Vertex Energy Inc.
vertexenergy.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2024 10-Q, filed Aug 8, 2024. Its latest SEC filing is a 15-12G from Feb 3, 2025.
10-Q for Q2 FY2024, filed Aug 8, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Refines and sells transportation fuels to distributors, retailers and other end customers. Also collects used oil and supplies re-refined products to packagers, blenders and industrial buyers.
10-K for FY2023, filed Mar 7, 2024Refining and Marketing SegmentView ↗
On May 27, 2023, the Mobile Refinery began processing soybean oil into renewable diesel (“RD”). The RD facility located in Mobile, Alabama…View ↗
In addition, we aggregate a diverse mix of feedstocks petroleum distillates, transmix and other off-specification chemical products. These…View ↗
CustomersView ↗
The Black Oil segment sells used oil, VGO, base oil and other petroleum feedstocks to numerous customers in the Gulf Coast and Midwest…View ↗
How Did They Make Money?
Customers pay for refined and re-refined products when delivered and for services after completion.
10-K for FY2023, filed Mar 7, 2024
$3.2B
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10-K for FY2023, filed Mar 7, 2024
$3.2B ↗
Who Were Their Customers?
Refined products are sold directly to end customers and processing facilities or to fuel buyers that resell to retailers and end users. Black Oil products and feedstock are sold to industrial and wholesale buyers.
10-K for FY2023, filed Mar 7, 2024In addition, we aggregate a diverse mix of feedstocks petroleum distillates, transmix and other off-specification chemical products. These…View ↗
CustomersView ↗
The Black Oil segment sells used oil, VGO, base oil and other petroleum feedstocks to numerous customers in the Gulf Coast and Midwest…View ↗
Did Revenues Turn Into Profits?
No. It lost $71.5M in FY2023.
10-K for FY2023, filed Mar 7, 2024
How Were They Changing?
- Net income
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Sources
10-Q for Q2 FY2024, filed Aug 8, 2024
−$53.8MView ↗
- ▼ −34% (Loss)
- vs −$81.4M in Q2 FY2023
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Jan 22, 2025
Vertex exits Chapter 11 under new ownership
The company becomes privately held; Benjamin Cowart and Chris Carlson leave as CEO and CFO, and Mark Smith becomes CEO.
Sources
8-K, filed Jan 22, 2025
Under the terms of the chapter 11 plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas (the “Plan”), Vertex…View ↗
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Dec 27, 2024
Bankruptcy court confirms Vertex’s restructuring plan
The plan provides for cancellation of existing common stock when it takes effect.
Sources
8-K, filed Dec 27, 2024
On December 20, 2024, the Bankruptcy Court entered its Order Confirming the Second Amended Joint Chapter 11 Plan of Vertex Energy, Inc. and…View ↗
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Sep 26, 2024
Vertex agrees to a financial restructuring through Chapter 11
Sources
8-K, filed Sep 26, 2024
On September 24, 2024, Vertex Energy, Inc. (the “Company”) and certain of the Company’s subsidiaries (collectively with the Company, the…View ↗
Grew. Revenue grew 173.1x in 4 years, from $18.4M in FY2019 to $3.2B in FY2023, about 263% a year.
Added petroleum refining
The latest business description includes refining and marketing fuels at the Mobile Refinery alongside the earlier used-oil collection and re-refining operations.
10-K for FY2020, filed Mar 9, 2021Effective as of August 31, 2012, we acquired 100% of the outstanding equity interests of Vertex Acquisition Sub, LLC (“Acquisition Sub”), a…View ↗
In May, 2014, we acquired certain of the assets of Omega Refining, LLC (“Omega Refining”), Bango Refining NV, LLC (“Bango Refining”) and…View ↗
In December, 2014, we acquired substantially all of the assets of Warren Ohio Holdings Co., LLC, f/k/a Heartland Group Holdings, LLC…View ↗
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