Business
Vivakor Forms Petroleum Marketing Division
DALLAS, TX / ACCESSWIRE / August 13, 2024 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), an integrated provider of energy transportation,
About this update from Vivakor, Inc.
[{"type":"text","content":"DALLAS, TX / ACCESSWIRE / August 13, 2024 / Vivakor, Inc. (NASDAQ:VIVK) (\"Vivakor\" or the \"Company\"), an integrated provider of energy transportation, storage, reuse, and remediation services, has formed a new business unit, Vivakor Supply & Trading (\"VST\"), focusing on petroleum marketing operations.Vivakor management intends that VST will bolster operations, diversify revenue streams, and manage market risk at the Company's Delhi, Louisiana and Colorado City, Texas facilities through petroleum marketing activities. In addition, VST's marketing operations will complement the activities of the Endeavor Entities upon closing of the Company's acquisition thereof, as previously announced.\"This is an opportunity to create a more diversified and profitable Company,\" said James Ballengee, Chairman, President & CEO. \"VST's marketing efforts will focus on maximizing performance of existing facilities and complementing the Company's planned mergers and acquisitions.\"Ballengee continued, \"Bolstering our footprint with VST is a natural next step in the evolution of Vivakor. Capitalizing upon available marketing opportunities and exposure compliments our existing facilities, our planned mergers and acquisitions, and gives us opportunities to capture more of the value chain and manage commodity market risk around those assets.\"About Vivakor, Inc.Vivakor, Inc. (NASDAQ:VIVK) is an integrated provider of sustainable energy transportation, storage, reuse, and remediation services. Vivakor's corporate mission is to develop, acquire, accumulate, and operate assets, properties, and technologies in the energy sector. Its Delhi, Louisiana, and Colorado City, Texas facilities provide crude oil gathering, storage, transportation, reuse, and remediation services under long-term contracts.Vivakor's oilfield waste remediation facilities, currently under construction, will facilitate the recovery, reuse, and disposal of petroleum byproducts and oilfield waste products.For more information, please visit our website: http://vivakor.comCautionary Statement Regarding Forward-Looking StatementsThis news release may contain forward-looking statements within the meaning of the \"safe harbor\" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon the current beliefs and expectations of our ma...