Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a
leading specialty refiner and marketer of high-quality refined
products, today announced that Doug Haugh is stepping down from his
role as the Company’s Chief Commercial Officer. Mr. Haugh has
agreed to provide continued support throughout the rest of 2024, as
a Senior Corporate Advisor. The Company also announced that Joshua
Foster has been appointed as Chief Commercial Officer and that
Benjamin P. Cowart, Chief Executive Officer, will assume interim
Chief Operating Officer duties.
Mr. Cowart stated, “We are grateful for Doug’s leadership and
contribution to Vertex over the last year and half. Doug was
brought on board to launch the Company’s commercial strategy and to
build our team as we prepared to take on the trading, supply and
risk management capabilities we needed to support our business. An
essential part of that work was getting Josh Foster onboard as
Vertex’s Director of Commercial Optimization and Risk Management.
We look forward to Doug’s continued support as a senior corporate
advisor to the Company as he continues to mentor and advise our
leadership team.” Mr. Cowart continued, “I am pleased to see Josh
stepping into the role of Chief Commercial Officer and believe that
his experience in rack marketing and crude origination will drive
the success of our commercial efforts over the next several years.
His efforts this past spring to improve the value of our jet fuel
production have proven very beneficial and I look forward to
continuing to build on that success. Josh brings nearly two decades
of experience in commercial operations, most notably working with
Delta Airlines, restructuring their operations, improving netbacks,
and building a wholesale rack market for finished fuels from the
ground up.”
ABOUT VERTEX ENERGY
Vertex Energy is a leading energy transition company that
specializes in producing high-purity refined fuels and products.
The Company’s innovative solutions are designed to enhance the
performance of its 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 Company’s projected Outlook for
the third quarter of 2024, the costs associated with, and outcome
of the Company’s plans to optimize conventional fuel and renewable
diesel production moving forward; statements concerning: the
Company’s engagement of BofA Securities, Inc., as previously
disclosed; the review and evaluation of potential joint ventures,
divestitures, acquisitions, mergers, business combinations, or
other strategic transactions, the outcome of such review, and the
impact on any such transactions, or the review thereof, and their
impact on shareholder value; the process by which the Company
engages in evaluation of strategic transactions; the Company’s
ability to identify potential partners; the outcome of potential
future strategic transactions and the terms thereof; potential
restructuring of the Company, its operations, financials, debts and
assets; the future production of the Company’s Mobile Refinery;
anticipated and unforeseen events which could reduce future
production at the refinery or delay future capital projects, and
changes in commodity and credit values; throughput volumes,
production rates, yields, operating expenses and capital
expenditures at the Mobile Refinery; the ability of the Company to
obtain low carbon fuel standard (LCFS) credits, and the amounts
thereof; the need for additional capital in the future, including,
but not limited to, in order to complete capital projects and
satisfy liabilities, including to pay amounts owed under the
Company’s outstanding term loan, the Company’s ability to raise
such capital in the future, and the terms of such funding,
including dilution caused thereby, and steps the Company may be
required to take in the future if the Company is unable to raise
additional capital, including potentially seeking bankruptcy
protection; the timing of capital projects at the Company’s
refinery located in Mobile, Alabama (the “Mobile Refinery”) and the
outcome of such projects; the future production of the Mobile
Refinery, including but not limited to, renewable diesel and
conventional production and the breakdown between the two;
estimated and actual production and costs associated with the
capital projects at the Mobile Refinery; anticipated and unforeseen
events which could reduce future production at the Mobile Refinery
or delay capital projects; changes in commodity and credits values;
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 intermediation facilities, senior notes and a
term loan and to pay amounts due under such senior notes and term
loan, including interest, amortization payments, 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 and interest rates 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 and/or the Israel/Hamas conflict, changes
in interest rates and inflation, and potential recessions; 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; volatility in the market price of
compliance credits (primarily Renewable Identification Numbers
(RINs) needed to comply with the Renewable Fuel Standard (“RFS”))
under renewable and low-carbon fuel programs and emission credits
needed under other environmental emissions programs, the
requirement for the Company to purchase RINs in the secondary
market to the extent it does not generate sufficient RINs
internally, liabilities associated therewith and the timing,
funding and costs of such required purchases, if any; 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, changes 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; 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, asset sales, joint ventures 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, 2023, and the Company’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2024, 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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version on businesswire.com: https://www.businesswire.com/news/home/20240906654194/en/
INVESTOR CONTACT IR@vertexenergy.com
Vertex Energy (NASDAQ:VTNR)
過去 株価チャート
から 12 2024 まで 1 2025
Vertex Energy (NASDAQ:VTNR)
過去 株価チャート
から 1 2024 まで 1 2025
