Benjamin Cowart, our CEO and Chairman, began working in the industry as a 16-year-old employee of his brother’s used oil collection business in Alabama. After 15 years of helping his brother build a successful business, Mr. Cowart struck out on his own by moving to Houston, TX, and forming Vertex in 2001. Vertex has experienced a number of defining events over its history as outlined below:
Vertex Energy acquires a 91,000 barrel-per-day refinery in Mobile Alabama which is strategically located on the U.S. Gulf Coast, and is capable of sourcing a flexible mix of cost-advantaged light-sweet domestic and international feedstocks. Following the transaction close, a conversion project for the production of renewable fuels began with targets for a year-end 2022 completion.
Vertex Energy enters into a purchase agreement for a 90k barrel-per-day refining facility in Mobile Alabama with plans to convert standalone refinery assets for future renewable fuels production. The same year, the company entered into a separate agreement to sell UMO Assets to a leading re-refiner of Used Motor Oil.
Vertex Energy acquires Crystal Energy, marketer of conventional land fuels. The same year, Vertex and Bunker One Enter into 10-Year Marine Fuel Joint Supply and Marketing Agreement (JSMA) for exclusive right to purchase 100% of Vertex's Marrero, Louisiana refinery's marine fuel production through December 2029.
Vertex Energy enters into a an exclusive agreement with a global organization in the supply and distribution of oil products and petrochemicals to act as exclusive agent for marketing and selling high purity Group III base oils to the United States (U.S.).
2015 Company completes lease agreement for Churchill County, NV, based re-refinery.
2014 Vertex acquires Heartland Group Holdings, LLC consisting primarily of its used oil collection operations in the Midwest and its re-refinery in Columbus, OH.
2014 Vertex acquires several key assets of Omega Holdings Company, LLC to include the Marrero, LA, based Vacuum Gas Oil re-refinery; the Belle Chase, LA, facility poised for future development; and the Golden States Lubricants blending facility in Bakersfield, CA.
2012 Vertex agrees to acquire the assets and liabilities of Vertex Holdings, L.P. and B&S Cowart Family L.P to include Cedar Marine Terminals, Crossroad Carriers, Vertex Recovery and H&H Oil. This acquisition brings the entire array of Vertex related companies under the control of Vertex Energy (Nasdaq: VTNR) and results in the publicly traded entity operating in the collection, processing, logistics and trading side of the distressed hydrocarbon business.
2009 Vertex Energy takes another step forward by becoming a publicly traded company through our merger with World Waste Technologies, Inc.
2008 Company develops its patented Thermal Chemical Extraction Process (“TCEP”) as its first move into the re-refining of UMO.
2004 Vertex launches Refining & Marketing Division to capitalize on the company’s competency in sourcing and managing distressed hydrocarbon streams.
2001 Ben Cowart relocated to Houston and launches Vertex Energy as a used motor oil (“UMO”) supplier to third parties in the Gulf Coast.