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Vertex Energy (NASDAQ:VTNR) -19.8% to a new all-time low of $0.50 in Thursday's trading after reporting a larger than expected Q2 loss and reiterating a previous warning about its ability to continue as a going concern between now and April 1 when a term loan matures.
The company reported a Q2 loss of $53.8M on production of just 3,092 bbl/day at its Mobile, Alabama, refinery, driven by a 28% decrease in crack spreads compared to Q1.
Vertex (VTNR) said it is continuing to reconfigure a hydrocracker at the refinery to produce conventional fuel as it attempts to pivot away from renewable diesel, and estimated the work should be finished in Q3.
The company said the refinery will undergo a planned Q3 turnaround that likely will reduce throughput at the 75K bbl/day plant to 55K-60K bbl/day.
Company officials did not take questions from analysts on the earnings conference call.
