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CVR Energy, Inc. (NYSE: CVI) is a diversified holding company with a primary focus on petroleum refining and nitrogen fertilizer manufacturing. Headquartered in Sugar Land, Texas, the company conducts its operations through its subsidiaries, CVR Refining, LP, and CVR Partners, LP. As the general partner and majority owner of these subsidiaries, CVR Energy manages complex full-coking crude oil refineries, an extensive crude oil gathering system, pipelines, storage tanks, and a marketing and supply network.
CVR Energy's refineries are capable of processing various types of crude oil, from heavy sour to light sweet. The crude oil is supplied through the company’s own gathering system and pipeline, ensuring a steady and reliable feedstock. The refined products are distributed to customers, including retailers, railroads, and farm cooperatives, via tanker trucks and throughput terminals.
The company’s dedication to operational excellence is evident in its commitment to safe, reliable, and environmentally responsible practices. Recent significant achievements include a notable position as No. 2 on the 2013 Houston Chronicle Top 100 Public Companies list and generating $8.6 billion in net sales revenue in 2012. Furthermore, CVR Energy employs approximately 1,200 people, all of whom contribute to its robust performance and value creation for stockholders.
In the nitrogen fertilizer segment, CVR Partners, LP, leverages state-of-the-art facilities to produce high-quality nitrogen fertilizer products. This segment is integral to the agriculture industry, providing essential nutrients to enhance crop yields.
CVR Energy maintains strong financial health, demonstrated by its strategic investments and sustainable growth initiatives. The company’s financial statements reflect a balanced approach to debt management and capital allocation, ensuring long-term stability and profitability.
For more information, please visit the Investor Relations section of CVR Energy's website or contact their media and investor relations teams.
CVR Energy, Inc. has sent an open letter to Uzi Yemin, Chairman of Delek US Holdings, regarding concerns over his compensation, which totals nearly $54 million from 2013 to 2020, plus an additional $27 million from a 5% stake in Delek's subsidiary. The letter criticizes perceived management blunders at Delek while Yemin's compensation continues to rise. CVR Energy is demanding transparency and access to documents to understand the rationale behind these payments, expressing concerns over the effectiveness of Delek's independent directors. The company threatens legal action if demands are not met.
CVR Energy reported a fourth quarter 2020 net loss of $67 million and an annual net loss of $256 million, significantly impacted by the COVID-19 pandemic and the Renewable Fuel Standard program. The company achieved $50 million in targeted operating and SG&A expense reductions. The Petroleum Segment posted a fourth quarter operating loss of $120 million amid declining refining margins, down to $1.32 per barrel. The Nitrogen Fertilizer Segment saw an operating loss of $1 million despite record ammonia production. Cash and equivalents stood at $667 million.
CVR Energy, Inc. (NYSE: CVI) will release its fourth quarter and full-year 2020 earnings on February 22, post-market close. A teleconference is scheduled for February 23 at 1 p.m. Eastern to discuss the results, which will be available live on the company's website. Investors can access the earnings release via GlobeNewswire and the company's official site. CVR Energy focuses on petroleum refining and nitrogen fertilizer manufacturing, holding significant interests in CVR Refining and CVR Partners.
CVR Energy (NYSE: CVI) has received Board approval for its Wynnewood renewable diesel project, which will convert a hydrocracker unit to produce nearly 100 million gallons of renewable diesel and over 6 million gallons of renewable naphtha annually. The project, estimated to cost $110 million, aims to reduce RIN exposure under the Renewable Fuel Standard. Completion is anticipated by mid-2021, with expected RIN generation of 170-180 million annually, lowering net RIN purchases to under 80 million.
CVR Energy, Inc. (NYSE: CVI) will present at the Bank of America 2020 Leveraged Finance Virtual Conference on December 1, 2020, at 9 a.m. Eastern. The live webcast and accompanying slides will be accessible via their Investor Relations website, with an archive available for 90 days. CVR Energy is engaged in petroleum refining and nitrogen fertilizer manufacturing, with interests in CVR Refining and CVR Partners. The company is headquartered in Sugar Land, Texas.
CVR Energy (CVI) reported a net loss of $96 million for Q3 2020, a stark decline from a net income of $119 million in Q3 2019, amid significant market challenges. Net sales fell to $1.0 billion from $1.6 billion year-over-year. EBITDA also dropped to a loss of $39 million from a profit of $235 million. Key factors were decreases in refining margin and total throughput. However, the company is focused on reducing expenses and enhancing cash reserves. The Nitrogen Fertilizer Segment saw improved production, although average product prices declined significantly.
CVR Energy (NYSE: CVI) will announce its third quarter 2020 financial results on November 2, post-market. A follow-up teleconference is scheduled for November 3 at 1 p.m. ET to discuss these results. The call will include forward-looking information and will be available for live streaming on the company's Investor Relations website. An archived version will be accessible for 14 days. CVR Energy operates primarily in petroleum refining and marketing, alongside nitrogen fertilizer manufacturing through its subsidiary CVR Partners, LP.
CVR Energy (NYSE: CVI) announced a virtual presentation at the Barclays CEO Energy-Power Conference on September 10, 2020, scheduled for 11:05 a.m. Eastern Time. The presentation will be available for live streaming on the Investor Relations section of CVR Energy’s website, along with accompanying slides. The archived webcast will be accessible for 14 days post-event. CVR Energy operates in petroleum refining and nitrogen fertilizer manufacturing, holding a 34% interest in CVR Partners.
CVR Energy reported a net loss of $5 million (5 cents per diluted share) for Q2 2020, attributed to a $41 million goodwill impairment in its Nitrogen Fertilizer Segment. This contrasts with a net income of $116 million for Q2 2019. Net sales were $675 million, down from $1.7 billion a year prior, with EBITDA falling to $68 million from $273 million. The Petroleum Segment's operating income dropped to $5 million, and the Nitrogen Fertilizer Segment reported an operating loss of $26 million. The company aims to focus on cash flow and cost management.
CVR Energy (NYSE: CVI) will release its second quarter 2020 results on August 3 after market close, followed by a teleconference on August 4 at 1 p.m. Eastern. This call will feature forward-looking statements and will be accessible via the investor relations section of CVR Energy’s website. Investors can also participate by dialing in. The earnings release will be distributed through GlobeNewswire and available on the company’s website.
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