EPS loss was $(0.98) compared to $(0.38) a year ago.
Loss from operations was $(33.1) million versus $(2.1) million a year ago.
Vertex's net loss increased to $(63.78) million from $(15.96) million a year ago.
Net cash used in operating activities from continuing operations year-to-date totaled $(109.56) million, compared to $(0.89) million a year ago.
Adjusted EBITDA was $71.29 million versus $4.02 million in 2Q21, and the margin contracted by 611 bps to 7.2%.
As of June 30, 2022, the company had cash and equivalents of $98 million. Vertex had total net debt outstanding of $299.0 million.
CEO Benjamin P. Cowart stated, "During a volatile period for the broader energy complex, we generated record second quarter Adjusted EBITDA of $71.3 million, supported mainly by contributions from our recently acquired Mobile refinery. Entering the third quarter, market conditions remain favorable, supported by regional supply-demand imbalances that continue to support elevated refined product margins."
3Q22 Outlook: Vertex Energy throughput of 72,000 and 74,000 barrels per day at the Mobile refinery. It sees total capital expenditures of $30 million and $35 million.
For FY22, VNTR anticipates capital expenditures of $115.0 million - $120.0 million, excluding amounts paid on acquisition.
The company said all its prior financial guidance should no longer be relied upon.
Price Action: VTNR shares are trading lower by 48% at $7.28 on the last check Tuesday.
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