Vertex Energy sees11% operating expense reduction in Q1

Vertex Energy provided an update to its financial and operational outlook for the first quarter of 2024. Highlights include: Anticipated conventional throughput of 64,000 barrels per day, bpd, exceeding guidance of 60,000 to 63,000 bpd due to stronger capacity utilization compared to forecast; Strong renewable throughput and utilization in line with midpoint of guidance; Projected improved average first quarter crack spreads on finished refined products of 28% compared to fourth quarter 2023; and Forecasted reductions in direct operating expense by 11% and capital expenditures by 29% compared to previous guidance midpoints. Benjamin P. Cowart, President and CEO of Vertex, stated, “We delivered or exceeded our guidance in the first quarter of 2024, coupled with improved crack spreads, lower operating expense and lower capital spending, providing Vertex with a solid foundation to begin the year. We continue to focus on margin efficiency while we look to opportunistically ramp up our production rates and better align our capacity utilization with evolving market conditions. Our priorities remain clear, increase cash flow by improving margins and reducing our costs. We are pleased with our operational performance, the improving crack spreads and our ability to reduce operating expense in the first quarter of 2024.” Updated 1Q 2024 Management Guidance