to enhance the performance of its customers and partners while also prioritizing sustainability, safety, and operational excellence. With a commitment to providing superior products and services, Vertex Energy is dedicated to shaping the future of the energy industry.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the Company’s ability to complete the previously disclosed restructuring and its ability to continue operating in the ordinary course while certain chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) cases are pending, the Company’s ability to successfully complete a restructuring under Chapter 11, including: consummation of the restructuring; potential adverse effects of the Chapter 11 cases on the Company’s liquidity and results of operations; the Company’s ability to obtain timely approval by the bankruptcy court with respect to the motions filed in the Chapter 11 cases; objections to the Company’s recapitalization process or other pleadings filed that could protract the Chapter 11 cases; employee attrition and the Company’s ability to retain senior management and other key personnel due to distractions and uncertainties; the Company’s ability to comply with financing arrangements; the Company’s ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 cases; the effects of the Chapter 11 cases on the Company and on the interests of various constituents, including holders of the Company’s common stock, including pursuant to the current restructuring agreement, which contemplates the cancellation of all existing equity interests of the Company, including all shares of common stock, the loss of the value of Company securities in the event of the cancellation thereof in connection with the Chapter 11 cases, the bankruptcy court’s rulings in the Chapter 11 cases, including the approvals of the terms and conditions of the restructuring and the outcome of the Chapter 11 cases generally; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 cases; risks associated with third party motions in the Chapter 11 cases, which may interfere with the Company’s ability to consummate the restructuring or an alternative restructuring; increased administrative and legal costs related to the Chapter 11 process; and other litigation and inherent risks involved in a bankruptcy process; the future production of the Company’s Mobile Refinery; anticipated and unforeseen events which could reduce future production at the refinery or delay future capital projects, and changes in commodity and credit values; throughput volumes, production rates, yields, operating expenses and capital expenditures at the Mobile Refinery; the need for additional capital in the future, including, but not limited to, in order to complete capital projects and satisfy liabilities, including to pay amounts owed under the Company’s outstanding term loan, the Company’s ability to raise such capital in the future, and the terms of such funding, including dilution caused thereby; the future production of the Mobile Refinery, including but not limited to, renewable diesel and conventional production and the breakdown between the two; changes in commodity and credits values; certain early termination rights associated with third party agreements and conditions precedent to such agreements; certain mandatory redemption provisions of the outstanding senior convertible notes, the conversion rights associated therewith, and dilution caused by conversions and/or the exchanges of convertible notes, and the repayment thereof, including as a result of such convertible notes currently being in default; the Company’s ability to comply with required covenants under outstanding senior notes and a term loan and to pay amounts due under such senior notes and term loan, including interest and other amounts due thereunder, which are currently in default; the ability of the Company to retain and hire key personnel; the level of competition in the Company’s industry and its ability to compete; the Company’s ability to respond to changes in its industry; the loss of key personnel or failure to attract, integrate and retain additional personnel; the Company’s ability to obtain and retain customers; the Company’s ability to produce products at competitive rates; the Company’s ability to execute its business strategy in a very competitive environment; trends in, and the market for, the price of oil and gas and alternative energy sources; the impact of inflation and interest rates on margins and costs; the volatile nature of the prices for oil and gas caused by supply and demand, including volatility caused by the ongoing
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Vertex’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex 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. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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INVESTOR CONTACT
IR@vertexenergy.com
Source: Vertex Energy, Inc.
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