Vertex Energy Provides Operational Update Regarding Mobile Refinery and Updates Prior Third Quarter Guidance - Seite 2

All aforementioned third-party supply issues have since been resolved, and all maintenance was completed safely, on time, and within budget. The Company expects to return to the refinery's stated operational capacity by the first week of October.

"The unanticipated disruption to our contractually mandated supply of crude oil, while negatively affecting third quarter throughput volumes, has once again proved our team's ability to respond to adverse events in a way that maximizes operational flexibility and economic value," stated Benjamin P. Cowart, President and CEO of Vertex, who continued, "By seizing the opportunity to accelerate significant maintenance on the facility, we believe we have further improved our position to fully capitalize on the continued strength in product margins throughout the typically seasonally strong fourth quarter, as our hedge position rolls off."

No Expected Impact from Hurricane Ian

Hurricane Ian made U.S. landfall as a Category 4 hurricane on Wednesday, September 28, 2022. At this time, throughput volumes and operations at the Mobile, Alabama refinery have not been impacted by the storm, nor does management anticipate any material future direct impact associated with this storm.

ABOUT VERTEX ENERGY

Houston-based Vertex Energy, Inc. (NASDAQ: VTNR), is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of base oils to the lubricant manufacturing industry throughout North America.