The foundation of Vertex Energy, Inc. (NASDAQ: VTNR) was laid by the employment of a 16-year-old Alabama teenager, with the result being that a multi-faceted environmental services company was eventually built upon the endeavors of that teenager. Roughly 30 years ago, Benjamin Cowart, now the CEO and chairman of Vertex, began work at his brother’s used oil collection business in Alabama. After 15 years of working, learning, and helping to build a successful business, he ventured out on his own and formed Vertex in 2001. Vertex Energy now collects and recycles used motor oil and other petroleum by-products, off-specification commercial chemicals, and multiple other industrial waste streams.
Vertex purchases used oil, industrial waste, and chemical products from a developed network of local and regional suppliers, known as street collection, and focuses resources on recycling a portion of its collected used motor oil and other petroleum products. Vertex also sells used petroleum products as feedstock to other re-refineries and fuel blenders or as replacement fuel for use in industrial burners.
The company’s Black Oil division operates across the entire used motor oil recycling spectrum. From used oil and petroleum product collection and aggregation, the company transports, stores, refines, and sells re-refined products to end users. The company’s Refining and Marketing division aggregates feedstock, re-refines it, and then sells the various products. The company’s Recovery division delivers solutions for the recovery and management of hydrocarbon streams.
Expanding feedstock, Vertex Energy has acquired several other used oil collection routes. At oil’s peak, Vertex Energy was paying local generators $1.00 per gallon for used motor oil, but, with the collapse in oil prices, Vertex was able to move from paying for used oil to charging for collection. Vertex has been challenged like others in the oil business but has targeted 2017 as the year for its collection acquisitions to play out.
Headquartered in Houston, Texas, with facilities in Louisiana and Ohio, and offices in Illinois and Georgia, Vertex Energy has come a long way from that Alabama teenager.
For more information, please visit www.VertexEnergy.com