Vertex Energy renewable diesel project on track for completion by late March.
Vertex Energy (NASDAQ:VTNR) reported that Q4 throughput volumes at its Mobile refinery in Alabama totaled ~77K bbl/day, exceeding prior guidance of 73K-75K bbl/day by 4% at the midpoint, which it said reflects “continued consistent, efficient operations” at the facility.
Q4 operating expenses are estimated at $3.75-$4.00/bbl, while the targeted capture rate on the benchmark Gulf Coast 2-1-1 crack spread is expected to at 50%-54%, in line with prior forecasts.
Vertex (VTNR) said it is continuing to advance construction activities on its renewable diesel conversion project, which is designed to convert the Mobile refinery’s existing hydrocracking unit to produce renewable diesel fuel on a standalone basis.
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Upon completion, the refinery is expected to begin production of renewable diesel in Q2, with initial volumes of 8K-10K bbl/day and ramping up to ~14K bbl/day upon installation of additional required infrastructure.
The company said the project continues to progress on schedule and on budget, with $72M in total capital spending so far, or 76% of the project’s total projected budget of $90M-$100M.
Vertex Energy (VTNR) is one of several stocks that have been favored recently by short traders.
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Vertex Energy renewable diesel project on track for completion by late March, January 17, 2022
