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CVR Energy Inc

CVR Energy Inc (CVI)

24.86
0.18
(0.73%)
Closed July 22 4:00PM
24.86
0.00
( 0.00% )
Pre Market: 7:42AM

Calls

StrikeBid PriceAsk PriceLast PriceMidpointChangeChange %VolumeOPEN INTLast Trade
12.5010.8014.500.0012.650.000.00 %00-
15.009.0011.900.0010.450.000.00 %00-
17.505.609.500.007.550.000.00 %00-
20.003.006.800.004.900.000.00 %00-
22.500.704.802.202.75-0.71-24.40 %177/22/2024
25.000.801.000.900.900.044.65 %3794927/22/2024
30.000.050.050.050.05-0.10-66.67 %277577/22/2024
35.000.000.350.380.380.000.00 %1107/22/2024

Empower your portfolio: Real-time discussions and actionable trading ideas.

Puts

StrikeBid PriceAsk PriceLast PriceMidpointChangeChange %VolumeOPEN INTLast Trade
12.500.002.150.000.000.000.00 %00-
15.000.000.100.000.000.000.00 %00-
17.500.001.000.000.000.000.00 %00-
20.000.050.150.140.100.017.69 %9317/22/2024
22.500.300.400.350.35-0.10-22.22 %264277/22/2024
25.000.851.401.531.1250.000.00 %0309-
30.003.507.406.105.450.000.00 %011-
35.008.8012.400.0010.600.000.00 %00-

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CVI Discussion

View Posts
Zilla Zilla 2 weeks ago
Two years later CVI is down from 37 in April to under 24 for a bit today. YIKES!!!
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MSURacing MSURacing 2 years ago
Up 30% in two days and no-one is talking about it....
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eastunder eastunder 3 years ago
CVR Energy Announces Special Dividend and Advancement of Renewable Diesel Initiatives
CVR Partners, LP
Tue, May 11, 2021, 2:05 PM·9 min read

SUGAR LAND, Texas, May 11, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced that its Board of Directors (the “Board”) has determined that the Company will focus on renewable fuels and is no longer interested in acquiring another crude oil refinery. In connection therewith, the Board approved expenditures of up to $10 million to progress its renewable diesel initiatives, including:

The completion of process design to convert an existing hydrotreater at the Coffeyville refinery to renewable diesel service; and

The completion of process design and the ordering of certain long-lead equipment for a feed pretreater for the Wynnewood refinery to lower carbon intensity and feed cost. The pretreater design could be expandable to also process feed for the potential Coffeyville refinery renewable diesel conversion.

“For the past few years, we have explored a number of refining acquisitions in PADD 4 and elsewhere. However, given our unwillingness to overpay for assets and our belief that the industry is pivoting towards renewable fuels, we are electing to focus our capital on sustainable initiatives,” said Dave Lamp, CVR Energy’s Chief Executive Officer. Mr. Lamp stated further: “As a result of the Board’s determination to cease efforts to acquire another refinery, we have excess cash on our balance sheet. We are earning very little on this cash and, when we issued our bonds, we bargained for covenant capacity, which will be expiring shortly, to make a distribution of up to $492 million to our stockholders. Because we believe it would be a benefit to our stockholders to exercise this option before it expires, we are announcing today a special dividend consisting of cash and Delek shares.”

The Board has approved a special dividend of $492 million, to be payable in a combination of cash and the outstanding stock of Delek US Holdings, Inc. (“Delek”) currently held by the Company (the “Stock Distribution Portion”), pursuant to a provision in the Company’s Indenture (defined below) under which the Company retained the right to distribute to its stockholders up to $492 million (“Excess Proceeds”) on or before July 26, 2021. This special dividend will be paid on June 10, 2021 (the “Distribution Date”), to stockholders of record as of the close of market on May 26, 2021 (the “Record Date”), subject to customary conditions.

“Our Board has been laser focused not only on assessing the best uses of cash, but also on the best path forward for our Company, considering various factors,” Lamp continued. “Delek made it very clear over the past several months that it had little interest in engaging with us as its largest stockholder. This special dividend should allow us to monetize a gain on our investment in Delek – which would be nearly $116 million based on Delek’s closing stock price on May 10, 2021 – and distribute our Delek shares to our stockholders, with whom Delek may be more willing to meaningfully engage.”

The Stock Distribution Portion of this special dividend will occur in the form of a pro rata common stock dividend to each CVR Energy stockholder as of the Record Date. As of May 10, 2021, CVR Energy held 10,539,880 shares of Delek stock (excluding shares underlying a forward contract). No fractional shares of Delek stock will be distributed. Instead, CVR Energy stockholders will receive cash in lieu of any fractional share of Delek stock they otherwise would have received. Following this distribution, Icahn Enterprises L.P. and its affiliates (“IEP”), who own approximately 71% of our outstanding common stock, would directly hold approximately 10.5% of Delek’s outstanding common stock. The actual amount of gain (if any) on CVR Energy’s investment in Delek stock would be determined on the Distribution Date. The cash portion of this special dividend will be determined based on the difference between $492 million and the value of the Stock Distribution Portion as of the Distribution Date, with each CVR Energy stockholder as of the Record Date receiving a pro rata portion of such difference in cash. CVR Energy intends to announce the number of Delek shares and amount of cash per share of CVR Energy common stock to which each CVR Energy stockholder as of the Record Date would be entitled at a later date.

The New York Stock Exchange (“NYSE”) has determined that CVR Energy’s shares will trade with “due-bills” representing an assignment of the right to receive the special dividend through the ex-dividend date of June 11, 2021, the first business day following the Distribution Date. Stockholders who sell their shares on or before the Distribution Date will not be entitled to receive the special dividend. Due-bills obligate a seller of shares to deliver the dividend payable on such shares to the buyer. The due-bill obligations are settled customarily between the brokers representing the buyers and sellers of the shares. CVR Energy has no obligation for either the amount of the due-bill or the processing of the due-bill. Buyers and sellers of CVR Energy’s shares should consult their broker before trading to be sure they understand the effect of the NYSE’s due-bill procedures.

This special dividend is permitted under the Indenture, dated as of January 27, 2020, among the Company, the subsidiary guarantors listed therein and Wells Fargo Bank, National Association, as trustee (the “Indenture”), pursuant to which the Company issued 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028, and under which the Excess Proceeds generally represent the difference between the net cash proceeds received by the Company from such issuance and the amount that the Company paid in January 2020 to redeem the then-outstanding 6.500% Second Lien Senior Secured Notes due 2022 issued by certain of the Company’s subsidiaries in 2012.

No vote or action is required by CVR Energy stockholders in order to receive the cash portion or the Stock Distribution Portion of the special dividend. The Stock Distribution Portion will be in book-entry form. CVR Energy stockholders who hold their shares through brokers or other nominees will have their shares of Delek common stock credited to their account by their nominees or brokers. CVR Energy stockholders will not be required to pay cash or other consideration for the shares of Delek common stock to be distributed to them, or surrender or exchange their shares of CVR Energy common stock to receive the distribution. Following the Record Date, CVR Energy plans to send an information statement to its stockholders of record at the close of market on the Record Date that will include details regarding the special dividend, which information will also be posted to CVR Energy’s website at such time.
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eastunder eastunder 3 years ago
CVR Energy to Focus on Renewable Fuels, Pay Special Dividend
5:30 AM ET, 05/12/2021 - MT Newswires
05:30 AM EDT, 05/12/2021 (MT Newswires) -- CVR Energy (CVI) on Tuesday said that it will concentrate on renewable fuels and spend up to $10 million to advance its renewable diesel initiatives.

Part of the shift will involve the conversion of an existing hydrotreater at its Coffeyville, Kansas refinery to renewable diesel service and the installation of a feed pretreater at the Wynnewood, Oklahoma refinery which will result in lower carbon intensity and feed cost. The plan will no longer include the acquisition of another crude oil refinery, according to the company.

CVR Energy also said that its board has approved a special dividend of $492 million, to be payable in a combination of cash and the outstanding stock of Delek US Holdings it currently holds. It will pay the special dividend on June 10 to shareholders of record on May 26.

Price: close on 5/11/21 20.98
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TruckingAngler TruckingAngler 3 years ago
Amazing such low volume moves CVI down 12% worst in sector....
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TruckingAngler TruckingAngler 4 years ago
Well thats some good CVI news - thanks !
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eastunder eastunder 4 years ago
CVR Energy’s Crude Oil Pipeline Business Acquisition From Blueknight

January 8, 2021 Ambrogio Visconti

Baker Botts LLP advised CVR Energy, Inc. on the deal.

CVR Energy, Inc. (NYSE: CVI) has entered into a definitive agreement to acquire a crude oil pipeline business from Blueknight Energy Partners for a purchase price of $20 million, subject to customary adjustments and excluding crude oil linefill and inventory. This business includes 604 miles of crude oil pipeline and approximately 0.3 million barrels of related crude oil storage located primarily in Oklahoma.

CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in two limited partnerships, CVR Refining, LP and CVR Partners, LP.

The Baker Botts team was led by partner Dan L. Mark (Picture) and Katie Belleville.

Involved fees earner: Katie Mize Belleville – Baker Botts; Dan Mark – Baker Botts;

Law Firms: Baker Botts;

Clients: CVR Energy, Inc;
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TruckingAngler TruckingAngler 4 years ago
Thanks. I see it similar. I have a small loss also, but confused as to why it continues to fade with Sector moving up...
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eastunder eastunder 4 years ago
More on that....(link back for your original article)

https://finance.yahoo.com/news/cvr-energy-cvi-continue-working-151003107.html

(AND YOU WOULD THINK THIS WOULD BE A GOOD THING? ;)

CVR Energy, Inc. CVI obtained final approval from its board of directors to proceed with the Phase 1 of its renewable diesel project worth $110 million in Wynnewood, OK.

The project involves the conversion of the facility’s hydrocracker unit for the production of renewable diesel. Investors should know that the company has already commenced several construction activities, including detailed engineering design work as part of the project and ordered long lead-time equipment. Importantly, CVR Energy plans for the facility to become operational by July 1, 2021.

The Wynnewood unit is expected to produce about 100 million gallons of renewable diesel and more than 6 million gallons of renewable naphtha per year, which would generate 170 million to 180 million of the company’s annual Renewable Identification Number (“RIN”) — a 38-character tracking numbers or tradable certificates assigned to each physical gallon of renewable fuel produced. CVR Energy claimed that it is seeking renewable diesel production in order to reduce its RIN exposure under the Renewable Fuel Standard (or RFS) of the Clean Air Act.

At this stage, the company evaluates total capital costs of $110 million for the project or $1.1 per gallon of renewable diesel capacity. Importantly, the majority of expenses shall be recovered by the end of 2022 through the generation of RINs along with Blender’s Tax and Low Carbon Fuel Standard credits.

Following the completion, the project is expected to further strengthen the company’s goal to limit its dependency on RIN purchases to act in accordance with the RFS program. It requires, among other provisions, the mixing of renewable fuels (like corn ethanol or other biofuels) into gasoline and diesel.

Notably, the project marks the beginning of a multi-phased approach to the company’s renewable diesel strategy and aims to reduce its total net RIN purchases to below 80 million annually, once the facility becomes functional.
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eastunder eastunder 4 years ago
Beats me, but when I look at the chart I don't think anything of this little down move. (yet)

I Don't particularly like the open gap, But its misrepresented on a finviz chart compared to Marketsmith chart, and golden cross on its way, with 16.91 as a pivot.

I'm just waiting to see what happens.

I have had CVI for a longtime. I have a huge loss on my higher priced shares and a small loss on my cheaper shares. I have a love hate relationship with CVI.

I love to hate it. You are probably talking to the wrong woman.





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TruckingAngler TruckingAngler 4 years ago
How is CVI not moving with entire Sector ?
How is it going down further ???
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TruckingAngler TruckingAngler 4 years ago
CVI all UP from here in 2021...
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TruckingAngler TruckingAngler 4 years ago
CVI with strong news today 12/21...
All selling on news? Seems great time to ADD...

"CVR Energy Announces Full Board Approval for Wynnewood Renewable Diesel Unit Project
8:00 am ET December 21, 2020 (Globe Newswire) Print
CVR Energy, Inc. (NYSE: CVI) today announced that it has received full approval from the Company's Board of Directors for its Wynnewood renewable diesel project, which will convert the refinery's hydrocracker unit for renewable diesel service. Upon completion, which is expected in mid-2021, the Wynnewood refinery should have the capability to produce nearly 100 million gallons of renewable diesel per year and more than 6 million gallons of renewable naphtha per year, significantly reducing its annual Renewable Identification Number ("RIN") exposure under the Clean Air Act's Renewable Fuel Standard ("RFS").

"We are pleased to report that our Board of Directors has granted final approval on Phase 1 of our renewable diesel strategy," said Dave Lamp, CVR Energy's Chief Executive Officer. "By leveraging assets already in place, particularly the existing hydrocracker unit and underutilized hydrogen plant at our Wynnewood refinery, we believe we can deliver one of the lowest cost renewable diesel projects in the industry.

"Detailed engineering design work for the project is underway," Lamp said. "We also have ordered long lead-time equipment and began construction work, as authorized by the Oklahoma Department of Environmental Quality's permitting rules. We continue to expect the unit to be in service by July 1, 2021."

The Company currently estimates total capital costs for the project to be approximately $110 million, or $1.10 per gallon of renewable diesel capacity, most of which should be recouped by the end of 2022 through the generation of RINs as well as Blender's Tax and Low Carbon Fuel Standard credits. The project is expected to produce more than 100 million gallons of renewable diesel and renewable naphtha per year, which would generate 170 million to 180 million RINs.

"Once completed, this project should further enhance our stated goal of reducing our reliance on RIN purchases to comply with the flawed RFS program," Lamp concluded. "Between our existing blending capabilities and the RINs generated from renewable diesel, we expect our total net purchases would be less than 80 million RINs per year once the unit is up and running."
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TruckingAngler TruckingAngler 4 years ago
CVI with big after hours trades UP...
News leak? About time for oil
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TruckingAngler TruckingAngler 4 years ago
I'd say Improving, and actions taken to see further improvements Q4... No?
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eastunder eastunder 4 years ago
It's terribly disappointing, isn't it?



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TruckingAngler TruckingAngler 4 years ago
How low do we go?
Hard to believe saw $20s in June...
Earning are pulling out of hole, and they are making all needed adjustments.Plenty cash on hand..
Q4 will be better, Q1 back to operating at least in the black?
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eastunder eastunder 4 years ago
You mentioned


Insiders dumping ?

I don't think so. I don't see any form 4's

https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001376139&type=&dateb=&owner=include&count=40&search_text=

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eastunder eastunder 4 years ago
CVR Energy to Release Third Quarter 2020 Earnings
7:00 AM ET, 10/20/2020 - GlobeNewswire

SUGAR LAND, Texas, Oct. 20, 2020 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE: CVI) plans to release its third quarter 2020 results on Monday, Nov. 2, after the close of trading on the New York Stock Exchange. The Company will host a teleconference call on Tuesday, Nov. 3, at 1 p.m. Eastern to discuss these results.

This call, which will contain forward-looking information, 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/okiw9yxf. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13712216.

CVR Energy’s third quarter 2020 earnings news release will be distributed via GlobeNewswire and posted at www.CVREnergy.com.

About CVR Energy, Inc.Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 34 percent of the common units of CVR Partners.
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TruckingAngler TruckingAngler 4 years ago
CVI 10/22 had (5 again) AH 45,997 trades? That’s $2.7m???!!!
What going on past week?
Inside?
Hedge?
GLTA
.
.
...
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TruckingAngler TruckingAngler 4 years ago
CVI 10/20 with (5) 30,022 EOD trades?
WTH ?
Insiders dumping ?
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TruckingAngler TruckingAngler 4 years ago
(5) end of day $100k sells all 89,994 shares?
Intentional stop losses triggered ?
Inside execs running for the door?
Or - great opportunity on the low?
GLTA
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TruckingAngler TruckingAngler 4 years ago
CVI some end of day sell off?
No news?
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TruckingAngler TruckingAngler 4 years ago
CVI isn’t following all others in Sector? Besides they have investments in Nitrogen fertilization so should be above other???
No news, and continued drop in PPS??
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TruckingAngler TruckingAngler 4 years ago
And 52w low today for CVI...
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eastunder eastunder 4 years ago
Welcome to 2016?



12.03 low back then

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TruckingAngler TruckingAngler 4 years ago
Man and I added CVI last week only to continue to tumble...
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eastunder eastunder 4 years ago
Not happy they suspended their dividend but I certainly understand the necessity.
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TruckingAngler TruckingAngler 4 years ago
I’ve seen much worse Q2....
Good time to add??
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eastunder eastunder 4 years ago
SUGAR LAND, Texas, May 06, 2020 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (CVI) today announced a net loss of $87 million, or 87 cents per diluted share, on net sales of $1.1 billion for the first quarter of 2020, compared to net income of $101 million, or $1.00 per diluted share, on net sales of $1.5 billion for the first quarter of 2019. First quarter 2020 EBITDA was a negative $38 million, compared to first quarter 2019 positive EBITDA of $230 million.


“CVR Energy’s first quarter 2020 results were negatively impacted by the global crude oil price war, lower throughput volumes due to the planned turnaround at the Coffeyville refinery and unprecedented refined product demand destruction caused by COVID-19,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We have revised our business plan to protect our balance sheet by reducing costs, capital spending and refining runs to match customer demand, while continuing to focus on maintaining safe, reliable operations.

“CVR Energy’s Board of Directors has reduced our first quarter dividend to 40 cents per share to preserve cash as we believe there are better shareholder return opportunities in the current market environment, including the potential for industry consolidation,” Lamp said.

Petroleum

The Petroleum Segment reported a first quarter 2020 operating loss of $127 million on net sales of $1.1 billion, compared to operating income of $156 million on net sales of $1.4 billion in the first quarter of 2019.

Refining margin per total throughput barrel was $1.52 in the first quarter of 2020, compared to $16.55 during the same period in 2019. Crude oil pricing during the quarter led to an unfavorable inventory valuation impact of $136 million, including a $58 million loss on the value of inventory to reflect its net realizable value, or $9.54 per total throughout barrel. The favorable inventory valuation impact for the first quarter of 2019 was $32 million, or $1.68 per total throughput barrel. Unfavorable market pricing and crack spreads also contributed to the reduction in refining margins during the first quarter of 2020. Partially offsetting these impacts, the Petroleum Segment recognized a first quarter 2020 derivative gain of $46 million, or $3.20 per total throughput barrel, compared to a gain of $16 million, or 81 cents per total throughput barrel, for the first quarter of 2019. Included in this derivative gain for the first quarter of 2020 was an unrealized gain of $12 million, compared to an unrealized loss of $7 million for the first quarter of 2019.

First quarter 2020 combined total throughput was approximately 157,000 barrels per day (bpd), compared to approximately 213,000 bpd of combined total throughput for the first quarter of 2019. This decrease was primarily attributable to the turnaround at our Coffeyville refinery, which began in late February 2020.

Fertilizer

The Nitrogen Fertilizer Segment reported an operating loss of $5 million on net sales of $75 million for the first quarter of 2020, compared to operating income of $9 million on net sales of $92 million for the first quarter of 2019.

First quarter 2020 average realized gate prices for urea ammonia nitrate (UAN) decreased over the prior year, down 25 percent to $166 per ton, and ammonia was down 28 percent over the prior year to $264 per ton. Average realized gate prices for UAN and ammonia were $222 per ton and $367 per ton, respectively, for the first quarter of 2019.

CVR Partners’ fertilizer facilities produced a combined 201,000 tons of ammonia during the first quarter of 2020, of which 78,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 317,000 tons of UAN. During the first quarter 2019, the fertilizer facilities produced 179,000 tons of ammonia, of which 41,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 335,000 tons of UAN.

Corporate

The Company reported an income tax benefit of $36 million, or 27 percent of loss before income taxes, for the three months ended March 31, 2020, compared to income tax expense of $35 million, or 25.5 percent of income before income taxes for the three months ended March 31, 2019. The change in income tax expense was due primarily to a decrease in non-controlling interest and state income tax credits generated from the three months ended March 31, 2019 to the three months ended March 31, 2020. Additionally, the Company recognized investment income from marketable securities of $31 million during the three months ended March 31, 2020.

Cash, Debt and Dividend

Consolidated cash and cash equivalents was $805 million at March 31, 2020. Consolidated total debt and finance lease obligations was $1.7 billion at March 31, 2020, with no debt other than that held by the Nitrogen Fertilizer Segment and CVR Energy.

CVR Energy announced a first quarter 2020 cash dividend of 40 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on May 26, 2020, to stockholders of record as of the close of market on May 18, 2020.

CVR Partners will not pay a cash distribution for the 2020 first quarter.

On May 6, 2020, the Board of Directors of CVR Partners’ general partner authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program would enable CVR Partners to repurchase up to $10 million of its common units, giving CVR Partners another potential mechanism for returning cash to unitholders. Unit repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions, or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This Unit Repurchase Program does not obligate CVR Partners to acquire any common units and may be cancelled or terminated by its general partner’s Board of Directors at any time.

First Quarter 2020 Earnings Conference Call

CVR Energy previously announced that it will host its first quarter 2020 Earnings Conference Call on Thursday, May 7, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The first quarter 2020 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/nc2m8r4m. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13701951.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: impacts of COVID-19 on the Company and the economy including volatility in commodity prices; reductions in costs, capital spending and refining runs; customer demand; dividends and distributions including the timing, payment and amount (if any) thereof; impacts of global crude oil pricing; repurchases (if any) of CVR Partners common units including the amount and timing thereof; finished product pricing; refinery throughput, crude oil prices including impacts to inventory valuation; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expenditures; continued safe and reliable operations; ammonia utilization rates; shareholder return opportunities; industry consolidation; refined product demand; derivative gains or losses; income tax benefits and expenses; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, demand for fossil fuels, price volatility of crude oil, other feedstocks and refined products (among others); the ability of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing, or compliance with new, laws and regulations and potential liabilities arising therefrom; impacts of planting season on CVR Partners; general economic and business conditions; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 34 percent of the common units of CVR Partners.

For further information, please contact:

Investor Contact:
Richard Roberts
CVR Energy, Inc.
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations:
Brandee Stephens
CVR Energy, Inc.
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

The following are non-GAAP measures presented for the period ended March 31, 2020:

EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense and (iii) depreciation and amortization expense.

Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.

Petroleum EBITDA and Refining Margin, adjusted for Inventory Valuation Impacts - Petroleum EBITDA and Refining Margin adjusted to exclude the impact of current period market price and volume fluctuations on crude oil and refined product inventories purchased in prior periods and lower of cost or net realizable value adjustments, if applicable. We record our commodity inventories on the first-in-first-out basis. As a result, significant current period fluctuations in market prices and the volumes we hold in inventory can have favorable or unfavorable impacts on our refining margins as compared to similar metrics used by other publicly-traded companies in the refining industry.

Refining Margin and Refining Margin adjusted for Inventory Valuation Impacts, per Throughput Barrel - Refining Margin divided by the total throughput barrels during period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Adjusted (Loss) Earnings per Share - (Loss) Earnings per share adjusted for inventory valuation impacts and other significant non-cash items on an after-tax basis.

Net Debt and Finance Lease Obligations Exclusive of Nitrogen Fertilizer - Net debt is total debt and finance lease obligations reduced for cash and cash equivalents.

Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer - Total debt and net debt and finance lease obligations is calculated as the consolidated debt and net debt and finance lease obligations less the Nitrogen Fertilizer Segment debt and net debt and finance lease obligations as of the most recent period ended divided by EBITDA exclusive of the Nitrogen Fertilizer Segment for the most recent twelve-month period.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly-traded companies in the refining industry, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” section included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.




CVR Energy, Inc.
(all information in this release is unaudited)

Financial and Operational Data

Three Months Ended
March 31,
(in millions, except share data) 2020 2019
Consolidated Statement of Operations Data
Net sales $ 1,130 $ 1,486
Operating costs and expenses:
Cost of materials and other 1,058 1,101
Direct operating expenses (exclusive of depreciation and amortization as reflected below) 119 126
Depreciation and amortization 62 65
Cost of sales 1,239 1,292
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below) 24 30
Depreciation and amortization 2 2
Loss on asset disposals — 2
Operating (loss) income (135 ) 160
Other (expense) income:
Interest expense, net (35 ) (26 )
Investment income from marketable securities 31 —
Other income, net 2 3
(Loss) income before income tax expense (137 ) 137
Income tax expense (36 ) 35
Net (loss) income (101 ) 102
Less: Net (loss) income attributable to noncontrolling interest (14 ) 1
Net (loss) income attributable to CVR Energy stockholders $ (87 ) $ 101

Basic and diluted (loss) earnings per share $ (0.87 ) $ 1.00
Dividends declared per share $ 0.80 $ 0.75

EBITDA* $ (38 ) $ 230

Weighted-average common shares outstanding - basic and diluted 100.5 100.5

_____________________________
* See “Non-GAAP Reconciliations” section below.


Selected Balance Sheet Data

(in millions) March 31, 2020 December 31, 2019
Cash and cash equivalents $ 805 $ 652
Working capital 892 678
Total assets 4,125 3,905
Total debt and finance lease obligations 1,691 1,195
Total liabilities 2,639 2,237
Total CVR stockholders’ equity 1,225 1,393


Selected Cash Flow Data

Three Months Ended
March 31,
(in millions) 2020 2019
Net cash flow provided by (used in):
Operating activities $ (58 ) $ 228
Investing activities (196 ) (42 )
Financing activities 407 (387 )
Net increase in cash and cash equivalents $ 153 $ (201 )


Selected Segment Data

(in millions) Petroleum Nitrogen Fertilizer Consolidated
Three Months Ended March 31, 2020
Net sales $ 1,057 $ 75 $ 1,130
Operating (loss) income (127 ) (5 ) (135 )
Net loss (130 ) (21 ) (101 )
EBITDA* (77 ) 11 (38 )

Capital expenditures (1)
Maintenance capital expenditures $ 37 $ 4 $ 43
Growth capital expenditures 3 2 5
Total capital expenditures $ 40 $ 6 $ 48





(in millions) Petroleum Nitrogen Fertilizer Consolidated
Three Months Ended March 31, 2019
Net sales $ 1,397 $ 92 $ 1,486
Operating income 156 9 160
Net income (loss) 149 (6 ) 102
EBITDA* 209 26 230

Capital expenditures (1)
Maintenance capital expenditures $ 18 $ 3 $ 21
Growth capital expenditures 2 — 2
Total capital expenditures $ 20 $ 3 $ 23

_____________________________
* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures and capitalized software costs.


Selected Balance Sheet Data

(in millions) Petroleum Nitrogen Fertilizer Consolidated
March 31, 2020
Cash and cash equivalents $ 434 $ 58 $ 805
Total assets 2,961 1,134 4,125
Total debt and finance lease obligations 64 633 1,691

December 31, 2019
Cash and cash equivalents $ 583 $ 37 $ 652
Total assets 3,187 1,138 3,905
Total debt and finance lease obligations 563 632 1,195


Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

Three Months Ended
March 31,
2020 2019
Refining margin * $ 1.52 $ 16.55
Refining margin adjusted for inventory valuation impacts * 11.06 14.87
Direct operating expenses * 5.87 4.74

_____________________________
* See “Non-GAAP Reconciliations” section below.


Throughput Data by Refinery

Three Months Ended
March 31,
(in bpd) 2020 2019
Coffeyville
Regional crude 38,874 41,591
WTI 29,461 67,016
Midland WTI — 12,702
Condensate 4,687 5,293
Heavy Canadian 2,549 7,563
Other feedstocks and blendstocks 7,701 9,293
Wynnewood
Regional crude 51,822 44,363
WTL 5,971 —
Midland WTI 2,019 12,507
Condensate 9,429 7,754
Other feedstocks and blendstocks 4,005 4,725
Total throughput 156,518 212,807


Production Data by Refinery

Three Months Ended
March 31,
(in bpd) 2020 2019
Coffeyville
Gasoline 44,519 73,856
Distillate 33,261 59,529
Other liquid products 3,717 6,473
Solids 2,719 4,970
Wynnewood
Gasoline 39,505 34,312
Distillate 28,755 27,356
Other liquid products 2,454 6,123
Solids 25 28
Total production 154,955 212,647

Liquid volume yield (as % of total throughput) 97.2 % 97.6 %





Three Months Ended
March 31,
2020 2019
Market Indicators (dollars per barrel)
West Texas Intermediate (WTI) NYMEX $ 45.78 $ 54.90
Crude Oil Differentials to WTI:
Brent 5.04 8.94
WCS (heavy sour) (17.77 ) (10.51 )
Condensate (1.14 ) (1.17 )
Midland Cushing (0.06 ) (1.18 )
NYMEX Crack Spreads:
Gasoline 10.37 11.75
Heating Oil 18.98 26.38
NYMEX 2-1-1 Crack Spread 14.67 19.07
PADD II Group 3 Basis:
Gasoline (3.12 ) (2.05 )
Ultra Low Sulfur Diesel (1.80 ) (1.56 )
PADD II Group 3 Product Crack Spread:
Gasoline 7.25 9.70
Ultra Low Sulfur Diesel 17.18 24.82
PADD II Group 3 2-1-1 12.21 17.26


Q2 2020 Petroleum Segment Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2020. See “Forward-Looking Statements” above.

Q2 2020
Low High
Total throughput (bpd) 130,000 150,000
Direct operating expenses (1) (in millions) $ 75 $ 85
Total capital expenditures (2) (in millions) $ 30 $ 40
Total turnaround expenditures (2) (in millions) $ 20 $ 25

_____________________________
(1) Direct operating expenses are shown exclusive of depreciation and amortization.
(2) Capital expenditures and turnaround expenditures are disclosed on an accrual basis.


Nitrogen Fertilizer Segment:

Key Operating Data:

Ammonia Utilization Rates (2) Two Years Ended March 31,
(capacity utilization) 2020 2019
Consolidated 93 % 92 %
Coffeyville 93 % 94 %
East Dubuque 93 % 91 %

_____________________________
(3) Reflects ammonia utilization rates on a consolidated basis and at each of the Nitrogen Fertilizer facilities. Utilization is an important measure used by management to assess operational output at each of the facilities. Utilization is calculated as actual tons produced divided by capacity. The Nitrogen Fertilizer Segment presents utilization on a two-year rolling average to take into account the impact of current turnaround cycles on any specific period. The two-year rolling average is a more useful presentation of the long-term utilization performance of our plants. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With the Nitrogen Fertilizer Segments’ efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well the facilities operate.


Sales and Production Data

Three Months Ended
March 31,
2020 2019
Consolidated sales (thousand tons):
Ammonia 54 36
UAN 284 288

Consolidated product pricing at gate (dollars per ton) (1):
Ammonia $ 264 $ 367
UAN 166 222

Consolidated production volume (thousand tons):
Ammonia (gross produced) (2) 201 179
Ammonia (net available for sale) (2) 78 41
UAN 317 335

Feedstock:
Petroleum coke used in production (thousand tons) 125 132
Petroleum coke (dollars per ton) $ 44.68 $ 37.70
Natural gas used in production (thousands of MMBtu) (3) 2,141 1,440
Natural gas used in production (dollars per MMBtu) (3) $ 2.42 $ 3.83
Natural gas in cost of materials and other (thousands of MMBtus) (3) 1,418 1,008
Natural gas in cost of materials and other (dollars per MMBtu) (3) $ 2.80 $ 3.87

_____________________________
(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.


Key Market Indicators

Three Months Ended
March 31,
2020 2019
Ammonia — Southern Plains (dollars per ton) $ 272 $ 427
Ammonia — Corn belt (dollars per ton) 364 497
UAN — Corn belt (dollars per ton) 169 229

Natural gas NYMEX (dollars per MMBtu) $ 1.87 $ 2.88


Q2 2020 Nitrogen Fertilizer Segment Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2020. See “Forward-Looking Statements” above.

Q2 2020
Low High
Ammonia utilization rates (1)
Consolidated 95 % 100 %
Coffeyville 95 % 100 %
East Dubuque 95 % 100 %

Direct operating expenses (2) (in millions) $ 35 $ 40

Total capital expenditures (3) (in millions) $ 6 $ 10

_____________________________
(1) Ammonia utilization rates exclude the impact of Turnarounds.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments.
(3) Capital expenditures are disclosed on an accrual basis.


Non-GAAP Reconciliations:

Reconciliation of Net (Loss) Income to EBITDA

Three Months Ended
March 31,
(in millions) 2020 2019
Net (loss) income $ (101 ) $ 102
Add:
Interest expense, net 35 26
Income tax (benefit) expense (36 ) 35
Depreciation and amortization 64 67
EBITDA $ (38 ) $ 230


Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and EBITDA Adjusted for Inventory Valuation Impacts

Three Months Ended
March 31,
(in millions) 2020 2019
Petroleum net (loss) income $ (130 ) $ 149
Add:
Interest expense, net 5 11
Depreciation and amortization 48 49
Petroleum EBITDA $ (77 ) $ 209
Inventory valuation impacts, (favorable) unfavorable (1) (2) 136 (32 )
Petroleum EBITDA adjusted for inventory valuation impacts $ 59 $ 177

_____________________________
(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. In order to derive the inventory valuation impact per total throughput barrel, we utilize the total dollar figures for the inventory valuation impact and divide by the number of total throughput barrels for the period.
(2) Includes an inventory valuation charge of $58 million, as inventories are stated at the lower of cost or net realizable value.


Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Refining Margin Adjusted for Inventory Valuation Impacts

Three Months Ended
March 31,
(in millions) 2020 2019
Net sales $ 1,057 $ 1,397
Cost of materials and other 1,035 1,080
Direct operating expenses (exclusive of depreciation and amortization as reflected below) 84 91
Depreciation and amortization 48 49
Gross (loss) profit (110 ) 177
Add:
Direct operating expenses (exclusive of depreciation and amortization as reflected below) 84 91
Depreciation and amortization 48 49
Refining margin 22 317
Inventory valuation impacts, (favorable) unfavorable (1) (2) 136 (32 )
Refining margin adjusted for inventory valuation impacts $ 158 $ 285

_____________________________
(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. In order to derive the inventory valuation impact per total throughput barrel, we utilize the total dollar figures for the inventory valuation impact and divide by the number of total throughput barrels for the period.
(2) Includes an inventory valuation charge of $58 million, as inventories are stated at the lower of cost or net realizable value.


Reconciliation of Petroleum Segment Total Throughput Barrels

Three Months Ended
March 31,
2020 2019
Total throughput barrels per day 156,518 212,807
Days in the period 91 90
Total throughput barrels 14,243,161 19,152,670


Reconciliation of Petroleum Segment Refining Margin per Total Throughput Barrels

Three Months Ended
March 31,
(in millions, except for per throughput barrel data) 2020 2019
Refining margin $ 22 $ 317
Divided by: total throughput barrels 14 19
Refining margin per total throughput barrel $ 1.52 $ 16.55


Reconciliation of Petroleum Segment Refining Margin Adjusted for Inventory Valuation Impact per Total Throughput Barrel

Three Months Ended
March 31,
(in millions, except for throughput barrel data) 2020 2019
Refining margin adjusted for inventory valuation impacts $ 158 $ 285
Divided by: total throughput barrels 14 19
Refining margin adjusted for inventory valuation impacts per total throughput barrel $ 11.06 $ 14.87


Reconciliation of Petroleum Segment Direct Operating Expenses per Total Throughput Barrel

Three Months Ended
March 31,
(in millions, except for throughput barrel data) 2020 2019
Direct operating expenses (exclusive of depreciation and amortization) $ 84 $ 91
Divided by: total throughput barrels 14 19
Direct operating expenses per total throughput barrel $ 5.87 $ 4.74


Reconciliation of Nitrogen Fertilizer Segment Net Loss to EBITDA

Three Months Ended
March 31,
(in millions) 2020 2019
Nitrogen fertilizer net loss $ (21 ) $ (6 )
Add:
Interest expense, net 16 16
Depreciation and amortization 16 16
Nitrogen Fertilizer EBITDA $ 11 $ 26


Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

Three Months Ended
March 31,
2020 2019
Basic and diluted (loss) earnings per share $ (0.87 ) $ 1.00
Adjustments:
Inventory valuation impacts (1) 1.00 (0.24 )
Unrealized gain on marketable securities (1) (0.22 ) —
Adjusted (loss) earnings per share $ (0.09 ) $ 0.76

_____________________________
(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.


Reconciliation of Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer

Twelve Months Ended
March 31, 2020
Total debt and finance lease obligations (1) $ 1,691
Less:
Nitrogen Fertilizer debt and finance lease obligations 633
Total debt and finance lease obligations exclusive of Nitrogen Fertilizer 1,058

EBITDA exclusive of Nitrogen Fertilizer $ 519

Total debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer 2.04

Consolidated cash and cash equivalents $ 805
Less:
Nitrogen Fertilizer cash and cash equivalents 58
Cash and cash equivalents exclusive of Nitrogen Fertilizer 747

Net debt and finance lease obligations exclusive of Nitrogen Fertilizer (2) $ 311

Net debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer (2) 0.60

_____________________________
(1) Amounts are shown inclusive of the current portion of finance lease obligations.
(2) Net debt represents total debt and finance lease obligations exclusive of cash and cash equivalents.



Three Months Ended Twelve Months Ended
March 31, 2020
June 30,
2019 September 30,
2019 December 31,
2019 March 31,
2020
Consolidated
Net income (loss) $ 128 $ 104 $ 28 $ (101 ) $ 159
Add:
Interest expense, net 26 26 24 35 111
Income tax expense (benefit) 41 34 19 (36 ) 58
Depreciation and amortization 78 71 71 64 284
EBITDA $ 273 $ 235 $ 142 $ (38 ) $ 612

Nitrogen Fertilizer
Net (loss) income $ 19 $ (23 ) $ (25 ) $ (21 ) $ (50 )
Add:
Interest expense, net 16 16 16 16 64
Depreciation and amortization 25 18 20 16 79
EBITDA $ 60 $ 11 $ 11 $ 11 $ 93

EBITDA exclusive of Nitrogen Fertilizer $ 213 $ 224 $ 131 $ (49 ) $ 519






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TruckingAngler TruckingAngler 4 years ago
CVI has no news yet continues to be one of only in Sector continuing consistent down trend ? Any news you've found ?
TYIA
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TruckingAngler TruckingAngler 4 years ago
CVI chart was barely effected last 10days. NO news, and tanking?
Anybody see news to bring this ONLY one in Sector down ?
TYIA
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TruckingAngler TruckingAngler 4 years ago
Why is CVI only in sector down today. I can NOT find any news to drive it down ?
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TruckingAngler TruckingAngler 4 years ago
What just brought CVI down as only in Energy sector down?
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eastunder eastunder 6 years ago
No

$41.06 +1.30 (+3.27%) on 159,994 vol which is Below Avg vol

nice day though


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mahi mahi man mahi mahi man 6 years ago
Is this stock breaking out.........???
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02opida 02opida 7 years ago
39
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02opida 02opida 7 years ago
looking Great

CVI
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benfrankledger benfrankledger 7 years ago
Good one I agree.
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02opida 02opida 7 years ago
Thanks for the info ~ good one to hold <> Div's good
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benfrankledger benfrankledger 7 years ago
CVI Icahn position is a fairly large ~9% of the US long portfolio position first purchased in Q4 2011. The bulk of the current position (71.2M shares: 82% of the whole business) was purchased through a $30 per share tender offer in H1 2012. The stock currently trades at $31.74.
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02opida 02opida 7 years ago
https://www.usnews.com/news/us/articles/2017-11-02/us-lawmakers-urge-epa-to-enact-well-rounded-biofuels-policies
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02opida 02opida 7 years ago
31 ~ Div coming
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02opida 02opida 7 years ago
looking Good

CVI
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02opida 02opida 7 years ago
thanks for sharing EF
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eFinanceMarkets eFinanceMarkets 7 years ago
$CVI Reuters: Icahn's CVR Energy starts unwinding biofuels bet

CVR Energy (CVI +2.9%) has begun buying biofuel credits for the first time in months, a sign that the Carl Icahn-led company is starting to unwind a massive short position in the biofuels market, Reuters reports.

The company has purchased millions of the RINs since late August, according to the report, and appears to have spread the purchases among different brokers, which would help keep it from attracting sellers looking to bid up the price.

CVR delayed buying credits for much of the past year in hopes prices would come down, building up a company-record $280M outstanding obligation, amid hopes the Trump administration would revamp U.S. biofuels policy in a way that shifts the blending burden off refiners such as CVR further down the supply chain to terminals.
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02opida 02opida 7 years ago
good labor Day close
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02opida 02opida 7 years ago
nice Div
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193638 193638 7 years ago
Whats 20??
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02opida 02opida 7 years ago
20
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