Vivakor Inc (NASDAQ:VIVK) has reported strong second-quarter revenue driven by a significant increase in oil and natural gas liquid sales following its August 2022 acquisition of Silver Fuels Delhi, which operates in Louisiana.
For the three months ended June 30, 2023, the clean energy technology company reported revenue of $13.6 million, up from nil a year earlier.
Its net loss decreased by 62% to $1.8 million and it ended the quarter with a cash balance of $2.6 million.
For the six months to June 30, the company achieved revenue of $29.1 million, while its net loss narrowed by 20% to $4.4 million.
"Our second quarter and first half 2023 operating and financial results were in line with our internal expectations,” chairman and CEO James Ballengee said in a statement.
Ballengee also noted that the company continues to move forward with plans to further connect its Colorado City, Texas crude oil storage tank, which is currently connected to the Lotus pipeline system, to other major pipeline systems.
As previously announced, he said the relocation of the Remediation Processing Center (RPC #2) from Vernal, Utah to Kuwait is in process. The unit has been dismantled and is currently on its way to Kuwait with an expected target date in the fourth quarter of 2023.
The decision was based on successful results yielding less than 1% of total petroleum hydrocarbons in treated contaminated soil in Kuwait.
“We are optimistic our upcoming project in the Houston, Texas area will also generate incremental revenue via an RPC unit,” Ballengee added.
“We look forward to sharing our progress with existing and prospective new shareholders over the coming months."
Vivakor is a clean energy technology company focused on the oil remediation and natural resources sectors.
Contact the author at stephen.gunnion@proactiveinvestors.com