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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of Earliest Event
Reported): October 13, 2023
VERTEX ENERGY, INC.
(Exact name of registrant as specified in its charter)
Nevada |
001-11476 |
94-3439569 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
1331 Gemini Street
Suite 250
Houston, Texas |
77058 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area
code: (866) 660-8156
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock,
$0.001 Par Value Per Share |
VTNR |
The NASDAQ
Stock Market LLC
(Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial
Condition.
On October 13, 2023, Vertex Energy,
Inc. (the “Company”) issued a press release providing an operational update for the third quarter of 2023. A copy of
the press release is attached hereto as Exhibit 99.1, and is incorporated into this Item 7.01 by
reference.
The information contained
in, or incorporated into, this Item 7.01 of this Current Report, is furnished under Item 7.01 of Form
8-K and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act of 1934, as amended (the “Exchange
Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into
the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.
Forward-Looking Statements
This Current Report
on Form 8-K, including the press release furnished as Exhibit 99.1, to this
Current Report on Form 8-K, contains forward-looking statements within the meaning
of the federal securities laws, including the Private Securities Litigation Reform Act of 1995,
and, as such, may involve known and unknown risks, uncertainties and assumptions. You can identify these forward-looking statements
by words such as “may,” “should,” “expect,” “anticipate,”
“believe,” “estimate,” “intend,” “plan” and other similar
expressions. These forward-looking statements relate to the Company’s current expectations
and are subject to the limitations and qualifications set forth in the press release and presentation as well as in the Company’s
other filings with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ
materially from those projected in such forward-looking statements. These statements also involve known and unknown risks, which may cause
the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such
statements, including those referenced in the press release. Accordingly, readers should not
place undue reliance on any forward-looking statements. Forward-looking statements may include comments as to the Company’s beliefs
and expectations as to future financial performance, events and trends affecting its business and are necessarily subject to uncertainties,
many of which are outside the Company’s control. More information on potential factors that could affect the Company’s financial
results is included from time to time in the “Cautionary Statement Regarding Forward-Looking Statements,” “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC and
available at www.sec.gov and in the “Investor Relations–SEC Filings” section of the Company’s
website at www.vertexenergy.com. Forward-looking statements speak only as of the date they are made. The Company undertakes
no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
that occur after that date, except as otherwise provided by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. |
|
Description |
99.1 |
|
Press release dated October 13, 2023 |
104 |
|
Inline XBRL for the cover page of this Current Report on Form 8-K |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
VERTEX ENERGY, INC. |
|
|
Date: October 13, 2023 |
By: |
/s/ Chris Carlson |
|
|
Chris Carlson |
|
|
Chief Financial Officer |
VERTEX ENERGY, INC. 8-K
Exhibit 99.1
Vertex Energy Provides Operational Update
for Third Quarter 2023
Conventional throughput volumes expected for
the third quarter of 2023 of approximately 80,000 bpd to exceed previously forecasted 74,000-77,000 bpd range, reflecting continued focus
on enhanced conventional feedstock supply-chain flexibility and continued operational efficiency and reliability
Expected third quarter finished product
yield of 65%-67% to exceed previously forecasted range of 59%-63%, reflecting continued successful yield optimization strategy
HOUSTON, TX / BUSINESSWIRE / October 13, 2023
/ 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 financial and operational outlook for the third quarter of 2023.
Third Quarter Conventional Throughput Volumes
Expected to Exceed Prior Projections
Reported throughput volumes at the Company’s
Mobile, Alabama Refinery (the “Mobile Refinery”) for the third quarter of 2023 are expected to be approximately 80,000 barrels
per day (bpd), exceeding management’s prior expectations of 74,000 bpd to 77,000 bpd. Throughput volumes for the third quarter of
2023 reflect a continued focus on strengthening the Company’s conventional feedstock procurement program, initiated during the second
quarter in response to previously disclosed supply chain risks. Finished fuel products are expected to account for 65% to 67% of total
production volumes for the quarter, ahead of the previously forecasted range of 59%-63%, and reflecting the successful implementation
of a facility-wide yield optimization initiative introduced early in the second quarter of 2023.
Operating expenses per barrel for the third
quarter of 2023 are estimated to total between $3.70 to $3.80 per barrel, in-line with prior expectations. Capex is expected to be $21-$23
million, also in-line with prior expectations.
Key commodity averages in local markets served
by Vertex for the third quarter include CBOB gasoline of $108.50 per barrel, ultra-low sulfur diesel of $124.87 per barrel, Jet fuel of
$120.35 per barrel and Louisiana Light, Sweet Crude oil of $84.88 per barrel.
Updated 3Q 2023 Guidance Summary
|
Operating Guidance |
|
(as of 08/09/23) |
|
(as of 10/13/23) |
Operating Data |
|
|
|
|
|
|
|
Mobile Refinery Conventional Throughput Volume (Mbpd)1 |
74 - 77 |
|
~80 |
Capacity Utilization |
99% - 103% |
|
107% |
|
|
|
|
Production Yield Profile Guidance: |
|
|
|
|
|
Percentage Finished Products2 |
59% - 63% |
|
65% - 67% |
Remaining Intermediate & Other Products3 |
41% - 37% |
|
35% - 33% |
|
|
|
|
Financial Guidance: |
|
|
|
|
|
|
|
Direct Operating Expense ($/bbl) |
$3.60 - $3.80 |
|
$3.70 - $3.80 |
Capital Expenditures ($/MM) |
$20 - 25 |
|
$21 - $23 |
| 1.) | Preliminary actual throughput volume results (Mbpd = Thousand barrels per day). |
| 2.) | Finished products reflect finished motor fuels such as gasoline diesel and jet fuel |
| 3.) | Intermediate products include Vacuum gas oil (“VGO”), liquified petroleum gas (“LPGs”),
and Other |
Renewable Diesel Feedstock Supply Strategy
Update
Vertex continues to advance the assessment
and pathway approval process for its feedstock optimization strategy, which began in the second quarter of this year. The Company recently
completed its internal quality approval process for a combination of eight different feedstock blends as of September 30, 2023 and is
currently awaiting evaluation and approval by the state of California.
Production rates of renewable diesel (“RD”)
averaged approximately 5,200 bpd for the third quarter of 2023, reflecting strategic rate optimization based on pathway development and
current economic conditions.
Management Commentary
Benjamin P. Cowart, President and CEO of Vertex,
stated, “Our strong preliminary third quarter operational results reflect the impact of facility optimization initiatives. Our conventional
feedstock procurement strategy and yield optimization efforts extracted substantial value for conventional finished products while our
near-term focus on the optimization of different renewable feedstock blends is steadily progressing according to plan.”
ABOUT VERTEX ENERGY
Vertex Energy is a leading energy transition
company that specializes in producing both renewable and conventional fuels. 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 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 credits values; actual throughput volumes, production rates, yields, operating expenses and capital expenditures, for the third quarter
of 2023 and for future periods; the timing of, and outcome of, the evaluation and associated carbon intensity scoring of the Company’s
feedstock blends by officials in the state of California; the ability of the Company to obtain low carbon fuel standard (LCFS) credits,
and the amounts thereof; the need for additional capital in the future, including, but not limited to, in order to complete future capital
projects and satisfy liabilities, the Company’s ability to raise such capital in the future, and the terms of such funding; the
timing of capital projects at the Company’s refinery located in Mobile, Alabama (the “Mobile Refinery”) and the outcome
of such projects; the future production of the Mobile Refinery, including but not limited to, renewable diesel production; estimated and
actual production and costs associated with the renewable diesel capital project; estimated revenues, margins and expenses, over the course
of the agreement with Idemitsu; anticipated and unforeseen events which could reduce future production at the Mobile Refinery or delay
planned and future capital projects; 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; 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 and/or the Israel/Hamas conflict, increased interest rates, recessions and 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; volatility in the market price of compliance credits (primarily Renewable
Identification Numbers (RINs) needed to comply with the Renewable Fuel Standard (“RFS”)) under renewable and low-carbon fuel
programs and emission credits needed under other environmental emissions programs, the requirement for the Company to purchase RINs in
the secondary market to the extent it does not generate sufficient RINs internally, liabilities associated therewith and the timing, funding
and costs of such required purchases, if any; 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, changes 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, asset sales, joint ventures 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 June 30, 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.
PRELIMINARY FINANCIAL AND OPERATIONAL DATA
The financial and operational data for the
three months ended September 30, 2023, contained in this release are preliminary in nature. The Company’s management has prepared
the preliminary financial and operational data contained in this release based on the most current information available to management.
The Company’s normal closing and financial reporting processes with respect to its financial and operational data for the three
months ended September 30, 2023, have not been fully completed. This preliminary financial and operational data has been prepared by,
and is the responsibility of, the Company’s management. Neither the Company’s independent accountants, nor any other independent
accounting firm, has expressed an opinion or any other form of assurance with respect thereto. As a result, the Company’s actual
financial and operational results for the three months ended September 30, 2023, could be different from the preliminary financial and
operational data contained herein, and any differences could be material. The Company has prepared these estimates on a basis materially
consistent with its historical financial results and in good faith based upon its internal reporting as of and for the three months ended
September 30, 2023. This release is not intended to be a comprehensive statement of financial results for this period. The results of
operations for an interim period may not give a true indication of the results to be expected for a full year or any future period.
INVESTOR CONTACT
John Ragozzino Jr., CFA (ICR)
IR@vertexenergy.com
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