Vertex Energy, Inc

Good morning. My name is Jeannie and I will be your conference operator today. I would like to welcome you to the Vertex Energy Inc. fourth quarter 2023 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the conference over to John Ragazzino. You may begin your conference.

Thank you. Good morning, and welcome to Vertex Energy's fourth quarter and full year 2023 results conference call. On the call today are Chairman and CEO Ben Cowart, Chief Financial Officer Chris Carlson, Chief Operating Officer James Rain, Chief Strategy Officer Alvaro Ruiz, and Chief Commercial Officer Doug Hawke. I want to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For discussion of some of the risk factors that could cause actual results to differ, please refer to the risk factors section of Vertex Energy's latest annual and quarterly filings with the SEC. Please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call and on the press release issued today. Today's call will begin with remarks from Ben Cower, followed by an operational review from James Rain, a financial review from Chris Carlson, and a review of our commercial strategy by Doug Hawk. At the conclusion of these prepared remarks, we'll open the line for questions. With that, I'll turn the call over to Ben.

Thank you, John, and good morning to those joining us on the call today. 2023 was a year marked by significant volatility in the refining and renewable sectors. This instability was driven by several factors, including geopolitical tensions that affected crude oil and products pricing. Additionally, shifting supply and demand balances had a profound impact on renewable credit values and lagging feedstock costs. In the midst of these fluctuations, 2023 also marked a significant shift and evolution and growth of Vertex Energy as a company. Throughout the year, our focus was on launching a renewable business and optimizing our feedstock strategy following the construction and startup of the renewable diesel unit at the Mobile refinery. In addition, we have expanded our logistics footprint in Mobile through our marine fuels and logistics operations and established our training and supply division, creating significant opportunities to vertically integrate the broader business and capture more of the value chain along the way. Since the mobile refinery purchase, we have invested roughly $260 million of new cash into the renewable diesel business to date, including fixed assets, the cash portion of working capital for inventory, and funded losses through the year-end 2023. We have grown our corporate overhead to support this growth and bring in the talent needed to drive progress towards our overall goal as a leading energy transition company. Given our accomplishments in the startup and the development of these initiatives, we believe we are well positioned to refine our strategy, concentrating now on cash management, cost reduction, and enhanced profit margins. On the call today, the team and I plan to update you on the financial and operating results for the fourth quarter and full year 2023. But I want to start by thanking my team, all the employees listening to the call today for the good work they have accomplished throughout the year. As James will note shortly, we not only got a lot done, but we did it safely, which is the most important measure of all. Before I hand the call off to James, I know many of you are eager to get an update on the ongoing process underway with Bank of America. As we've communicated, we are evaluating various alternative strategies to free up some liquidity and strengthen our current balance sheet position. We are continuing to work the process. We're encouraged by the progress made, and I hope to bring this to resolution sometime during Q2 of this year. We fully intend to update the market once we have tangible information to share. With that, I'll now hand the call over to James.