CVR Energy Reports Fourth Quarter and Full-Year 2024 Results
CVR Energy (NYSE: CVI) reported full-year 2024 net income of $7 million ($0.06 per diluted share) and EBITDA of $394 million, a significant decrease from 2023's net income of $769 million ($7.65 per diluted share) and EBITDA of $1.4 billion. The company paid $1.00 per share in cumulative cash dividends for 2024.
Fourth quarter 2024 results showed net income of $28 million ($0.28 per diluted share), down from $91 million in Q4 2023. The Petroleum Segment's performance declined due to reduced crack spreads and decreased throughput. The Renewables Segment reported a Q4 net loss of $3 million, while the Nitrogen Fertilizer Segment achieved net income of $18 million.
The company enhanced its liquidity by $408 million through a Term Loan and the sale of its 50% interest in Midway Pipeline. Consolidated cash position stood at $987 million with total debt of $1.9 billion as of December 31, 2024.
CVR Energy (NYSE: CVI) ha riportato un utile netto per l'intero anno 2024 di 7 milioni di dollari (0,06 dollari per azione diluita) e un EBITDA di 394 milioni di dollari, una significativa diminuzione rispetto all'utile netto del 2023 di 769 milioni di dollari (7,65 dollari per azione diluita) e un EBITDA di 1,4 miliardi di dollari. L'azienda ha pagato 1,00 dollari per azione in dividendi in contante cumulativi per il 2024.
I risultati del quarto trimestre 2024 hanno mostrato un utile netto di 28 milioni di dollari (0,28 dollari per azione diluita), in calo rispetto ai 91 milioni di dollari nel Q4 2023. Le prestazioni del segmento Petrolio sono diminuite a causa della riduzione degli spread di crack e del calo del throughput. Il segmento Rinnovabili ha riportato una perdita netta di 3 milioni di dollari nel Q4, mentre il segmento Fertilizzanti Azotati ha realizzato un utile netto di 18 milioni di dollari.
L'azienda ha migliorato la sua liquidità di 408 milioni di dollari attraverso un prestito a termine e la vendita della sua partecipazione del 50% nella Midway Pipeline. La posizione di cassa consolidata ammontava a 987 milioni di dollari con un debito totale di 1,9 miliardi di dollari al 31 dicembre 2024.
CVR Energy (NYSE: CVI) reportó una ganancia neta para todo el año 2024 de 7 millones de dólares (0.06 dólares por acción diluida) y un EBITDA de 394 millones de dólares, una disminución significativa respecto a la ganancia neta de 769 millones de dólares (7.65 dólares por acción diluida) y un EBITDA de 1.4 mil millones de dólares en 2023. La empresa pagó 1.00 dólares por acción en dividendos en efectivo acumulativos para 2024.
Los resultados del cuarto trimestre de 2024 mostraron una ganancia neta de 28 millones de dólares (0.28 dólares por acción diluida), una caída desde los 91 millones de dólares en el Q4 de 2023. El rendimiento del segmento de Petróleo disminuyó debido a la reducción de los márgenes de crack y la disminución del throughput. El segmento de Energías Renovables reportó una pérdida neta de 3 millones de dólares en el Q4, mientras que el segmento de Fertilizantes de Nitrógeno logró una ganancia neta de 18 millones de dólares.
La empresa mejoró su liquidez en 408 millones de dólares a través de un préstamo a plazo y la venta de su participación del 50% en Midway Pipeline. La posición de efectivo consolidada se situó en 987 millones de dólares con una deuda total de 1.9 mil millones de dólares al 31 de diciembre de 2024.
CVR Energy (NYSE: CVI)는 2024년 전체 순이익이 700만 달러(희석 주당 0.06 달러)이며 EBITDA는 3억 9천 4백만 달러로, 2023년의 순이익 7억 6천 9백만 달러(희석 주당 7.65 달러)와 EBITDA 14억 달러에서 크게 감소했다고 보고했습니다. 회사는 2024년 동안 주당 1.00 달러의 누적 현금 배당금을 지급했습니다.
2024년 4분기 결과는 순이익 2800만 달러(희석 주당 0.28 달러)를 기록했으며, 이는 2023년 4분기 9100만 달러에서 감소한 수치입니다. 석유 부문의 실적은 크랙 스프레드 감소와 처리량 감소로 인해 하락했습니다. 재생 가능 에너지 부문은 4분기에 300만 달러의 순손실을 기록했으며, 질소 비료 부문은 1800만 달러의 순이익을 달성했습니다.
회사는 기간 대출과 Midway Pipeline의 50% 지분 매각을 통해 4억 8백만 달러의 유동성을 강화했습니다. 2024년 12월 31일 기준으로 통합 현금 보유액은 9억 8천 7백만 달러, 총 부채는 19억 달러에 달했습니다.
CVR Energy (NYSE: CVI) a déclaré un bénéfice net pour l'année entière 2024 de 7 millions de dollars (0,06 dollar par action diluée) et un EBITDA de 394 millions de dollars, ce qui représente une diminution significative par rapport au bénéfice net de 769 millions de dollars (7,65 dollars par action diluée) et un EBITDA de 1,4 milliard de dollars en 2023. L'entreprise a versé un dividende en espèces cumulatif de 1,00 dollar par action pour 2024.
Les résultats du quatrième trimestre 2024 ont montré un bénéfice net de 28 millions de dollars (0,28 dollar par action diluée), en baisse par rapport à 91 millions de dollars au T4 2023. Les performances du segment Pétrole ont diminué en raison de la réduction des spreads de crack et de la baisse du débit. Le segment Énergies Renouvelables a enregistré une perte nette de 3 millions de dollars au T4, tandis que le segment Engrais Azotés a réalisé un bénéfice net de 18 millions de dollars.
L'entreprise a amélioré sa liquidité de 408 millions de dollars grâce à un prêt à terme et à la vente de sa participation de 50 % dans Midway Pipeline. La position de trésorerie consolidée s'élevait à 987 millions de dollars avec une dette totale de 1,9 milliard de dollars au 31 décembre 2024.
CVR Energy (NYSE: CVI) berichtete für das Gesamtjahr 2024 einen Nettogewinn von 7 Millionen Dollar (0,06 Dollar pro verwässerter Aktie) und ein EBITDA von 394 Millionen Dollar, was einen erheblichen Rückgang gegenüber dem Nettogewinn von 769 Millionen Dollar (7,65 Dollar pro verwässerter Aktie) und einem EBITDA von 1,4 Milliarden Dollar im Jahr 2023 darstellt. Das Unternehmen zahlte 1,00 Dollar pro Aktie in kumulativen Barausschüttungen für 2024.
Die Ergebnisse des vierten Quartals 2024 zeigten einen Nettogewinn von 28 Millionen Dollar (0,28 Dollar pro verwässerter Aktie), ein Rückgang gegenüber 91 Millionen Dollar im Q4 2023. Die Leistung des Segmentes Erdöl sank aufgrund reduzierter Crack-Spreads und verringertem Durchsatz. Das Segment Erneuerbare Energien berichtete im Q4 einen Nettoverlust von 3 Millionen Dollar, während das Segment Stickstoffdünger einen Nettogewinn von 18 Millionen Dollar erzielte.
Das Unternehmen verbesserte seine Liquidität um 408 Millionen Dollar durch ein Termingeld und den Verkauf seiner 50%igen Beteiligung an der Midway Pipeline. Die konsolidierte Liquidität betrug zum 31. Dezember 2024 987 Millionen Dollar bei einer Gesamtverschuldung von 1,9 Milliarden Dollar.
- Enhanced liquidity by $408 million through Term Loan and Midway Pipeline sale
- Strong cash position of $987 million at year-end
- Nitrogen Fertilizer Segment maintained high utilization rate of 96%
- Renewables Segment improved with Q4 Adjusted EBITDA of $9 million vs -$17 million in Q4 2023
- Full-year net income dropped to $7 million from $769 million in 2023
- EBITDA decreased to $394 million from $1.4 billion in 2023
- Petroleum Segment throughput declined to 196,000 bpd from 208,000 bpd in 2023
- Total debt and finance lease obligations increased to $1.9 billion
Insights
The dramatic decline in CVR Energy's financial performance for 2024 reveals significant challenges across its business segments. Full-year net income attributable to stockholders plummeted to
The Petroleum Segment's deterioration is particularly noteworthy, with adjusted refining margin per barrel dropping to
The company's strategic focus on liquidity enhancement is evident through two key fourth-quarter transactions: a
The Renewables Segment's transition to profitability, achieving
The Nitrogen Fertilizer Segment maintained robust operations with
The company's ability to maintain its dividend program despite earnings pressure (
- Reported full-year 2024 net income attributable to CVR Energy stockholders of
$7 million and EBITDA of$394 million . - Paid cumulative cash dividends attributable to 2024 of
$1.00 per share. - Enhanced liquidity by
$408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.
SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of
For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of
“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
Petroleum Segment
Fourth Quarter 2024 Compared to Fourth Quarter 2023
The Petroleum Segment reported fourth quarter 2024 net income of
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
Full-Year 2024 Compared to Full-Year 2023
The Petroleum Segment reported full-year 2024 net income of
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
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
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
Full-Year 2024 Compared to Full-Year 2023
The Renewables Segment reported full-year 2024 net loss of
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
Nitrogen Fertilizer Segment
Fourth Quarter 2024 Compared to Fourth Quarter 2023
The Nitrogen Fertilizer Segment reported net income of
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
Full-Year 2024 Compared to Full-Year 2023
The Nitrogen Fertilizer Segment reported net income of
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
Corporate and Other
The Company reported income tax benefit of
Cash, Debt and Dividend
During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of
Consolidated cash and cash equivalents was
CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of
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 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; 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 Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@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
Midway JV Disposition - On December 23, 2024, a subsidiary of the Company sold the
CVR Energy, Inc.
(unaudited)
Consolidated Statement of Operations Data
| Three Months Ended December 31, | Year Ended December 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 Ended December 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 | |
| (2) | Corporate total debt and finance lease obligations, including current portion consisted of |
Petroleum Segment
Key Operating Metrics per Total Throughput Barrel
| Three Months Ended December 31, | Year Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 Ended December 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 | |||
FAQ
What was CVR Energy's (CVI) net income for full-year 2024?
How much did CVI's EBITDA decrease in 2024 compared to 2023?
What dividend did CVI pay to shareholders in 2024?
How did CVI enhance its liquidity in Q4 2024?
What was CVI's cash position at the end of 2024?
How much debt did CVI carry at the end of 2024?
