Vertex Energy Announces EPA Approval For Generation of D4 RINs
14 Junio 2023 - 3:30PM
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 it has received approval from the
Environmental Protection Agency ("EPA") for the generation of D4
Renewable Identification Numbers (“RINs”) credits under the federal
Renewable Fuel Standard ("RFS"), for each gallon of renewable fuel
produced at its refining facility located outside of Mobile,
Alabama (the “Mobile Refinery”). Currently, the Company's Mobile
Facility is producing approximately 5,500 barrels per day (“bpd”)
with plans to increase toward the Phase I installed capacity target
of 8,000 bpd, by the end of 2Q23, in-line with previously disclosed
targets.
"We are pleased to announce the recent completion of our D4 RIN
certification process by the EPA, as it recognizes our demonstrated
ability to meet the stringent criteria for renewable fuel
attributes," said Benjamin P. Cowart, Chairman, and Chief Executive
Officer of Vertex, who continued, "With our RINS certification in
place, we continue to further strengthen our goal of becoming a
trusted provider of high-quality renewable fuels, helping us to
drive the transition to a more sustainable energy landscape."
The Company anticipates initial commercial product sales of
renewable diesel within the second quarter of 2023.
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;
the timing for commercial product sales of renewable diesel;
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; the Company’s ability to
acquire sufficient amounts of used oil feedstock through our
collection routes, to produce finished products, and in the absence
of such internally collected feedstocks, and its ability to acquire
third-party feedstocks on commercially reasonable terms; 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
Vertex Energy (NASDAQ:VTNR)
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