Vertex Energy, Inc. (NASDAQ: VTNR) (“Vertex”), a specialty refiner and marketer of high-petroleum products, announced its fourth quarter financial and end-of-year results for the period ending on December 31, 2021, as well as strategic updates for the company..
Vertex set its record for used motor oil (UMO) collection and refining assets this quarter, as well as a total gross profit of $15.5 million, which is a 201% increase from last year’s fourth quarter results. Other financial highlights for the quarter include a net loss of $5.3 million, net income of $4.6 million, and adjusted EBITDA of $9.5 million.
Strategic updates for Vertex’s fourth quarter include plans to acquire the Mobile Refinery. Leading up to this acquisition, Vertex finalized a five-year renewable diesel supply-offtake agreement with Idemitsu Apollo Renewable Corp., which will provide the company with more product marketing experience and access to more growing markets across both the U.S. and Canada.
"We currently expect to close on our acquisition of the Mobile Refinery over the coming weeks, as planned," said Vertex CEO Benjamin P. Cowart. "During the first quarter, we received a commitment letter on a $125 million term loan that has been funded into escrow and are in discussions regarding a working capital facility required to close the transaction.”
Cowart also announced plans for Vertex to begin processing renewable diesel (RD) by the end of this year, which he said makes the company “uniquely positioned to capitalize on growing demand for advanced renewable fuels, driven by carbon-reduction policies supportive of the global energy transition."
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