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March 25, 2014
09:00 EDTVTNRVertex Energy rises 12.5%
Vertex Energy is up 12.5%, or 75c, to $6.75
News For VTNR From The Last 14 Days
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December 19, 2014
12:46 EDTVTNRVertex Energy moving to service fee model for used motor oil feedstock
Vertex Energy announced a change in pricing for the sourcing of used motor oil, the primary feedstock for the company’s processing facilities. After reducing the Pay for Oil price for internally collected UMO by over 50% since September, the company will be moving to a service fee model for the collection of used motor oil and environmental services starting in 2015. The third party oil purchasing prices are currently being reset to reflect the current market conditions. CEO Benjamin Cowart said, “As a major refiner and one of the largest third party UMO buyers in North America, we are joining others in taking a leadership role in improving industry profitability. It is our belief that it is time for the collectors to start charging for their services given the current market conditions and the value the industry adds in the handling of this regulated waste stream. Moving to a charge for services model for collected UMO is a key milestone in improving the long term prospects of the industry.”

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