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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): January 23, 2024
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 January 23, 2024, Vertex Energy, Inc. (the “Company”) issued a press release providing, among other things, an operational update for the fourth 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 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.
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: January 23, 2024 |
By: |
/s/ Chris Carlson |
|
| |
|
Chris Carlson |
|
| |
|
Chief Financial Officer |
|
Vertex Energy, Inc. 8-K
Exhibit 99.1
Vertex Energy Provides Operational Update
for Fourth Quarter 2023
Conventional throughput
volumes anticipated at approximately 67,000 bpd, vs. previously forecasted 68,000-71,000 bpd
Expected fourth quarter
finished product yield of 65%-67%, in line with previously forecasted range of 64%-68%
Renewable throughput volumes
anticipated at approximately 3,900 bpd, at the low end of previously forecasted 4,000-6,000 bpd
Average fourth quarter crack spreads on finished refined products declined
40% vs. third quarter average levels.
HOUSTON, TX / BUSINESSWIRE / January 23, 2024
/ 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 fourth quarter of 2023, and announced
the timing of its Fourth Quarter and Full-Year 2023 Earnings Release and Conference Call.
Fourth Quarter Conventional Throughput Volumes
Slightly Below Prior Forecasts
Reported throughput volumes at the Company’s
Mobile, Alabama Refinery (the “Mobile Refinery”) for the fourth quarter of 2023 are expected to be approximately 67,000 barrels
per day (bpd), just below management’s previous guidance. The slight reduction reflects a combined impact of a strategic curtailment
in throughput in light of deteriorating market conditions during the quarter as well as the previously disclosed downtime to proactively
replace an electrical transformer.
The expected yield of finished conventional fuel products such as gasoline,
diesel, and jet fuel is expected to be between 65% and 67%, in line with the previously forecasted range of 64% to 68%. This reflects
the ongoing benefit of the yield optimization efforts introduced in the second quarter of 2023.
Operating expenses per barrel for the fourth
quarter of 2023 are expected to total between $3.75 to $3.95 per barrel, a 5.5% improvement vs. prior expectations at the mid-point. Capex
is expected to be $8 - $10 million, 48.6% below expectations at the midpoint.
Key commodity price averages in local markets served by Vertex for the
fourth quarter of 2023 include CBOB gasoline at $85.28 per barrel, ultra-low sulfur diesel at $112.38 per barrel, jet fuel at $111.18
per barrel, and Louisiana Light, Sweet Crude oil at $81.17 per barrel.
Renewable Diesel Volume Expected to be Below
Prior Outlook
Vertex’s reported renewable diesel
production for the fourth quarter 2023 is expected to be 3,900 barrels per day (bpd), just under the forecasted range of 4,000 to
6,000 bpd. The yield on renewable throughput volumes is expected to be approximately 96%, slightly below the previously anticipated
range of 97% to 98%.
Updated 4Q 2023 Guidance Summary
| Conventional
Fuels |
4Q
2023 |
| Operational: |
As
of 11/7/23 |
|
As
of 1/22/24 |
| Mobile
Refinery Conventional Throughput Volume (Mbpd) |
68
- 71 |
|
~67 |
| Capacity
Utilization |
91%
- 95% |
|
88%
- 90% |
| Production
Yield Profile: |
|
|
|
| Percentage
Finished Products1 |
64%
- 68% |
|
65%
- 67% |
| Intermediate
& Other Products2 |
36%
- 32% |
|
35%
- 33% |
| |
|
|
|
| Renewable
Fuels |
4Q
2023 |
| Operational: |
As
of 11/7/23 |
|
As
of 1/22/24 |
| Mobile
Refinery Renewable Throughput Volume (Mbpd) |
4
- 6 |
|
~4 |
| Capacity
Utilization |
50%
- 75% |
|
48%-50% |
| Production
Yield |
97%
- 98% |
|
95%-97% |
| Yield
Loss |
3%
- 2% |
|
3%-5% |
| |
|
|
|
| Consolidated |
4Q
2023 |
| Operational: |
As
of 11/7/23 |
|
As
of 1/22/24 |
| Mobile
Refinery Total Throughput Volume (Mbpd) |
72
- 77 |
|
~71 |
| Capacity
Utilization |
87%
- 93% |
|
85%
- 88% |
| |
|
|
|
| Financial
Guidance: |
|
|
|
| Direct
Operating Expense ($/bbl) |
$3.95
- $4.20 |
|
$3.75
- $3.95 |
| Capital
Expenditures ($/MM) |
$15
- $20 |
|
$8
- $10 |
| |
|
|
|
Renewable Diesel Feedstock Supply Strategy
Update
Vertex is pleased to report that the Company’s feedstock optimization
strategy is progressing as expected. As previously communicated, the Company expected to receive LCFS credits in the fourth quarter of
2023 for its renewable diesel production volumes produced in the third and fourth quarters of 2023. The initial LCFS credits reflect a
temporary carbon intensity (“CI”) score and amounted to $9.5 million in the period. Upon receiving its provisional CI score,
expected sometime in the first or second quarter of 2024, Vertex anticipates the per-barrel LCFS credits to improve materially over temporary
CI values.
Management Commentary
Benjamin P. Cowart, President and CEO of Vertex, stated, “The fourth
quarter of 2023 presented us with deteriorating crack spreads, leading us to adjust our throughput rates in line with our economic-driven
operational strategy.” Mr. Cowart continued, “Simultaneously, we opted to improve our liquidity position by further leveraging
cash invested in hard assets for the Renewable Diesel project through our existing term loan partner, achieving approximately $80 million
in liquidity as of December 31st, 2023. As we step into the first quarter of 2024, we're observing an improvement in crack spreads, combined
with increased margin efficiency, which has led us to opportunistically ramp our production rates for conventional fuels and renewable
diesel, proactively aligning increased capacity utilization with evolving market conditions.”
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 Company’s expected results of operations for the fourth quarter
of 2023; the review and evaluation of potential joint ventures, divestitures, acquisitions, mergers, business combinations, or other strategic
transactions, the outcome of such review, and the impact on any such transactions, or the review thereof, on shareholder value; the process
by which the Company engages in evaluation of strategic transactions; the Company’s ability to identify potential partners; the
outcome of potential future strategic transactions and the terms thereof; 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 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; 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 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 to 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, changes in interest rates and inflation, and potential
recessions; 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 September 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 December 31, 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 December 31, 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 December 31, 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
December 31, 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
v3.23.4
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Jan. 23, 2024 |
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- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
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dei_SolicitingMaterial |
| Namespace Prefix: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
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| Namespace Prefix: |
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