Vertex Energy, Inc. (NASDAQ:VTNR) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET

Company Participants

Noel Ryan - Investor Relations

Ben Cowart - Chairman and CEO

Chris Carlson - Chief Financial Officer

Alvaro Ruiz - Chief Strategy Officer

James Rhame - Chief Operating Officer

Conference Call Participants

Manav Gupta - Credit Suisse

Noah Kaye - Oppenheimer

Eric Stein - Craig-Hallum

Amit Dayal - H.C. Wainwright

Michael Hoffman - Stifel

Operator

Good day, ladies and gentlemen. And welcome to the Vertex Energy Second Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode and the floor will be open questions-and-comments after the presentation.

It is now my pleasure to turn the floor over to your host, Noel Ryan.

Noel Ryan

Thank you, Ali. Good morning. And welcome to Vertex Energy’s second quarter 2022 results conference call. Leading the call today are our Chairman and CEO, Ben Cowart; CFO, Chris Carlson; Chief Strategy Officer, Alvaro Ruiz; and Chief Operating Officer, James Rhame. We issue a press release before the market opened this morning, detailing our recent operational and financial results.

I’d like 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 could differ materially. For discussion of some of the risk factors that could cause results to differ, please refer to the Risk Factor section of Vertex Energy’s latest annual and quarterly filings with the SEC.

Additionally, please note, you can find reconciliations of the historical non-GAAP financial measures discussed during our call on the press release issued today.

Today’s call will begin with remarks from Ben Cowart followed by financial review from Chris Carlson. And at the conclusion of these prepared remarks, we’ll open the line for questions.

And with that, I’ll turn the call over to Ben.

Ben Cowart

Thank you, Noel. Good morning. Welcome to today’s call. Well began to call with a high level overview of our second quarter results, which include a full quarter of contributions from the Mobile refinery, which we assumed ownership as of April 1st.

During a volatile period for the broader energy complex we generated record consolidated second quarter adjusted EBITDA of $71.3 million, supported mainly by contributions from our recently acquired Mobile refinery, which generated $63.6 million in standalone adjusted EBITDA during the period.