Vertex Energy Inc. (VTNR) stock prices were down by 4.30% as of the market closing on September 22nd, 2021. This brought the price per share down to USD$5.78 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 0.17%, bringing it up to USD$5.79.
Acquisition of Mobile Refinery
September 22nd, 2021 saw VTNR stock announce an update on its proposed acquisition of the Mobile Refinery. The expected acquisition of the commercial operations from Shell by Vertex is still on-schedule. The transaction is currently expected to come to a close over the course of the first quarter of fiscal 2022. Successful completion of the transaction is contingent on regulatory clearance, financing, and various other closing conditions.
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Partnership with Safety-Kleen
VTNR stock announced on September 21st, 2021 that it had received a request for additional information and documentary materials. The request is the second of its kind from the U.S Federal Trade Commission (FTC). This development is in regard to the previously announced divestiture of certain assets to Safety-Kleen Systems Inc. a definitive agreement was signed by the companies on June 29th, 2021. As per the agreement, the company would sell its portfolio of used motor oil collection and recycling assets to Safety-Kleen. The total cash consideration of the transaction is valued at USD$140 million, subject to working capital and other adjustments.
VTNR Stock’s Marrero Refinery
The company provided an update on the status of its operations at the Marrero, Louisiana refinery on September 10th, 2021. August 29th, 2021 saw a Category 4 hurricane made landfall near New Orleans, causing severe damage in the form of flooding and power outages. VTNR stock’s Marrero refinery is located roughly 10 miles south of New Orleans. The refinery was taken offline in advance of the hurricane as a standard, precautionary measure.
VTNR Stock Restarts Operations
A phased restart of operations of the Marrero refinery commenced on September 10th, 2021, as power began to be restored to the area. The refinery did not report any significant damage and is expected to return to normal production rates soon. Local refinery management is continuing to work with local authorities to ensure a safe and reliable restart of the refinery.
Future Outlook for VTNR Stock
The company reported a promising quarter, reflected by the string of promising developments. VTNR stock is keen to continue the accelerated expansion of its business model as it spearheads key markets. Current and potential investors are hopeful that management will be able to leverage the resources at its disposal. This is hoped to facilitate significant and sustained increases in shareholder value.