Vertex Energy, Inc. (NASDAQ:VTNR) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

John Ragozzino - Investor Relations

Ben Cowart - Chairman & Chief Executive Officer

James Rhame - Chief Operating Officer

Chris Carlson - Chief Financial Officer

Doug Haugh - Chief Commercial Officer

Conference Call Participants

Donovan Schafer - Northland Capital Markets

Eric Stine - Craig Hallum

Manav Gupta - UBS

Noah Kaye - Oppenheimer

Sameer Joshi - H.C. Wainwright

Jason Gabelman - TD Cowen

Brian Butler - Stifel

Operator

Thank you for holding, and welcome everyone to the Vertex Energy, Inc. Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I'll now turn the call over to John Ragozzino, Investor Relations. Mr. Ragozzino. Please go ahead.

John Ragozzino

Thank you. Good morning and welcome to Vertex Energy's third quarter 2023 results conference call. On the call today are Chairman and CEO, Ben Cowart; Chief Financial Officer, Chris Carlson; Chief Operating Officer, James Rhame; Chief Strategy Officer, Alvaro Ruiz; and Chief Commercial Officer, Doug Haugh.

I want to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which by their nature are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs actual results may differ materially.

For a discussion of some of the risk factors that could cause actual results to differ, please refer to the Risk Factors section of Vertex Energy's latest annual and quarterly filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call today and the press release issued today.

Today's call will begin with remarks from Ben Cowart; followed by an operational review from James Rhame; financial review from Chris Carlson; and a review of our commercial strategy by Doug Haugh. At the conclusion of these prepared remarks, we will open the line for questions.

With that, I'll turn the call over to Ben.

Ben Cowart

Thank you, John and good morning to those joining us on the call today. We are pleased to report a favorable third quarter for 2023. During the quarter commodity prices increased relative to the prior quarter. Our operations team was able to capitalize on this margin opportunity by running sustained elevated throughput volumes and driving improved yields towards high-value finished products resulting in adjusted EBITDA of $51.5 million for the quarter.