Vertex Energy Announces First Commercial Sales of Renewable Diesel
26 Giugno 2023 - 1:00PM
Business Wire
Vertex Energy, Inc. (NASDAQ: VTNR) ("Vertex" or “the Company"),
a leading specialty refiner and marketer of high-quality refined
products, today announced that the Company has completed its first
series of commercial sales transactions of renewable diesel ("RD")
from its recently completed Renewable Diesel production facility at
its refinery located in Mobile, Alabama (the “Mobile Refinery”).
The initial sales totaled approximately 110,000 barrels of RD to
Idemitsu Apollo Renewable Corporation ("Idemitsu"), a wholly-owned
California-based subsidiary of Idemitsu Kosan, per the previously
disclosed product supply agreement announced in February 2022.
The Company also announced expected increases in RD production
volumes remain on schedule as planned, at a current rate of
approximately 7,700 barrels per day (bpd). The Company maintains
plans to continue increasing RD production levels towards its
previously stated target of approximately 8,000 bpd, by the end of
2Q23.
"We are pleased to report the initial sales of Renewable Diesel
out of our Mobile Refinery. Our team has demonstrated dedication
and excellence in getting us to this point, and this series of
transactions is a testament to their ability to execute end-to-end
on putting an entirely new, low-carbon product stream, into the
market," stated James Rhame, Chief Operations Officer of Vertex,
who continued, "Operationally, the renewable diesel plant continues
to run well, and our team continues to safely and reliably deliver
on incremental production targets as planned. We are proud of our
team, and we are honored to have Idemitsu as an offtake partner in
this process, as we work together toward a sustainable future."
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.
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 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, 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
conversions and/or the exchanges of convertible notes; 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 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 protect intellectual property and not infringe
on others’ intellectual property; the Company’s ability to scale
its business; the Company’s ability to maintain supplier
relationships and obtain adequate supplies of feedstocks; 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 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; the Company’s ability to
maintain relationships with partners; the outcome of pending and
potential future litigation, judgments and settlements; rules and
regulations making the Company’s 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 the
Company’s operations and products; disruptions in the
infrastructure that the Company and its partners rely on;
interruptions at the Company’s facilities; unexpected and expected
changes in the Company’s anticipated capital expenditures resulting
from unforeseen and expected required maintenance, repairs, or
upgrades; the Company’s ability to acquire and construct new
facilities; the Company’s ability to effectively manage 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; expected and unexpected
downtime at the Company’s facilities; the Company’s level of
indebtedness, which could affect its ability to fulfill its
obligations, impede the implementation of its strategy, and expose
the Company’s 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, the Company’s facilities and those
operated by third parties; risks relating to the Company’s hedging
activities or lack of 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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INVESTOR CONTACT John Ragozzino Jr., CFA (ICR)
IR@vertexenergy.com
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