Vertex Energy provides update on its Q4 financial results

Vertex Energy provided an update on its fourth quarter 2022 operating and financial results. Throughput volumes at the Company’s Mobile Refinery for the fourth quarter of 2022 came in at approximately 77 Mbpd, exceeding management’s prior forecast of 73 – 75 Mbpd, by 4% at the mid-point. The stronger throughput volumes for the quarter versus the Company’s previously communicated estimates reflect continued consistent, efficient operations at the Mobile Facility. Operating expenses per barrel for the fourth quarter of 2022 are estimated to total between $3.75 – $4.00 per barrel, while the targeted capture rate on the benchmark Gulf Coast 2-1-1 crack spread is expected to be 50%-54%, in-line with prior forecasts. Based on performance during the quarter, Vertex is updating the prior guidance provided for 4Q 2022 as follows: Mobile Refinery Throughput Volume: raised to 77 from 73-75. Capex raised to $42M from $35M-$40M.