US Market News
1月前
CVR Energy Reports First Quarter 2026 ResultsApril 29, 2026 4:26 PM
Business Wire
For first quarter 2026, net loss attributable to CVR Energy stockholders of $192 million including $158 million in unrealized derivative losses, which losses do not include locked in value from the sale of NYMEX crack spread swaps entered into during the quarter totaling $447 million expected to be realized through 2027
Adjusted EBITDA of $37 million
Declared cash dividend of 10 cents for the first quarter 2026
CVR Partners announced a first quarter 2026 cash distribution of $4.00 per common unit
CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its first quarter 2026 results including a net loss attributable to CVR Energy stockholders of $192 million, or $1.91 per diluted share, and an adjusted loss per diluted share of $1.24, compared to net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, and an adjusted loss per diluted share of 58 cents for the first quarter of 2025. Net loss for the first quarter of 2026 was $160 million compared to net loss of $105 million for the first quarter of 2025. First quarter 2026 losses do not include locked in value from the sale of NYMEX crack spread swaps during the quarter totaling $447 million expected to be realized through 2027. Adjusted EBITDA for the first quarter of 2026 was $37 million, compared to adjusted EBITDA of $24 million for the first quarter of 2025.
“CVR Energy’s first quarter operations were solid, with crude utilization of 97 percent and ammonia plant utilization of 103 percent,” said Mark Pytosh, CVR Energy’s Chief Executive Officer. “The major geopolitical events of the past few months have created significant volatility in energy and fertilizer markets. However, as a result of our expected locked in value of $447 million from the sale of NYMEX crack spread swaps we expect to realize through 2027, among other matters, we believe our assets are well-positioned to increase in value. We are therefore pleased to announce a first quarter cash dividend of 10 cents per share and while there can be no guarantees, we are hopeful to be able to raise the dividend in the future.
“CVR Partners posted strong operating results for the first quarter of 2026, and demand was robust for the spring planting season,” Pytosh said. “In addition to the solid operating results, CVR Partners was pleased to declare a first quarter distribution of $4.00 per common unit.”
Segment Highlights
Due to the reversion of the renewable diesel unit at the Wynnewood refinery back to hydrocarbon processing and based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer meets the requirements to be disclosed as a separate reportable segment. Effective beginning with the first quarter of 2026, all prior period Renewables activity is consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation.
Below are financial and operational highlights of each of the Company’s reportable segments:
Three Months Ended
March 31,
2026
2025
Petroleum Segment
Petroleum Segment net loss (in millions)
$
(193
)
$
(160
)
Petroleum Segment EBITDA* (in millions)
(139
)
(119
)
Petroleum Segment Adjusted EBITDA* (in millions)
(50
)
(30
)
Total throughput barrels per day
214,268
120,377
Refining margin* ($ per throughput barrel)
$
0.12
$
(0.42
)
Adjusted refining margin* ($ per throughput barrel)
4.72
7.72
Direct operating expenses* ($ per throughput barrel)
6.10
8.58
Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment net income (in millions)
$
50
$
27
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA* (in millions)
78
53
Ammonia utilization rate (percent of capacity utilization)
103
%
101
%
Ammonia sales volumes (thousands of tons)
73
60
UAN sales volumes (thousands of tons)
310
336
Ammonia pricing at gate ($ per ton)
$
687
$
554
UAN pricing at gate ($ per ton)
343
256
____________________
* See “Non-GAAP Reconciliations” section below.
Corporate and Other
The Company reported an income tax benefit of $29 million, or 15.2 percent of loss before income taxes, for the three months ended March 31, 2026, compared to an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025. The change in income tax benefit was primarily due to an increase in overall pretax earnings. In addition, the change in the effective tax rate from the three months ended March 31, 2025 to the three months ended March 31, 2026 was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings.
Cash, Debt and Dividend
Consolidated cash and cash equivalents were $512 million at March 31, 2026. Consolidated total debt and finance lease obligations were $1.8 billion at March 31, 2026, including $570 million held by the Nitrogen Fertilizer Segment.
On February 12, 2026, CVR Energy completed the issuance of $600 million in aggregate principal amount of 7.500% Senior Notes due 2031 (the “2031 Notes”) and $400 million in aggregate principal amount of 7.875% Senior Notes due 2034 (the “2034 Notes”, and together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. The 2031 Notes will mature on February 15, 2031, unless earlier redeemed or purchased. The 2034 Notes will mature on February 15, 2034, unless earlier redeemed or purchased.
In February 2026, CVR Energy used the net proceeds from the Notes to redeem all of its outstanding 8.500% Senior Notes, due 2029 (the “2029 Notes”), $217 million aggregate principal amount of the outstanding 5.750% Senior Secured Notes, due 2028, and repay all of the aggregate principal balance of the senior secured term loan facility, plus accrued and unpaid interest. As a result of these transactions, the Company recognized a $32 million loss on extinguishment of debt in the first quarter of 2026, which consists of the call premium on the 2029 Notes and the write-off of unamortized deferred financing costs.
CVR Energy announced a first quarter 2026 cash dividend of 10 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on May 18, 2026, to stockholders of record as of May 11, 2026.
CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2026 cash distribution of $4.00 per common unit, which will be paid on May 18, 2026, to common unitholders of record as of May 11, 2026.
First Quarter 2026 Earnings Conference Call
CVR Energy previously announced that it will host its first quarter 2026 Earnings Conference Call on Thursday, April 30, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The first quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard (“RFS”) and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof and any potential increase to future dividends; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; the realization of value from the sale of NYMEX crack spread swaps through 2026 or 2027 or at all; increase in value of our assets; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay or increase cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; the risk that we will not old our NYMEX crack spread swaps through expiration and settlement or will otherwise fail to realize the benefits related to such arrangements; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.
Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
The following are non-GAAP measures we present for the periods ended March 31, 2026 and 2025:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.
Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.
Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
Adjusted EBITDA, Petroleum Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Factors Affecting Comparability of Our Financial Results
Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.
Petroleum Segment
Major Scheduled Turnaround Activities - Total capitalized turnaround expenditures as part of planned turnarounds were less than $1 million and $166 million during the three months ended March 31, 2026 and 2025, respectively.
CVR Energy, Inc.
(all information in this release is unaudited)
Consolidated Statement of Operations Data
Three Months Ended
March 31,
(in millions, except per share data)
2026
2025
Net sales
$
1,980
$
1,646
Operating costs and expenses:
Cost of materials and other
1,825
1,517
Direct operating expenses (exclusive of depreciation and amortization)
181
154
Depreciation and amortization
77
66
Cost of sales
2,083
1,737
Selling, general and administrative expenses (exclusive of depreciation and amortization)
39
37
Depreciation and amortization
2
2
Other operating expenses, net
1
1
Operating loss
(145
)
(131
)
Other (expense) income:
Interest expense, net
(58
)
(25
)
Other income, net
14
2
Loss before income taxes
(189
)
(154
)
Income tax benefit
(29
)
(49
)
Net loss
(160
)
(105
)
Less: Net income attributable to noncontrolling interest
32
18
Net loss attributable to CVR Energy stockholders
$
(192
)
$
(123
)
Basic and diluted loss per share
$
(1.91
)
$
(1.22
)
Adjusted loss per share *
$
(1.24
)
$
(0.58
)
EBITDA *
(52
)
(61
)
Adjusted EBITDA *
37
24
Weighted-average common shares outstanding - basic and diluted
100.5
100.5
____________________
* See “Non-GAAP Reconciliations” section below.
Selected Consolidated Balance Sheet Data
(in millions)
March 31, 2026
December 31, 2025
Cash and cash equivalents
$
512
$
511
Working capital (inclusive of cash and cash equivalents)
445
561
Total assets
3,861
3,706
Total debt and finance lease obligations, including current portion
1,784
1,765
Total liabilities
3,126
2,808
Total CVR stockholders’ equity
538
730
Selected Consolidated Cash Flow Data
Three Months Ended
March 31,
(in millions)
2026
2025
Net cash provided by (used in):
Operating activities
$
64
$
(195
)
Investing activities
(43
)
(82
)
Financing activities
(20
)
(15
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
$
1
$
(292
)
Free cash flow *
$
21
$
(285
)
____________________
* See “Non-GAAP Reconciliations” section below.
Selected Segment Data
Three Months Ended March 31,
2026
2025
(in millions)
Petroleum
Nitrogen
Fertilizer
Consolidated
Petroleum
Nitrogen
Fertilizer
Consolidated
Net sales
$
1,803
$
180
$
1,980
$
1,477
$
143
$
1,646
Operating (loss) income
(193
)
58
(145
)
(161
)
35
(131
)
Net (loss) income
(193
)
50
(160
)
(160
)
27
(105
)
EBITDA *
(139
)
78
(52
)
(119
)
53
(61
)
Capital expenditures (1)
Maintenance
$
19
$
8
$
28
$
41
$
4
$
45
Growth
10
6
16
8
2
10
Total capital expenditures
$
29
$
14
$
44
$
49
$
6
$
55
____________________
*
See “Non-GAAP Reconciliations” section below.
(1)
Capital expenditures are shown exclusive of capitalized turnaround expenditures.
March 31, 2026
December 31, 2025
(in millions)
Petroleum
Nitrogen
Fertilizer
Consolidated
Petroleum
Nitrogen
Fertilizer
Consolidated
Cash and cash equivalents (1)
$
265
$
128
$
512
$
253
$
69
$
511
Total assets
3,111
1,018
3,861
2,987
969
3,706
Total debt and finance lease obligations, including current portion (2)
40
570
1,784
195
570
1,765
____________________
(1)
Corporate cash and cash equivalents consisted of $115 million and $180 million at March 31, 2026 and December 31, 2025, respectively.
(2)
Corporate total debt and finance lease obligations, including current portion consisted of $1.2 billion and $1.0 billion at March 31, 2026 and December 31, 2025, respectively.
Petroleum Segment
Refining Throughput and Production Data by Refinery
Throughput Data
Three Months Ended
March 31,
(in bpd)
2026
2025
Coffeyville
Gathered crude
50,723
26,728
Other domestic
62,045
12,348
Canadian
17,384
640
Other feedstocks and blendstocks
11,243
6,330
Wynnewood
Gathered crude
58,154
68,572
Other domestic
11,556
573
Other feedstocks and blendstocks
3,163
5,186
Total throughput
214,268
120,377
Production Data
Three Months Ended
March 31,
(in bpd)
2026
2025
Coffeyville
Gasoline
74,789
18,940
Distillate
57,138
20,233
Other liquid products
4,439
6,324
Solids
5,981
1,321
Wynnewood
Gasoline
36,699
39,740
Distillate
30,343
24,948
Other liquid products
2,413
5,058
Solids
10
11
Total production
211,812
116,575
Crude utilization (1)
96.8
%
52.7
%
Distillate yield (as % of crude throughput) (2)
43.8
%
41.5
%
Light product yield (as % of crude throughput) (3)
99.6
%
95.4
%
Liquid volume yield (as % of total throughput) (4)
96.1
%
95.7
%
____________________
(1)
Total Gathered crude, Other domestic, and Canadian throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2)
Total Distillate divided by Total Crude Throughput.
(3)
Total Gasoline and Distillate divided by Total Crude Throughput.
(4)
Total Gasoline, Distillate, and Other liquid products divided by total throughput.
Key Market Indicators
Three Months Ended
March 31,
(dollars per barrel)
2026
2025
West Texas Intermediate (WTI) NYMEX
$
72.67
$
71.42
Crude Oil Differentials to WTI:
Brent
5.70
3.56
WCS (heavy sour)
(13.91
)
(12.45
)
Midland Cushing
1.09
1.10
NYMEX Crack Spreads:
Gasoline
22.52
16.83
Heating Oil
51.16
28.46
NYMEX 2-1-1 Crack Spread
36.84
22.64
PADD II Group 3 Product Basis:
Gasoline
(13.66
)
(2.81
)
Ultra-Low Sulfur Diesel
(16.86
)
(7.19
)
PADD II Group 3 Product Crack Spread:
Gasoline
8.86
14.02
Ultra-Low Sulfur Diesel
34.30
21.27
PADD II Group 3 2-1-1
21.58
17.65
Nitrogen Fertilizer Segment
Production Data
Three Months Ended
March 31,
2026
2025
Consolidated production volume (thousands of tons):
Ammonia (gross produced) (1)
220
216
Ammonia (net available for sale) (1)
70
64
UAN
335
348
Feedstock:
Petroleum coke used in production (thousands of tons)
138
131
Petroleum coke used in production (dollars per ton)
$
33.94
$
42.43
Natural gas used in production (thousands of MMBtus) (2)
2,115
2,159
Natural gas used in production (dollars per MMBtu) (2)
$
5.40
$
4.62
____________________
(1)
Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(2)
The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
Key Market Indicators
Three Months Ended
March 31,
2026
2025
Ammonia — Southern plains (dollars per ton)
$
729
$
562
Ammonia — Corn belt (dollars per ton)
771
618
UAN — Corn belt (dollars per ton)
410
324
Natural gas NYMEX (dollars per MMBtu)
$
4.74
$
3.87
Q2 2026 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2026. See “Forward-Looking Statements” above.
Q2 2026
Low
High
Petroleum Segment
Total throughput (bpd)
200,000
215,000
Crude utilization (1)
92
%
99
%
Direct operating expenses (in millions) (2)
$
110
$
120
Nitrogen Fertilizer Segment
Ammonia utilization rate
95
%
100
%
Direct operating expenses (in millions) (2)
$
57
$
62
Capital Expenditures (in millions) (3)
Petroleum Segment
$
35
$
40
Nitrogen Fertilizer Segment
28
32
Other
2
5
Total capital expenditures
$
65
$
77
____________________
(1)
Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2)
Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3)
Turnaround and capital expenditures are disclosed on an accrual basis.
Non-GAAP Reconciliations
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended
March 31,
(in millions)
2026
2025
Net loss
$
(160
)
$
(105
)
Interest expense, net
58
25
Income tax benefit
(29
)
(49
)
Depreciation and amortization
79
68
EBITDA
(52
)
(61
)
Adjustments:
Changes in RFS obligation, unfavorable
51
112
Unrealized loss (gain) on derivatives, net
158
(3
)
Inventory valuation impacts, favorable
(120
)
(24
)
Adjusted EBITDA
$
37
$
24
Reconciliation of Basic and Diluted Loss per Share to Adjusted Loss per Share
Three Months Ended
March 31,
2026
2025
Basic and diluted loss per share
$
(1.91
)
$
(1.22
)
Adjustments: (1)
Changes in RFS obligation, unfavorable
0.38
0.84
Unrealized loss (gain) on derivatives, net
1.19
(0.03
)
Inventory valuation impacts, favorable
(0.90
)
(0.17
)
Adjusted loss per share
$
(1.24
)
$
(0.58
)
____________________
(1)
Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.
Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow
Three Months Ended
March 31,
(in millions)
2026
2025
Net cash provided by (used in) operating activities
$
64
$
(195
)
Less:
Capital expenditures
(47
)
(51
)
Capitalized turnaround expenditures
—
(43
)
Return of equity method investment
4
4
Free cash flow
$
21
$
(285
)
Reconciliation of Petroleum Segment Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended
March 31,
(in millions)
2026
2025
Petroleum net loss
$
(193
)
$
(160
)
Interest expense, net
2
—
Depreciation and amortization
52
41
Petroleum EBITDA
(139
)
(119
)
Adjustments:
Changes in RFS obligation, unfavorable
51
112
Unrealized loss (gain) on derivatives, net
158
(3
)
Inventory valuation impacts, favorable (1)
(120
)
(20
)
Petroleum Adjusted EBITDA
$
(50
)
$
(30
)
Reconciliation of Petroleum Segment Gross Loss to Refining Margin and Adjusted Refining Margin
Three Months Ended
March 31,
(in millions)
2026
2025
Net sales
$
1,803
$
1,477
Less:
Cost of materials and other
(1,801
)
(1,482
)
Direct operating expenses (exclusive of depreciation and amortization)
(118
)
(93
)
Depreciation and amortization
(52
)
(41
)
Gross loss
(168
)
(139
)
Add:
Direct operating expenses (exclusive of depreciation and amortization)
118
93
Depreciation and amortization
52
41
Refining margin
2
(5
)
Adjustments:
Changes in RFS obligation, unfavorable
51
112
Unrealized loss (gain) on derivatives, net
158
(3
)
Inventory valuation impacts, favorable (2)
(120
)
(20
)
Adjusted refining margin
$
91
$
84
Total throughput barrels per day
214,268
120,377
Days in the period
90
90
Total throughput barrels
19,284,129
10,833,969
Refining margin per total throughput barrel
$
0.12
$
(0.42
)
Adjusted refining margin per total throughput barrel
4.72
7.72
Direct operating expenses per total throughput barrel
6.10
8.58
____________________
(1)
The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.
Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA
Three Months Ended
March 31,
(in millions)
2026
2025
Nitrogen Fertilizer net income
$
50
)
$
27
)
Interest expense, net
8
8
Depreciation and amortization
20
18
Nitrogen Fertilizer EBITDA and Adjusted EBITDA
$
78
$
53
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429461768/en/
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com
Original: CVR Energy Reports First Quarter 2026 Results
US Market News
4月前
CVR Energy Reports Fourth Quarter and Full-Year 2025 ResultsFebruary 18, 2026 4:26 PM
Business Wire
Net loss attributable to CVR Energy stockholders of $110 million for fourth quarter 2025, and net income attributable to CVR Energy stockholders of $27 million for full-year 2025
EBITDA and Adjusted EBITDA of $51 million and $91 million, respectively, for fourth quarter 2025, and $591 million and $393 million, respectively, for full-year 2025
Completed the reversion of the Renewable Diesel Unit (“RDU”) at the Wynnewood Refinery back to hydrocarbon processing service in December 2025
Prepaid $75 million in principal of the Term Loan in December 2025
CVR Partners announced a fourth quarter 2025 cash distribution of 37 cents per common unit
CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its fourth quarter 2025 results including a net loss attributable to CVR Energy stockholders of $110 million, or $1.10 per diluted share, and an adjusted loss per diluted share of 80 cents, compared to net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, and an adjusted loss of 13 cents per diluted share for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 was $116 million compared to net income of $40 million for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 included $62 million of accelerated depreciation associated with the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing. EBITDA and adjusted EBITDA for the fourth quarter of 2025 were $51 million and $91 million, respectively, compared to EBITDA and adjusted EBITDA of $122 million and $67 million, respectively, for the fourth quarter of 2024.
For full-year 2025, the Company reported net income attributable to CVR Energy stockholders of $27 million, or 27 cents per diluted share, and an adjusted loss per diluted share of $1.22, compared to net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, and an adjusted loss per diluted share of 51 cents for full-year 2024. Net income for full-year 2025 was $90 million compared to net income of $45 million for full-year 2024. Net income for full-year 2025 included $93 million of accelerated depreciation associated with the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing. EBITDA and adjusted EBITDA for full-year 2025 were $591 million and $393 million, respectively, compared to EBITDA and adjusted EBITDA of $394 million and $317 million, respectively, for full-year 2024.
“CVR Energy’s solid fourth quarter results were driven by strong throughput volumes in our refining operations, along with attractive seasonal crack spreads in the Fall,” said Mark Pytosh, CVR Energy’s Chief Executive Officer. “We remain optimistic about the intermediate term prospects for refining, with expected steady increases in global demand for refined products and fewer supply additions compared to the past few years.
“CVR Partners’ results were impacted by a 32-day planned turnaround at our Coffeyville fertilizer facility followed by subsequent downtime due to three weeks of startup issues at the third-party air separation plant. Nitrogen fertilizer market conditions continue to be supportive with tight global supply balances and continued strong demand, and pricing has remained robust so far this year.”
Segment Highlights
Below are financial and operational highlights of each of the Company’s reportable segments:
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Petroleum Segment
Petroleum Segment net (loss) income (in millions)
$
(16
)
$
35
$
207
$
70
Petroleum Segment EBITDA* (in millions)
41
72
411
223
Petroleum Segment Adjusted EBITDA* (in millions)
73
9
199
138
Total throughput barrels per day
218,013
213,703
181,988
196,278
Refining margin* ($ per throughput barrel)
$
8.35
$
8.37
$
13.64
$
9.53
Adjusted refining margin* ($ per throughput barrel)
9.92
6.45
10.45
8.67
Direct operating expenses* ($ per throughput barrel)
5.40
5.13
6.25
5.86
Renewables Segment (1)
Renewables Segment net loss (in millions)
$
(76
)
$
(3
)
$
(137
)
$
(21
)
Renewables Segment EBITDA* (in millions)
(8
)
3
(22
)
3
Renewables Segment Adjusted EBITDA* (in millions)
—
9
(8
)
10
Total vegetable oil throughput gallons per day
137,091
185,730
163,894
150,716
Renewables margin* ($ per vegetable oil throughput gallon)
$
0.25
$
0.79
$
0.40
$
0.80
Adjusted renewables margin* ($ per vegetable oil throughput gallon)
0.91
1.15
0.63
0.94
Direct operating expenses* ($ per vegetable oil throughput gallon)
0.56
0.48
0.50
0.58
Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment net (loss) income (in millions)
$
(10
)
$
18
$
99
$
61
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA* (in millions)
20
50
211
179
Ammonia utilization rate (percent of capacity utilization)
64
%
96
%
88
%
96
%
Ammonia sales (thousands of tons)
81
97
246
271
UAN sales (thousands of tons)
182
310
1,191
1,260
Ammonia pricing at gate ($ per ton)
$
626
$
475
$
582
$
479
UAN pricing at gate ($ per ton)
355
229
314
248
____________________
*
See “Non-GAAP Reconciliations” section below.
(1)
In December 2025, the Company reverted the RDU at the Wynnewood Refinery back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business.
Corporate and Other
The Company reported income tax benefit of $10 million, or (12.5) percent of income before income taxes, for the year ended December 31, 2025, compared to income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024. The decrease in income tax benefit was due primarily to an increase in overall pretax earnings for full-year 2025, compared to full-year 2024. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for full-year 2025, compared to full-year 2024.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $511 million at December 31, 2025. Consolidated total debt and finance lease obligations was $1.8 billion at December 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.
CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2025 cash distribution of $0.37 per common unit, which will be paid on March 9, 2026, to common unitholders of record as of March 2, 2026.
Fourth Quarter 2025 Earnings Conference Call
CVR Energy previously announced that it will host its fourth quarter and full-year 2025 Earnings Conference Call on Thursday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The fourth quarter and full-year 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard (“RFS”) and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners, LP.
Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.
The following are non-GAAP measures we present for the three and twelve months ended December 31, 2025 and 2024:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.
Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.
Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
Renewables Margin - The difference between our Renewables Segment net sales and cost of materials and other.
Adjusted Renewables Margin - Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon - Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.
Direct Operating Expenses per Vegetable Oil Throughput Gallon - Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.
Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Factors Affecting Comparability of Our Financial Results
Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.
Petroleum Segment
Major Scheduled Turnaround Activities - The Petroleum Segment had total capitalized expenditures of $1 million and $13 million during the three months ended December 31, 2025 and 2024 and $190 million and $58 million during the twelve months ended December 31, 2025 and 2024, respectively. The next planned turnaround is currently scheduled to take place during 2027 at the Wynnewood Refinery.
Renewable Fuel Standard - Based on the U.S. Environmental Protection Agency decision document to the Company’s subsidiary, Wynnewood Refining Company, LLC’s (“WRC”), affirming the validity of its previous grant of WRC’s petitions for small refinery hardship relief under the RFS for WRC’s 2017 and 2018 compliance periods and granting 100 percent waivers for WRC’s 2019 and 2021 compliance periods and granting 50 percent waivers for its 2020, 2022, 2023 and 2024 compliance periods (the “August 2025 SRE Decision”), WRC obligations for the 2020 through 2024 compliance periods were reduced by more than 424 million RINs, resulting in an RVO adjustment and a gain of $488 million to reflect the small refinery hardship relief waivers.
Renewables Segment
The remaining useful lives of certain assets within the Renewables Segment were adjusted as a result of changes in their expected utilization beginning in September 2025, which resulted in additional depreciation expense of $62 million and $93 million during the three and twelve months ended December 31, 2025.
Nitrogen Fertilizer Segment
Major Scheduled Turnaround Activities - We incurred turnaround expenses of $14 million and less than $1 million during the three months ended December 31, 2025 and 2024, respectively, and $17 million and less than $1 million during the twelve months ended December 31, 2025, and 2024, respectively. The next planned turnaround is currently scheduled to commence in August 2026 at the East Dubuque Fertilizer Facility.
CVR Energy, Inc.
(unaudited)
Consolidated Statement of Operations Data
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except per share data)
2025
2024
2025
2024
Net sales
$
1,810
$
1,947
$
7,162
$
7,610
Operating costs and expenses:
Cost of materials and other
1,527
1,653
5,722
6,448
Direct operating expenses (exclusive of depreciation and amortization)
197
165
700
667
Depreciation and amortization
143
72
394
290
Cost of sales
1,867
1,890
6,816
7,405
Selling, general and administrative expenses (exclusive of depreciation and amortization)
33
35
148
139
Depreciation and amortization
2
2
9
8
Other operating expenses (income), net
3
(1
)
7
—
Operating (loss) income
(95
)
21
182
58
Other income (expense):
Interest expense, net
(29
)
(20
)
(108
)
(77
)
Other income, net
1
27
6
38
Income (loss) before income taxes
(123
)
28
80
19
Income tax benefit
(7
)
(12
)
(10
)
(26
)
Net (loss) income
(116
)
40
90
45
Less: Net (loss) income attributable to noncontrolling interest
(6
)
12
63
38
Net (loss) income attributable to CVR Energy stockholders
$
(110
)
$
28
$
27
$
7
Basic and diluted (loss) earnings per share
$
(1.10
)
$
0.28
$
0.27
$
0.06
Dividends declared per share
$
—
$
—
$
—
$
1.50
Adjusted loss per share*
$
(0.80
)
$
(0.13
)
$
(1.22
)
$
(0.51
)
EBITDA*
$
51
$
122
$
591
$
394
Adjusted EBITDA*
$
91
$
67
$
393
$
317
Weighted-average common shares outstanding - basic and diluted
100.5
100.5
100.5
100.5
____________________
*
See “Non-GAAP Reconciliations” section below.
Selected Consolidated Balance Sheet Data
(in millions)
December 31,
2025
December 31,
2024
Cash and cash equivalents
$
511
$
987
Working capital (inclusive of cash and cash equivalents)
561
726
Total assets
3,706
4,263
Total debt and finance lease obligations, including current portion
1,765
1,919
Total liabilities
2,808
3,375
Total CVR stockholders’ equity
730
703
Selected Consolidated Cash Flow Data
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2025
2024
2025
2024
Net cash flows provided by (used in):
Operating activities
$
—
$
98
$
144
$
404
Investing activities
(53
)
43
(362
)
(121
)
Financing activities
(106
)
312
(258
)
(482
)
Net (decrease) increase in cash, cash equivalents and restricted cash
$
(159
)
$
453
$
(476
)
$
(199
)
Free cash flow *
$
(55
)
$
40
$
(231
)
$
181
____________________
*
See “Non-GAAP Reconciliations” section below.
Selected Segment Data
Three Months Ended December 31, 2025
Three Months Ended December 31, 2024
(in millions)
Petroleum
Renewables
Nitrogen
Fertilizer
Consolidated
Petroleum
Renewables
Nitrogen
Fertilizer
Consolidated
Net sales
$
1,649
$
72
$
131
$
1,810
$
1,755
$
93
$
140
$
1,947
Operating (loss) income
(13
)
(76
)
(3
)
(95
)
4
(3
)
26
21
Net (loss) income
(16
)
(76
)
(10
)
(116
)
35
(3
)
18
40
EBITDA *
41
(8
)
20
51
72
3
50
122
Capital Expenditures: (1)
Maintenance
$
26
$
1
$
17
$
44
$
24
$
1
$
15
$
40
Growth
11
—
10
21
7
—
3
11
Total capital expenditures
$
37
$
1
$
27
$
65
$
31
$
1
$
18
$
51
Year Ended December 31, 2025
Year Ended December 31, 2024
(in millions)
Petroleum
Renewables
Nitrogen
Fertilizer
Consolidated
Petroleum
Renewables
Nitrogen
Fertilizer
Consolidated
Net sales
$
6,426
$
312
$
606
$
7,162
$
6,920
$
289
$
525
$
7,610
Operating (loss) income
211
(137
)
129
182
12
(22
)
90
58
Net income (loss)
207
(137
)
99
90
70
(21
)
61
45
EBITDA *
411
(22
)
211
591
223
3
179
394
Capital Expenditures: (1)
Maintenance
$
96
$
3
$
35
$
134
$
90
$
3
$
30
$
127
Growth
39
1
22
63
38
8
7
54
Total capital expenditures
$
135
$
4
$
57
$
197
$
128
$
11
$
37
$
181
____________________
*
See “Non-GAAP Reconciliations” section below.
(1)
Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.
December 31, 2025
December 31, 2024
(in millions)
Petroleum
Renewables
Nitrogen
Fertilizer
Consolidated
Petroleum
Renewables
Nitrogen
Fertilizer
Consolidated
Cash and cash equivalents (1)
$
253
$
9
$
69
$
511
$
735
$
13
$
91
$
987
Total assets
2,987
294
969
3,706
3,288
420
1,019
4,263
Total debt and finance lease obligations, including current portion (2)
195
—
570
1,765
354
—
569
1,919
____________________
(1)
Corporate cash and cash equivalents consisted of $180 million and $148 million at December 31, 2025 and December 31, 2024, respectively.
(2)
Corporate total debt and finance lease obligations, including current portion consisted of $1.0 billion and $996 million at December 31, 2025 and December 31, 2024, respectively.
Petroleum Segment
Throughput Data by Refinery
Three Months Ended
December 31,
Year Ended
December 31,
(in bpd)
2025
2024
2025
2024
Coffeyville
Gathered crude
48,885
75,269
48,598
73,928
Other domestic
74,272
47,732
47,279
39,360
Canadian
711
3,969
482
7,304
Condensate
6,406
—
2,398
3,177
Other feedstocks and blendstocks
12,993
14,997
9,594
12,511
Wynnewood
Gathered crude
54,103
55,507
55,607
46,185
Other domestic
6,930
—
4,070
980
Condensate
8,000
10,747
8,509
9,165
Other feedstocks and blendstocks
5,713
5,482
5,451
3,668
Total throughput
218,013
213,703
181,988
196,278
Production Data by Refinery
Three Months Ended
December 31,
Year Ended
December 31,
(in bpd)
2025
2024
2025
2024
Coffeyville
Gasoline
73,250
72,868
53,238
69,771
Distillate
61,132
61,016
47,983
56,690
Other liquid products
4,816
3,775
4,040
5,125
Solids
4,624
4,349
3,523
4,762
Wynnewood
Gasoline
40,504
40,139
38,294
33,106
Distillate
26,017
24,473
24,994
20,917
Other liquid products
6,376
4,405
7,410
4,551
Solids
—
12
8
9
Total production
216,719
211,037
179,490
194,931
Crude utilization (1)
96.5
%
93.6
%
80.8
%
87.2
%
Distillate yield (as % of total crude throughput) (2)
43.7
%
44.2
%
43.7
%
43.1
%
Light product yield (as % of total crude throughput) (3)
100.8
%
102.7
%
98.5
%
100.2
%
Liquid volume yield (as % of total throughput) (4)
97.3
%
96.7
%
96.7
%
96.9
%
____________________
(1)
Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2)
Total Distillate divided by Total Crude Throughput.
(3)
Total Gasoline and Distillate divided by Total Crude Throughput.
(4)
Total Gasoline, Distillate, and Other liquid products divided by total throughput.
Key Market Indicators
Three Months Ended
December 31,
Year Ended
December 31,
(dollars per barrel)
2025
2024
2025
2024
West Texas Intermediate (WTI) NYMEX
$
59.14
$
70.32
$
64.73
$
75.77
Crude Oil Differentials to WTI:
Brent
3.94
3.69
3.45
4.09
WCS (heavy sour)
(12.06
)
(12.25
)
(11.34
)
(13.86
)
Condensate
(0.02
)
(0.24
)
(0.42
)
(0.48
)
Midland Cushing
0.62
0.87
0.81
1.10
NYMEX Crack Spreads:
Gasoline
18.85
13.84
20.85
20.91
Heating Oil
38.21
23.40
31.89
26.67
NYMEX 2-1-1 Crack Spread
28.53
18.62
26.37
23.79
PADD II Group 3 Product Basis:
Gasoline
(6.80
)
(4.03
)
(4.22
)
(6.52
)
Ultra Low Sulfur Diesel (ULSD)
(4.86
)
(4.57
)
(3.26
)
(4.96
)
PADD II Group 3 Product Crack Spread:
Gasoline
12.04
9.81
16.63
14.40
ULSD
33.35
18.83
28.63
21.71
PADD II Group 3 2-1-1
22.70
14.32
22.63
18.05
Renewables Segment
Renewables Throughput and Production Data
Three Months Ended
December 31,
Year Ended
December 31,
(in gallons per day)
2025
2024
2025
2024
Throughput Data
Corn Oil
—
81,009
5,153
53,984
Soybean Oil
137,091
104,721
158,741
96,732
Production Data
Renewable diesel
124,453
163,110
151,921
134,399
Renewable utilization (1)
54.4
%
73.7
%
65.0
%
59.8
%
Renewable diesel yield (as % of corn and soybean oil throughput)
90.8
%
87.8
%
92.7
%
89.2
%
____________________
(1)
Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.
Key Market Indicators
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)
$
0.50
$
0.43
$
0.49
$
0.44
Midwest crude corn oil (dollars per pound)
0.52
0.46
0.51
0.50
CARB ULSD (dollars per gallon)
2.36
2.28
2.41
2.47
NYMEX ULSD (dollars per gallon)
2.32
2.23
2.30
2.44
California LCFS (dollars per metric ton)
53.64
72.05
56.30
60.07
Biodiesel RINs (dollars per RIN)
1.03
0.66
1.01
0.59
Nitrogen Fertilizer Segment
Production Data
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Consolidated production volume (thousands of tons):
Ammonia (gross produced) (2)
140
210
761
836
Ammonia (net available for sale) (2)
62
80
243
270
UAN
169
310
1,174
1,273
Feedstock:
Petroleum coke used in production (thousands of tons)
64
123
459
517
Petroleum coke used in production (dollars per ton)
$
56.76
$
55.71
$
49.11
$
59.69
Natural gas used in production (thousands of MMBtus) (3)
2,063
2,224
8,234
8,667
Natural gas used in production (dollars per MMBtu) (3)
$
3.82
$
3.00
$
3.74
$
2.56
____________________
(1)
Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)
Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)
The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
Key Market Indicators
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Ammonia — Southern plains (dollars per ton)
$
679
$
526
$
606
$
526
Ammonia — Corn belt (dollars per ton)
741
595
661
573
UAN — Corn belt (dollars per ton)
382
274
377
277
Natural gas NYMEX (dollars per MMBtu)
$
3.73
$
2.98
$
3.53
$
2.41
Q1 2026 Outlook
The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2026. See “Forward-Looking Statements” above.
Q1 2026
Low
High
Petroleum Segment
Total throughput (bpd)
200,000
215,000
Crude Utilization (1)
92
%
97
%
Direct operating expenses (in millions) (2)
$
110
$
120
Nitrogen Fertilizer Segment
Ammonia utilization rate
95
%
100
%
Direct operating expenses (in millions) (2)
$
57
$
62
Capital Expenditures (in millions) (3)
Petroleum Segment
$
30
$
35
Nitrogen Fertilizer Segment
25
30
Other (4)
1
3
Total capital expenditures
$
56
$
68
____________________
(1)
Represents crude oil throughput divided by total crude oil capacity (bpd). Our consolidated crude oil capacity is 206,500 bpd.
(2)
Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(3)
Turnaround and capital expenditures are disclosed on an accrual basis.
(4)
Capital expenditures for the Renewables Segment are expected to be minimal following the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing service and are included in ‘Other’ for purposes of this guidance.
Non-GAAP Reconciliations
Reconciliation of Consolidated Net (Loss) Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2025
2024
2025
2024
Net (loss) income
$
(116
)
$
40
$
90
$
45
Interest expense, net
29
20
108
77
Income tax (benefit)
(7
)
(12
)
(10
)
(26
)
Depreciation and amortization
145
74
403
298
EBITDA
51
122
591
394
Adjustments:
Changes in RFS liability, unfavorable (favorable)
9
(57
)
(262
)
(89
)
Unrealized (gain) loss on derivatives
(10
)
6
(4
)
22
Inventory valuation impacts, unfavorable
39
20
66
14
Gain on sale of equity method investment
—
(24
)
—
(24
)
Other non-cash adjustments
2
—
2
—
Adjusted EBITDA
$
91
$
67
$
393
$
317
Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted Earnings per Share
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Basic and diluted (loss) earnings per share
$
(1.10
)
$
0.28
$
0.27
$
0.06
Adjustments: (1)
Changes in RFS liability, unfavorable (favorable)
0.07
(0.43
)
(1.97
)
(0.67
)
Unrealized (gain) loss on derivatives
(0.08
)
0.04
(0.03
)
0.16
Inventory valuation impacts, unfavorable
0.30
0.16
0.50
0.12
Gain on sale of equity method investment
—
(0.18
)
—
(0.18
)
Other non-cash adjustments
0.01
—
0.01
—
Adjusted loss per share
$
(0.80
)
$
(0.13
)
$
(1.22
)
$
(0.51
)
____________________
(1)
Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2025
2024
2025
2024
Net cash provided by operating activities
$
—
$
98
$
144
$
404
Less:
Capital expenditures
(55
)
(55
)
(185
)
(179
)
Capitalized turnaround expenditures
(1
)
(7
)
(197
)
(53
)
Return on equity method investment
1
4
7
9
Free cash flow
$
(55
)
$
40
$
(231
)
$
181
Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2025
2024
2025
2024
Petroleum Segment net (loss) income
$
(16
)
$
35
$
207
$
70
Interest expense (income), net
5
(4
)
10
(21
)
Depreciation and amortization
52
41
194
174
Petroleum Segment EBITDA
41
72
411
223
Adjustments:
Changes in RFS liability, unfavorable (favorable) (1)
9
(57
)
(262
)
(89
)
Unrealized (gain) loss on derivatives, net
(10
)
6
(4
)
22
Inventory valuation impact, unfavorable (2)
33
12
54
6
Gain on sale of equity method investment
—
(24
)
—
(24
)
Petroleum Segment Adjusted EBITDA
$
73
$
9
$
199
$
138
Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except throughput data)
2025
2024
2025
2024
Net sales
$
1,649
$
1,755
$
6,426
$
6,920
Less:
Cost of materials and other
(1,482
)
(1,590
)
(5,520
)
(6,236
)
Direct operating expenses (exclusive of depreciation and amortization)
(108
)
(101
)
(415
)
(421
)
Depreciation and amortization
(52
)
(41
)
(194
)
(174
)
Gross profit
7
23
297
89
Add:
Direct operating expenses (exclusive of depreciation and amortization)
108
101
415
421
Depreciation and amortization
52
41
194
174
Refining margin
167
165
906
684
Adjustments:
Revaluation of RFS liability, (unfavorable) favorable
9
(57
)
(262
)
(89
)
Unrealized (gain) loss on derivatives, net
(10
)
6
(4
)
22
Inventory valuation impact, unfavorable (2)
33
12
54
6
Adjusted refining margin
$
199
$
126
$
694
$
623
Total throughput barrels per day
218,013
213,703
181,988
196,278
Days in the period
92
92
365
366
Total throughput barrels
20,057,204
19,660,650
66,425,773
71,837,644
Refining margin per total throughput barrel
$
8.35
$
8.37
$
13.64
$
9.53
Adjusted refining margin per total throughput barrel
9.92
6.45
10.45
8.67
Direct operating expenses per total throughput barrel
5.40
5.13
6.25
5.86
____________________
(1)
Changes in the RFS liability include adjustments to reflect the August 2025 SRE Decision in the amount of $488 million for the year ended December 31, 2025, as well as the revaluation of the RVO.
(2)
The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.
Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2025
2024
2025
2024
Renewables Segment net loss
$
(76
)
$
(3
)
$
(137
)
$
(21
)
Interest expense, net
—
—
—
(1
)
Depreciation and amortization
68
6
115
25
Renewables Segment EBITDA
(8
)
3
(22
)
3
Adjustments:
Inventory valuation, unfavorable (1)
6
6
12
7
Other non-cash adjustments (2)
2
—
2
—
Renewables Segment Adjusted EBITDA
$
—
$
9
$
(8
)
$
10
Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except throughput data)
2025
2024
2025
2024
Net sales
$
72
$
93
$
312
$
289
Less:
Cost of materials and other
(69
)
(79
)
(288
)
(245
)
Direct operating expenses (exclusive of depreciation and amortization)
(7
)
(8
)
(30
)
(31
)
Depreciation and amortization
(68
)
(6
)
(115
)
(25
)
Gross loss
(72
)
—
(121
)
(12
)
Add:
Direct operating expenses (exclusive of depreciation and amortization)
7
8
30
31
Depreciation and amortization
68
6
115
25
Renewables margin
3
14
24
44
Inventory valuation, unfavorable (1) (3)
6
6
12
7
Other non-cash adjustments (2)
2
—
2
—
Adjusted renewables margin
$
11
$
20
$
38
$
51
Total vegetable oil throughput gallons per day
137,091
185,730
163,894
150,716
Days in the period
92
92
365
366
Total vegetable oil throughput gallons
12,612,400
17,087,105
59,820,859
55,161,935
Renewables margin per vegetable oil throughput gallon
$
0.25
$
0.79
$
0.40
$
0.80
Adjusted renewables margin per vegetable oil throughput gallon
0.91
1.15
0.63
0.94
Direct operating expenses per vegetable oil throughput gallon
0.56
0.48
0.50
0.58
____________________
(1)
The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.
(2)
Consists of asset write-downs associated with the reversion of the RDU at the Wynnewood Refinery in December 2025.
(3)
Includes an inventory valuation charge of $2 million and $9 million for the second and third quarters of 2025, respectively, and $5 million recorded in the fourth quarter of 2024, as inventories were reflected at the lower of cost or net realizable value. No adjustment was necessary for any other period in 2025 or 2024.
Reconciliation of Nitrogen Fertilizer Segment Net (Loss) Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2025
2024
2025
2024
Nitrogen Fertilizer Segment net (loss) income
$
(10
)
$
18
$
99
$
61
Add:
Interest expense, net
7
7
30
30
Depreciation and amortization
23
25
82
88
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA
$
20
$
50
$
211
$
179
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218098545/en/
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com
Original: CVR Energy Reports Fourth Quarter and Full-Year 2025 Results
US Market News
4月前
CVR Energy Reports Preliminary Estimated Fourth Quarter and Full-Year 2025 ResultsJanuary 26, 2026 12:22 PM
Business Wire
CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced preliminary estimated financial results for the fourth quarter and full-year 2025.
“CVR Energy’s 2025 fourth quarter preliminary estimated consolidated net loss attributable to CVR Energy stockholders was impacted by accelerated depreciation associated with the reversion of the renewable diesel unit at Wynnewood back to hydrocarbon processing, along with reduced nitrogen fertilizer production and sales volumes due to the planned turnaround and delayed post-turnaround startup at the Coffeyville fertilizer facility,” said Mark Pytosh, Chief Executive Officer. “The reversion of the renewable diesel unit was completed in December, and we are optimistic about the benefits we are already seeing by having the hydrocracker at Wynnewood returned to hydrocarbon processing. We also look forward to a year with no planned turnarounds in our Petroleum segment in 2026.”
Preliminary estimated fourth quarter and full-year 2025 results are expected to be within the following ranges:
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025
(in millions, except throughput and utilization data)
Low Estimate
High Estimate
Low Estimate
High Estimate
Net income (loss)
$
(125
)
$
(110
)
$
81
$
96
Net income (loss) attributable to CVR Energy stockholders
(120
)
(105
)
17
32
EBITDA (1)
$
40
$
60
$
580
$
600
Adjusted EBITDA (1)
78
102
380
404
Total refining throughput (barrels per day)
210,000
220,000
180,000
183,000
Ammonia utilization rate
60
%
65
%
87
%
89
%
Cash and cash equivalents
$
500
$
520
$
500
$
520
Total long-term debt and finance lease obligations
1,700
1,800
1,700
1,800
_____________________________
(1)
For a reconciliation of preliminary estimated EBITDA and Adjusted EBITDA to preliminary estimated net income (loss), the most directly comparable measure in accordance with accounting principles generally accepted in the United States of America (“GAAP”), see “Non-GAAP Reconciliations” section below.
Preliminary Financial Data
The consolidated financial and operating results included in this press release are preliminary estimates and subject to the completion of our consolidated financial statements, including the completion of the annual audit by the Company’s independent registered public accounting firm. The Company’s actual results may differ as a result of the Company’s financial closing procedures, final adjustments and other developments that may arise between now and the time the Company’s results for the fourth quarter and full-year 2025 are issued.
These preliminary estimates should not be viewed as a substitute for full consolidated financial statements prepared in accordance with GAAP, and they should not be viewed as indicative of the Company’s results for any future period. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these preliminary estimates and, accordingly, does not express an opinion or any other form of assurance with respect to these preliminary estimates.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with GAAP. These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
The following are non-GAAP measures we present for the three and twelve months ended December 31, 2025:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Adjusted EBITDA - EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations in conjunction with our GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Non-GAAP Reconciliations
Reconciliation of Preliminary Estimated Consolidated Net Income (Loss) to Preliminary Estimated EBITDA and Adjusted EBITDA
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025
(in millions)
Low Estimate
High Estimate
Low Estimate
High Estimate
Net income (loss)
$
(125
)
$
(110
)
$
81
$
96
Interest expense, net
28
31
107
110
Income tax benefit
(6
)
(8
)
(9
)
(11
)
Depreciation and amortization
143
147
401
405
EBITDA
40
60
580
600
Adjustments:
Changes in Renewable Fuel Standard liability, unfavorable (favorable)
8
10
(263
)
(261
)
Unrealized gain on derivatives
(9
)
(11
)
(3
)
(5
)
Inventory valuation impacts, unfavorable
38
40
65
67
Other non-cash adjustments
1
3
1
3
Adjusted EBITDA
$
78
$
102
$
380
$
404
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding our preliminary estimates of selected financial and operational results for the fourth quarter and full-year 2025, investment in growth projects, timing and impacts (including on capital spending) associated with reversion of our renewable diesel unit to hydrocarbon processing service and the anticipated benefit thereof, expectations regarding planned turnarounds, and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” “upcoming,” “before,” “future,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, including risk and uncertainties related to the completion of our financial closing procedures or any adjustments that may result from management’s review of our consolidated financial statements. Investors are cautioned that these and other factors may affect these forward-looking statements. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission filings. These and other risks may cause our actual performance or achievements to differ materially from any future performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners, LP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260125897083/en/
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com
Original: CVR Energy Reports Preliminary Estimated Fourth Quarter and Full-Year 2025 Results
eastunder
6年前
SUGAR LAND, Texas, May 06, 2020 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (CVI) today announced a net loss of $87 million, or 87 cents per diluted share, on net sales of $1.1 billion for the first quarter of 2020, compared to net income of $101 million, or $1.00 per diluted share, on net sales of $1.5 billion for the first quarter of 2019. First quarter 2020 EBITDA was a negative $38 million, compared to first quarter 2019 positive EBITDA of $230 million.
“CVR Energy’s first quarter 2020 results were negatively impacted by the global crude oil price war, lower throughput volumes due to the planned turnaround at the Coffeyville refinery and unprecedented refined product demand destruction caused by COVID-19,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We have revised our business plan to protect our balance sheet by reducing costs, capital spending and refining runs to match customer demand, while continuing to focus on maintaining safe, reliable operations.
“CVR Energy’s Board of Directors has reduced our first quarter dividend to 40 cents per share to preserve cash as we believe there are better shareholder return opportunities in the current market environment, including the potential for industry consolidation,” Lamp said.
Petroleum
The Petroleum Segment reported a first quarter 2020 operating loss of $127 million on net sales of $1.1 billion, compared to operating income of $156 million on net sales of $1.4 billion in the first quarter of 2019.
Refining margin per total throughput barrel was $1.52 in the first quarter of 2020, compared to $16.55 during the same period in 2019. Crude oil pricing during the quarter led to an unfavorable inventory valuation impact of $136 million, including a $58 million loss on the value of inventory to reflect its net realizable value, or $9.54 per total throughout barrel. The favorable inventory valuation impact for the first quarter of 2019 was $32 million, or $1.68 per total throughput barrel. Unfavorable market pricing and crack spreads also contributed to the reduction in refining margins during the first quarter of 2020. Partially offsetting these impacts, the Petroleum Segment recognized a first quarter 2020 derivative gain of $46 million, or $3.20 per total throughput barrel, compared to a gain of $16 million, or 81 cents per total throughput barrel, for the first quarter of 2019. Included in this derivative gain for the first quarter of 2020 was an unrealized gain of $12 million, compared to an unrealized loss of $7 million for the first quarter of 2019.
First quarter 2020 combined total throughput was approximately 157,000 barrels per day (bpd), compared to approximately 213,000 bpd of combined total throughput for the first quarter of 2019. This decrease was primarily attributable to the turnaround at our Coffeyville refinery, which began in late February 2020.
Fertilizer
The Nitrogen Fertilizer Segment reported an operating loss of $5 million on net sales of $75 million for the first quarter of 2020, compared to operating income of $9 million on net sales of $92 million for the first quarter of 2019.
First quarter 2020 average realized gate prices for urea ammonia nitrate (UAN) decreased over the prior year, down 25 percent to $166 per ton, and ammonia was down 28 percent over the prior year to $264 per ton. Average realized gate prices for UAN and ammonia were $222 per ton and $367 per ton, respectively, for the first quarter of 2019.
CVR Partners’ fertilizer facilities produced a combined 201,000 tons of ammonia during the first quarter of 2020, of which 78,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 317,000 tons of UAN. During the first quarter 2019, the fertilizer facilities produced 179,000 tons of ammonia, of which 41,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 335,000 tons of UAN.
Corporate
The Company reported an income tax benefit of $36 million, or 27 percent of loss before income taxes, for the three months ended March 31, 2020, compared to income tax expense of $35 million, or 25.5 percent of income before income taxes for the three months ended March 31, 2019. The change in income tax expense was due primarily to a decrease in non-controlling interest and state income tax credits generated from the three months ended March 31, 2019 to the three months ended March 31, 2020. Additionally, the Company recognized investment income from marketable securities of $31 million during the three months ended March 31, 2020.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $805 million at March 31, 2020. Consolidated total debt and finance lease obligations was $1.7 billion at March 31, 2020, with no debt other than that held by the Nitrogen Fertilizer Segment and CVR Energy.
CVR Energy announced a first quarter 2020 cash dividend of 40 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on May 26, 2020, to stockholders of record as of the close of market on May 18, 2020.
CVR Partners will not pay a cash distribution for the 2020 first quarter.
On May 6, 2020, the Board of Directors of CVR Partners’ general partner authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program would enable CVR Partners to repurchase up to $10 million of its common units, giving CVR Partners another potential mechanism for returning cash to unitholders. Unit repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions, or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This Unit Repurchase Program does not obligate CVR Partners to acquire any common units and may be cancelled or terminated by its general partner’s Board of Directors at any time.
First Quarter 2020 Earnings Conference Call
CVR Energy previously announced that it will host its first quarter 2020 Earnings Conference Call on Thursday, May 7, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The first quarter 2020 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/nc2m8r4m. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13701951.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: impacts of COVID-19 on the Company and the economy including volatility in commodity prices; reductions in costs, capital spending and refining runs; customer demand; dividends and distributions including the timing, payment and amount (if any) thereof; impacts of global crude oil pricing; repurchases (if any) of CVR Partners common units including the amount and timing thereof; finished product pricing; refinery throughput, crude oil prices including impacts to inventory valuation; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expenditures; continued safe and reliable operations; ammonia utilization rates; shareholder return opportunities; industry consolidation; refined product demand; derivative gains or losses; income tax benefits and expenses; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, demand for fossil fuels, price volatility of crude oil, other feedstocks and refined products (among others); the ability of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing, or compliance with new, laws and regulations and potential liabilities arising therefrom; impacts of planting season on CVR Partners; general economic and business conditions; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 34 percent of the common units of CVR Partners.
For further information, please contact:
Investor Contact:
Richard Roberts
CVR Energy, Inc.
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations:
Brandee Stephens
CVR Energy, Inc.
(281) 207-3516
MediaRelations@CVREnergy.com
Non-GAAP Measures
Our management uses certain non-GAAP performance measures to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.
The following are non-GAAP measures presented for the period ended March 31, 2020:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense and (iii) depreciation and amortization expense.
Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.
Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.
Petroleum EBITDA and Refining Margin, adjusted for Inventory Valuation Impacts - Petroleum EBITDA and Refining Margin adjusted to exclude the impact of current period market price and volume fluctuations on crude oil and refined product inventories purchased in prior periods and lower of cost or net realizable value adjustments, if applicable. We record our commodity inventories on the first-in-first-out basis. As a result, significant current period fluctuations in market prices and the volumes we hold in inventory can have favorable or unfavorable impacts on our refining margins as compared to similar metrics used by other publicly-traded companies in the refining industry.
Refining Margin and Refining Margin adjusted for Inventory Valuation Impacts, per Throughput Barrel - Refining Margin divided by the total throughput barrels during period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
Adjusted (Loss) Earnings per Share - (Loss) Earnings per share adjusted for inventory valuation impacts and other significant non-cash items on an after-tax basis.
Net Debt and Finance Lease Obligations Exclusive of Nitrogen Fertilizer - Net debt is total debt and finance lease obligations reduced for cash and cash equivalents.
Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer - Total debt and net debt and finance lease obligations is calculated as the consolidated debt and net debt and finance lease obligations less the Nitrogen Fertilizer Segment debt and net debt and finance lease obligations as of the most recent period ended divided by EBITDA exclusive of the Nitrogen Fertilizer Segment for the most recent twelve-month period.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly-traded companies in the refining industry, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” section included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
CVR Energy, Inc.
(all information in this release is unaudited)
Financial and Operational Data
Three Months Ended
March 31,
(in millions, except share data) 2020 2019
Consolidated Statement of Operations Data
Net sales $ 1,130 $ 1,486
Operating costs and expenses:
Cost of materials and other 1,058 1,101
Direct operating expenses (exclusive of depreciation and amortization as reflected below) 119 126
Depreciation and amortization 62 65
Cost of sales 1,239 1,292
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below) 24 30
Depreciation and amortization 2 2
Loss on asset disposals — 2
Operating (loss) income (135 ) 160
Other (expense) income:
Interest expense, net (35 ) (26 )
Investment income from marketable securities 31 —
Other income, net 2 3
(Loss) income before income tax expense (137 ) 137
Income tax expense (36 ) 35
Net (loss) income (101 ) 102
Less: Net (loss) income attributable to noncontrolling interest (14 ) 1
Net (loss) income attributable to CVR Energy stockholders $ (87 ) $ 101
Basic and diluted (loss) earnings per share $ (0.87 ) $ 1.00
Dividends declared per share $ 0.80 $ 0.75
EBITDA* $ (38 ) $ 230
Weighted-average common shares outstanding - basic and diluted 100.5 100.5
_____________________________
* See “Non-GAAP Reconciliations” section below.
Selected Balance Sheet Data
(in millions) March 31, 2020 December 31, 2019
Cash and cash equivalents $ 805 $ 652
Working capital 892 678
Total assets 4,125 3,905
Total debt and finance lease obligations 1,691 1,195
Total liabilities 2,639 2,237
Total CVR stockholders’ equity 1,225 1,393
Selected Cash Flow Data
Three Months Ended
March 31,
(in millions) 2020 2019
Net cash flow provided by (used in):
Operating activities $ (58 ) $ 228
Investing activities (196 ) (42 )
Financing activities 407 (387 )
Net increase in cash and cash equivalents $ 153 $ (201 )
Selected Segment Data
(in millions) Petroleum Nitrogen Fertilizer Consolidated
Three Months Ended March 31, 2020
Net sales $ 1,057 $ 75 $ 1,130
Operating (loss) income (127 ) (5 ) (135 )
Net loss (130 ) (21 ) (101 )
EBITDA* (77 ) 11 (38 )
Capital expenditures (1)
Maintenance capital expenditures $ 37 $ 4 $ 43
Growth capital expenditures 3 2 5
Total capital expenditures $ 40 $ 6 $ 48
(in millions) Petroleum Nitrogen Fertilizer Consolidated
Three Months Ended March 31, 2019
Net sales $ 1,397 $ 92 $ 1,486
Operating income 156 9 160
Net income (loss) 149 (6 ) 102
EBITDA* 209 26 230
Capital expenditures (1)
Maintenance capital expenditures $ 18 $ 3 $ 21
Growth capital expenditures 2 — 2
Total capital expenditures $ 20 $ 3 $ 23
_____________________________
* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures and capitalized software costs.
Selected Balance Sheet Data
(in millions) Petroleum Nitrogen Fertilizer Consolidated
March 31, 2020
Cash and cash equivalents $ 434 $ 58 $ 805
Total assets 2,961 1,134 4,125
Total debt and finance lease obligations 64 633 1,691
December 31, 2019
Cash and cash equivalents $ 583 $ 37 $ 652
Total assets 3,187 1,138 3,905
Total debt and finance lease obligations 563 632 1,195
Petroleum Segment
Key Operating Metrics per Total Throughput Barrel
Three Months Ended
March 31,
2020 2019
Refining margin * $ 1.52 $ 16.55
Refining margin adjusted for inventory valuation impacts * 11.06 14.87
Direct operating expenses * 5.87 4.74
_____________________________
* See “Non-GAAP Reconciliations” section below.
Throughput Data by Refinery
Three Months Ended
March 31,
(in bpd) 2020 2019
Coffeyville
Regional crude 38,874 41,591
WTI 29,461 67,016
Midland WTI — 12,702
Condensate 4,687 5,293
Heavy Canadian 2,549 7,563
Other feedstocks and blendstocks 7,701 9,293
Wynnewood
Regional crude 51,822 44,363
WTL 5,971 —
Midland WTI 2,019 12,507
Condensate 9,429 7,754
Other feedstocks and blendstocks 4,005 4,725
Total throughput 156,518 212,807
Production Data by Refinery
Three Months Ended
March 31,
(in bpd) 2020 2019
Coffeyville
Gasoline 44,519 73,856
Distillate 33,261 59,529
Other liquid products 3,717 6,473
Solids 2,719 4,970
Wynnewood
Gasoline 39,505 34,312
Distillate 28,755 27,356
Other liquid products 2,454 6,123
Solids 25 28
Total production 154,955 212,647
Liquid volume yield (as % of total throughput) 97.2 % 97.6 %
Three Months Ended
March 31,
2020 2019
Market Indicators (dollars per barrel)
West Texas Intermediate (WTI) NYMEX $ 45.78 $ 54.90
Crude Oil Differentials to WTI:
Brent 5.04 8.94
WCS (heavy sour) (17.77 ) (10.51 )
Condensate (1.14 ) (1.17 )
Midland Cushing (0.06 ) (1.18 )
NYMEX Crack Spreads:
Gasoline 10.37 11.75
Heating Oil 18.98 26.38
NYMEX 2-1-1 Crack Spread 14.67 19.07
PADD II Group 3 Basis:
Gasoline (3.12 ) (2.05 )
Ultra Low Sulfur Diesel (1.80 ) (1.56 )
PADD II Group 3 Product Crack Spread:
Gasoline 7.25 9.70
Ultra Low Sulfur Diesel 17.18 24.82
PADD II Group 3 2-1-1 12.21 17.26
Q2 2020 Petroleum Segment Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2020. See “Forward-Looking Statements” above.
Q2 2020
Low High
Total throughput (bpd) 130,000 150,000
Direct operating expenses (1) (in millions) $ 75 $ 85
Total capital expenditures (2) (in millions) $ 30 $ 40
Total turnaround expenditures (2) (in millions) $ 20 $ 25
_____________________________
(1) Direct operating expenses are shown exclusive of depreciation and amortization.
(2) Capital expenditures and turnaround expenditures are disclosed on an accrual basis.
Nitrogen Fertilizer Segment:
Key Operating Data:
Ammonia Utilization Rates (2) Two Years Ended March 31,
(capacity utilization) 2020 2019
Consolidated 93 % 92 %
Coffeyville 93 % 94 %
East Dubuque 93 % 91 %
_____________________________
(3) Reflects ammonia utilization rates on a consolidated basis and at each of the Nitrogen Fertilizer facilities. Utilization is an important measure used by management to assess operational output at each of the facilities. Utilization is calculated as actual tons produced divided by capacity. The Nitrogen Fertilizer Segment presents utilization on a two-year rolling average to take into account the impact of current turnaround cycles on any specific period. The two-year rolling average is a more useful presentation of the long-term utilization performance of our plants. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With the Nitrogen Fertilizer Segments’ efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well the facilities operate.
Sales and Production Data
Three Months Ended
March 31,
2020 2019
Consolidated sales (thousand tons):
Ammonia 54 36
UAN 284 288
Consolidated product pricing at gate (dollars per ton) (1):
Ammonia $ 264 $ 367
UAN 166 222
Consolidated production volume (thousand tons):
Ammonia (gross produced) (2) 201 179
Ammonia (net available for sale) (2) 78 41
UAN 317 335
Feedstock:
Petroleum coke used in production (thousand tons) 125 132
Petroleum coke (dollars per ton) $ 44.68 $ 37.70
Natural gas used in production (thousands of MMBtu) (3) 2,141 1,440
Natural gas used in production (dollars per MMBtu) (3) $ 2.42 $ 3.83
Natural gas in cost of materials and other (thousands of MMBtus) (3) 1,418 1,008
Natural gas in cost of materials and other (dollars per MMBtu) (3) $ 2.80 $ 3.87
_____________________________
(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
Key Market Indicators
Three Months Ended
March 31,
2020 2019
Ammonia — Southern Plains (dollars per ton) $ 272 $ 427
Ammonia — Corn belt (dollars per ton) 364 497
UAN — Corn belt (dollars per ton) 169 229
Natural gas NYMEX (dollars per MMBtu) $ 1.87 $ 2.88
Q2 2020 Nitrogen Fertilizer Segment Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2020. See “Forward-Looking Statements” above.
Q2 2020
Low High
Ammonia utilization rates (1)
Consolidated 95 % 100 %
Coffeyville 95 % 100 %
East Dubuque 95 % 100 %
Direct operating expenses (2) (in millions) $ 35 $ 40
Total capital expenditures (3) (in millions) $ 6 $ 10
_____________________________
(1) Ammonia utilization rates exclude the impact of Turnarounds.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments.
(3) Capital expenditures are disclosed on an accrual basis.
Non-GAAP Reconciliations:
Reconciliation of Net (Loss) Income to EBITDA
Three Months Ended
March 31,
(in millions) 2020 2019
Net (loss) income $ (101 ) $ 102
Add:
Interest expense, net 35 26
Income tax (benefit) expense (36 ) 35
Depreciation and amortization 64 67
EBITDA $ (38 ) $ 230
Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and EBITDA Adjusted for Inventory Valuation Impacts
Three Months Ended
March 31,
(in millions) 2020 2019
Petroleum net (loss) income $ (130 ) $ 149
Add:
Interest expense, net 5 11
Depreciation and amortization 48 49
Petroleum EBITDA $ (77 ) $ 209
Inventory valuation impacts, (favorable) unfavorable (1) (2) 136 (32 )
Petroleum EBITDA adjusted for inventory valuation impacts $ 59 $ 177
_____________________________
(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. In order to derive the inventory valuation impact per total throughput barrel, we utilize the total dollar figures for the inventory valuation impact and divide by the number of total throughput barrels for the period.
(2) Includes an inventory valuation charge of $58 million, as inventories are stated at the lower of cost or net realizable value.
Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Refining Margin Adjusted for Inventory Valuation Impacts
Three Months Ended
March 31,
(in millions) 2020 2019
Net sales $ 1,057 $ 1,397
Cost of materials and other 1,035 1,080
Direct operating expenses (exclusive of depreciation and amortization as reflected below) 84 91
Depreciation and amortization 48 49
Gross (loss) profit (110 ) 177
Add:
Direct operating expenses (exclusive of depreciation and amortization as reflected below) 84 91
Depreciation and amortization 48 49
Refining margin 22 317
Inventory valuation impacts, (favorable) unfavorable (1) (2) 136 (32 )
Refining margin adjusted for inventory valuation impacts $ 158 $ 285
_____________________________
(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. In order to derive the inventory valuation impact per total throughput barrel, we utilize the total dollar figures for the inventory valuation impact and divide by the number of total throughput barrels for the period.
(2) Includes an inventory valuation charge of $58 million, as inventories are stated at the lower of cost or net realizable value.
Reconciliation of Petroleum Segment Total Throughput Barrels
Three Months Ended
March 31,
2020 2019
Total throughput barrels per day 156,518 212,807
Days in the period 91 90
Total throughput barrels 14,243,161 19,152,670
Reconciliation of Petroleum Segment Refining Margin per Total Throughput Barrels
Three Months Ended
March 31,
(in millions, except for per throughput barrel data) 2020 2019
Refining margin $ 22 $ 317
Divided by: total throughput barrels 14 19
Refining margin per total throughput barrel $ 1.52 $ 16.55
Reconciliation of Petroleum Segment Refining Margin Adjusted for Inventory Valuation Impact per Total Throughput Barrel
Three Months Ended
March 31,
(in millions, except for throughput barrel data) 2020 2019
Refining margin adjusted for inventory valuation impacts $ 158 $ 285
Divided by: total throughput barrels 14 19
Refining margin adjusted for inventory valuation impacts per total throughput barrel $ 11.06 $ 14.87
Reconciliation of Petroleum Segment Direct Operating Expenses per Total Throughput Barrel
Three Months Ended
March 31,
(in millions, except for throughput barrel data) 2020 2019
Direct operating expenses (exclusive of depreciation and amortization) $ 84 $ 91
Divided by: total throughput barrels 14 19
Direct operating expenses per total throughput barrel $ 5.87 $ 4.74
Reconciliation of Nitrogen Fertilizer Segment Net Loss to EBITDA
Three Months Ended
March 31,
(in millions) 2020 2019
Nitrogen fertilizer net loss $ (21 ) $ (6 )
Add:
Interest expense, net 16 16
Depreciation and amortization 16 16
Nitrogen Fertilizer EBITDA $ 11 $ 26
Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share
Three Months Ended
March 31,
2020 2019
Basic and diluted (loss) earnings per share $ (0.87 ) $ 1.00
Adjustments:
Inventory valuation impacts (1) 1.00 (0.24 )
Unrealized gain on marketable securities (1) (0.22 ) —
Adjusted (loss) earnings per share $ (0.09 ) $ 0.76
_____________________________
(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.
Reconciliation of Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer
Twelve Months Ended
March 31, 2020
Total debt and finance lease obligations (1) $ 1,691
Less:
Nitrogen Fertilizer debt and finance lease obligations 633
Total debt and finance lease obligations exclusive of Nitrogen Fertilizer 1,058
EBITDA exclusive of Nitrogen Fertilizer $ 519
Total debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer 2.04
Consolidated cash and cash equivalents $ 805
Less:
Nitrogen Fertilizer cash and cash equivalents 58
Cash and cash equivalents exclusive of Nitrogen Fertilizer 747
Net debt and finance lease obligations exclusive of Nitrogen Fertilizer (2) $ 311
Net debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer (2) 0.60
_____________________________
(1) Amounts are shown inclusive of the current portion of finance lease obligations.
(2) Net debt represents total debt and finance lease obligations exclusive of cash and cash equivalents.
Three Months Ended Twelve Months Ended
March 31, 2020
June 30,
2019 September 30,
2019 December 31,
2019 March 31,
2020
Consolidated
Net income (loss) $ 128 $ 104 $ 28 $ (101 ) $ 159
Add:
Interest expense, net 26 26 24 35 111
Income tax expense (benefit) 41 34 19 (36 ) 58
Depreciation and amortization 78 71 71 64 284
EBITDA $ 273 $ 235 $ 142 $ (38 ) $ 612
Nitrogen Fertilizer
Net (loss) income $ 19 $ (23 ) $ (25 ) $ (21 ) $ (50 )
Add:
Interest expense, net 16 16 16 16 64
Depreciation and amortization 25 18 20 16 79
EBITDA $ 60 $ 11 $ 11 $ 11 $ 93
EBITDA exclusive of Nitrogen Fertilizer $ 213 $ 224 $ 131 $ (49 ) $ 519
Gold Price Futures (GC) Technical Analysis – Sellers Taking Control, Could Collapse Under $1657.30BusinessFX Empire
Gold Price Futures (GC) Technical Analysis – Sellers Taking Control, Could Collapse Under $1657.30Gold futures are talking a hit at the mid-session on Wednesday, pressured by a stronger U.S. Dollar and expectations that gold supplies will grow as bullion refineries resume operations, and on a gradual improvement in investor risk appetite as countries have begun to ease coronavirus restrictions. Prices opened steady but fell after two of the world's biggest gold refiners said they are restoring almost all operations. The main trend is down according to the daily swing chart.
Does Inovio Pharmaceuticals Have a Successful Track Record of Developing Vaccines?BusinessMotley Fool
Does Inovio Pharmaceuticals Have a Successful Track Record of Developing Vaccines?Given the severity of the COVID-19 pandemic, investors are anxious to buy stocks that can deliver any good news about a potential solution to the pandemic. One such stock is Inovio Pharmaceuticals (NASDAQ: INO), which said it developed a vaccine for COVID-19 in February three hours after the genome for COVID-19 was published. As of April 28, the company has completed enrollment of 40 healthy volunteers into its phase 1 clinical trial.
Motley Fool Issues Rare "Double Down" Buy AlertAd
Motley Fool Issues Rare "Double Down" Buy AlertThis Stock Was Issued A Rare Double Down Buy Alert By Our Experts. 1 Stock The World's Best Investors Are Buying Now. Access Our Report Today.
The Motley Fool
Billionaire Bill Ackman Picks up These 2 Stocks as Markets RecoverBusinessTipRanks
Billionaire Bill Ackman Picks up These 2 Stocks as Markets RecoverBillionaire Bill Ackman is growing increasingly optimistic. The CEO of investment firm Pershing Square Capital Management was able to take $27 million and turn it into $2.6 billion using a series of credit-default swaps just last February. Looking to Ackman for inspiration, we ran two stocks the hedge fund manager snapped up recently through TipRanks' database to get the analyst community's take on them.
Paypal misses on Q1 earningsBusinessYahoo Finance Video
Paypal misses on Q1 earningsPaypal reported a miss on earnings for their first quarter. Shares fell after the company released that adjusted earnings per share fell to 66 cents from 78 cents. Yahoo Finance Live breaks down the numbers.
NewsBarrons.com
One Car Maker That Will Emerge Stronger From the Pandemic. It’s Not Who You Might Think.It sounds impossible, but that's what Morgan Stanley analyst Adam Jonas believes about one of the companies he covers. Ferrari will generate positive free cash flow in 2020. Ferrari is launching four models in 2020, including the SF90 Stradale, the 812 GTS, F8 Spider and the Roma grand touring model.
Biggest Transfer of Wealth in US History Has BegunAd
Biggest Transfer of Wealth in US History Has BegunA Maryland multimillionaire says the biggest legal transfer of wealth in American history has just gotten underway—here’s #1 step you must take.
Stansberry Research
Is Delta Air Lines Stock a Buy?BusinessMotley Fool
Is Delta Air Lines Stock a Buy?A misleading headline Flashed across business and finance news outlets on Monday was the headline that Warren Buffett sold all his airline stocks. Although some outlets are guiltier than others with their packaging of this news, the headline could easily be misinterpreted as saying that Buffett sold all his airline stocks in one fell swoop or in a day or two, when in reality, the sale occurred gradually over the month of April. In fact, Buffett had already announced his sale of large portions of Southwest and Delta in April.
Japan approves Gilead Sciences' remdesivir as COVID-19 drugBusinessReuters
Japan approves Gilead Sciences' remdesivir as COVID-19 drugJapan on Thursday approved Gilead Sciences Inc's remdesivir as a treatment for COVID-19, making it the country's first officially authorized drug to tackle the coronavirus disease. Japan reached the decision just three days after the U.S. drugmaker filed for fast-track approval for the treatment. "There has so far been no coronavirus medicine available here so it is a significant step for us to approve this drug," a Japanese health ministry official said at a press briefing.
Software Company Sues to Avoid Repaying $750,000 PPP LoanBusinessBloomberg
Software Company Sues to Avoid Repaying $750,000 PPP LoanZumasys Inc. said in a suit filed Monday against the Small Business Administration and Treasury Department that it is now concerned it will have to pay back the forgivable loan the company and its two subsidiaries received in mid-April, some of which has already been spent to keep nearly 70 employees on payroll. Facing criticism that much of the money intended to help small businesses weather the economic shock of the coronavirus pandemic was going to larger enterprises, the government said on April 23 that companies applying for PPP loans were required to certify that federal assistance was “necessary,” taking into account their access to other sources of liquidity. The SBA and Treasury Department didn't immediately respond to requests for comment on the suit.
7 Tips for Hiring a Financial Advisor Right NowAd
7 Tips for Hiring a Financial Advisor Right NowChoosing a financial advisor can determine your financial trajectory for years to come. These 7 smart strategies can help you avoid years of stress.
SmartAsset
Why OPKO Health Missed Q1 Revenue EstimatesBusinessMotley Fool
Why OPKO Health Missed Q1 Revenue EstimatesBy the numbers First-quarter revenue was $211.5 million, down 5% year over year. This result fell short of the average analyst estimate of $216.9 million. The company announced a Q1 net loss of $59.1 million, or $0.09 per share, based on generally accepted accounting principles (GAAP).
What to Watch When The Trade Desk Reports Earnings TodayBusinessMotley Fool
What to Watch When The Trade Desk Reports Earnings TodayRevenue growth When The Trade Desk reported its fourth quarter, management said it expected its first-quarter revenue to come in at $169 million. This would have implied an impressive 40% year over year growth rate -- an acceleration from 35% revenue growth in the fourth quarter of 2019. But this forecast was provided before the coronavirus became a global pandemic and subsequently hit the United States economy hard.
3 Stocks to Buy With Dividends Yielding More Than 5%BusinessMotley Fool
3 Stocks to Buy With Dividends Yielding More Than 5%Built for stable and growing income I've called net-lease real estate investment trust Realty Income the best all-around dividend stock in the market, and the company's first-quarter earnings report illustrates why. The company, which owns primarily single-tenant retail real estate, reported 7.3% year-over-year growth in funds from operations (the REIT version of earnings) and continues to make new investments to grow the portfolio. Here's the most impressive part: While many of its peers in the retail real estate space are struggling, Realty Income is doing relatively well.
How He Made $7 Million Trading Stocks From HomeAd
How He Made $7 Million Trading Stocks From HomeWith no prior experience, Kyle Dennis decided to invest in stocks. He owes his success to these strategies.
RagingBull
Locked-Down Drinkers Lose Their Thirst for Budweiser, StellaBusinessBloomberg
Locked-Down Drinkers Lose Their Thirst for Budweiser, StellaShipments plunged the most in China, where the effect of Covid-19 lockdowns hit hardest because they started earlier than in the U.S. and Europe. As demand evaporates amid a global shutdown of bars and restaurants, AB InBev and rivals Heineken NV and Carlsberg A/S are racing to find ways to cut costs to reduce the effect on profit. Longer-term, as the pain from a pandemic-induced recession spreads from blue-collar to white-collar workers, that could also harm the collection of niche premium labels that AB InBev has built up in past years.
Pelosi signals support for massive new payroll subsidies as small-business loan fund nears expirationBusinessMarketWatch
Pelosi signals support for massive new payroll subsidies as small-business loan fund nears expirationHouse Speaker Nancy Pelosi held a virtual roundtable with small-business owners and advocacy organizations Tuesday afternoon as the federal government's program for supporting businesses with fewer than 500 employees was well on its way to exhausting the roughly $670 billion Congress has allocated to it so far. The speaker said that she was working closely with fellow Democrats on efforts to reform the Paycheck Protection Program to ensure greater transparency and greater access by the smallest of small businesses, but she also stressed that Congress should be “expanding support beyond PPP to provide more resources” to the tens of millions of small businesses impacted by the COVID-19 epidemic, urging small-business owners to support a sweeping Paycheck Guarantee Act that would reimburse employers of all types and sizes for payroll and benefit costs.
GE Poised to Bounce Back to $10 Per Share According to Investor James RichmanBusinessInsider Monkey
GE Poised to Bounce Back to $10 Per Share According to Investor James RichmanThe value of General Electric Company (NYSE:GE) shares has dropped significantly by more than 54% since its recent highs of $13.19 in mid-February and lockdown due to the growing effects of coronavirus. This comes as alarming news to most of its long term investors, especially when one of its biggest cheerleaders, billionaire investor Warren Buffet, has recently changed his tone about the company.
Legend Who Bought Apple at $1.42 Says Buy TaaS NowAd
Legend Who Bought Apple at $1.42 Says Buy TaaS NowYou heard it here first: TaaS will change how you eat, shop, and invest
Empire Financial Research
Stimulus money to come later than projected for millions of AmericansU.S.USA TODAY
Stimulus money to come later than projected for millions of AmericansAfter weeks or more of delay, another round of stimulus cash is set to go out soon and finally reach some lower income families who desperately want to know the whereabouts of their Economic Impact Payments. If things go as expected, most eligible Supplemental Security Income recipients and veterans will spot Economic Impact Payments via their Direct Express card no later than mid-May, according to a fact sheet dated May 5 from Direct Express. The Internal Revenue Service plans to put those stimulus payments automatically on existing Direct Express cards.
These Pot Stocks May Need to Enact a Reverse SplitBusinessMotley Fool
These Pot Stocks May Need to Enact a Reverse SplitWhile these huge drops have some investors searching for bargains, the reality is that a handful of pot stocks listed on the New York Stock Exchange (NYSE) or Nasdaq have fallen so much that they may soon have no choice but to enact a reverse split in order to avoid being booted from these exchanges. Delisting is a real threat Though this might sound like fearmongering, it's not. Last month, Aurora Cannabis (NYSE: ACB) announced that it would enact a 1-for-12 reverse split on or about May 11, 2020.
Square posts Q1 lossBusinessYahoo Finance Video
Square posts Q1 lossSquare reports a loss on their first quarter earnings with EPS short $0.15 from expectations and an adjusted EBITDA of $9 million, an 85% drop YoY.
Mom’s Weird Trick Raises Her Credit 193 PointsAd
Mom’s Weird Trick Raises Her Credit 193 PointsMom Saves Family From Financial Disaster Using This One Simple Credit Trick
Credit Secrets
3 Reasons Bristol Myers Squibb's Revenue Skyrocketed in Q1BusinessMotley Fool
3 Reasons Bristol Myers Squibb's Revenue Skyrocketed in Q1Bristol Myers Squibb (NYSE: BMY) announced its first-quarter results before the market opened on Thursday. Revenue growth was even more impressive. BMS reported Q1 revenue of nearly $10.8 billion, an 82% jump from the prior-year period.
Moderna Rallies on Accelerated Covid-19 Vaccine PushBusinessBloomberg
Moderna Rallies on Accelerated Covid-19 Vaccine PushModerna Inc. jumped as much as 14% on Thursday on accelerated plans to develop an experimental vaccine for Covid-19. The vaccine, mRNA-1273, could be in late-stage study by early summer, Moderna said in a statement. The biotechnology company is preparing for an application for its product to be approved as soon as 2021.
3 Dividend Stocks Perfect for RetireesBusinessMotley Fool
3 Dividend Stocks Perfect for RetireesDividend stocks are a perfect fit for a retiree's portfolio considering the supplemental income they provide, which also adds to investor returns in the long run as compounding works its magic. In retirement, it's ideal to own stocks that don't just pay out stable and regular dividends, but also increase them regularly for greater long-term returns. A utility stock is an obvious choice for a retiree given the defensive nature of the business of utilities, which enables them to generate stable cash flows and pay regular dividends.
Yikes...Colorado Mortgage Rates Hit 2.5% FIXEDAd
Yikes...Colorado Mortgage Rates Hit 2.5% FIXEDOur technology will match you with the best lenders at super low rates. Trusted by over 15 million. Save you thousands each year. Takes 2 minutes.
LendGo
Novavax (NVAX) Receives Bullish Praise From a Wall Street ProBusinessSmarterAnalyst
Novavax (NVAX) Receives Bullish Praise From a Wall Street ProThe company was quick off the mark to begin developing a vaccine and has positioned itself at the forefront of the fight against COVID-19. Accordingly, the share price has shot up by a massive 345% year-to-date. But there's more potential upside from here, argues H.C. Wainwright analyst Vernon Bernardino.
If Norwegian Cruise Line Goes Down, Carnival and Royal Caribbean Will Pay the PriceBusinessMotley Fool
If Norwegian Cruise Line Goes Down, Carnival and Royal Caribbean Will Pay the PriceGiven the situation the country's third-largest cruise line operator finds itself in, with passengers on canceled sailings having to choose between refunds and future cruise credit, this is just the kind of warning that can become a self-fulfilling prophecy. Rough waters Weeks of canceled sailings have now become months for Norwegian Cruise Line and larger peers Carnival (NYSE: CCL) (NYSE: CUK) and Royal Caribbean International (NYSE: RCL). Customers are being given the choice to either get a refund or convert what they have already paid into credit on future sailings.
Innovative Industrial Properties Earnings and Revenue Miss ExpectationsBusinessMotley Fool
Innovative Industrial Properties Earnings and Revenue Miss ExpectationsInnovative Industrial Properties (NYSE: IIPR), a cannabis industry-focused real estate investment trust (REIT), reported first-quarter 2020 results after the market closed on Wednesday. Here's how the quarter worked out for Innovative Industrial Properties (also known as IIP) and its investors. *Adjusted funds from operations (AFFO) is a closely watched metric for REITs, as it's the main driver of dividend changes.
Forget Buying Stocks In 2020 (Do This Instead)Ad
Forget Buying Stocks In 2020 (Do This Instead)Shark Tank's Robert Herjavec is recruiting everyday Americans for a life-changing venture. Watch video to see how just $50 could change your life!
Angels & Entrepreneurs Network
Here's Why MacroGenics Stock Is Skyrocketing 171% TodayBusinessMotley Fool
Here's Why MacroGenics Stock Is Skyrocketing 171% TodayWhat happened After MacroGenics (NASDAQ: MGNX) updated investors on its clinical-stage drug pipeline and current financial position, its shares are soaring 171% as of 12:45 am EDT Wednesday. So what MacroGenics' lead drug candidate is margetuximab, an optimized formulation of the top-selling breast cancer drug Herceptin. After the market's closing bell on Tuesday, the biotech company's management said it remains on track to report final overall survival (OS) data for the phase 3 SOPHIA study of margetuximab in HER2-positive metastatic breast cancer this year.
A wave of bankruptcies, surging taxes, and Americans harboring lasting scars from coronavirus lockdowns — the head of world’s largest asset manager warns of grim outlookBusinessMarketWatch
A wave of bankruptcies, surging taxes, and Americans harboring lasting scars from coronavirus lockdowns — the head of world’s largest asset manager warns of grim outlookThe era of coronavirus has already been hard on the American psyche, but the CEO of the world's largest asset manager cautions that everyone should brace for even rougher days ahead, as the U.S. attempts to emerge from the worst public-health crisis in more than a century. BlackRock's Chief Executive Larry Fink forecast a dour near-term outlook for the economy as states and businesses grapple with reopening from COVID-19 lockdowns that have likely driven the U.S., and the rest of the world, into a deep recession, according to a report from Bloomberg News. The news organization reported that Fink, speaking privately with clients of a wealth advisory firm, outlined an unattractive future in which the economy continues to weaken, bankruptcies soar and American consumers — the lifeblood of economic vitality in America — remain psychologically scarred from the impact of the deadly pathogen that has infected more than 3.7 million people (1.2 million in the U.S. alone) and claimed more than 260,000 lives globally, according to data compiled by Johns Hopkins University.
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
iHub News
3月前
CashCowMoo
7月前
hayward
8月前
Zilla
2年前
TruckingAngler
5年前
メールアドレスで登録
