By March 29, 2016 Read More →

Houston-based Vertex Energy reduces debt, slows net loss in 2015 financial report

“We believe that the industry in 2016 will continue to feel the pressures that made 2015 difficult.” – Vertex CEO Cowart

Benjamin P. Cowart, Chairman and CEO

Benjamin P. Cowart, Chairman and CEO

Vertex Energy, Inc., an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced today its financial results for the three and twelve months ended Dec. 31, 2015.

“We continue to face a challenging commodity pricing market. However, we have survived the decline in crude prices from $100 per barrel to less than $30 per barrel,” said Benjamin P. Cowart, Chairman and CEO.

“Tighter spreads, caused by the substantial drop in commodity prices, had negative effects on our business, not least of which was a slowdown in our overall expansion plans.”


  • Revenue for the fourth quarter of 2015 was $20.9 million, compared to $62.6 million in the fourth quarter of 2014.
  • Gross profit for the fourth quarter was $378,136, a 108% increase from a year ago.
  • Net Loss of $3.0 million, compared to a loss of $11.5 million a year ago.
  • Per barrel margin was up 115% quarter-over-quarter.

“We have dealt with the challenges created by lower oil prices by being diligent in our business operations, reducing costs, leveraging our asset portfolio, leading the shift to a charge for oil pricing model, and exploring new markets with our flexible technologies,” said Cowart.

“In addition, I am particularly pleased about the pay-down of our debt owed to Goldman Sachs to approximately $6 million and our total long-term debt to approximately $13 million today. Also, the recent sale of the Nevada facility eliminated $1.5 million in quarterly costs, and increased our cash position to more than $10 million.”


  • For full-year 2015, revenue was $146.9 million compared to $258.9 million a year ago.
  • Gross profit for the year declined 10% to $10.7 million from $11.9 million for 2014.
  • Reduced debt owed to senior lender.

“We believe that the industry in 2016 will continue to feel the pressures that made 2015 difficult. However, we have seen so far this year significant improvements in our margins and our spreads. We believe that the business climate we operate in should be turning more positive for the whole industry in 2016,” said Cowart.

Posted in: Energy Financial

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