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    Home » Vertex Energy Exceeds Q3 Forecasts with 80,000 b/d Crude Oil Processing
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    Vertex Energy Exceeds Q3 Forecasts with 80,000 b/d Crude Oil Processing

    October 13, 20232 Mins Read
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    Vertex Energy Inc., the upstart refiner based in Mobile, Alabama, announced on Friday that it successfully processed approximately 80,000 barrels per day (b/d) of crude oil and feedstock at its facility in the third quarter. The company was able to generate an impressive finished product yield of 65-67%, surpassing its previous guidance of 74,000-77,000 b/d and a yield of 59-63%.

    Strengthening Conventional Feedstock Procurement Program Drives Higher Throughput

    In a press release, Vertex attributed the higher throughput volumes to the success of its “conventional feedstock procurement program.” This optimization initiative allowed the company to streamline its operations and achieve improved efficiency in its production processes.

    Operating Expenses and Capital Expenditures Remain on Track

    Vertex expects operating expenses per barrel for the third quarter to range between $3.70 to $3.80 per barrel (bbl), which aligns with its previous expectations. The company also stated that its capital expenditures would meet its guidance of $21 million to $23 million.

    Strong Margins Recorded Across Key Finished Products

    The company revealed approximate average prices for key finished products during the quarter. These figures include a CBOB price of $108.5/bbl, a ULSD value of $124.87/bbl, a jet fuel return of $120.35/bbl, and a Louisiana Light Sweet Crude oil price of $84.88/bbl. As a result, Vertex achieved impressive gross margins ranging from $23.62/bbl for gasoline to $39.99/bbl for diesel.

    Expansion into Renewable Energy Sector

    Vertex’s Mobile facility recently converted one of its units to produce renewable diesel. During the period, this unit successfully produced approximately 5,200 b/d of renewable diesel. Although specific margins for renewable fuel were not disclosed, this expansion showcases Vertex’s commitment to sustainable energy solutions.

    Positive Market Response to Vertex’s Performance

    Vertex’s stock, traded on the NASDAQ under the symbol “VTNR,” experienced a notable increase of around 15% during early Friday trading. The company’s exceptional operational performance and ability to surpass forecasts have garnered positive attention from investors and industry observers.

    Editing by Frank Tang

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    crude oil processing margins Q3 performance Renewable Energy Vertex Energy yield
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