Vertex Energy Provides Operational Update for First Quarter 2024
Vertex Energy, Inc (VTNR)
Last vertex energy, inc earnings: 11/8 06:02 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today 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; andForecasted 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
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