CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today
announced fourth quarter 2024 net income attributable to CVR Energy
stockholders of $28 million, or 28 cents per diluted share,
compared to fourth quarter 2023 net income attributable to CVR
Energy stockholders of $91 million, or 91 cents per diluted
share. Adjusted loss for the fourth quarter of 2024 was
13 cents per diluted share compared to adjusted earnings of
65 cents per diluted share in the fourth quarter of 2023. Net
income for the fourth quarter of 2024 was $40 million, compared to
net income of $97 million in the fourth quarter of 2023. Fourth
quarter 2024 EBITDA was $122 million, compared to fourth quarter
2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter
of 2024 was $67 million, compared to adjusted EBITDA of $170
million in the fourth quarter of 2023.
For full-year 2024, the Company reported net
income attributable to CVR Energy stockholders of $7 million, or 6
cents per diluted share, compared to net income attributable to CVR
Energy stockholders for full-year 2023 of $769 million, or $7.65
per diluted share. Adjusted loss for full-year 2024 was 51 cents
per diluted share compared to adjusted earnings of $5.64 per
diluted share for full-year 2023. Net income for full-year 2024 was
$45 million, compared to net income of $878 million for full-year
2023. Full-year 2024 EBITDA was $394 million, compared to
full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for
full-year 2024 was $317 million, compared to adjusted EBITDA of
$1.2 billion for full-year 2023.
“CVR Energy’s 2024 full-year and fourth quarter
results for its refining business were lower than the previous year
due to reduced crack spreads and, to a lesser degree, decreased
throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer.
“We commenced our planned Coffeyville turnaround early, which
should position us well for the improvement in cracks we expect as
summer driving season begins and capacity rationalization
occurs.
“CVR Partners operated well during 2024, with
consolidated ammonia plant utilization of 96 percent,” Lamp said.
“The Partnership is pleased to have declared a fourth quarter 2024
cash distribution of $1.75 per common unit, with cumulative cash
distributions of $6.76 per common unit for 2024.”
Petroleum Segment
Fourth Quarter 2024 Compared to Fourth Quarter
2023
The Petroleum Segment reported fourth quarter
2024 net income of $35 million and EBITDA of $72 million, compared
to net income of $158 million and EBITDA of $196 million for the
fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment
was $9 million for the fourth quarter of 2024, compared to $152
million for the fourth quarter of 2023.
Combined total throughput for the fourth quarter
of 2024 was approximately 214,000 barrels per day (“bpd”), compared
to approximately 223,000 bpd of combined total throughput for the
fourth quarter of 2023.
Refining margin for the fourth quarter of 2024
was $165 million, or $8.37 per total throughput barrel, compared to
$307 million, or $15.01 per total throughput barrel, during the
same period in 2023. Included in our fourth quarter 2024 refining
margin were favorable mark-to-market impacts on our outstanding
Renewable Fuel Standard (“RFS”) obligation of $57 million,
unfavorable derivative impacts of $6 million from open crack spread
swap positions and unfavorable inventory valuation impacts of $12
million. Excluding these items, adjusted refining margin for the
fourth quarter of 2024 was $6.45 per barrel, compared to an
adjusted refining margin per barrel of $12.91 for the fourth
quarter of 2023. The decrease in adjusted refining margin per
barrel was primarily due to a decrease in the Group 3 2-1-1 crack
spread.
Full-Year 2024 Compared to Full-Year 2023
The Petroleum Segment reported full-year 2024
net income of $70 million and EBITDA of $223 million, compared to
net income of $1.1 billion and EBITDA of $1.2 billion for full-year
2023. Adjusted EBITDA for the Petroleum Segment was $138 million
for full-year 2024, compared to $903 million for full-year
2023.
Combined total throughput for full-year 2024 was
approximately 196,000 bpd, compared to approximately 208,000 bpd
for full-year 2023.
Refining margin was $684 million, or $9.53 per
total throughput barrel, for full-year 2024 compared to $1.7
billion, or $21.82 per total throughput barrel, for full-year 2023.
Included in our full-year 2024 refining margin were favorable
mark-to-market impacts on our outstanding RFS obligation of
$89 million, unfavorable derivative impacts of
$22 million from open crack spread swap positions, and
unfavorable inventory valuation impacts of $6 million.
Excluding these items, adjusted refining margin for full-year 2024
was $8.67 per barrel, compared to an adjusted refining margin per
barrel of $18.11 for full-year 2023. The decrease in adjusted
refining margin per barrel was primarily due to a decrease in the
Group 3 2-1-1 crack spread.
Renewables Segment
Effective for the year ended December 31,
2024, and due to the prominence of the renewables business relative
to the Company’s overall 2024 performance, we have revised our
reportable segments to reflect a new reportable segment –
Renewables. The Renewables Segment includes the operations of the
renewable diesel unit and renewable feedstock pretreater at the
refinery in Wynnewood, Oklahoma.
Fourth Quarter 2024 Compared to Fourth Quarter
2023
The Renewables Segment reported fourth quarter
2024 net loss of $3 million and EBITDA of $3 million, compared to
net loss of $30 million and EBITDA loss of $26 million for the
fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment
was $9 million for the fourth quarter of 2024, compared to Adjusted
EBITDA loss of $17 million for the fourth quarter of 2023.
Total vegetable oil throughput for the fourth
quarter of 2024 was approximately 187,000 gallons per day (“gpd”),
compared to approximately 200,000 gpd for the fourth quarter of
2023.
Renewables margin was $14 million, or 79 cents
per vegetable oil throughput gallon, for the fourth quarter of 2024
compared to a loss of $17 million, or 90 cents per vegetable oil
throughput gallon, for the fourth quarter of 2023. Factors
contributing to our fourth quarter 2024 renewables margin were
lower cost of sales of $46 million due to a decrease in vegetable
oil feed prices and an increase in the Heating Oil - Bean Oil
(“HOBO”) spread of 7 cents per gallon driven by a decrease in
soybean oil prices of 9 cents per pound due to increased U.S.
soybean oil inventories resulting from higher production
levels.
Full-Year 2024 Compared to Full-Year 2023
The Renewables Segment reported full-year 2024
net loss of $21 million and EBITDA of $3 million, compared to net
loss of $36 million and EBITDA loss of $17 million for full-year
2023. Adjusted EBITDA for the Renewables Segment was $10 million
for full-year 2024, compared to Adjusted EBITDA loss of $5 million
for full-year 2023.
Total vegetable oil throughput for full-year
2024 was approximately 151,000 gpd, compared to approximately
226,000 gpd for full-year 2023.
Renewables margin was $44 million, or 80 cents
per vegetable oil throughput gallon, for full-year 2024 compared to
$22 million, or 27 cents per vegetable oil throughput gallon, for
full-year 2023. Factors contributing to our full-year 2024
renewables margin were favorable cost of sales of $284 million due
to lower vegetable oil feed prices, an increase in the HOBO spread
of 59 cents per gallon driven by a decrease in soybean oil prices
of 14 cents per pound due to increased U.S. soybean oil inventories
resulting from higher production levels and an increase in
renewable diesel yield due to improved catalyst performance in the
current year.
Nitrogen Fertilizer
Segment
Fourth Quarter 2024 Compared to Fourth Quarter
2023
The Nitrogen Fertilizer Segment reported net
income of $18 million and EBITDA of $50 million on net sales of
$140 million for the fourth quarter of 2024, compared to net income
of $10 million and EBITDA of $38 million on net sales of $142
million for the fourth quarter of 2023.
CVR Partners’ fertilizer facilities produced a
combined 210,000 tons of ammonia during the fourth quarter of 2024,
of which 80,000 net tons were available for sale, while the rest
was upgraded to other fertilizer products, including 310,000 tons
of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023,
the fertilizer facilities produced 205,000 tons of ammonia, of
which 75,000 net tons were available for sale, while the remainder
was upgraded to other fertilizer products, including 306,000 tons
of UAN.
For the fourth quarter of 2024, average realized
gate prices for UAN declined by 5 percent to $229 per ton and
ammonia improved by 3 percent to $475 per ton when compared to the
fourth quarter of 2023. Average realized gate prices for UAN and
ammonia were $241 per ton and $461 per ton, respectively, for the
fourth quarter of 2023.
Full-Year 2024 Compared to Full-Year 2023
The Nitrogen Fertilizer Segment reported net
income of $61 million and EBITDA of $179 million on net sales of
$525 million for full-year 2024, compared to net income of $172
million and EBITDA of $281 million on net sales of $681 million for
full-year 2023.
For full-year 2024, our fertilizer facilities
produced a combined 836,000 tons of ammonia, of which 270,000 net
tons were available for sale, while the rest was upgraded to other
fertilizer products, including 1,273,000 tons of UAN. For full-year
2023, the fertilizer facilities produced 864,000 tons of ammonia,
of which 270,000 net tons were available for sale, while the
remainder was upgraded to other fertilizer products, including
1,369,000 tons of UAN.
For full-year 2024, average realized gate prices
for UAN declined by 20 percent to $248 per ton and ammonia declined
by 16 percent to $479 per ton when compared to the full-year 2023.
Average realized gate prices for UAN and ammonia were $309 per ton
and $573 per ton, respectively, for full-year 2023.
Corporate and Other
The Company reported income tax benefit of $26
million, or (137.2) percent of income before income taxes, for the
year ended December 31, 2024, compared to an income tax expense of
$207 million, or 19.1 percent of income before income taxes, for
the year ended December 31, 2023. The decrease in income tax
expense was due primarily to a decrease in overall pretax earnings
for the year ended December 31, 2024, compared to the year ended
December 31, 2023. 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 the year ended December 31, 2024, compared to the year
ended December 31, 2023.
Cash, Debt and Dividend
During the fourth quarter of 2024, we completed
two liquidity enhancing transactions generating net proceeds of
$318 million from the senior secured term loan facility (the
“Term Loan”) issuance and approximately $90 million of gross
proceeds from the sale of our subsidiary’s 50% interest in the
Midway Pipeline.
Consolidated cash and cash equivalents was $987
million at December 31, 2024. Consolidated total debt and
finance lease obligations was $1.9 billion at December 31,
2024, including $569 million held by the Nitrogen Fertilizer
Segment.
CVR Partners announced that the Board of
Directors of its general partner declared a fourth quarter 2024
cash distribution of $1.75 per common unit, which will be paid on
March 10, 2025, to common unitholders of record as of
March 3, 2025.
Fourth Quarter
2024 Earnings Conference Call
CVR Energy previously announced that it will
host its fourth quarter and full-year 2024 Earnings Conference Call
on Wednesday, 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 2024 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/4a2maqba. A repeat of the call
can be accessed for 14 days by dialing (877) 660-6853, conference
ID 13751234.
Forward-Looking StatementsThis
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; EBITDA and
Adjusted EBITDA; asset utilization, capture, production volume,
throughput product yield and crude oil gathering rates; cash flow
generation; operating income and net sales; throughput; refining
margin; crack spreads, including the improvement thereof; capacity
rationalization; impact of costs to comply with the RFS and
revaluation of our RFS liability; crude oil and refined product
pricing impacts on inventory valuation; derivative gains and losses
and the drivers thereof; crack spreads, including the drivers
thereof; demand trends; RIN generation levels; ethanol and
biodiesel blending activities; inventory levels; benefits of our
corporate transformation to segregate our renewables business;
access to capital and new partnerships; RIN pricing, including its
impact on performance and the Company’s ability to offset the
impact thereof; carbon capture and decarbonization initiatives;
ammonia and UAN pricing; global fertilizer industry conditions;
grain prices; crop inventory levels; crop and planting levels;
demand for refined products; economic downturns and demand
destruction; production levels and utilization at our nitrogen
fertilizer facilities; nitrogen fertilizer sales volumes; ability
to and levels to which we upgrade ammonia to other fertilizer
products, including UAN; income tax expense, including the drivers
thereof; changes to pretax earnings and our effective tax rate; the
availability of tax credits and incentives; production rates and
operations capabilities of our renewable diesel unit, including the
ability to return to hydrocarbon service; renewable feedstock
throughput; use of proceeds under our debt instruments; debt
levels; cash and cash equivalent levels; dividends and
distributions, including the timing, payment and amount (if any)
thereof; direct operating expenses, capital expenditures,
depreciation and amortization and turnaround expense; cash
reserves; timing of turnarounds; impacts of any pandemic; labor
supply shortages, difficulties, disputes or strikes, including the
impact thereof; 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) the health and economic effects of any
pandemic, 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 a new 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;
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 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.
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.
Contact Information:
Investor RelationsRichard Roberts(281)
207-3205InvestorRelations@CVREnergy.com
Media RelationsBrandee Stephens(281)
207-3516MediaRelations@CVREnergy.com
Non-GAAP Measures
Our management uses certain non-GAAP performance
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 financial measures are important factors
in assessing our operating results and profitability and include
the performance and liquidity 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, 2024 and
2023:
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 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 U.S. 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
Petroleum Segment
Major Scheduled Turnaround Activities - Our
results of operations for the periods presented may not be
comparable with prior periods or to our results of operations in
the future due to capitalized expenditures as part of planned
turnarounds. Total capitalized expenditures were $58 million
and $60 million during the years ended December 31, 2024 and
2023, respectively. The next planned turnaround commenced in
January 2025 at the Coffeyville Refinery.
Midway JV Disposition - On December 23,
2024, a subsidiary of the Company sold the 50% limited liability
company interests it owned in the Midway Pipeline, LLC to Plains
Pipeline, L.P. in exchange for cash consideration of approximately
$90 million. The sale resulted in a gain of $24 million
within Other income (expense), net in the Company’s Consolidated
Statements of Operations.
CVR Energy, Inc.(unaudited)
Consolidated Statement of Operations Data
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
|
(in millions, except per share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net sales |
$ |
1,947 |
|
|
$ |
2,202 |
|
|
$ |
7,610 |
|
|
$ |
9,247 |
|
| Operating costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of materials and other |
|
1,653 |
|
|
|
1,802 |
|
|
|
6,448 |
|
|
|
7,013 |
|
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
165 |
|
|
|
166 |
|
|
|
667 |
|
|
|
670 |
|
|
Depreciation and amortization |
|
72 |
|
|
|
75 |
|
|
|
290 |
|
|
|
291 |
|
|
Cost of sales |
|
1,890 |
|
|
|
2,043 |
|
|
|
7,405 |
|
|
|
7,974 |
|
| Selling, general and
administrative expenses (exclusive of depreciation and
amortization) |
|
35 |
|
|
|
34 |
|
|
|
139 |
|
|
|
141 |
|
| Depreciation and
amortization |
|
2 |
|
|
|
1 |
|
|
|
8 |
|
|
|
7 |
|
| (Gain) loss on asset
disposal |
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Operating income |
|
21 |
|
|
|
124 |
|
|
|
58 |
|
|
|
1,123 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(20 |
) |
|
|
(9 |
) |
|
|
(77 |
) |
|
|
(52 |
) |
|
Other income, net |
|
27 |
|
|
|
4 |
|
|
|
38 |
|
|
|
14 |
|
|
Income before income tax expense |
|
28 |
|
|
|
119 |
|
|
|
19 |
|
|
|
1,085 |
|
| Income tax expense
(benefit) |
|
(12 |
) |
|
|
22 |
|
|
|
(26 |
) |
|
|
207 |
|
|
Net income |
|
40 |
|
|
|
97 |
|
|
|
45 |
|
|
|
878 |
|
| Less: Net income attributable
to noncontrolling interest |
|
12 |
|
|
|
6 |
|
|
|
38 |
|
|
|
109 |
|
|
Net income attributable to CVR Energy
stockholders |
$ |
28 |
|
|
$ |
91 |
|
|
$ |
7 |
|
|
$ |
769 |
|
| |
|
|
|
|
|
|
|
| Basic and diluted earnings per
share |
$ |
0.28 |
|
|
$ |
0.91 |
|
|
$ |
0.06 |
|
|
$ |
7.65 |
|
| Dividends declared per
share |
$ |
— |
|
|
$ |
2.00 |
|
|
$ |
1.50 |
|
|
$ |
4.50 |
|
| |
|
|
|
|
|
|
|
| Adjusted (loss) earnings per
share |
$ |
(0.13 |
) |
|
$ |
0.65 |
|
|
$ |
(0.51 |
) |
|
$ |
5.64 |
|
| EBITDA* |
$ |
122 |
|
|
$ |
204 |
|
|
$ |
394 |
|
|
$ |
1,435 |
|
| Adjusted EBITDA* |
$ |
67 |
|
|
$ |
170 |
|
|
$ |
317 |
|
|
$ |
1,164 |
|
| |
|
|
|
|
|
|
|
| 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, 2024 |
|
December 31, 2023 |
|
Cash and cash equivalents |
$ |
987 |
|
$ |
581 |
| Working capital |
|
726 |
|
|
497 |
| Total assets |
|
4,263 |
|
|
4,707 |
| Total debt and finance lease
obligations, including current portion |
|
1,919 |
|
|
2,185 |
| Total liabilities |
|
3,375 |
|
|
3,669 |
| Total CVR stockholders’
equity |
|
703 |
|
|
847 |
Selected Consolidated Cash Flow Data
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net cash flows provided by (used in): |
|
|
|
|
|
|
|
|
Operating activities |
$ |
98 |
|
$ |
(36 |
) |
|
$ |
404 |
|
|
$ |
948 |
|
|
Investing activities |
|
43 |
|
|
(58 |
) |
|
|
(121 |
) |
|
|
(239 |
) |
|
Financing activities |
|
312 |
|
|
384 |
|
|
|
(482 |
) |
|
|
(40 |
) |
|
Net increase (decrease) in cash, cash equivalents and
restricted cash |
$ |
453 |
|
$ |
290 |
|
|
$ |
(199 |
) |
|
$ |
669 |
|
| |
|
|
|
|
|
|
|
| Free cash flow * |
$ |
40 |
|
$ |
(94 |
) |
|
$ |
181 |
|
|
$ |
708 |
|
_____________________
* See “Non-GAAP Reconciliations” section below.
Selected Segment Data
| |
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
| (in millions) |
Petroleum |
|
Renewables |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Petroleum |
|
Renewables |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Net sales |
$ |
1,755 |
|
$ |
93 |
|
|
$ |
140 |
|
$ |
1,947 |
|
$ |
1,997 |
|
$ |
110 |
|
|
$ |
142 |
|
$ |
2,202 |
| Operating income (loss) |
|
4 |
|
|
(3 |
) |
|
|
26 |
|
|
21 |
|
|
144 |
|
|
(31 |
) |
|
|
17 |
|
|
124 |
| Net income (loss) |
|
35 |
|
|
(3 |
) |
|
|
18 |
|
|
40 |
|
|
158 |
|
|
(30 |
) |
|
|
10 |
|
|
97 |
| EBITDA * |
|
72 |
|
|
3 |
|
|
|
50 |
|
|
122 |
|
|
196 |
|
|
(26 |
) |
|
|
38 |
|
|
204 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance |
$ |
24 |
|
$ |
1 |
|
|
$ |
15 |
|
$ |
40 |
|
$ |
24 |
|
$ |
1 |
|
|
$ |
11 |
|
$ |
36 |
|
Growth |
|
7 |
|
|
— |
|
|
|
3 |
|
|
11 |
|
|
5 |
|
|
8 |
|
|
|
— |
|
|
13 |
|
Total capital expenditures |
$ |
31 |
|
$ |
1 |
|
|
$ |
18 |
|
$ |
51 |
|
$ |
29 |
|
$ |
9 |
|
|
$ |
11 |
|
$ |
49 |
| |
Year Ended December 31, 2024 |
|
Year Ended December 31, 2023 |
| (in millions) |
Petroleum |
|
Renewables |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Petroleum |
|
Renewables |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Net sales |
$ |
6,920 |
|
$ |
289 |
|
|
$ |
525 |
|
$ |
7,610 |
|
$ |
8,287 |
|
$ |
559 |
|
|
$ |
681 |
|
$ |
9,247 |
| Operating income (loss) |
|
12 |
|
|
(22 |
) |
|
|
90 |
|
|
58 |
|
|
982 |
|
|
(37 |
) |
|
|
201 |
|
|
1,123 |
| Net income (loss) |
|
70 |
|
|
(21 |
) |
|
|
61 |
|
|
45 |
|
|
1,071 |
|
|
(36 |
) |
|
|
172 |
|
|
878 |
| EBITDA * |
|
223 |
|
|
3 |
|
|
|
179 |
|
|
394 |
|
|
1,185 |
|
|
(17 |
) |
|
|
281 |
|
|
1,435 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance |
$ |
90 |
|
$ |
3 |
|
|
$ |
30 |
|
$ |
127 |
|
$ |
94 |
|
$ |
2 |
|
|
$ |
28 |
|
$ |
128 |
|
Growth |
|
38 |
|
|
8 |
|
|
|
7 |
|
|
54 |
|
|
14 |
|
|
54 |
|
|
|
1 |
|
|
69 |
|
Total capital expenditures |
$ |
128 |
|
$ |
11 |
|
|
$ |
37 |
|
$ |
181 |
|
$ |
108 |
|
$ |
56 |
|
|
$ |
29 |
|
$ |
197 |
______________________
* See “Non-GAAP Reconciliations” section below.
| (1) |
|
Capital
expenditures are shown exclusive of capitalized turnaround
expenditures and business combinations. |
| |
December 31, 2024 |
|
December 31, 2023 |
| (in millions) |
Petroleum |
|
Renewables |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Petroleum |
|
Renewables |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Cash and cash equivalents (1) |
$ |
735 |
|
$ |
13 |
|
$ |
91 |
|
$ |
987 |
|
$ |
375 |
|
$ |
16 |
|
$ |
45 |
|
$ |
581 |
| Total assets |
|
3,288 |
|
|
420 |
|
|
1,019 |
|
|
4,263 |
|
|
2,978 |
|
|
344 |
|
|
975 |
|
|
4,707 |
| Total debt and finance lease
obligations, including current portion (2) |
|
354 |
|
|
— |
|
|
569 |
|
|
1,919 |
|
|
44 |
|
|
5 |
|
|
547 |
|
|
2,185 |
___________________________
| (1) |
|
Corporate cash
and cash equivalents consisted of $148 million and $145 million at
December 31, 2024 and December 31, 2023, respectively. |
| (2) |
|
Corporate total debt and finance lease obligations, including
current portion consisted of $996 million and $1,594 million at
December 31, 2024 and December 31, 2023, respectively. |
Petroleum Segment
Key Operating Metrics per Total Throughput
Barrel
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Refining margin * |
$ |
8.37 |
|
$ |
15.01 |
|
$ |
9.53 |
|
$ |
21.82 |
| Adjusted refining margin
* |
|
6.45 |
|
|
12.91 |
|
|
8.67 |
|
|
18.11 |
| Direct operating expenses
* |
|
5.13 |
|
|
4.69 |
|
|
5.86 |
|
|
5.34 |
___________________
* See “Non-GAAP Reconciliations” section below.
Throughput Data by Refinery
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
|
(in bpd) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Coffeyville |
|
|
|
|
|
|
|
|
Gathered crude |
69,560 |
|
61,733 |
|
71,382 |
|
62,263 |
|
Other domestic |
47,732 |
|
57,161 |
|
39,360 |
|
49,930 |
|
Canadian |
3,969 |
|
6,109 |
|
7,304 |
|
3,265 |
|
Condensate |
— |
|
7,115 |
|
3,177 |
|
7,566 |
|
Other crude oil |
5,709 |
|
— |
|
2,546 |
|
— |
|
Other feedstocks and blendstocks |
14,997 |
|
16,321 |
|
12,511 |
|
13,490 |
| Wynnewood |
|
|
|
|
|
|
|
|
Gathered crude |
55,507 |
|
49,061 |
|
46,185 |
|
50,900 |
|
Other domestic |
— |
|
2,974 |
|
980 |
|
2,112 |
|
Condensate |
10,747 |
|
17,192 |
|
9,165 |
|
15,228 |
|
Other feedstocks and blendstocks |
5,482 |
|
4,888 |
|
3,668 |
|
3,465 |
|
Total throughput |
213,703 |
|
222,554 |
|
196,278 |
|
208,219 |
Production Data by Refinery
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in bpd) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Coffeyville |
|
|
|
|
|
|
|
|
Gasoline |
72,868 |
|
|
76,921 |
|
|
69,771 |
|
|
69,847 |
|
|
Distillate |
61,016 |
|
|
62,570 |
|
|
56,690 |
|
|
57,888 |
|
|
Other liquid products |
3,775 |
|
|
4,168 |
|
|
5,125 |
|
|
4,388 |
|
|
Solids |
4,349 |
|
|
4,798 |
|
|
4,762 |
|
|
4,123 |
|
| Wynnewood |
|
|
|
|
|
|
|
|
Gasoline |
40,139 |
|
|
42,363 |
|
|
33,106 |
|
|
38,843 |
|
|
Distillate |
24,473 |
|
|
25,432 |
|
|
20,917 |
|
|
24,978 |
|
|
Other liquid products |
4,405 |
|
|
5,480 |
|
|
4,551 |
|
|
6,882 |
|
|
Solids |
12 |
|
|
9 |
|
|
9 |
|
|
10 |
|
|
Total production |
211,037 |
|
|
221,741 |
|
|
194,931 |
|
|
206,959 |
|
| |
|
|
|
|
|
|
|
| Light product yield (as % of
total crude throughput) (1) |
102.7 |
% |
|
103.0 |
% |
|
100.2 |
% |
|
100.2 |
% |
| Liquid volume yield (as % of
total throughput) (2) |
96.7 |
% |
|
97.5 |
% |
|
96.9 |
% |
|
97.4 |
% |
| Distillate yield (as % of
total crude throughput) (3) |
44.2 |
% |
|
43.7 |
% |
|
43.1 |
% |
|
43.3 |
% |
______________________
| (1) |
|
Total Gasoline
and Distillate divided by total Gathered crude, Other domestic,
Canadian, and Condensate throughput (collectively, “Total Crude
Throughput”). |
| (2) |
|
Total Gasoline, Distillate, and Other liquid products divided
by total throughput. |
| (3) |
|
Total Distillate divided by Total Crude Throughput. |
Key Market Indicators
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (dollars per barrel) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
West Texas Intermediate (WTI) NYMEX |
$ |
70.32 |
|
|
$ |
78.53 |
|
|
$ |
75.77 |
|
|
$ |
77.57 |
|
| Crude Oil Differentials to
WTI: |
|
|
|
|
|
|
|
|
Brent |
|
3.69 |
|
|
|
4.32 |
|
|
|
4.09 |
|
|
|
4.60 |
|
|
WCS (heavy sour) |
|
(12.25 |
) |
|
|
(22.91 |
) |
|
|
(13.86 |
) |
|
|
(17.97 |
) |
|
Condensate |
|
(0.24 |
) |
|
|
(0.30 |
) |
|
|
(0.48 |
) |
|
|
(0.21 |
) |
|
Midland Cushing |
|
0.87 |
|
|
|
1.09 |
|
|
|
1.10 |
|
|
|
1.26 |
|
| NYMEX Crack Spreads: |
|
|
|
|
|
|
|
|
Gasoline |
|
13.84 |
|
|
|
13.69 |
|
|
|
20.91 |
|
|
|
27.88 |
|
|
Heating Oil |
|
23.40 |
|
|
|
41.34 |
|
|
|
26.67 |
|
|
|
40.60 |
|
|
NYMEX 2-1-1 Crack Spread |
|
18.62 |
|
|
|
27.52 |
|
|
|
23.79 |
|
|
|
34.24 |
|
| PADD II Group 3 Product
Basis: |
|
|
|
|
|
|
|
|
Gasoline |
|
(4.03 |
) |
|
|
(4.75 |
) |
|
|
(6.52 |
) |
|
|
(2.92 |
) |
|
Ultra Low Sulfur Diesel (ULSD) |
|
(4.57 |
) |
|
|
(2.96 |
) |
|
|
(4.96 |
) |
|
|
(1.02 |
) |
| PADD II Group 3 Product Crack
Spread: |
|
|
|
|
|
|
|
|
Gasoline |
|
9.81 |
|
|
|
8.94 |
|
|
|
14.40 |
|
|
|
24.96 |
|
|
ULSD |
|
18.83 |
|
|
|
38.38 |
|
|
|
21.71 |
|
|
|
39.57 |
|
| PADD II Group 3 2-1-1 |
|
14.32 |
|
|
|
23.66 |
|
|
|
18.05 |
|
|
|
32.27 |
|
Renewables Segment
Key Operating Metrics per Vegetable Oil Throughput
Gallon
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Renewables margin * |
$ |
0.79 |
|
$ |
(0.90 |
) |
|
$ |
0.80 |
|
$ |
0.27 |
| Adjusted renewables margin
* |
|
1.16 |
|
|
(0.43 |
) |
|
|
0.93 |
|
|
0.41 |
| Direct operating expenses
* |
|
0.48 |
|
|
0.37 |
|
|
|
0.57 |
|
|
0.35 |
__________________________
* See “Non-GAAP Reconciliations” section below.
Renewables Throughput Data
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
|
(in gallons per day) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Corn Oil |
81,497 |
|
90,932 |
|
52,807 |
|
53,661 |
| Soybean Oil |
105,351 |
|
109,242 |
|
98,439 |
|
172,297 |
| Other feedstocks and
blendstocks |
91,709 |
|
46,210 |
|
58,730 |
|
51,039 |
|
Total throughput |
278,557 |
|
246,384 |
|
209,976 |
|
276,997 |
Renewables Production Data
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in gallons per day) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Renewable diesel |
163,110 |
|
|
176,200 |
|
|
134,399 |
|
|
200,015 |
|
| Renewable naphtha |
19,731 |
|
|
32,886 |
|
|
17,101 |
|
|
34,099 |
|
| Renewable light ends |
88,938 |
|
|
94,952 |
|
|
62,424 |
|
|
92,802 |
|
| Other |
67,293 |
|
|
42,106 |
|
|
41,064 |
|
|
45,552 |
|
|
Total production |
339,072 |
|
|
346,144 |
|
|
254,988 |
|
|
372,468 |
|
| |
|
|
|
|
|
|
|
| Renewable diesel yield (as %
of corn and soybean oil throughput) |
87.8 |
% |
|
88.0 |
% |
|
89.2 |
% |
|
88.5 |
% |
Key Market Indicators
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Chicago Board of Trade (CBOT) soybean oil (dollars per pound) |
$ |
0.43 |
|
$ |
0.52 |
|
$ |
0.44 |
|
$ |
0.58 |
| Midwest crude corn oil
(dollars per pound) |
|
0.46 |
|
|
0.62 |
|
|
0.50 |
|
|
0.61 |
| CARB ULSD (dollars per
gallon) |
|
2.28 |
|
|
2.90 |
|
|
2.47 |
|
|
2.89 |
| NYMEX ULSD (dollars per
gallon) |
|
2.23 |
|
|
2.85 |
|
|
2.44 |
|
|
2.81 |
| California LCFS (dollars per
metric ton) |
|
72.05 |
|
|
68.71 |
|
|
60.07 |
|
|
72.52 |
| Biodiesel RINs (dollars per
RIN) |
|
0.66 |
|
|
0.84 |
|
|
0.59 |
|
|
1.35 |
Nitrogen Fertilizer Segment
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (percent of capacity
utilization) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Ammonia utilization rate (1) |
96 |
% |
|
94 |
% |
|
96 |
% |
|
100 |
% |
_____________________
|
(1) |
|
Reflects our ammonia utilization rates on a consolidated basis.
Utilization is an important measure used by management to assess
operational output at each of the Nitrogen Fertilizer Segment’s
facilities. Utilization is calculated as actual tons produced
divided by capacity. We present our utilization for the three and
twelve months ended December 31, 2024 and 2023, respectively, and
take into account the impact of our current turnaround cycles on
any specific period. 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 our efforts being primarily focused on
ammonia upgrade capabilities, this measure provides a meaningful
view of how well we operate. |
Sales and Production Data
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Consolidated sales (thousands
of tons): |
|
|
|
|
|
|
|
|
Ammonia |
|
97 |
|
|
98 |
|
|
271 |
|
|
281 |
|
UAN |
|
310 |
|
|
320 |
|
|
1,260 |
|
|
1,395 |
| |
|
|
|
|
|
|
|
| Consolidated product pricing
at gate (dollars per ton): (1) |
|
|
|
|
|
|
|
|
Ammonia |
$ |
475 |
|
$ |
461 |
|
$ |
479 |
|
$ |
573 |
|
UAN |
|
229 |
|
|
241 |
|
|
248 |
|
|
309 |
| |
|
|
|
|
|
|
|
| Consolidated production volume
(thousands of tons): |
|
|
|
|
|
|
|
|
Ammonia (gross produced) (2) |
|
210 |
|
|
205 |
|
|
836 |
|
|
864 |
|
Ammonia (net available for sale) (2) |
|
80 |
|
|
75 |
|
|
270 |
|
|
270 |
|
UAN |
|
310 |
|
|
306 |
|
|
1,273 |
|
|
1,369 |
| |
|
|
|
|
|
|
|
| Feedstock: |
|
|
|
|
|
|
|
|
Petroleum coke used in production (thousands tons) |
|
123 |
|
|
131 |
|
|
517 |
|
|
518 |
|
Petroleum coke used in production (dollars per ton) |
$ |
55.71 |
|
$ |
77.09 |
|
$ |
59.69 |
|
$ |
78.14 |
|
Natural gas used in production (thousands of MMBtus) (3) |
|
2,224 |
|
|
2,033 |
|
|
8,667 |
|
|
8,462 |
|
Natural gas used in production (dollars per MMBtu) (3) |
$ |
3.00 |
|
$ |
2.95 |
|
$ |
2.56 |
|
$ |
3.42 |
|
Natural gas in cost of materials and other (thousands of MMBtus)
(3) |
|
2,352 |
|
|
2,317 |
|
|
7,755 |
|
|
8,671 |
|
Natural gas in cost of materials and other (dollars per MMBtu)
(3) |
$ |
2.50 |
|
$ |
2.83 |
|
$ |
2.50 |
|
$ |
3.84 |
______________________
|
(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 EndedDecember 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Ammonia — Southern plains (dollars per ton) |
$ |
526 |
|
$ |
648 |
|
$ |
526 |
|
$ |
564 |
| Ammonia — Corn belt (dollars
per ton) |
|
595 |
|
|
704 |
|
|
573 |
|
|
644 |
| UAN — Corn belt (dollars per
ton) |
|
274 |
|
|
301 |
|
|
277 |
|
|
311 |
| |
|
|
|
|
|
|
|
| Natural gas NYMEX (dollars per
MMBtu) |
$ |
2.98 |
|
$ |
2.92 |
|
$ |
2.41 |
|
$ |
2.67 |
Q1 2025 Outlook
The table below summarizes our outlook for
certain refining statistics and financial information for the first
quarter of 2025. See “Forward-Looking Statements” above.
| |
Q1 2025 |
| |
Low |
|
High |
| Petroleum |
|
|
|
|
Total throughput (bpd) |
|
120,000 |
|
|
|
135,000 |
|
|
Direct operating expenses (in millions) (1) |
$ |
95 |
|
|
$ |
105 |
|
|
Turnaround (2) |
|
150 |
|
|
|
165 |
|
| |
|
|
|
| Renewables |
|
|
|
|
Total throughput (in millions of gallons) |
|
13 |
|
|
|
16 |
|
|
Direct Operating expenses (in millions) (1) |
$ |
8 |
|
|
$ |
10 |
|
| |
|
|
|
| Nitrogen Fertilizer |
|
|
|
|
Ammonia utilization rate |
|
95 |
% |
|
|
100 |
% |
|
Direct operating expenses (in millions) (1) |
$ |
55 |
|
|
$ |
65 |
|
| |
|
|
|
| Capital Expenditures (in
millions) (2) |
|
|
|
|
Petroleum |
$ |
30 |
|
|
$ |
40 |
|
|
Renewables |
|
2 |
|
|
|
5 |
|
|
Nitrogen Fertilizer |
|
12 |
|
|
|
16 |
|
|
Other |
|
— |
|
|
|
2 |
|
|
Total capital expenditures |
$ |
44 |
|
|
$ |
63 |
|
____________________
| (1) |
|
Direct
operating expenses are shown exclusive of depreciation and
amortization and, for the Nitrogen Fertilizer Segment, turnaround
expenses and inventory valuation impacts. |
| (2) |
|
Turnaround and capital expenditures are disclosed on an accrual
basis. |
Non-GAAP Reconciliations
Reconciliation of Consolidated Net
Income to EBITDA and Adjusted EBITDA
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net income |
$ |
40 |
|
|
$ |
97 |
|
|
$ |
45 |
|
|
$ |
878 |
|
|
Interest expense, net |
|
20 |
|
|
|
9 |
|
|
|
77 |
|
|
|
52 |
|
|
Income tax (benefit) expense |
|
(12 |
) |
|
|
22 |
|
|
|
(26 |
) |
|
|
207 |
|
|
Depreciation and amortization |
|
74 |
|
|
|
76 |
|
|
|
298 |
|
|
|
298 |
|
|
EBITDA |
|
122 |
|
|
|
204 |
|
|
|
394 |
|
|
|
1,435 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
Revaluation of RFS liability, favorable |
|
(57 |
) |
|
|
(57 |
) |
|
|
(89 |
) |
|
|
(284 |
) |
|
Unrealized loss (gain) on derivatives |
|
6 |
|
|
|
(67 |
) |
|
|
22 |
|
|
|
(32 |
) |
|
Inventory valuation impacts, unfavorable |
|
20 |
|
|
|
90 |
|
|
|
14 |
|
|
|
45 |
|
|
Gain on sale of equity method investment |
|
(24 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
Adjusted EBITDA |
$ |
67 |
|
|
$ |
170 |
|
|
$ |
317 |
|
|
$ |
1,164 |
|
Reconciliation of Basic and Diluted
Earnings per Share to Adjusted
Earnings per Share
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Basic and diluted earnings per share |
$ |
0.28 |
|
|
$ |
0.91 |
|
|
$ |
0.06 |
|
|
$ |
7.65 |
|
| Adjustments: (1) |
|
|
|
|
|
|
|
|
Revaluation of RFS liability, favorable |
|
(0.43 |
) |
|
|
(0.42 |
) |
|
|
(0.67 |
) |
|
|
(2.12 |
) |
|
Unrealized loss (gain) on derivatives |
|
0.04 |
|
|
|
(0.50 |
) |
|
|
0.16 |
|
|
|
(0.23 |
) |
|
Inventory valuation impacts, unfavorable |
|
0.16 |
|
|
|
0.66 |
|
|
|
0.12 |
|
|
|
0.34 |
|
|
Gain on sale of equity method investment |
|
(0.18 |
) |
|
|
— |
|
|
|
(0.18 |
) |
|
|
— |
|
|
Adjusted (loss) earnings per share |
$ |
(0.13 |
) |
|
$ |
0.65 |
|
|
$ |
(0.51 |
) |
|
$ |
5.64 |
|
___________________
| (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 December 31, |
|
Year EndedDecember 31, |
| (in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net cash provided by (used in) operating
activities |
$ |
98 |
|
|
$ |
(36 |
) |
|
$ |
404 |
|
|
$ |
948 |
|
| Less: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
(55 |
) |
|
|
(55 |
) |
|
|
(179 |
) |
|
|
(205 |
) |
|
Capitalized turnaround expenditures |
|
(7 |
) |
|
|
(4 |
) |
|
|
(53 |
) |
|
|
(57 |
) |
|
Return on equity method investment |
|
4 |
|
|
|
1 |
|
|
|
9 |
|
|
|
22 |
|
|
Free cash flow |
$ |
40 |
|
|
$ |
(94 |
) |
|
$ |
181 |
|
|
$ |
708 |
|
Reconciliation of Petroleum
Segment Net Income to EBITDA and
Adjusted EBITDA
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Petroleum net income |
$ |
35 |
|
|
$ |
158 |
|
|
$ |
70 |
|
|
$ |
1,071 |
|
|
Interest income, net |
|
(4 |
) |
|
|
(10 |
) |
|
|
(21 |
) |
|
|
(75 |
) |
|
Depreciation and amortization |
|
41 |
|
|
|
48 |
|
|
|
174 |
|
|
|
189 |
|
|
Petroleum EBITDA |
|
72 |
|
|
|
196 |
|
|
|
223 |
|
|
|
1,185 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
Revaluation of RFS liability, favorable |
|
(57 |
) |
|
|
(57 |
) |
|
|
(89 |
) |
|
|
(284 |
) |
|
Unrealized loss (gain) on derivatives, net |
|
6 |
|
|
|
(67 |
) |
|
|
22 |
|
|
|
(30 |
) |
|
Inventory valuation impact, unfavorable (1) |
|
12 |
|
|
|
80 |
|
|
|
6 |
|
|
|
32 |
|
|
Gain on sale of equity method investment |
|
(24 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
Petroleum Adjusted EBITDA |
|
9 |
|
|
|
152 |
|
|
|
138 |
|
|
|
903 |
|
Reconciliation of
Petroleum Segment Gross Profit
to Refining Margin and Adjusted Refining
Margin
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions, except
throughput data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net sales |
$ |
1,755 |
|
|
$ |
1,997 |
|
|
$ |
6,920 |
|
|
$ |
8,287 |
|
| Less: |
|
|
|
|
|
|
|
|
Cost of materials and other |
|
(1,590 |
) |
|
|
(1,690 |
) |
|
|
(6,236 |
) |
|
|
(6,629 |
) |
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
(101 |
) |
|
|
(96 |
) |
|
|
(421 |
) |
|
|
(406 |
) |
|
Depreciation and amortization |
|
(41 |
) |
|
|
(47 |
) |
|
|
(174 |
) |
|
|
(185 |
) |
|
Gross profit |
|
23 |
|
|
|
164 |
|
|
|
89 |
|
|
|
1,067 |
|
| Add: |
|
|
|
|
|
|
|
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
101 |
|
|
|
96 |
|
|
|
421 |
|
|
|
406 |
|
|
Depreciation and amortization |
|
41 |
|
|
|
47 |
|
|
|
174 |
|
|
|
185 |
|
|
Refining margin |
|
165 |
|
|
|
307 |
|
|
|
684 |
|
|
|
1,658 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
Revaluation of RFS liability, favorable |
|
(57 |
) |
|
|
(57 |
) |
|
|
(89 |
) |
|
|
(284 |
) |
|
Unrealized loss (gain) on derivatives, net |
|
6 |
|
|
|
(67 |
) |
|
|
22 |
|
|
|
(30 |
) |
|
Inventory valuation impact, unfavorable (1) |
|
12 |
|
|
|
80 |
|
|
|
6 |
|
|
|
32 |
|
|
Adjusted refining margin |
$ |
126 |
|
|
$ |
263 |
|
|
$ |
623 |
|
|
$ |
1,376 |
|
| |
|
|
|
|
|
|
|
| Total throughput barrels per
day |
|
213,703 |
|
|
|
222,554 |
|
|
|
196,278 |
|
|
|
208,219 |
|
| Days in the period |
|
92 |
|
|
|
92 |
|
|
|
366 |
|
|
|
365 |
|
|
Total throughput barrels |
|
19,660,650 |
|
|
|
20,474,980 |
|
|
|
71,837,644 |
|
|
|
75,999,905 |
|
| |
|
|
|
|
|
|
|
| Refining margin per
total throughput barrel |
$ |
8.37 |
|
|
$ |
15.01 |
|
|
$ |
9.53 |
|
|
$ |
21.82 |
|
| Adjusted refining
margin per total throughput barrel |
|
6.45 |
|
|
|
12.91 |
|
|
|
8.67 |
|
|
|
18.11 |
|
| Direct operating
expenses per total throughput barrel |
|
5.13 |
|
|
|
4.69 |
|
|
|
5.86 |
|
|
|
5.34 |
|
_____________________
|
(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
Renewables Segment Net Loss
to EBITDA and Adjusted EBITDA
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Renewables net loss |
$ |
(3 |
) |
|
$ |
(30 |
) |
|
$ |
(21 |
) |
|
$ |
(36 |
) |
|
Interest expense, net |
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
Depreciation and amortization |
|
6 |
|
|
|
5 |
|
|
|
25 |
|
|
|
20 |
|
|
Renewables EBITDA |
|
3 |
|
|
|
(26 |
) |
|
|
3 |
|
|
|
(17 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
Unrealized (gain) loss on derivatives, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
Inventory valuation, (favorable) unfavorable (1) |
|
6 |
|
|
|
9 |
|
|
|
7 |
|
|
|
14 |
|
|
Renewables Adjusted EBITDA |
$ |
9 |
|
|
$ |
(17 |
) |
|
$ |
10 |
|
|
$ |
(5 |
) |
Reconciliation of Renewables
Segment Gross Loss to Renewables
Margin and Adjusted Renewables Margin
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions, except
throughput data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net sales |
$ |
93 |
|
|
$ |
110 |
|
|
$ |
289 |
|
|
$ |
559 |
|
| Less: |
|
|
|
|
|
|
|
|
Cost of materials and other |
|
(79 |
) |
|
|
(127 |
) |
|
|
(245 |
) |
|
|
(537 |
) |
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
(8 |
) |
|
|
(7 |
) |
|
|
(31 |
) |
|
|
(28 |
) |
|
Depreciation and amortization |
|
(6 |
) |
|
|
(5 |
) |
|
|
(25 |
) |
|
|
(20 |
) |
|
Gross loss |
|
— |
|
|
|
(29 |
) |
|
|
(12 |
) |
|
|
(26 |
) |
| Add: |
|
|
|
|
|
|
|
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
8 |
|
|
|
7 |
|
|
|
31 |
|
|
|
28 |
|
|
Depreciation and amortization |
|
6 |
|
|
|
5 |
|
|
|
25 |
|
|
|
20 |
|
|
Renewables margin |
|
14 |
|
|
|
(17 |
) |
|
|
44 |
|
|
|
22 |
|
|
Unrealized (gain) loss on derivatives, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
Inventory valuation, (favorable) unfavorable (1) |
|
6 |
|
|
|
9 |
|
|
|
7 |
|
|
|
14 |
|
|
Adjusted renewables margin |
$ |
20 |
|
|
$ |
(8 |
) |
|
$ |
51 |
|
|
$ |
34 |
|
| |
|
|
|
|
|
|
|
| Total vegetable oil throughput
gallons per day |
|
186,970 |
|
|
|
200,174 |
|
|
|
151,278 |
|
|
|
225,957 |
|
| Days in the period |
|
92 |
|
|
|
92 |
|
|
|
366 |
|
|
|
365 |
|
|
Total vegetable oil throughput gallons |
|
17,201,274 |
|
|
|
18,416,045 |
|
|
|
55,367,620 |
|
|
|
82,474,473 |
|
|
|
|
|
|
|
|
|
|
| Renewables margin per
vegetable oil throughput gallon |
$ |
0.79 |
|
|
$ |
(0.90 |
) |
|
$ |
0.80 |
|
|
$ |
0.27 |
|
| Adjusted renewables
margin per vegetable oil throughput gallon |
|
1.16 |
|
|
|
(0.43 |
) |
|
|
0.93 |
|
|
|
0.41 |
|
| Direct operating
expenses per vegetable oil throughput gallon |
|
0.48 |
|
|
|
0.37 |
|
|
|
0.57 |
|
|
|
0.35 |
|
____________________
|
(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. |
Reconciliation of
Nitrogen Fertilizer Segment Net
Income to EBITDA and Adjusted EBITDA
| |
Three Months Ended December 31, |
|
Year EndedDecember 31, |
| (in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Nitrogen Fertilizer net income |
$ |
18 |
|
$ |
10 |
|
$ |
61 |
|
$ |
172 |
| Add: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
7 |
|
|
7 |
|
|
30 |
|
|
29 |
|
Depreciation and amortization |
|
25 |
|
|
21 |
|
|
88 |
|
|
80 |
|
Nitrogen Fertilizer EBITDA and Adjusted
EBITDA |
$ |
50 |
|
$ |
38 |
|
$ |
179 |
|
$ |
281 |
Grafico Azioni CVR Energy (NYSE:CVI)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni CVR Energy (NYSE:CVI)
Storico
Da Feb 2024 a Feb 2025
