CVR Energy Reports First Quarter 2021 Results
“CVR Energy’s first quarter 2021 results were influenced by exorbitant Renewable Identification Number (RIN) pricing, unrealized derivative losses and impacts from Winter Storm Uri,” said
“CVR Partners was able to successfully minimize the impacts of Winter Storm Uri by reducing throughput and selling contracted natural gas at significantly higher prices at its East Dubuque facility while also maintaining operations at its Coffeyville facility,” Lamp said. “In addition, the nitrogen fertilizer industry reached an inflection point during the first quarter of 2021, where improved farmer economics translated into increased demand for nitrogen fertilizer as well as much higher pricing.”
Petroleum
The Petroleum Segment reported a first quarter 2021 operating loss of
Refining margin per total throughput barrel was
First quarter 2021 combined total throughput was approximately 186,000 barrels per day (bpd), compared to approximately 157,000 bpd of combined total throughput for the first quarter of 2020. This increase was primarily attributable to the turnaround at our
Fertilizer
The Nitrogen Fertilizer Segment reported an operating loss of
First quarter 2021 average realized gate prices for urea ammonia nitrate (UAN) showed a reduction over the prior year, down 4 percent to
CVR Partners’ fertilizer facilities produced a combined 188,000 tons of ammonia during the first quarter of 2021, of which 70,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 272,000 tons of UAN. During the first quarter 2020, the fertilizer facilities produced 201,000 tons of ammonia, of which 78,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 317,000 tons of UAN.
Corporate
The Company reported an income tax benefit of
Cash, Debt and Dividend
Consolidated cash and cash equivalents was
First Quarter 2021 Earnings Conference Call
The first quarter 2021 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/wo6z7ooe. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13718881.
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: Renewable Identification Number pricing and the impact thereof on results; derivatives activities and gains or losses associated therewith; impacts from Winter Storm Uri; ability to recover from storm-related shutdowns; crack spreads, including the increase thereof; farmer economics including improvement thereof; nitrogen fertilizer demand and pricing, including the increase thereof; throughput volumes and crude oil prices, including increases thereof; inventory valuation impacts; ammonia production, including volumes upgraded to other fertilizer products including UAN; tax benefits and rates, including impact of pretax loss, noncontrolling interest and state income tax credits thereon; balance sheet cash levels and debt and finance lease obligations; dividends and distributions, including the timing, payment and amount (if any) thereof; total throughput, direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; continued safe and reliable operations; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” 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 the Company to pay cash dividends and
About
Headquartered in
Investors and others should note that
For further information, please contact:
Investor Relations:
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations:
(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 GAAP financial information presented in accordance with
The following are non-GAAP measures we present for the period ended
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.
Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.
Refining Margin, adjusted for Inventory Valuation Impacts - 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 and Refining Margin adjusted for Inventory Valuation Impacts divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
Adjusted (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 - Net debt and finance lease obligations 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’s 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.
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
Factors Affecting Comparability of Our Financial Results
Our historical results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.
Petroleum Segment
(all information in this release is unaudited)
Financial and Operational Data
Three Months Ended |
|||||||||
(in millions, except per share data) | 2021 | 2020 | |||||||
Consolidated Statement of Operations Data | |||||||||
Net sales | $ | 1,463 | $ | 1,130 | |||||
Operating costs and expenses: | |||||||||
Cost of materials and other | 1,369 | 1,058 | |||||||
Direct operating expenses (exclusive of depreciation and amortization) | 136 | 119 | |||||||
Depreciation and amortization | 63 | 62 | |||||||
Cost of sales | 1,568 | 1,239 | |||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 27 | 24 | |||||||
Depreciation and amortization | 3 | 2 | |||||||
Operating loss | (135 | ) | (135 | ) | |||||
Other (expense) income: | |||||||||
Interest expense, net | (31 | ) | (35 | ) | |||||
Investment income on marketable securities | 62 | 31 | |||||||
Other income, net | 7 | 2 | |||||||
Loss before income tax benefit | (97 | ) | (137 | ) | |||||
Income tax benefit | (42 | ) | (36 | ) | |||||
Net loss | (55 | ) | (101 | ) | |||||
Less: Net loss attributable to noncontrolling interest | (16 | ) | (14 | ) | |||||
Net loss attributable to |
$ | (39 | ) | $ | (87 | ) | |||
Basic and diluted loss per share | $ | (0.39 | ) | $ | (0.87 | ) | |||
Dividends declared per share | $ | — | $ | 0.80 | |||||
EBITDA* | $ | — | $ | (38 | ) | ||||
Weighted-average common shares outstanding - basic and diluted | 100.5 | 100.5 |
____________________
* See “Non-GAAP Reconciliations” section below.
Selected Balance Sheet Data
(in millions) | |||||||
Cash and cash equivalents | $ | 707 | $ | 667 | |||
Working capital | 602 | 743 | |||||
Total assets | 4,188 | 3,978 | |||||
Total debt and finance lease obligations, including current portion | 1,691 | 1,691 | |||||
Total liabilities | 3,024 | 2,759 | |||||
Total CVR stockholders’ equity | 981 | 1,019 | |||||
Selected Cash Flow Data
Three Months Ended |
|||||||||
(in millions) | 2021 | 2020 | |||||||
Net cash flow provided by (used in): | |||||||||
Operating activities | $ | 96 | $ | (58 | ) | ||||
Investing activities | (54 | ) | (196 | ) | |||||
Financing activities | (2 | ) | 407 | ||||||
Net increase in cash and cash equivalents | $ | 40 | $ | 153 | |||||
Free cash flow* | $ | 61 | $ | (115 | ) |
____________________
* See “Non-GAAP Reconciliations” section below.
Selected Segment Data
(in millions) | Petroleum | Nitrogen Fertilizer | Consolidated | |||||||||||
Three Months Ended |
||||||||||||||
Net sales | $ | 1,404 | $ | 61 | $ | 1,463 | ||||||||
Operating loss | (115 | ) | (14 | ) | (135 | ) | ||||||||
Net loss | (110 | ) | (25 | ) | (55 | ) | ||||||||
EBITDA* | (61 | ) | 5 | — | ||||||||||
Capital expenditures (1) | ||||||||||||||
Maintenance capital expenditures | $ | 10 | $ | 2 | $ | 12 | ||||||||
Growth capital expenditures | — | 1 | 56 | |||||||||||
Total capital expenditures | $ | 10 | $ | 3 | $ | 68 |
(in millions) | Petroleum | Nitrogen Fertilizer | Consolidated | |||||||||||
Three Months Ended |
||||||||||||||
Net sales | $ | 1,057 | $ | 75 | $ | 1,130 | ||||||||
Operating loss | (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 |
____________________
* | 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 | ||||||||
Cash and cash equivalents (1) | $ | 475 | $ | 53 | $ | 707 | |||||
Total assets | 3,207 | 1,032 | 4,188 | ||||||||
Total debt and finance lease obligations, including current portion (2) | 59 | 637 | 1,691 | ||||||||
Cash and cash equivalents (1) | $ | 429 | $ | 31 | $ | 667 | |||||
Total assets | 2,991 | 1,033 | 3,978 | ||||||||
Total debt and finance lease obligations, including current portion (2) | 61 | 636 | 1,691 |
____________________
(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 |
||||||||
2021 | 2020 | |||||||
Refining margin * | $ | 3.05 | $ | 1.52 | ||||
Refining margin adjusted for inventory valuation impacts * | (0.88 | ) | 11.06 | |||||
Direct operating expenses * | 5.89 | 5.87 |
____________________
* See “Non-GAAP Reconciliations” section below.
Throughput Data by Refinery
Three Months Ended |
|||||
(in bpd) | 2021 | 2020 | |||
Coffeyville | |||||
Regional crude | 29,232 | 38,874 | |||
WTI | 52,936 | 29,461 | |||
Condensate | 7,051 | 4,687 | |||
Heavy Canadian | — | 2,549 | |||
Other crude oil | 16,733 | — | |||
Other feedstocks and blendstocks | 8,725 | 7,701 | |||
Wynnewood | |||||
Regional crude | 55,159 | 51,822 | |||
WTL | 3,535 | 5,971 | |||
Midland WTI | — | 2,019 | |||
Condensate | 9,540 | 9,429 | |||
Other feedstocks and blendstocks | 3,182 | 4,005 | |||
Total throughput | 186,093 | 156,518 |
Production Data by Refinery
Three Months Ended |
|||||
(in bpd) | 2021 | 2020 | |||
Coffeyville | |||||
Gasoline | 61,664 | 44,519 | |||
Distillate | 46,542 | 33,261 | |||
Other liquid products | 4,107 | 3,717 | |||
Solids | 3,397 | 2,719 | |||
Wynnewood | |||||
Gasoline | 37,456 | 39,505 | |||
Distillate | 29,164 | 28,755 | |||
Other liquid products | 2,947 | 2,454 | |||
Solids | 22 | 25 | |||
Total production | 185,298 | 154,955 | |||
Light product yield (as % of crude throughput) (1) | 100.4 | % | 100.8 | % | |
Liquid volume yield (as % of total throughput) (2) | 97.7 | % | 97.2 | % | |
Distillate yield (as % of crude throughput) (3) | 43.5 | % | 42.8 | % |
____________________
(1) | Total Gasoline and Distillate divided by total Regional crude, WTI, WTL, Midland WTI, Condensate, and Heavy Canadian throughput. |
(2) | Total Gasoline, Distillate, and Other liquid products divided by total throughput. |
(3) | Total Distillate divided by total Regional crude, WTI, WTL, Midland WTI, Condensate, and Heavy Canadian throughput. |
Three Months Ended |
|||||||||
2021 | 2020 | ||||||||
Market Indicators (dollars per barrel) | |||||||||
West Texas Intermediate (WTI) NYMEX | $ | 58.14 | $ | 45.78 | |||||
Crude Oil Differentials to WTI: | |||||||||
Brent | 3.18 | 5.04 | |||||||
WCS (heavy sour) | (11.82 | ) | (17.77 | ) | |||||
Condensate | (0.22 | ) | (1.14 | ) | |||||
Midland |
0.87 | (0.06 | ) | ||||||
NYMEX Crack Spreads: | |||||||||
Gasoline | 16.43 | 10.37 | |||||||
Heating Oil | 15.26 | 18.98 | |||||||
NYMEX 2-1-1 Crack Spread | 15.84 | 14.67 | |||||||
Gasoline | (1.22 | ) | (3.12 | ) | |||||
Ultra Low Sulfur Diesel | 2.20 | (1.80 | ) | ||||||
Gasoline | 15.20 | 7.25 | |||||||
Ultra Low Sulfur Diesel | 17.46 | 17.18 | |||||||
16.33 | 12.21 | ||||||||
Nitrogen Fertilizer Segment:
Key Operating Data:
Ammonia Utilization (3) | Two Years Ended |
||||
(capacity utilization) | 2021 | 2020 | |||
Consolidated | 96 | % | 93 | % | |
Coffeyville Facility | 94 | % | 93 | % | |
East Dubuque Facility | 97 | % | 93 | % |
____________________
(1) | 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 |
|||||||
2021 | 2020 | ||||||
Consolidated sales (thousand tons): | |||||||
Ammonia | 32 | 54 | |||||
UAN | 239 | 284 | |||||
Consolidated product pricing at gate (dollars per ton) (1): | |||||||
Ammonia | $ | 300 | $ | 264 | |||
UAN | 159 | 166 | |||||
Consolidated production volume (thousand tons): | |||||||
Ammonia (gross produced) (2) | 188 | 201 | |||||
Ammonia (net available for sale) (2) | 70 | 78 | |||||
UAN | 272 | 317 | |||||
Feedstock: | |||||||
Petroleum coke used in production (thousand tons) | 128 | 125 | |||||
Petroleum coke (dollars per ton) | $ | 42.91 | $ | 44.68 | |||
Natural gas used in production (thousands of MMBtu) (3) | 1,882 | 2,141 | |||||
Natural gas used in production (dollars per MMBtu) (3) | $ | 3.10 | $ | 2.42 | |||
Natural gas in cost of materials and other (thousands of MMBtus) (3) | 940 | 1,418 | |||||
Natural gas in cost of materials and other (dollars per MMBtu) (3) | $ | 2.94 | $ | 2.80 |
____________________
(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 |
|||||||
2021 | 2020 | ||||||
Ammonia — Southern Plains (dollars per ton) | $ | 437 | $ | 272 | |||
Ammonia — Corn belt (dollars per ton) | 497 | 364 | |||||
UAN — Corn belt (dollars per ton) | 256 | 169 | |||||
Natural gas NYMEX (dollars per MMBtu) | $ | 2.72 | $ | 1.87 | |||
Q2 2021 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2021. See “Forward-Looking Statements” above.
Q2 2021 | |||||||
Low | High | ||||||
Petroleum Segment | |||||||
Total throughput (bpd) | 200,000 | 220,000 | |||||
Direct operating expenses (1) (in millions) | $ | 75 | $ | 85 | |||
Nitrogen Fertilizer Segment | |||||||
Ammonia utilization rates (2) | |||||||
Consolidated | 95 | % | 100 | % | |||
Coffeyville Facility | 95 | % | 100 | % | |||
East Dubuque Facility | 95 | % | 100 | % | |||
Direct operating expenses (1) (in millions) | $ | 35 | $ | 40 | |||
Capital Expenditures (3) (in millions) | |||||||
Petroleum | $ | 6 | $ | 12 | |||
Renewables (4) | 65 | 70 | |||||
Nitrogen Fertilizer | 4 | 7 | |||||
Other | — | 1 | |||||
Total capital expenditures | $ | 75 | $ | 90 |
____________________
(1) | Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer segment, turnaround expenses and inventory valuation impacts. |
(2) | Ammonia utilization rates exclude the impact of turnarounds. |
(3) | Capital expenditures are disclosed on an accrual basis. |
(4) | Renewables reflects spending on the Wynnewood RDU project. Amounts spent in 2020 were previously reported under Other. Upon completion and meeting of certain criteria under accounting rules, Renewables is expected to be a new reportable segment. As of |
Non-GAAP Reconciliations:
Reconciliation of Net Loss to EBITDA
Three Months Ended |
|||||||||
(in millions) | 2021 | 2020 | |||||||
Net loss | $ | (55 | ) | $ | (101 | ) | |||
Add: | |||||||||
Interest expense, net | 31 | 35 | |||||||
Income tax benefit | (42 | ) | (36 | ) | |||||
Depreciation and amortization | 66 | 64 | |||||||
EBITDA | $ | — | $ | (38 | ) |
Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow
Three Months Ended |
|||||||||
2021 | 2020 | ||||||||
Net cash provided by (used in) operating activities | $ | 96 | $ | (58 | ) | ||||
Less: | |||||||||
Capital expenditures | (34 | ) | (35 | ) | |||||
Capitalized turnaround expenditures | (1 | ) | (22 | ) | |||||
Free cash flow | $ | 61 | $ | (115 | ) |
Reconciliation of Petroleum Segment Net Loss to EBITDA and EBITDA Adjusted for Inventory Valuation Impacts
Three Months Ended |
|||||||||
(in millions) | 2021 | 2020 | |||||||
Petroleum net loss | $ | (110 | ) | $ | (130 | ) | |||
Add: | |||||||||
Interest (income) expense, net | (2 | ) | 5 | ||||||
Depreciation and amortization | 51 | 48 | |||||||
Petroleum EBITDA | (61 | ) | (77 | ) | |||||
Inventory valuation impacts, (favorable) unfavorable (1) (2) | (66 | ) | 136 | ||||||
Petroleum EBITDA adjusted for inventory valuation impacts | $ | (127 | ) | $ | 59 |
Reconciliation of Petroleum Segment Gross Loss to Refining Margin and Refining Margin Adjusted for Inventory Valuation Impacts
Three Months Ended |
|||||||||
(in millions) | 2021 | 2020 | |||||||
Net sales | $ | 1,404 | $ | 1,057 | |||||
Cost of materials and other | 1,353 | 1,035 | |||||||
Direct operating expenses (exclusive of depreciation and amortization) | 99 | 84 | |||||||
Depreciation and amortization | 51 | 48 | |||||||
Gross loss | (99 | ) | (110 | ) | |||||
Add: | |||||||||
Direct operating expenses (exclusive of depreciation and amortization) | 99 | 84 | |||||||
Depreciation and amortization | 51 | 48 | |||||||
Refining margin | 51 | 22 | |||||||
Inventory valuation impacts, (favorable) unfavorable (1) (2) | (66 | ) | 136 | ||||||
Refining margin adjusted for inventory valuation impacts | $ | (15 | ) | $ | 158 |
____________________
(1) | The Petroleum Segment’s basis for determining inventory value under GAAP is 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 |
Reconciliation of Petroleum Segment Total Throughput Barrels
Three Months Ended |
|||||
2021 | 2020 | ||||
Total throughput barrels per day | 186,093 | 156,518 | |||
Days in the period | 90 | 91 | |||
Total throughput barrels | 16,748,383 | 14,263,161 |
Reconciliation of Petroleum Segment Refining Margin per Total Throughput Barrels
Three Months Ended |
|||||||
(in millions, except for per throughput barrel data) | 2021 | 2020 | |||||
Refining margin | $ | 51 | $ | 22 | |||
Divided by: total throughput barrels | 17 | 14 | |||||
Refining margin per total throughput barrel | $ | 3.05 | $ | 1.52 |
Reconciliation of Petroleum Segment Refining Margin Adjusted for Inventory Valuation Impacts per Total Throughput Barrel
Three Months Ended |
||||||||
(in millions, except for throughput barrel data) | 2021 | 2020 | ||||||
Refining margin adjusted for inventory valuation impacts | $ | (15 | ) | $ | 158 | |||
Divided by: total throughput barrels | 17 | 14 | ||||||
Refining margin adjusted for inventory valuation impacts per total throughput barrel | $ | (0.88 | ) | $ | 11.06 |
Reconciliation of Petroleum Segment Direct Operating Expenses per Total Throughput Barrel
Three Months Ended |
|||||||
(in millions, except for throughput barrel data) | 2021 | 2020 | |||||
Direct operating expenses (exclusive of depreciation and amortization) | $ | 99 | $ | 84 | |||
Divided by: total throughput barrels | 17 | 14 | |||||
Direct operating expenses per total throughput barrel | $ | 5.89 | $ | 5.87 |
Reconciliation of Nitrogen Fertilizer Segment Net Loss to EBITDA
Three Months Ended |
|||||||||
(in millions) | 2021 | 2020 | |||||||
Nitrogen fertilizer net loss | $ | (25 | ) | $ | (21 | ) | |||
Add: | |||||||||
Interest expense, net | 16 | 16 | |||||||
Depreciation and amortization | 14 | 16 | |||||||
Nitrogen Fertilizer EBITDA | $ | 5 | $ | 11 |
Reconciliation of Basic and Diluted Loss per Share to Adjusted Loss per Share
Three Months Ended |
|||||||||
2021 | 2020 | ||||||||
Basic and diluted loss per share | $ | (0.39 | ) | $ | (0.87 | ) | |||
Adjustments: | |||||||||
Inventory valuation impacts (1) | (0.48 | ) | 1.00 | ||||||
Unrealized gain on marketable securities (1) | (0.46 | ) | (0.22 | ) | |||||
Adjusted loss per share | $ | (1.33 | ) | $ | (0.09 | ) |
____________________
(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 |
||||
Total debt and finance lease obligations (1) | $ | 1,691 | ||
Less: | ||||
Nitrogen Fertilizer debt and finance lease obligations (1) | $ | 637 | ||
Total debt and finance lease obligations exclusive of Nitrogen Fertilizer | 1,054 | |||
EBITDA exclusive of Nitrogen Fertilizer | $ | (6 | ) | |
Total debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer | (175.67 | ) | ||
Consolidated cash and cash equivalents | $ | 707 | ||
Less: | ||||
Nitrogen Fertilizer cash and cash equivalents | 53 | |||
Cash and cash equivalents exclusive of Nitrogen Fertilizer | 654 | |||
Net debt and finance lease obligations exclusive of Nitrogen Fertilizer (2) | $ | 400 | ||
Net debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer (2) | (66.67 | ) |
____________________
(1) | Amounts are shown inclusive of the current portion of long-term debt and 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 |
|||||||||||||||||||||||
2020 |
2020 |
2021 |
||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
Net loss | $ | (32 | ) | $ | (108 | ) | $ | (78 | ) | $ | (55 | ) | $ | (273 | ) | |||||||||
Add: | ||||||||||||||||||||||||
Interest expense, net | 31 | 31 | 32 | 31 | 125 | |||||||||||||||||||
Income tax benefit | (5 | ) | (31 | ) | (23 | ) | (42 | ) | (101 | ) | ||||||||||||||
Depreciation and amortization | 74 | 69 | 70 | 66 | 279 | |||||||||||||||||||
EBITDA | $ | 68 | $ | (39 | ) | $ | 1 | $ | — | $ | 30 | |||||||||||||
Nitrogen Fertilizer | ||||||||||||||||||||||||
Net loss | $ | (42 | ) | $ | (19 | ) | $ | (17 | ) | $ | (25 | ) | (103 | ) | ||||||||||
Add: | ||||||||||||||||||||||||
Interest expense, net | 16 | 16 | 16 | 16 | 64 | |||||||||||||||||||
Depreciation and amortization | 24 | 18 | 19 | 14 | 75 | |||||||||||||||||||
EBITDA | $ | (2 | ) | $ | 15 | $ | 18 | $ | 5 | $ | 36 | |||||||||||||
EBITDA exclusive of Nitrogen Fertilizer | $ | 70 | $ | (54 | ) | $ | (17 | ) | $ | (5 | ) | $ | (6 | ) |
Source: CVR Energy, Inc.