Vertex Energy Provides Operational Update Regarding Mobile Refinery and Updates Prior Third Quarter Guidance
Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today provided an update to its operational and financial outlook for the Company's Mobile, Alabama Refinery
HOUSTON--(BUSINESS WIRE)--Sep 29, 2022--
Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today provided an update to its operational and financial outlook for the Company's Mobile, Alabama Refinery.
Throughput volumes for the third quarter of 2022 are now estimated to be approximately 68,000 – 69,000 barrels per day (bpd). The reduced estimated throughput volumes for the quarter, versus the Company's previously communicated guidance, reflect management's decision to accelerate significant planned maintenance following recent and temporary crude supply issues. These supply issues resulted from third-party disruptions, impacting Vertex's supplier's ability to fulfill its contracted supply mandate for water-borne crude oil (which have since been resolved). Including the impact of these updates, operating expense per barrel for the third quarter of 2022 is estimated to be approximately $4.25 - $4.50 per barrel, capture rate on the benchmark Gulf Coast 2-1-1 crack spread is anticipated to remain at 50%-54%, and total capital expenditures are estimated to remain at $30 - $35 million, for the third quarter of 2022, as previously communicated.
Updated Projected Outlook (1)
