Vertex Energy updates operational targets for Q2

Vertex Energy provided an update to its financial and operational outlook for the second quarter of 2024. Highlights include: expected reductions in direct operating expense of 7% and capital expenditures of 29%, compared to previous guidance midpoints; anticipated conventional throughput of 68,000 barrels per day, within guidance range of 68,000 to 72,000 bpd; and renewable throughput and utilization in line with prior guidance, which took into account the company’s pause and pivot strategy. Benjamin Cowart, president and CEO of Vertex, stated, “We were in line with our guidance in the second quarter of 2024, coupled with continued lower operating expense and lower capital spending. We remain focused on margin improvement, reducing our costs and operating efficiently. We continue to execute on the strategic pause of our renewable diesel business and the pivot to producing conventional fuels from our hydrocracker unit.”