News Sponsored by OroniteNews Sponsored by Zschimmer & Schwarz

Monday, May 15, 2017VOLUME 13 ISSUE 20
FREE SUBSCRIPTION!
Information on Advertising
Back to the Newsletter
News Sponsored by Chevron Base Oils
News Sponsored by Chevron Base Oils
News Sponsored by Martin Specialty Products
News Sponsored by Martin Specialty Products
Media Partner
Media Partner
Digital Book: LubriTec Synthetic Lube XRef - ED 6
Digital Book: LubriTec Synthetic Lube XRef - ED 5
Subscribe
Click Here to Subscribe, Unsubscribe or Change Your Options
Vertex Energy, Nynas Report Excellent 1Q Results

Vertex Energy

Vertex Energy announced last Wednesday that for the three months ended March 31, 2017, revenue was $34.8 million, up 146% from a year ago and gross profit was $4.1 million, a 1,806% improvement from a year ago.

The company's Black Oil division, which includes its Thermal Chemical Extraction Process (TCEP), and its Marrero and Heartland business units, is a collector, aggregator, logistics manager, and re-refiner of used motor oil, posted gross profit was $2.9 million, a 375% improvement from the same period a year ago. Revenue was $24.8 million, compared to $10.1 million a year ago.

The Refining and Marketing division, which produces three distinct products from distressed hydrocarbon streams posted gross profit of $746 thousand, a 42% improvement from the same period a year ago. Revenue of $5.4 million, compared to $2.6 million of revenue a year ago.

Vertex Recovery, which is responsible for the proper recycling management of used oil and used oil-related products posted gross profit of $388 thousand, a 28% improvement from the same period a year ago. Revenue was $4.6 million, an increase of 233% from the same period a year ago.

Benjamin P. Cowart, Chairman and CEO of Vertex Energy stated, “We are very pleased with our success in the first quarter as we increased throughput at our facilities, which drove revenues meaningfully higher during the quarter on a sequential basis. Our work towards capturing operating leverage on our assets put us on track to meet goals we set in the beginning of the year despite market setbacks in the first quarter 2017. We believe that the increase in collected volume and the improvements at our refinery are positive indicators of the progress in our business.”

Mr. Cowart added, “We remain optimistic with our business and guidance for 2017. The capital investments and improvements that were made in 2016 and continued in 2017 yielded encouraging results in the first quarter, and will have a positive impact for the year. Our volumes are in place for both refineries as we enter into the second quarter and for the rest of the year. This will allow us to maximize the fixed cost leverage on both refinery operations.”

With its headquarters in Houston, Texas, Vertex Energy's processing operations are located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH).

Nynas

Nynas reported that its first quarter operating result before depreciation (EBITDA) was SEK 151 (USD17.1) million, compared to SEK 51 million last year adjusted for a one-off discontinued tolling agreement of SEK 262 million.

"After a difficult year in 2016 the first quarter of 2017 showed the first signs of improvement. Demand was strong for both the naphthenics and bitumen business and margins for our naphthenic specialty oils improved compared to last year," commented Gert Wendroth, President and CEO of Nynas AB.

Total product sales volumes increased by 8 per cent compared to the first quarter 2016. Net sales for the first quarter reached SEK 2,570 million (compared to SEK 2,210 million), as a consequence of higher oil price levels and higher sales volumes compared to the first quarter of 2016.

Sales revenue for the naphthenics segment during Q1 2017 showed an increase compared to the same period in 2016, with margins above expectations. The overall sales volumes in the first quarter continued to follow the underlying growth trend, and were 3 per cent above the equivalent period in 2016. Sales were again constrained by available supply rather than sales opportunities.

EMEIA (Europe, Middle East, India and Africa) sales volumes were well above the same period in 2016, with Central Europe, Germany and the Middle East reaching record levels for a single quarter. Sales in the Americas were below expectations mainly due to supply constraints. Sales volumes in Q1 2017 in APAC (Asia Pacific) increased significantly compared to the same period in 2016 reaching record levels for a single quarter, with China setting a new monthly sales record in March.

First quarter 2017 external sales increased to SEK 1,846 million compared to SEK 1,568 million the previous year mainly driven by higher crude prices. Operating result before depreciation (EBITDA) increased to SEK 206 million (compared to SEK 121 million, excluding a one-off SEK 262 million tolling compensation). Margin improvement in the first quarter was mainly driven by price increases in various market segments, with some additional positive impact from a weakening Swedish currency.


[PRINTER FRIENDLY VERSION]
News Sponsored by HollyFrontier
News Sponsored by HollyFrontier
Reference Center

Global Lube Base Oil Specifications

API Group I
API Group II
API Group III
API Group IV
API Group V

Archive
May 8, 2017
May 1, 2017
April 24, 2017
April 17, 2017
April 10, 2017

MORE

Please do not reply to this message. Replies to this message are routed to an unmonitored mailbox. Please send all comments and correspondence to lubritec@aol.com.
Published by Lubrication Technologies, Inc.
Copyright © 2017 Lubrication Technologies, Inc. All rights reserved.
FORWARD TO A COLLEAGUE
Privacy Policy

Powered by IMN™