Vertex Energy Inc. on April 18 announced the renewable diesel production unit at its refinery in Mobile, Alabama, operated at approximately 50% of nameplate capacity during the first quarter of 2024, in line with the company’s previous forecasts.
The company reported that renewable diesel production for the first quarter is expected to average approximately 4,000 barrels per day, at the midpoint of the company’s forecasted range of 3,000 barrels per day to 5,000 barrels per day. The renewable diesel unit has a nameplate capacity of approximately 8,000 barrels per day, which equates to a first quarter capacity utilization of 50% to 52%.
The yield on renewable throughput volumes for the three-month period is expected to be between 97% and 99%, at the high end of the previously anticipated range of 96% to 98%.
Vertex in mid-2021 announced an agreement to acquire the Mobile refinery and convert a portion of it to renewable diesel production. The renewable diesel unit began operations in Spring 2023. In June 2023, Vertex announced it had completed the first series of commercial sales transactions of renewable diesel. The following month, the company announced the renewable diesel unit had achieved its phase 1 capacity target of 8,000 barrels per day.
Vertex is expected to provide additional details on renewable diesel unit operations during its first quarter earnings call, currently scheduled to be held on May 9.
