Vertex Energy, Inc. (NASDAQ:VTNR) Q2 2019 Earnings Conference Call Transcript

Aug 07, 2019 • 09:00 am ET


Vertex Energy, Inc. (NASDAQ:VTNR) Q2 2019 Earnings Conference Call Transcript


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Good day, ladies and gentlemen, and welcome to the Vertex Energy Second Quarter 2019 Earnings Conference Call. All lines have been placed in a listen-only mode, and there will be a question-and-answer session after the presentation. [Operator Instructions] At this time, it's my pleasure to turn the floor over to Mr. Noel Ryan. Sir, the floor is yours.

Noel Ryan

Thank you, Tom. Good morning, and welcome to Vertex Energy's Second Quarter 2019 Results Conference Call. Leading the call today are our Chairman and CEO, Ben Cowart; CFO, Chris Carlson; COO, John Strickland; and I'm Noel Ryan of Vallum Advisors, the company's Investor Relations counsel.

We issued a press release before the market opened this morning detailing our second quarter results. In conjunction with this release, we also posted a conference call presentation that is posted in the Investor Relations portion of our corporate website at We will reference this presentation throughout the remainder of today's conference call. Please note that we recently updated the Investor Relations portion of our corporate website to provide increased accessibility to key resources while allowing users to sign up for real-time e-mail alerts. We encourage you to sign up for these real-time alerts, if you've not done so already.

I would also like to remind you that management's commentary and responses to questions in today's conference call may include forward-looking statements, which by their nature are uncertain and outside 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 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 in the press release issued today. Today's call will begin with remarks from Ben Cowart, followed by a financial review from Chris Carlson. At the conclusion of these prepared remarks, we will open the line for questions. And with that, I'll turn the call over to Ben.

Benjamin P. Cowart

Thank you, Noel. Good morning, everyone, and others joining us today. This morning, we will post the -- we have posted accompanying presentation materials that I'll refer to throughout this call. We'll begin with our overview of potential capital transaction that we first announced in our press release dated July 31, 2019, followed by a review of our second quarter results.

With that, let's begin on Slide 4 of the deck. Last quarter, I provided a high-level strategic roadmap for our business, a multiyear plan designed to expand our collection operations, optimize our refining asset base, high-grade our base oil production slate and expand our production of IMO compliant marine fuels. The combination of which stand to position us for profitable growth throughout the cycle. With the Tensile transaction, we have taken a very important step towards executing on this strategy. While the Tensile transaction was more than a