Investor Presentation May-June 2019

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plans and prospects, within the safe harbor provisions under Private Securities Litigation Reform Act of 1995. These statements involve

known and unknown risks, uncertainties and other factors which may cause the results of Vertex Energy, its divisions and concepts to be

materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in

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Form 8-Ks, available at the SEC’s website at www.sec.gov. Other unknown or unpredictable factors also could have material adverse

effects on Vertex Energy’s future results. The forward-looking statements included in this presentation are made only as of the date hereof.

Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue

reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of

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Industry Information

Information regarding market and industry statistics contained in this presentation is based on information available to us that we believe is

accurate. It is generally based on publications that are not produced for investment or economic analysis.

2

Corporate Overview Vertically-Integrated Specialty Refiner of Alternative Feedstocks

3

> TTM Collections = ~32 mm gal

> ~100 collections trucks

> Operations in 15 states

> Internal collections strategy

Collections Operations

> TTM production = 84.4 mm gal

> Marrero (LA) - Marine Fuel production

> Heartland (OH) - Base oil production

> Baytown (TX) – Houston ship channel terminal

Refining Operations

Executive Summary

> Established producer of petroleum-based specialty products from recycled used motor oils and petrochemical streams

> Own and operate one of the largest independent used motor oil collections (UMO) operations in the United States(1)

> Produce/market IMO-compliant marine fuels, Group II & III Base Oils and fuel blend stocks for industrial applications

> Proven track record of safe, reliable operations that optimize utilization at owned production facilities

> Multi-year improvement in Adj. EBITDA and Free Cash Flow resulting in reduced net leverage

> Major capital projects offer potential to increase production of high-value specialty products – IMO and high-purity base oils play

> Experienced management team w/ high insider ownership

(1) Vertex Energy owns/operates one of the largest used motor oil (UMO) collection and aggregation networks in the United States

Key Financial Metrics Trailing-Three Year Performance

4

Total Revenues ($MM) Total Gross Profit ($MM)

Adjusted EBITDA ($MM) Net Debt / TTM Adjusted EBITDA

$145.5

$180.7

$152.1

$178.7

2017 2018 TTM 1Q18 TTM 1Q19

$21.3

$29.4

$23.4

$27.6

2017 2018 TTM 1Q18 TTM 1Q19

$2.0

$8.0

$2.1

$6.5

2017 2018 TTM 1Q18 TTM 1Q19

12.5 x

2.0 x

7.7 x

2.3 x

2017 2018 TTM 1Q18 TTM 1Q19

Used Motor Oil Recycling Value Chain Direct and Third-Party UMO Collections Used As Refining Feedstock

5

UMO

GeneratorsCollectors Aggregators Processors Consumers

Oil Change

Shops, Car

Dealerships

1.3 billion

gal/yr U.S. –

fragmented

industry

Collect UMO

to self-

process or

for sale

Refined into

higher-value

finished

products

Consume

middle

distillates,

base oils

Our Strategic Focus Path Toward Profitable Growth Through The Cycle

6

> Direct collections are

significantly cost-

advantaged over

third-party purchased

collections

> By increasing direct

collections as % of

total collections, we

significantly reduce

feedstock costs

Drive Direct

Collections Growth

> Safe, reliable

operations drive

profitable growth

> Marrero and

Heartland operating

near peak utilization

> Focused on reducing

feedstock overhead

and reducing direct

OPEX per gal sold

Optimize Refining

Asset Base

> Shift from production

of commodity

intermediates toward

higher value finished

products

> Be recognized as

leading producer of

IMO compliant

marine fuel and high-

purity Group II and III

base oils

High-Grade

Production Slate

> Identify high-return

organic growth

projects within

existing asset base

> Partner with one or

more venture

investors on a project

by project basis to

support project

CAPEX

Growth CAPEX /

Private Funding

y> Generate Adj.

EBITDA growth – use

free cash flow to

maintain conservative

net leverage profile

> Continue to diversify

EBITDA across end-

markets, geographies

and customers

Profitable Growth

Through Cycle

Leader In The Used Motor Oil Collections Industry Focused On Growing Cost-Advantaged Direct Collections

7

Grew Total UMO Collections 17% TTM 1Q19Gallons In Millions

Growing Cost-Advantaged Direct Collections Direct Collections as % of Total Volumes Processed

20.3

26.2

30.6

27.2

31.8

2016 2017 2018 TTM 1Q18 TTM 1Q19

25%27%

30%28%

31%

2016 2017 2018 TTM 1Q18 TTM 1Q19

Collections Operations Overview

> 1.3 billion gallons of UMO generated annually in the U.S., of which 1.1 billion are collected for repurposing

> Collected UMO is used as feed in burners, re-refineries and as a blend stock for higher value fuels

> TTM 1Q19, we collected 31.8 million gallons of UMO, an increase of 17% y/y

> Our focus remains on growing cost advantaged direct collections – 600 basis point mix improvement since 2016

By Increasing Direct Collections, We Lower Feedstock CostsDirectly Sourced UMO Materially Less Than Third-Party Supply

8

TTM Variance In Cost Between 1 Gallon of Directly Sourced UMO vs. 1 Gallon of Third-Party Supplied UMOSignificant Potential Opportunity To Reduce Feedstock Costs

($0.45)

($0.40)

($0.35)

($0.30)

($0.25)

($0.20)

($0.15)

($0.10)

($0.05)

$0.00

TTM 4Q17 TTM 1Q18 TTM 2Q18 TTM 3Q18 TTM 4Q18 TTM 1Q19

We Own Advantaged Refining Assets In Strategic MarketsVertically Integrated Model Processes Collected UMO as Feedstock

9

> 4,800 bpd nameplate capacity

> Feedstock: UMO

> Production: Middle distillates

> Opportunity: Demand for IMO-

compliant marine fuel

Marrero RefineryMarrero, Louisiana

> 1,500 bpd nameplate capacity

> Feedstock: UMO

> Production: Group II+ base oil

> Opportunity: Global transition

to higher-purity base oils

Heartland RefineryColumbus, Ohio

> Waterfront facility w/ 100,000

barrels of storage on-site

> Refining supply / distribution

> Strategically located on the

Houston ship channel

Baytown TerminalBaytown, Texas

Refining Operations Overview

> TTM 1Q19, our refining system produced more than 84 million gallons of finished products annually (+6% y/y)

> Direct and third-party collections of UMO provide the feedstock for both Marrero and Heartland

> Marrero and Heartland operating near peak utilization given strong demand for middle distillates and Group II base oils

> Production slate includes middle distillates, base oils, asphalt, condensate and fuel oil

We Operate a Safe, Reliable Refining SystemMarrero and Heartland Refineries Approaching Full Utilization

10

50%

60%

70%

80%

90%

100%

110%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Marrero Refinery Heartland Refinery

TTM Average Utilization at Marrero is 96% of Nameplate CapacityHeartland Has Average Utilization of 100% on a TTM Basis

We Are Focused On High-Grading Our Production Slate

Multi-Year Transition From Commodity To Branded Products

11

Rea

lize

dG

ros

sM

arg

in C

ap

ture

Product Portfolio Evolution

Commodity Products Specialty Products

Vacuum

Gas Oil

IMO Marine

Fuels

High Purity

Base Oils

Niche

Lubricants

Framing The Opportunity: Low Sulfur Marine Fuel (IMO 2020) IMO 2020 Represents a Potential Catalyst for Vertex

12

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

IMO Mandated Sulfur Levels in Marine FuelSulfur Cap Transitioning From 3.5% to 0.5% by 1/1/2020

Vertex Produces IMO Compliant Marine FuelsTotal Annual Middle Distillate Production at Marrero Refinery

IMO 2020 Executive Summary

> IMO 2020 mandates a significant reduction in sulfur levels found in marine fuels by January 1, 2020

> New, low-sulfur specification marine fuel is anticipated to be in short supply once the regulation goes into effect

> Decline in HSFO demand expected to result in lower UMO prices, contributing to lower feedstock costs for Vertex

> Anticipate distillate crack spread will rise in response to shortages of IMO-compliant marine fuel to the benefit of Vertex

> We produce more than 48 million gallons of IMO compliant marine fuels each year

45.8

49.1

46.1

48.5

2017 2018 TTM 1Q18 TTM 1Q19

We Expect IMO 2020 Will Result In Lower Feedstock CostsAs HSFO Prices Decline Ahead of IMO 2020, UMO Prices Will Follow Suit

13

VTNR “Clean-Dirty” Spread Cost Inputs / Product Pricing

> We purchase UMO (e.g. feedstock) at a

discount to 3% high sulfur fuel oil (HSFO);

we price our finished product versus to

NY Harbor Ultra Low Sulfur Diesel Fuel

(ULSD)

> The “spread” between the UMO cost and

our finished product price is our gross

margin per gallon sold

> IMO 2020 is expected to reduce the value

of 3% HSFO; as 3% HSFO oil costs

decline, so will UMO (feedstock) costs

> Even as our feedstock costs decline, we

project that benchmark diesel prices for

low sulfur marine fuel will rise materially

leading up to IMO 2020

Implies Spread Between 3% HSFO and ULSD NYMEX $/bblHigher 3% HSFO Costs Temporarily Impacted Distillate Margin Capture

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

Framing The Opportunity: Transition To Group III Base Oil Transition To Higher Purity Base Oils a Potential Catalyst for Vertex

14

North American Base Oil Capacity Shift(1)

Trend Toward Higher Viscosity Base Oil Capacity

Projected U.S. Group III Base Oil Demand(2)

Millions of Gallons Per Year

Group III Base Oil Executive Summary

2%

56%

21% 21%

6%

23%

54%

17%

Re-refined Group I Group II and III Naphthenic

2008 2018

(1) Source: LNG Lubricants Industry Factbook (2018-2019)

> Multi-year global transition away from Group I base oils toward higher viscosity Group II and III Base Oils

> Higher purity Group II and III base oils provide better fuel efficiency and are more environmentally friendly

> Group II/III base oils comprise 54% of the North American Base Oil Market

> We anticipate demand for Group III base oils has begun to accelerate, taking share from Group I and II

> Currently, we produce Group II at our Heartland refinery and serve as a third-party marketer of Group III from a global producer

> We are evaluating a project that would allow us to begin producing Group III Base Oil at Heartland (OH) and Belle Chasse (LA)

77 85 93 102 113 124

136 150

165 182

200

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

(2) Source: Company Market Forecast

High-Return Capital Projects Under Review Focused on Collections Growth, Marine Fuel, Group III Base Oil Production

15

High-Return Growth Opportunities

Limited Capital Requirements Third-Party Financing Required

Collections

Growth

TCEP

(IMO Play)

Group III

Base Oil

Production

LS Fuel

Production

(IMO Play)

> Expand service

radius outside of

immediate vicinity of

refining assets

> Increase current-

customer off-take

> Grow truck fleet to

increase existing

market penetration

> Use proprietary

TCEP technology to

convert UMO into

diesel replacement

> Use TCEP product

stream to blend w/

high sulfur fuel,

thereby creating IMO

spec distillate

> Commence

production of high-

value Group III base

oils at our Belle

Chasse, LA and

Heartland, OH

facilities

> Capitalize on U.S.

Group III demand -

10% CAGR

> Begin producing low

sulfur diesel fuel from

crude oil for the marine

and residual fuel market

at our facility in

Baytown, TX w/ new

crude topping unit

> Strategically located

directly outside the

Houston Ship Channel

High Probability High Probability High Probability Low/Med Probability

Compelling Investment Thesis Favorable Market Fundamentals, Improved TTM Performance

16

> IMO 2020 transition

will reduce feedstock

costs while creating

increased demand for

IMO-compliant

marine fuels

> Multi-year transition

toward higher-

viscosity, higher-

margin Group II and

III base oils

Strong Underlying

Market Trends

> Material y/y

improvement in

Adjusted EBITDA

and Free Cash Flow

> Reduced net

leverage from 7.7x to

2.3x on a TTM basis

> Expect to refinance

existing term loan by

end of 3Q19

Improved TTM

Financial Performance

> Leading UMO

collector

consolidating

fragmented industry

> 17% y/y growth in

total collections TTM

1Q19

> Focused on growing

cost-advantaged

direct collections vs.

third-party supply

Sustained Growth In

UMO Collections

> Focused on

increasing production

of IMO-compliant

marine fuels,

increasing Group II

production and

commencing

production of Group

III

> Projects reliant on

third-party financing –

diligence ongoing

High-Return

Capital Projects

y> Led by founder/CEO

Ben Cowart

> Senior leadership

with decades of UMO

and industry-relevant

experience

> High insider

ownership aligns

management and

investor interests

Aligning Investor

Interests

#1 #2 #3 #4 #5

1Q19 Results Update

Adjusted EBITDA Bridge 1Q18 vs. 1Q19 ($MM)

18

Future Strip Implies Material Improvement In VTNR Margins UMO Costs Expected To Track Decline In High Sulfur Fuel Oil

19

Projected Futures Spread Between WTI and USGC 3% High Sulfur Fuel Oil (Proxy for UMO Feedstock) Implies $15 per barrel (or $0.36 Per Gallon) Improvement in Spread Over The Next 12 Months (as of 5.16.19)

Feedstock Costs at a Discount To

Product Benchmark – Positive Impact

to Margin Capture

Feedstock Costs at a Premium To

Product Benchmark – Negative

Impact to Margin Capture

$5.05

$3.46

$1.90

$0.11

($5.02)

($6.64)

($7.90)

($8.90) ($8.56)($9.26)

($9.76) ($10.00)

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20

Positive TTM Margin Trend In Black Oil Segment Black Oil Segment Represented 78% of Gross Profit in 1Q19

20

Black Oil SegmentPositive TTM Gross Margin Trend (%)

Refining/Marketing SegmentPositive Y/Y Gross Margin Trend

Recovery SegmentPositive Y/Y Gross Margin Trend

16%

11%

17%18%

1Q18 1Q19 TTM 1Q18 TTM 1Q19

8%

11%

7%

3%

1Q18 1Q19 TTM 1Q18 TTM 1Q19

18%19% 19%

11%

1Q18 1Q19 TTM 1Q18 TTM 1Q19

Marrero, Louisiana Refinery Update First Quarter 2019

21

Marrero OperationsKey Developments in 1Q19

Marrero Total Product Sales VolumesMillions of Gallons Sold

> Logistics and poor weather in

shipping channels led to lower

production volumes and higher

costs, given reduced operating

leverage

> Total sales volumes declined 3% y/y

in 1Q19 due to lower than planned

production levels

> Refinery currently operating near

peak utilization

14.2

16.2

13.9 13.2

13.8

1Q18 2Q18 3Q18 4Q18 1Q19

Heartland, Ohio Refinery Update First Quarter 2019

22

Heartland OperationsKey Developments in 1Q19

Heartland Total Product Sales VolumesMillions of Gallons Sold

> Operated at 98% capacity in 1Q19

vs. 89% in 1Q18 – safe, reliable

operations

> Realized product margins impacted

by soft market on base oil finished

product prices

> Seeing a recovery in base oil prices

during April and into May, which

stands to benefit product margin

capture in 2Q19

4.4 4.5

5.4

4.6

5.1

1Q18 2Q18 3Q18 4Q18 1Q19

Anticipate Q/Q Recovery In Gross Profit Per GallonProject Lower Feedstock Prices and Improved Spreads Entering 2Q19

23

Total Gross Profit Per Gallon Anticipate Increased Base Oil Prices + Operational Reliability At Refineries Are Projected To Benefit Spreads In 2Q19

$0.17

$0.13

$0.21 $0.19

$0.27

$0.23

$0.17

$0.14

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

*18% Increase in

Base Oil Prices

Effective 5/1/19

*Operating Near

Peak Capacity

Utilization

*UMO Feedstock

Tracking Decline

in 3% HSFO

Noel Ryan, IRC

VTNR@vallumadvisors.com

CONTACT