Vertex Energy pauses renewable diesel output to switch back to fossil fuels [Reuters]
Vertex Energy, Inc (VTNR)
Last vertex energy, inc earnings: 11/8 06:02 am
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Source: Reuters
NEW YORK, May 9 (Reuters) - U.S. refiner Vertex Energy said on Thursday it will pause renewable diesel production at its refinery in Mobile, Alabama, and convert it to produce fossil fuels instead, citing macroeconomic woes which might persist through next year. Renewable diesel can fully substitute traditional diesel, but it is much more expensive to make and therefore relies on government and subsidies. Experts say these mandates have failed to keep up with supply growth, cratering margins for those who bet on biofuels as a means to survive the transition away from fossil fuels. Vertex, which only last year converted some units of its 75,000 barrel per day refining complex to produce renewable diesel, said it will exhaust its feedstock inventory before pausing renewable diesel output. It will then convert the units back to fossil fuels output. The conversion process will likely happen by the end of this year, according to Tudor Pickering & Holt. "Due to the significant ma
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News
- Vertex Energy, Inc. (NASDAQ: VTNR) was upgraded by analysts at StockNews.com to a "sell" rating.MarketBeat
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- Vertex Energy Announces First Quarter 2024 Results and Optimization of Hydrocracking Capacity From Renewables to Conventional Production [Yahoo! Finance]Yahoo! Finance
- Vertex Energy Announces First Quarter 2024 Results and Optimization of Hydrocracking Capacity From Renewables to Conventional ProductionBusiness Wire
VTNR
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- 5/9/24 - Miss
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- 5/17/24 - Form 10-Q/A
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