Vertex Energy, Inc. (NASDAQ:VTNR) Q4 2023 Earnings Conference Call February 28, 2024 8:30 AM ET

Company Participants

John Ragozzino - Investor Relations

Ben Cowart - Chairman and Chief Executive Officer

Chris Carlson - Chief Financial Officer

James Rhame - Chief Operating Officer

Alvaro Ruiz - Chief Strategy Officer

Doug Haugh - Chief Commercial Officer

Conference Call Participants

Donovan Schafer - Northland Capital Markets

Eric Stine - Craig-Hallum

Noah Kaye - Oppenheimer

Amit Dayal - H.C. Wainwright

Brian Butler - Stifel

Operator

Good morning. My name is Jeannie and I will be your conference operator today. I would like to welcome you to the Vertex Energy Inc. Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you. I would now like to turn the conference over to John Ragozzino. You may begin your conference.

John Ragozzino

Thank you. Good morning and welcome to Vertex Energy’s fourth quarter and full year 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 historical non-GAAP financial measures discussed during our call and on the press release issued today.

Today’s call will begin with remarks from Ben Cowart, followed by an operational review from James Rhame, a 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. 2023 was a year marked by significant volatility in the refining and renewable sectors. This instability was driven by several factors, including geopolitical tensions that affected crude oil and products pricing. Additionally, shifting supply and demand balances had a profound impact on renewable credit values and lagging feedstock costs.