Vertex Energy, Inc. (NASDAQ: VTNR) ("Vertex" or the "Company"),
a leading specialty refiner and marketer of high-quality refined
products, today announced the successful completion of the startup
procedures for its renewable diesel conversion project at its
Mobile, Alabama, refining facility. Additionally, the Company
announced that it has entered into a new working capital facility
with existing liquidity provider, Macquarie Group’s Commodities and
Global Markets business (“Macquarie”), to supply the necessary
liquidity for securing feedstock for renewable diesel
production.
Commercial Production of Renewable
Diesel Now Underway After a two-week period of downtime
related to the previously disclosed repairs on the feedstock
pumping system, repair and reinstallation operations have been
successfully completed. Startup procedures were completed last week
and the Company is pleased to report that the renewable diesel
facility has achieved initial production as of May 27, 2023.
"We are grateful for the dedication and hard work put in by our
team and contractors to successfully execute this conversion
project in a safe and timely manner," said James Rhame, Chief
Operating Officer at Vertex, who stated further, "It is a great
achievement to see our project transition from concept to
production, and we couldn't have done it without the focus and
coordination of everyone involved."
Renewable Supply and Offtake Agreement
with Macquarie Vertex also announced the entry into a
Renewable Supply and Offtake Agreement (“RSOA”) with existing
liquidity provider, Macquarie for the liquidity needs required to
acquire feedstock inventory and monetize renewable diesel and
regulatory credits for its renewable diesel facility. The new
working capital facility is similar in nature to the existing
Supply and Offtake Agreement in place with Macquarie used to
monetize Vertex's crude oil feedstock and products needs on the
conventional side of the business. The terms of the RSOA were filed
with the SEC in a Current Report on Form 8-K concurrently with this
release.
"Today, we mark a significant development milestone in our
pursuit of excellence and innovation," said Benjamin P. Cowart, CEO
at Vertex, who stated further, "Our team's exceptional achievements
have propelled us forward, and we are proud to share this momentous
occasion with our stakeholders who have stayed committed in the
journey alongside us. This not only marks a historic accomplishment
for this site and for Vertex, but for the great State of
Alabama."
Stroock & Stroock & Lavan LLP acted as legal advisor to
Vertex with respect to the transaction. The Company plans to
commence the commercial sale of renewable diesel in June 2023,
after receiving required EPA certifications for Renewable
Identification Numbers.
About Vertex Energy
Vertex Energy is a leading energy transition company that
specializes in producing both renewable and conventional fuels. Our
innovative solutions are designed to enhance the performance of our
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.
For further details, please visit www.vertexenergy.com.
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 timing for required approvals and
certifications to sell renewable diesel; the future production of
the Mobile Refinery; anticipated and unforeseen events which could
reduce future production at the refinery or delay planned capital
projects, changes in commodity and credits values, and 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
such conversions; the Company’s ability to comply with required
covenants under outstanding senior notes and a term loan and pay
amounts due under such senior notes and term loan, including
interest and other amounts due thereunder; the ability of the
Company to retain and hire key personnel; the level of competition
in our industry and our ability to compete; our ability to respond
to changes in our industry; the loss of key personnel or failure to
attract, integrate and retain additional personnel; our ability to
protect our intellectual property and not infringe on others’
intellectual property; our ability to scale our business; our
ability to maintain supplier relationships and obtain adequate
supplies of feedstocks; our ability to obtain and retain customers;
our ability to produce our products at competitive rates; our
ability to execute our 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 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 Ukraine/Russia conflict, increased interest rates,
recessions and increased inflation; our ability to maintain our
relationships with our partners; the outcome of pending and
potential future litigation, judgments and settlements; rules and
regulations making our operations more costly or restrictive;
changes in environmental and other laws and regulations and risks
associated with such laws and regulations; economic downturns both
in the United States and globally, increases in inflation and
interest rates, increased costs of borrowing associated therewith
and potential declines in the availability of such funding; risk of
increased regulation of our operations and products; disruptions in
the infrastructure that we and our partners rely on; interruptions
at our facilities; unexpected and expected changes in our
anticipated capital expenditures resulting from unforeseen and
expected required maintenance, repairs, or upgrades; our ability to
acquire and construct new facilities; our ability to effectively
manage our growth; decreases in global demand for, and the price
of, oil, due to inflation, recessions or other reasons, including
declines in economic activity or global conflicts; our ability to
acquire sufficient amounts of used oil feedstock through our
collection routes, to produce finished products, and in the absence
of such internally collected feedstocks, and our ability to acquire
third-party feedstocks on commercially reasonable terms; expected
and unexpected downtime at our facilities; our level of
indebtedness, which could affect our ability to fulfill our
obligations, impede the implementation of our strategy, and expose
us to interest rate risk; dependence on third party transportation
services and pipelines; risks related to obtaining required crude
oil supplies, and the costs of such supplies; counterparty credit
and performance risk; unanticipated problems at, or downtime
effecting, our facilities and those operated by third parties;
risks relating to our hedging activities; and risks relating to
planned and future divestitures and acquisitions.
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, 2022, and the Company’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2023 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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version on businesswire.com: https://www.businesswire.com/news/home/20230531005307/en/
INVESTOR John Ragozzino Jr., CFA (ICR) IR@vertexenergy.com
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