VTNR - Earnings call transcript Q3 2019

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Operator

Good day ladies and gentlemen and welcome to the Vertex Energy Third Quarter 2019 Earnings Conference Call. All lines have been placed in a listen-only mode and the floor will be open for your questions and comments following the presentation. [Operator Instructions]

At this time it is my pleasure to turn the floor over to Noel Ryan. Sir, the floor is yours.

Noel Ryan

Christy. you, Thank welcome conference and Energy's quarter third Good to results call. XXXX morning, Vertex call Chairman I'm Leading Cowart; are Investor today the our Carlson; Vallum the John Relations of counsel. CFO, and COO, Strickland Ryan and Noel Advisors, company's Chris Ben CEO,

quarter press also third corporate posted available call that In issued a detailing a opened in morning this vertexenergy.com. is Relations at our before conference website release We conjunction portion the market with the this our results. we of Investors release, presentation

this will conference We the call. presentation reference throughout remainder today's

that sign Please real allowing for portion increased for alerts time up users website not recently accessibility note our provide to up sign time we this already. Relations real email updated the to you've while to if of orders. Investor to We done resources key you corporate encourage

I'd to remind forward-looking are responses company's of management's questions may commentaries which, the on uncertain by like and include you call nature, their outside statements, conference to that and today's control.

statements forward-looking management's beliefs, results are on these Although and materially. may current actual differ expectations based

cause discussion could the annual section Vertex quarterly latest of of the to to with results risk SEC. factors filings some of Energy's please that factor and a the differ, For refer actual

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

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

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

Benjamin Cowart

section quarter slide call throughout our We'll presentation. I'll conference materials on with we overview call. joining of today. six the Relations today presentation posted four morning begin of have the those to Thank of Investor that this company on third refer our website Good results through us you, Noel. to our Early

the capacity Our we collections combination our above with nameplate refinery, in results oil where Heartland from benefited operated motor performance period. together of exceptional third in a growth used strong an of quarter

collections compared approximately in period. the third party suppliers. quarter, in at Direct when feedstock collections with XX.X% represent of third of of from XX.X% feedstock refineries quarter in quarter prior-years' process the third sourced the remaining UMO being UMO the XX.X% company's versus to overall increased the third UMO XXXX, Direct the

we the and significant past capitalize During X, four sulfur to fuel Maritime invested mandate preparing the Vertex effect XXXX. that Organization's into time years, International comes have marine resources on low January

now With opportunity. the IMO away, ready now this transition our are execute just on weeks facilities to

together in spreads We versus prior-year costs distillate supported a corresponding have feedstock as levels, product increase was values decline seen with widen expected. in by

plan we begin month positioning This to sulfur fuel plant in the the start surplus quarter XXXX, third feedstock to sulfur the the sold be new X.X% can that at Baytown, into a time since mandate low for converting marine available of TCEP XXXX. market specification into our IMO Texas low first us under

close million of to the with completion Tensile XXXX. successful the of have JV test cash which receive to test, the to regards high UMO to basal progress targeted of by is pilot under With on made to sheet Subject the will our disclosed steady reach Vertex non-recourse end our agreement. previously year purity pilot terms balance Capital, $XX.X the we

net shortly thereafter. Assuming will or debt million receive from cash end year we move positive of the a a $XX.X by to net

in a to million. even additional the an Marrero $X.X to business bridge cost again, contributed Clearly, was that on opportunity variances Turning outlines basis. significant impact we Marrero from period had seven, here The adjustment while year-to-year impact year-over-year decline actual a the the $X.X on million that slide key in our the most bridge. provide an cost

resulted July due in conditions, on costs the last than to Weather levels conditions lower our referenced turnaround call planned X days by the higher expected we Hurricane at and production the resulting days in lasted Despite longer total, extended planned anticipated XXX Marrero generally the refinery. in hurricane Marrero turnaround maintenance during at favorable Barry. market facility at to than

slide business. at a of and in Heartland year. Heartland supported performance review eight, $X.X of maintenance our in possible reliable million activities a period, capacity third ahead pricing. with in completed earlier beginning to made of in refinery oil The came estimates our the our in by combination of budgeted Turning stability continued the quarter, operations EBITDA operated base by XXX% the

year, as XX% refinery to in planned. the the operating their operated we the due Currently, capacity regularly rate Marrero mid-to-high has the peak earlier operated in past XX% extended with maintenance call. a and both heartland at the whereas Marrero quarter, referenced During range third utilization in the are

to through our patented slide Thermal and operate to used Texas, have we facility where ability Baytown, or Technology and feedstock and a in the process oil Turning XX, we X Extraction high motor collect value TCEP. Process Chemical

TCEP be UMO of to to been prior few refinery. pre-treat process has Marrero During company's past at in the used feedstock a portion our years,

However, for marine we low ahead this to the XXXX the IMO restart intend given month. mandate, fields increased facility demand sulfur of

approximately During fuel third our marine XXXX. since we technology using barrels the quarter fourth TCEP XXXX, the quarter first production the expect XX,XXX to produce such of

X.X% to the will in demands, comes fuel customer surplus with cap in We once January. marine as accordance market production comes ramp sulfur available effect on into supply our

call, recent XX, January the spreads indicated the slide IMO XXXX beginning we product closer the as of at months as to to considerably deadline. Turning widened get have I in

fact in widened November X% on $XX can between has barrel to is high crude for below XX spreads in see the NYMEX low and WTF further on a you slide chart that been five spreads sulfur year WTI represented is As first the sulfur to per $X Early widen the fuel fuel not began discount barrel. average the to have XX, What slide approximately August. WTI. into

to the impact we giving spreads $XX To the us the our confidence lost historical impact end to negative into spreads and have price in fuel than come fourth business this the barrel. WTI, that past at low beginning in of represents November sulfur over XXXX more quarter, Looking recent the the outlook. a year versus the back XXXX July per between

XX Turning fourth to XXXX. several into the quarter as and slide catalysts investment see to XX, we recap, we XX, enter

First, a spreads future Vertex, term. data The we supports medium case majority opportunity structural see foremost, margin the strip product improved and results. the our the as a for of of the over future while capture widening the isn't guarantee clearly for

our Second, term with growth. related we leverage as the event for a Phase successful X has and transform closing by of both reducing tests long that Tensile the view net pilot to capitals to the business providing potential Capital liquidity completion

a particularly some from TCEP related truck growth benefits production our we we anticipate to full grow Fourth year next opportunity our resulting collections, finally, conditions. the of to fleet subject into in look as continued we see for market Third, and year.

range to the scheduled For days $X plans includes million, $X.X in at the we maintenance of million fourth in which for our quarter EBITDA of anticipate November. adjusted XXXX, seven refinery Heartland

year and XXXX, in full by $XX from collection adjusted million, of the range anticipate from $XX spreads, driven million EBITDA growth. a incremental contributions TCEP to we For contributions widening product year-over-year

step XXXX, EBITDA $X approximately forecast million generate a change we major XXXX full to Assuming million our for in in adjusted year financials. our represents the $X

achievable planned this the We including we assumptions are believe forecast have impacted baked in maintenance. in what

With of review financials. the our third Carlson turn quarter over that, a I'll call Chris for to

Christopher Carlson

us joining the welcome on today. call and Ben to Thanks, everyone

costs reporting XX% on segment decline black segments, annual volumes declined Turning related year-over-year while of declined to prices, gross to to our discussion a and maintenance plan to production oil year-over-year July. basis XX% higher our million, commodity $X.X a decreased turnaround $XX.X in in our due revenue our million, on profit to facility, the Marrero a than

within Within on million, a The gross a basis by year-over-year improved year-over-year our spreads on increased in was the segment with existing in margin coupled XXX% low to segment, declined revenue refining year-over-year a basis marketing to and to profit business. decline revenue XX% $X.X reduction due while on $XXX,XXX. business

Finally, within in revenue on million, The favorable decline gross increased our to a metals. basis due declined to recovery $XXX,XXX. $X.X year-over-year was pricing profit revenue XX% while to year-over-year on segment, less

credit capital Tensile Phase we the and net we currently end by to leverage transaction, a our basis take zero Turning to assuming our our and of under in forma other are capital On pro of to year compliance structure, debt term expect facilities. loan all with of XXXX. discussion X of completion balance a

take With that, as from I those today. will we us turn questions joining on operator the call the call to over the

Operator

Eric Thank [Operator please. from you. instructions] And take first Stine our question ahead, with Go we'll Craig-Hallum.

Eric Stine

Hi, everyone.

Benjamin Cowart

Good morning.

Christopher Carlson

Good morning.

Eric Stine

Good morning.

last puts there the goal in start collections, XX% in to ahead that driving you I were looking of mean, looks the your look there, annual filings, acquisitions wanted what it quarter. collections just of that. So some doesn't through was I like it in think some like any with well

positive a that obviously just XXXX? think thoughts into on how mean, I -- we So but should about maybe trend

Benjamin Cowart

got higher than these actually build we was Yes, fourth quarter planned. numbers, so, still we to the did growth but and our into

on I for of a were million think rate we XX and planning now I think we're million volume. XX gallons gallon right run annually,

things much So out have worked better.

as our think over driven third-party to supply past ability it costs, an been lower high the collections primarily with of alternative by fuel drove as as sulfur It I feedstock. lot our high a that's XX low expand being was cost months.

So that driver. was the big

getting as business on. got sulfur breathing all tempering gas give As high collection focus that's our years. may we But do growth so momentum. lot the we we've supply we continue tacked key with forward, a of room opportunity see we've an third-party growing go our and costs, We fuel a some coming to for that the as assimilated see far

Eric Stine

is is And your all? opportunity of this it's up and more out, of the then it does expand got sheet the I that to strategy as of and change organically? small number, -- part roll this but know know, you strengthening kind of that -- to but acquisitions, I I that mean and at something tied mean, would think, you've be or I kind kind that balance acquisition Tensile plays

Benjamin Cowart

the Yes. of the business. happen organic and in be in It's acquisition accelerate to both us help growth, Heartland coming especially where region Tensile to development will that in going

capital up business on place. making got the and have already in So platform real we won't decisions any It's just limitations there. building we've good

So in balance Gulf, our some and well, sheet that acquisition as we organic and once growing improves into in some the the rather see quickly that acquisitions, business. liquidity see back with to get opportunities both would do we

Eric Stine

reason full running it's TCEP be hear levels? up. that at four -- levels? great lastly reminder, a there a that like, running been to then pretty And mean, that because be IMO with just to if there just of on it feedstock that good. it. is seem that I availability that starting you're it years, I And XXXX, is mean, Got would Is at look maybe maybe wouldn't think pretty does what high might

Benjamin Cowart

Yes.

So have we tanks Gulf across the whole full Coast.

we want supply. as much as today, we are see inventories So available

much how a the to it's -- market feedstock, how going Now, and in a going we're supply step-by-step do is be we go to process what really put and fast not out press marine over market. we it oil we’re take believe market going and is for to supplied fuel low our as that is it sulfur own available, the in convert and to the

really see far what is just to out production We get to the prices. until moment some XXXX, at the we strike available try going as not supply we're just further at as into current -- market levels and

in, can good the the go on there XX,XXX XX,XXX, was capacity, pretty left month we well. end. running in production So, a It plant XXXX, really barrels top when the up

that available to and kind and the we the of do be plenty believe got feed of but we’re the kind room that’s our out let That’s goal. direction, got do come something and let feed wait and of just we that So in we market plant. thing will looking to its the

Eric Stine

it for includes like EBITDA -- TCEP, doesn’t is it terms of far that then, XXXX, or contribution taking the full sounds in in understood. I a from up of a a of certainly guidance that some projected measured but to you of step EBITDA TCEP, mean, And Right, kind since approach it it mean, it’s -- are I TCEP? it sounds more from that

Benjamin Cowart

Yeah, absolutely.

it high sulfur think up market the on values, the as back big relates just fuel step to straightened WTI. getting I is out

redirect the on abnormally can the other shipping fuel you able hassle this deck, As product, a ships short, XXXX calls and of XX fuel high aren’t on lot sulfur up trade slide this that where we I knows for there’s left run that use industry the IMO think the to that to markets in really on indicated to see high. world

I gotten That Chris, our All about of guess, had $XX million that’s million a $XX -- we’ve that. impact or numbers, through on right.

things going up the August on look behind can to forward it’ll bit. little then XX even see more that’s it as and are look going of so see it’s at tighten November And way at improving a to back and to us open overtime in, if you you slide strip we start up out you if

sulfur years took before place. So, $X fuel WTI, this five of history showed around high trading below

we’re high sulfur than we with but going high change, So, demand ship the historical of land there ship molecules. fuel sulfur back confident then not historically high where is the that this change sulfur And fuel these with sure for because is IMO, more feel to long-term to there’s and very levels.

So, of that’s some assumptions what going opportunity feedstock, That’s to upside. going we and forward. what seeing see really we impact in cost back get on then, lost our

Eric Stine

the All thanks details. for all right,

Benjamin Cowart

Thank you. Appreciate it.

Operator

Please question go next ahead. with our Butler Brian And comes Stifel. from

Brian Butler

for morning. taking Thanks my questions. Good

Benjamin Cowart

Brian, good Hey morning.

Brian Butler

is I up slide guidance helpful. from increase your efforts details just million to to you want so, to on some where up that to waterfall of you collection? $X growth, collection on $X already the XX or that the ramp in kind to kind is just the the XX of assuming of Let’s the that provided guys this -- another behind million up of step super there gallons big the the million the just is chart guide, guys benefiting understand you kind

Benjamin Cowart

some to growth going this obviously, us. year there’s gallons with take to that new Yes, we’re earned built-in

So these of it’s of cost a the combination gallons, lower gallons. feedstock impact

work. going got growth plenty think really that’s to But at year somewhat think moment. we’re of just with it because tempered the I have next party So we have volume how breathing modeled we the basis. I done our and we’ve we’ve done growth, our that just third room organic like on collection want for supply we’re in to to that called up, flow stretch fantastic of get And simulate one collections and our a in growth cash an mean, XX% all a on guys job year is business lot

get So, and ahead that we’re it. well we sure too to done of going we see extremely ourselves as don’t that make this is far

Brian Butler

Okay.

So, breather see gallons X understand to you’re by to be supply I taking beat would that kind X, another X this mean, to that of your to set. get if mean were you a you -- year, I incremental I million everything

Benjamin Cowart

with we I'll mean, -- of to a momentum it’s be difficult I I assumptions are and say, we're Yes, just slowdown these pretty to lot that so going comfortable got think them. yes.

Brian Butler

opportunity right. that incorrectly? to a that about I'm that's not Right. multiyear continue And thinking where you can grow

Benjamin Cowart

at third No, ramp at last plus about no, higher mean, up, capacity. I supply the refining with that two bring running down to that's two on believe, refineries -- year cost just we've got I and XX much in collect, then a come price the million historically we party or gallons we're least going our to it more TCEP of and that's than

we to the changing. the need country their that us on business, that strategy. with, don't But with work collecting we party volume and we amount the of healthy good collections depend support And is we relationships for have that supply anticipate of and around of refinery a got specifically our the plant into lot part a we've across third we

Brian Butler

trend oil about mean, of you're talking what for on the the I oil trend your motor party. are party you And in charging was of kind pay third used for a third like? oil, Okay. kind what -- where trucks? that charge Are in guys scenario for and on pricing the

Benjamin Cowart

much it's the months Yes, party remember, comes their level for people oil major thirds Two Brian, we're collect to different that for a capacity. been like their ability our a than market the little different. when of of cost high at collect party got last from third most driving you've refining in XX and is where bit sulfur fuel up, feedstock street third our

is suppliers, at of that probably collection and lot third all to pressure in has as a attractive we've that’s the zone a street to very party had we comparison feed other oil that. and part lot So, of feel the are where being to on low-teen so business. far cost stand. from our we moment, said, the up big put pressure responded our value But to in go the we We've on market pay in our cost as for a added the of like cost

Brian Butler

improving, been that's November in though And here.

think through or seen have may the there you spreads out that that You has not about when that flowed are coming down? are

Benjamin Cowart

first we're seeing third Yes, it supply. party on

works flowing obviously industry of third And it So the or the that street, how mechanics is just coming it the oil it's on and of pay way. trickles very a positive the in work, way. for pricing party sets value for -- charge used oil down through it just

high So doesn't not a we’re now line bringing and come off, was going then the used necessary which for -- go that pricing with less street motor is is street now probably of putting sulfur at it in lot pressure be where going it we see fuel reason to values the forward. could to oil is hope another it on it's least back where

Brian Butler

XXXX Is really X of built I to on kind is ramping million that that so it pretty of million I'm if is higher? going or then annual good out there's buffers TCEP, that guessing you're X how it kind million much the stretch a to gallons versus up of started X X to that's in have do into And pace much look fourth million -- the you that XX,XXX that quarter? kind at you much is when for Okay. goal up how there. of impact confidence Is know you that

Benjamin Cowart

order out put to XX,XXX based just available we're the and that it's the for. of and then on barrels the pressing in supply going is start running just market going in to the end mind not us plant that’s today, not chasing going to coming short the plant in No, we're by run year, we're month keep this and

we this and that that the it's at the managing have upside, so moment is could also and so we that Yes think a supply of costs we number be we So line all with what and said, far. on see improved buyer. supply as the to based in think much -- John

Brian Butler

right. All

You to end end XX,XXX month quarter? at of the you're of be that for producing have going or the buyer a that the

Benjamin Cowart

and so. Yes, the all going production forward

Brian Butler

get impact five the assuming discount? that historical at then be to back forward IMO is million kind is that $X million it's to spread the And of you discount? going to that Okay. Or rate X assuming X of year $XX

Benjamin Cowart

That pretty much back our our spreads in we margin But business. just of is there's for just historical looking a we're you're a see good getting picture assumes forward. But majority business. that's our think And control. getting the less back. out going and the And, good view at again, money what we the good of

Brian Butler

Right.

So that's spread. back to that $X

future the So if really $XX stay at to at than you of I the mean, the that imply, that be can strips seven nine. to look if materially discount above way That's spreads that. right

Benjamin Cowart

think Yes, a looking of it market at I -- I way that's mean today.

strips there. upside at some look the you on If there's slide XX, forward

Brian Butler

Is going importantly, in out? one to one, kind of you but the to be working And fourth we just of kind of I is just your then how flatten kind last going on capital, Okay. more going use here, think that kind maybe have when expansion guess, think or working about forward about the that should into capital you a big of quarter, XXXX?

Benjamin Cowart

put the prepare really replaced IMO mean, impact But shape. plant column, in in turnaround did on We excellent to it are Yes, turnaround at this was necessary. we're major obviously, results. very of the big some quarter had new exchangers for third the a top I our what looking July this quarter in. think in we on the We third XXXX. stuff I plants

things basis, normally do on turnaround So a we XX year XX year that stuff.

for And done confident So opportunity. in really asset that we the been it's issue. up, plants is got came all July, great that feel no prepared the running we

into -- to we want IMO. didn't just we for want we these to around get bump spread have So to opportunities better once

down this of heavy that's stuff it. a the on kind lifts was that and of we Obviously, lot of slum these done. that were So a going while just turnaround we in of had storm part middle on,

So that's behind us.

good So heavy good. the everything's same in it’s capital refineries for really the shape Heartland,

Chris,$X stock our stay into is be same million most million -- CapEx as going So $X capital look of million next -- or probably around, equipment maintenance to year, we $X around and we’ll and for rolling CapEx. the range

changed. much not So

Brian Butler

million other One last XXXX it'd add through sorry, those of investment the $XX I'm What's environment I the all could Or getting the can the kind of be reaching one targets? risk kind guess within stuff when up, think guess of control. you that slow that down? execution that on it $XX Heartland out risk there slow it than to successfully down million your would I really, but potentially or kind market that more speed that of be by

Benjamin Cowart

don't much prices of. control oil as base variable have the probably Yes, we is that

to of Our some collection is new control. collection debottleneck produce still A of get full on and we the today quite that’s potentially and add our volumes are another so the That's and facility growing, volume we're production out going And part capacity the to the that that majority lot into away. stamped the contracts own property of more strategy. around we the probably that's margin with on oil new out our unit. the -- that's go capacity synergies in build things going capacity

as us. So we a as been for a is being positive seller oil good distressed not real that feel far base of

go increasing had product of market not to really we’ve So the and the well. the is give our And to quality away. product

working everything's John? Heartland. you to see What's us that, do So mean, I slow for anything. going at

John Strickland

we’re of XXX% and nameplate. we're have with that Today, is there we we better doing the I'd I control what contracts run the production I that don't, think out market -- today have basal say it’s

CapEx with it got in in dialed last spent the year. all So we've maintenance the we

it have today. go ready to We

Benjamin Cowart

like ratchet things long some will investments that those so do term. you value know there's we to Yes, of hoops out the the going product

John Strickland

be the year plant there this collections we’ve the for we volume, the need will collection at up XX a gone of XX% compared will XX% that ago. We which year to come don't refinery think

Benjamin Cowart

of Yes, there. out a lot collection growth a lot

and So made that's time lot their decision of partner, JV obviously a tested carefully by very of come been alongside at on to it's looked view that as working and they've we've checked that spent business. a our

so And we got. what with are we comfortable pretty think we

Brian Butler

great. for you taking much very questions. right, Thank my All

Benjamin Cowart

Thank you.

Operator

And our Research. question comes with go next Bishop from Tom Please BI ahead.

Tom Bishop

Good Morning.

Benjamin Cowart

Hey, Tom. good morning,

Tom Bishop

The Hey. that was EBITDA the… at what impact million X.X relative Marrero or to was

Benjamin Cowart

was Yes, course, that some that that EBITDA a days that came -- with downtime really the had eight wasn't that's turnaround. was of the extra on business, at cost impact of the planned. And we delays then OpEx

Tom Bishop

Okay, so it's EBITDA.

Benjamin Cowart

right. That's

Tom Bishop

to ahead based million I'm improves? $XX income price the Looking on of here the in or set is we to be and times some climb once XXXX, will count turns net better hopefully are able stock I the positive be use what it going share to wondering, mechanics mean, to diluted calculation?

Christopher Carlson

should I in could preferred it million be $XX of convert, range. that right right as bit, but mean, to now, it climb $XX Bs potentially as a little million

Tom Bishop

million. $XX $XX Okay. to going around the It’s currently million What's relate to?

Christopher Carlson

I to if the starts Well, convert in near-term. some mean

Tom Bishop

I see but… you're above million saying wouldn't probably $XX get

Christopher Carlson

Potentially, yes.

Tom Bishop

is would feature that conversion there And what the trigger?

Christopher Carlson

ability to they not $X.XX, at which too from. BX but can far to Well, their have the we are convert convert the discretion,

Tom Bishop

many how is to? shares relate And that

Christopher Carlson

details get there. in in the the it's notes financials million, XX can the Approximately you in

Tom Bishop

Okay.

will go $XX that line interest just back zero go to acquisitions and right other the Now investments, will to make zero then, temporarily or as go will that and million? you to

Christopher Carlson

revolver, to inventory. zero will our anticipate maintain it for because want to we wouldn't I going

definitely have going interest we'll So forward.

it's As as [ph] that on debt. far depend the and how down, on far going how to term down goes much pay we Ancina

Tom Bishop

might Okay. Do estimate have you to? an roughly it go of what

Benjamin Cowart

for we’ll pay -- but now placeholder. as right $X that least there's million they've down asked a and a that, Well, finalize at

So you second close bank. after the gives but an idea, finalize we'll that decide with that all that the and

Tom Bishop

to of much TCEP, didn't you want. availability on conditional think as I With the supply we could get regards volume supply understand you being the as

been You've to other there? your am missing what plants, two so I able fuel

Benjamin Cowart

supply not big today We is Can on we much sure go and press over the -- market I sure. right. mean, for a say the good is not can it's We but me? how market get know supplied. you're I’d market, put that over the a and exactly hear you just the supplied

Tom Bishop

what? with Yes,

Benjamin Cowart

With used motor oil.

Tom Bishop

okay. Right,

So…

Benjamin Cowart

Right. we know how But don't much…

Tom Bishop

be would want. plant to you run as as you TCEP the much able …thinking

Benjamin Cowart

Yeah, but is Tom. today's again yes supplied over it -- much know we that don't how price,

to today based discussing that's going temper at as we're undetermined. it on out oversupply that's least volume there the production the So we're

going a lot time So production up and go markets not to the create getting a run false this of to that. before is value going used to just on take pressing of in do we a We're oil. hurry the the demand and

Tom Bishop

max a correctly? everything there Is Okay. if capacity though played out

Benjamin Cowart

That's what I at we said when the plant it barrels out capping was shut down month. XX,XXX a in XXXX to XX,XXX

Tom Bishop

looking today the that? was on put impact, is finally IMO And how versus white a ago for paper Understood. other while it that out the time based assumptions from parties XXXX the at

Benjamin Cowart

at I slide look it played on forward well. look pretty at fuel view high and the you if sulfur XX you think out

sulfur this hurt run IMO was think fuel really thing really XXXX IMO the the early only that on that year. up missed high I assumptions those us leading on into

Tom Bishop

-- should go go up that that right? That’s away, Yes should right. run

Benjamin Cowart

Yes. already away. going It's

on sulfur XX, If to already back we've a in can slide returned you fuel you discount that August look of deeper see of high WTI.

Tom Bishop

Okay. thank All right, you.

Benjamin Cowart

Thank Okay. you, Tom.

Operator

And for today. our does conclude Q&A that session

management it So turn back for I'll any closing remarks. over to

Benjamin Cowart

XX In very the December, the LD Craig product in business the the Conference Micro Select New afforded next our look widening slide months. JV have at support Hallum, for XX. ongoing appreciate Christy. many it's Thank XX at to by well. business Conference transform in York over Alpha with as together to exciting and forward this We our Vertex a meetings opportunities month at your conclusion, Tensile to turn potential investor to spreads hosting Please Okay. our time you, California and in

any please XXX-XXX-XXXX at reach or joining have interim you call. Noel Thank at him the contact questions This Advisors ir@vertexenergy.com. concludes Vallum at should for In you today. Ryan our everyone us

Operator

today's that does participation. teleconference. We appreciate And your conclude

great at and your may have lines time disconnect a You day. this

Vertex Energy (VTNRQ) 8 Nov 192019 Q3 Earnings call transcript