Vertex Energy Provides Operational Update Regarding Mobile Refinery and Updates Prior Third Quarter Guidance

Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today provided an update to its operational and financial outlook for the Company's Mobile, Alabama Refinery.

Throughput volumes for the third quarter of 2022 are now estimated to be approximately 68,000 – 69,000 barrels per day (bpd). The reduced estimated throughput volumes for the quarter, versus the Company's previously communicated guidance, reflect management's decision to accelerate significant planned maintenance following recent and temporary crude supply issues. These supply issues resulted from third-party disruptions, impacting Vertex's supplier's ability to fulfill its contracted supply mandate for water-borne crude oil (which have since been resolved). Including the impact of these updates, operating expense per barrel for the third quarter of 2022 is estimated to be approximately $4.25 - $4.50 per barrel, capture rate on the benchmark Gulf Coast 2-1-1 crack spread is anticipated to remain at 50%-54%, and total capital expenditures are estimated to remain at $30 - $35 million, for the third quarter of 2022, as previously communicated.

Updated Projected Outlook⁽¹⁾

	Prior Outlook Range	Updated Outlook Range
	(as of 8/9/22)	(as of 9/29/22)
Mobile Refinery Throughput Volume (bpd)	72,000 - 74,000	68,000 - 69,000
Direct Operating Expense ($/barrel)	$3.50 - $3.75	$4.25 - $4.50
Capture Rate (%)*	50% - 54%	No Change
Capex ($/MM)	$30 - $35	No Change
*Capture rate relates to benchmark Gulf Coast 2-1-1 Crack Spread.
(1) See “Preliminary Results and Estimates” below.

In response to the reduced access to contracted crude supply volumes, the Company proactively accelerated and completed maintenance on one of its crude oil distillation units (CDU), as well as a catalyst change on its distillate and reformer units, a significant future planned turnaround event, typically performed every four years, which had been planned for the first quarter of 2023. The opportunistic acceleration of maintenance on the facility makes use of this unplanned period of curtailment in throughput volumes by eliminating the need for an additional future period of downtime necessary to perform such operations. This decision, along with other minor facility maintenance operations completed during the period, helps to ensure optimal facility performance and enhance yields and maximum refinery throughput capacity, ahead of the anticipated heating oil demand season, together with projected robust product economics for the fourth quarter of 2022 and first quarter 2023, based on past years demand.