UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 28, 2012
CVR ENERGY, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-33492 | 61-1512186 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
2277 Plaza Drive, Suite 500
Sugar Land, Texas 77479
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (281) 207-3200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition. |
On February 28, 2012, CVR Energy, Inc., or the “Company,” posted a presentation to its website at www.cvrenergy.com under the tab “Investor Relations” providing information regarding its results of operations and financial condition for the quarter and fiscal year ended December 31, 2011, as well as information concerning refining and fertilizer markets. The presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and will not, except to the extent required by applicable law or regulation, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.
| Item 7.01. | Regulation FD Disclosure. |
The information set forth under Item 2.02 is incorporated by reference as if fully set forth herein.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
The following exhibit is being “furnished” as part of this Current Report on Form 8-K:
99.1 Slides from presentation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 28, 2012
| CVR ENERGY, INC. | ||
| By: | /s/ Frank A. Pici | |
| Frank A. Pici | ||
| Chief Financial Officer and Treasurer | ||
 4
th
Quarter and Full Year 2011
Earnings Report
Exhibit 99.1
February 28, 2012 |
 2
Forward-Looking Statements
This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Fourth Quarter
earnings conference call held on February 28, 2012. The following information contains
forward- looking statements based on management’s current expectations and beliefs, as
well as a number of assumptions concerning future events. These statements are subject to
risks, uncertainties, assumptions and other important factors. You are cautioned not to put
undue reliance on such forward-looking statements (including forecasts and projections
regarding our future performance) because actual results may vary materially from those expressed
or implied as a result of various factors, including, but not limited to (i) those set forth under
“Risk Factors” in CVR Energy, Inc.’s Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and any other filings CVR Energy, Inc. makes with the Securities and
Exchange Commission, and (ii) those set forth under “Risk Factors” in the CVR Partners,
LP annual report on form 10-K, quarterly report on form 10-Q and any other filings
CVR Partners, LP makes with the Securities and Exchange Commission. CVR Energy, Inc. assumes no
obligation to, and expressly disclaims any obligation to, update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. |
 3
Fourth Quarter
Full Year
(In millions, except for EPS/Distributions)
Q4 2011
Q4 2010
Percent
2011
2010
Percent
Adjusted EBITDA
(1)
$ 80.5
$ 55.8
+ 44%
$ 692.0
$ 192.0
+ 260%
Adjusted Fully Diluted
EPS
(2)
$ 0.34
$ 0.16
+ 113%
$ 3.94
$ 0.47
+ 738%
CVR Partners Adjusted
EBITDA
(3)
$ 48.4
$ 7.5
+ 545%
$ 162.6
$ 52.6
+ 209%
CVR Partners Distributions
$ 0.588
N/A
N/A
$ 1.567
N/A
N/A
Note:
Adjusted EBITDA for the fourth quarter and full year 2011 excludes turnaround
expense of $54m and $66m, respectively (1)
Non-GAAP reconciliation on slide 27
(2)
Non-GAAP reconciliation on slide 28
(3)
Non-GAAP reconciliation on slide 30
Consolidated Results |
 •
Strong earnings and cash flow from both segments
•
Completion of first phase turnaround in Coffeyville
($54m spent in Q4)
•
Completed acquisition of Gary Williams, 70,000 bpd, 9.3
Nelson complexity
•
Set a record for gathered barrels of 37,500+ bpd in one
month in 2011, now gathering 40,000+ bpd
•
Improved Balance Sheet
–
Consolidated cash ending balance of $388m after close of
Wynnewood transaction
–
$237m of cash at CVR Partners
•
UAN quarterly distribution of $0.588 paid on 2/14/2012
•
Corporate rating upgrade to Ba3 from B1
4
Fourth Quarter Highlights |
 Market Outlook
•
Brent –
WTI and Canadian crude differentials
recently widened significantly
•
Crack spreads remain well above historic levels
•
Inventory in group expected to normalize by
end of first quarter
•
Fertilizer pricing strong versus historical norms
5
•
Coffeyville Post Turnaround
•
Coffeyville set to run nameplate capacity
until next turnaround
•
Turnaround-related excess inventory to be
monetized by end of second quarter
Operational Highlights
•
Wynnewood Operational Improvements
•
Following temporary downtime in January,
crude throughputs currently at 70k bpd
•
Realizing unit yield improvements in excess
of plan
•
Replacing WTS crude with lower cost
Canadian light sours
Current Outlook |
 6
(1) As of 2/22/2012
2010
2011
Q4 2011
Current
Average Differential
$ 0.77
$ 15.89
$ 15.07
$ 16.62
($5)
$0
$5
$10
$15
$20
$25
$30
$35
$40
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
NYMEX 2-1-1 Crack
Brent-WTI Differential
NYMEX 2-1-
1 Crack & Brent
-
WTI Differential
(1)
Market Environment -
Petroleum |
 7
Crack Spread vs. Historical Norm
$0
$5
$10
$15
$20
$25
$30
$35
$0
$20
$40
$60
$80
$100
$120
NYMEX CL, $/Bbl
NYMEX 2-1-1 Crack vs NYMEX Crude Oil
Yearly Averages 1997 to 2011
Yrly Avgs
Yrly Avgs Trendline
2012 Daily
Note:
The
trendline
does
not
include
2011 |
 8
(1) As of 2/17/2012
2.9
4.5
3.9
2.9
2.0
1.0
1.0
1.0
$23.87
$25.85
$23.19
$20.45
$24.13
$24.56
$23.41
$21.86
$0
$5
$10
$15
$20
$25
$30
0.0
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Q1 '12
Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Q3 '13
Q4 '13
Base Level 11/28/2011
As of 12/31/2011
As of 1/31/2012
As of 2/17/2012
Hedged Crack Spread
0.5
Volume Hedged
(1)
Crack Spread Hedging |
 9
UAN, Ammonia & Urea Prices
Market
Environment
-
Fertilizer
Source:
Green
Markets |
 Financial
Financial |
 Fourth Quarter
Full Year
(In millions, except for EPS/EPU)
Q4 2011
Q4 2010
2011
2010
Net earnings attributable to
CVR stockholders
$ 65.9
$
2.3 $ 345.8
$ 14.3
Earnings per diluted share
$ 0.76
$ 0.03
$ 3.94
$ 0.16
EBITDA
$ 140.0
$ 47.0
$ 696.2
$ 165.1
Adjusted
EBITDA
(1)
$ 80.5
$ 55.8
$ 692.0
$ 192.0
Adjusted
Fully
diluted
EPS
(2)
$ 0.34
$ 0.16
$ 3.94
$ 0.47
CVR Partners Distributions
$ 0.588
N/A
$ 1.567
N/A
11
Note:
Adjusted EBITDA for the fourth quarter and full year 2011 excludes turnaround
expense of $54m and $66m, respectively (1)
Non-GAAP reconciliation on slide 27
(2)
Non-GAAP reconciliation on slide 28
Financial Results |
 (In millions except for
barrels sold data)
Q4 2011
Q3 2011
Q4 2010
Net Sales
$ 979.5
$ 1,284.4
$ 1,109.6
Operating Income
$ (3.3)
$ 179.8
$ 60.4
Adjusted EBITDA
$ 47.6
$ 232.0
$ 51.1
Segment SG&A
$ 11.1
$ 8.6
$ 16.1
Crude Oil Throughput
(barrels per day)
93,705
112,885
116,361
Barrels Sold
(barrels per day)
89,953
114,061
135,478
Refining margin
(per crude oil throughput
barrel)
(1)
$ 11.05
$ 27.55
$ 9.54
Direct Operating Expenses
(per Barrel of Crude
Throughput)
$ 12.03
$ 5.25
$ 3.57
Dir. Op. Ex. (per Barrel of
Crude Throughput) Less:
Turnaround Cost
$ 5.74
$ 4.48
$ 3.51
12
Note:
Adjusted EBITDA for the fourth quarter 2011 excludes turnaround expense of $54m,
and fourth quarter 2011 financial data includes 16 days of Wynnewood operations
(1) Adjusted for FIFO impact
$(3.3)
$34.3
$65.4
$27.5
$8.4
($20)
$0
$20
$40
$60
$80
$100
$120
Q4 2010
Oper.
Inc.
Refining
Margin
Other
(D&A,
FIFO,
SG&A)
Volume
Direct
Oper.
Cost
Q4 2011
Oper.
Inc.
Operating Earnings Bridge
$60.4
Petroleum Segment –
Fourth Quarter |
 (In millions except for
barrels sold data)
FY 2011
FY 2010
Net Sales
$ 4,751.8
$ 3,903.8
Operating Income
$ 465.7
$ 104.6
Adjusted EBITDA
$ 580.9
$
154.7 Segment SG&A
$
42.0 Crude Oil
Throughput (barrels per day)
103,702
113,365
Barrels Sold
(barrels per day)
106,397
127,142
Refining margin
(per
crude
oil
throughput
barrel)
(1)
$ 21.12
$
8.07 Direct Operating Expenses (per
Barrel of Crude Throughput)
$
6.54
$
3.70 Dir. Op. Ex. (per Barrel of Crude
Throughput) Less: Turnaround
Cost
$
4.79 13
Note:
Adjusted EBITDA for the full year 2011 excludes turnaround expense of $66m, and
2011 financial data includes 16 days of Wynnewood operations
(1) Adjusted for FIFO impact
$465.7
$54.5
$94.6
$520.0
$104.6
$0
$100
$200
$300
$400
$500
$600
$700
2010
Refining
Margin
Volume
Direct
Oper.
Cost
Other
(D&A,
FIFO,
SG&A)
2011
Operating Earnings Bridge
$9.8
Petroleum Segment –
Full Year
$
41.7
$
3.67 |
 (in millions except for tons
sold data)
Q4 2011
Q3 2011
Q4 2010
Net Sales
$ 87.6
$ 77.2
$ 39.4
Operating Income
$ 42.6
$ 37.5
$ (9.7)
Adjusted EBITDA
$ 48.4
$ 43.3
$ 7.5
Segment SG&A
$ 4.6
$ 4.5
$ 11.9
Ammonia Sales (000 tons)
29.3
22.6
49.4
UAN Sales (000 tons)
184.6
179.2
73.8
Ammonia ASP (per ton)
$ 606
$ 568
$ 491
UAN ASP (per ton)
$ 334
$ 294
$
171 Pet Coke Cost (per ton)
$ 42
$ 43
$
8 On-stream Factors
(1)
:
Gasification
Ammonia
UAN
14
(1)
Adjusted for Linde outage
97.6%
97.1%
94.1%
97.0%
98.6%
99.2%
96.5%
95.3%
99.4%
Nitrogen Fertilizer Segment –
Fourth
Quarter
$42.6
$18.4
$(7.7)
$29.8
$4.9
$7.0
$(9.7)
($20)
($10)
$0
$10
$20
$30
$40
$50
Q4 2010
Oper.
Inc.
Aver.
Selling
Price
COGS
Volume
/ Mix
Direct
Oper.
Cost
Other
(D&A,
SG&A)
Q4 2011
Oper.
Inc.
Operating Earnings Bridge |
 (in millions except for tons sold
data)
FY 2011
FY 2010
Net Sales
$ 302.9
$ 180.5
Operating Income
$ 136.2
$ 20.4
Adjusted EBITDA
$ 162.6
$ 52.6
Segment SG&A
$ 22.2
$ 20.6
Ammonia Sales (000 tons)
112.8
164.7
UAN Sales (000 tons)
709.3
580.7
Ammonia ASP (per ton)
$ 579
$ 361
UAN ASP (per ton)
$ 284
$
179 Pet Coke Cost (per ton)
$
33
$
17 On-stream Factors
(1)
:
Gasification
99.2%
97.6%
Ammonia
98.0%
96.8%
UAN
95.7%
96.1%
15
(1)
Adjusted for Linde outage
$136.2
$99.2
$(8.2)
$23.2
$0.2
$(1.4)
$20.4
$0
$20
$40
$60
$80
$100
$120
$140
$160
2010
Oper.
Inc.
Aver.
Selling
Price
COGS
Volume
/ Mix
Direct
Oper.
Cost
Other
(D&A,
SG&A)
2011
Oper.
Inc.
Operating Earnings Bridge
Nitrogen Fertilizer Segment –
Full Year |
 Capital Summary
Refinery
turnaround
years
16
$0
$100
$200
$300
2010
2011
2012
Nitrogen
Petroleum
Capital Spend Summary
($ in millions)
2010
2011
Estimated 2012
Petroleum
Discretionary
$ 1.6
$ 18.1
$ 24.7
Non-Discretionary
(1)
18.2
50.5
139.9
Other
2.5
1.8
1.7
Total Petroleum
$ 22.3
$ 70.4
$ 166.3
Nitrogen (CVR Partners)
Discretionary
(2)
$ 1.2
$ 12.9
$ 100.1
Non-Discretionary
8.9
6.2
9.7
Other
-
1.7
2.2
Total Nitrogen (CVR Partners)
$ 10.1
$ 20.8
$ 112.0
Total Spending
$ 32.4
$ 91.2
$ 278.3
Note:
The
company
expenses
its
turnarounds,
turnaround
expense
for
2011
is
$66m
and
forecasted
to
be
$32m
in
2012
for
Coffeyville
and
$85m
for
Wynnewood
(1)
Increase of approximately $30m in 2011 vs. 2010 due to sustaining maintenance
capital needs associated with turnaround (2)
Increase in 2011 and 2012 due to work performed on the UAN expansion project.
Project expected to complete by Q1 2013 |
 D&A
17
NI
Cash
$200
$379
$90
$630
$586
$49
$99
$176
$388
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2010 Cash, NI &
D&A
IPO & Net Debt
Issuance
Gary Williams
Acquisition
AP, AR, SBC,
Prepaids &
Other
Cap Ex & Debt
Payments
Inventory
2011 Cash
Cash Flow Waterfall –
2010 to 2011 |
 Financial Metrics
2007
2008
2009
2010
2011
Debt to Capital
54%
46%
43%
41%
40%
Debt to Adj.
EBITDA
2.8
2.2
2.4
2.5
1.3
18
Consolidated Net Debt
($ in millions)
Debt Metrics |
 Appendix |
 To
supplement the actual results in accordance with U.S. generally accepted accounting
principles (GAAP), for the applicable periods, the Company also uses certain
non-GAAP financial measures as discussed below, which are adjusted
for GAAP-based results. The use of non-GAAP adjustments are not in
accordance with or an alternative for GAAP. The adjustments
are
provided
to
enhance
the
overall
understanding
of
the
Company’s
financial
performance for the applicable periods and are also indicators that management
utilizes for planning and forecasting future periods. The non-GAAP
measures utilized by the Company are not necessarily comparable to similarly
titled measures of other companies. The Company believes that
the presentation of non-GAAP financial measures provides useful
information to investors regarding the Company’s financial condition and results of
operations
because
these
measures,
when
used
in
conjunction
with
related
GAAP
financial
measures (i) together provide a more comprehensive view of the Company’s core
operations and ability to generate cash flow, (ii) provide investors with
the financial analytical framework upon which management bases financial and
operational planning decisions, and (iii) presents measurements that
investors and rating agencies have indicated to management are useful to
them in assessing the Company and its results of operations. 20
Non-GAAP Financial Measures |
 EBITDA:
EBITDA
represents
net
income
before
the
effect
of
interest
expense,
interest
income,
income
tax
expense
(benefit)
and
depreciation
and
amortization.
EBITDA
is
not
a
calculation
based
upon
GAAP;
however,
the
amounts
included
in
EBITDA
are
derived
from
amounts
included
in
the
consolidated
statement of operations of the Company. Adjusted EBITDA by operating segment
results from operating income by segment adjusted for items that the company
believes are needed in order to evaluate results in a more comparative
analysis from period to period. Additional adjustments to EBITDA include major
scheduled turnaround expense, the impact of the Company’s use of accounting
for its inventory under first-in, first-out (FIFO), net realized
gains/losses on derivative activities, share-based compensation expense,
loss on extinguishment of debt, and other income (expense). Adjusted EBITDA is not a
recognized term under GAAP and should not be substituted for operating income or
net income as a measure of performance but should be utilized as a
supplemental measure of financial performance in evaluating our
business. First-in,
first-out
(FIFO):
The
Company’s
basis
for
determining
inventory
value
on
a
GAAP
basis.
Changes in crude oil prices can cause fluctuations in the inventory valuation of
our crude oil, work in process and finished goods, thereby resulting in
favorable FIFO impacts when crude oil prices increase and unfavorable FIFO
impacts when crude oil prices decrease. The FIFO impact is calculated based
upon inventory values at the beginning of the accounting period and at the end of
the accounting period. 21
Non-GAAP Financial Measures |
 Refining margin :
Refining margin per crude oil throughput barrel is a measurement calculated as the
difference
between
net
sales
and
cost
of
product
sold
(exclusive
of
depreciation
and
amortization).
Refining margin is a non-GAAP measure that we believe is important to investors
in evaluating our refinery’s performance as a general indication of the
amount above our cost of product sold that we are able to sell refined
products. Each of the components used in this calculation (net sales and cost of
product
sold
(exclusive
of
depreciation
and
amortization))
are
taken
directly
from
our
Condensed
Statement
of
Operations.
Our
calculation
of
refining
margin
may
differ
from
similar
calculations
of
other
companies in our industry, thereby limiting its usefulness as a comparative
measure. In order to derive the refining margin per crude oil throughput
barrel, we utilize the total dollar figures for refining margin as derived
above and divide by the applicable number of crude oil throughput barrels for the period. We
believe that refining margin and refining margin per crude oil throughput barrel is
important to enable investors to better understand and evaluate our ongoing
operating results and allow for greater transparency
in
the
review
of
our
overall
financial,
operational
and
economic
performance.
22
Non-GAAP Financial Measures |
 Refining
margin
per
crude
oil
throughput
barrel
adjusted
for
FIFO
:
Refining
margin
per
crude
oil
throughput barrel adjusted for FIFO impact is a measurement calculated as the
difference between net sales and cost of product sold (exclusive of
depreciation and amortization) adjusted for FIFO impacts. Under our FIFO
accounting method, changes in crude oil prices can cause fluctuations in the inventory
valuation of our crude oil, work in process and finished goods, thereby resulting
in favorable FIFO impacts when
crude
oil
prices
increase
and
unfavorable
FIFO
impacts
when
crude
oil
prices
decrease.
Refining
margin adjusted for FIFO impact is a non-GAAP measure that we believe is
important to investors in evaluating our refinery’s performance as a
general indication of the amount above our cost of product sold
(taking
into
account
the
impact
of
our
utilization
of
FIFO)
that
we
are
able
to
sell
refined
products.
Our
calculation of refining margin adjusted for FIFO impact may differ from
calculations of other companies in our industry, thereby limiting its
usefulness as a comparative measure 23
Non-GAAP Financial Measures |
 Nitrogen Fertilizer Segment
($ per ton)
Fourth Quarter
Full Year
Q4 2011
Q4 2010
2011
2010
UAN / Ton (Sales)
$ 334
$ 171
$ 284
$ 179
Ammonia / Ton (Sales)
606
491
579
361
Pet Coke / Ton (Cost of Sales)
$ 42
$ 8
$ 33
$
17 Petroleum Segment
($ per crude oil throughput barrel)
Fourth Quarter
Full Year
Q4 2011
Q4 2010
2011
2010
NYMEX 2-1-1
$ 23.49
$ 11.01
$ 26.33
$ 10.07
Purchased crude discount
1.92
4.12
3.95
3.31
Group 3 basis
0.05
(0.65)
0.44
(0.06)
Liquid Volume yield loss
(5.34)
(4.65)
(5.50)
(4.07)
Yield
structure
difference
(1)
(7.05)
(1.90)
(4.22)
(2.23)
Other
cost
of
product
sold
(2)
(1.62)
(0.27)
(1.25)
(0.35)
Other
(0.40)
1.88
1.37
1.40
Refining margin (adj. for FIFO impact)
$ 11.05
$ 9.54
$ 21.12
$ 8.07
2011 financials do not include 16 days of Wynnewood operations
(1)
Impact of our refinery producing other products in addition to gasoline and
distillate. (2)
Includes cost such as RINS, sulfur credits, ethanol, transportation,
hydrogen. 24
Note:
CVI Performance |
 Financials
($ in millions)
Full Year
2007
2008
2009
2010
2011
Cash
$ 30.5
$ 8.9
$ 36.9
$ 200.0
$ 388.3
Long Term Debt
500.8
495.9
491.3
476.9
853.9
Net Debt
470.3
486.9
454.4
276.9
475.5
CVR Stockholder’s
Equity
432.7
579.5
653.8
689.6
1,151.6
Adjusted EBITDA
(1)(2)
$ 139.0
$ 218.1
$ 206.8
$ 192.0
$ 692.0
Note:
2011 includes debt related to acquisition of Gary Williams but only 16 days of
EBITDA contribution (1)
Adjusted for FIFO, turnaround expense, SBC, financing costs and gains/losses on
derivatives, asset dispositions, loss on extinguishment of debt, Gary Williams
(2)
Non-GAAP reconciliation on slide 26
25
Capital Structure
acquisition and integration costs, and bridge loan expenses
|
 Financials
($ in millions)
Full Year
2007
2008
2009
2010
2011
Consolidated net income (loss) attributable to CVR Energy
$ (67.6)
$ 163.9
$ 69.4
$ 14.3
$ 345.8
Interest expense, net of interest income
60.0
37.6
42.5
48.1
55.3
Depreciation and amortization
68.4
82.2
84.9
86.8
90.3
Income tax expense (benefit)
(88.5)
63.9
29.2
13.8
209.5
EBITDA adjustments included in NCI
-
-
-
-
(5.3)
FIFO impact (favorable) unfavorable
(69.9)
102.5
(67.9)
(31.7)
(25.6)
Goodwill impairment
-
42.8
-
-
-
Unrealized (gain)/loss on all derivatives
113.5
(247.9)
37.8
(0.6)
(85.3)
Share-based compensation
44.1
(42.5)
8.8
37.2
27.2
Loss on disposal of fixed asset
1.3
2.3
-
2.7
2.5
Loss on extinguishment of debt
1.3
10.0
2.1
16.6
2.1
Major scheduled turnaround
76.4
3.3
-
4.8
66.4
Expenses related to Gary Williams acquisition
-
-
-
-
9.1
Adjusted EBITDA
$ 139.0
$ 218.1
$ 206.8
$ 192.0
$ 692.0
26
Consolidated
Non-GAAP Financial Measures |
 Financials
($ in millions)
Fourth Quarter
Full Year
12/31/2011
12/31/2010
12/31/2011
12/31/2010
Consolidated net income (loss) attributable to
CVR Energy
$
65.9
$
2.3
$
345.8
$
14.3
Interest expense, net of interest income
14.7
13.1
55.3
48.1
Depreciation and amortization
24.2
22.0
90.3
86.8
Income tax expense (benefit)
37.1
9.0
209.5
13.8
EBITDA adjustments included in NCI
(1.9)
-
(5.3)
-
FIFO impact (favorable) unfavorable
(31.7)
Unrealized (gain)/loss on all derivatives
(92.1)
2.9
(85.3)
(0.6)
Share-based compensation
3.5
28.9
27.2
37.2
Loss on disposal of fixed asset
1.0
1.4
2.5
2.7
Loss on extinguishment of debt
-
1.6
2.1
16.6
Major scheduled turnaround
54.1
4.2
66.4
4.8
Expenses related to Gary Williams acquisition
9.1
-
9.1
-
Adjusted EBITDA
$
80.5
$
55.8
$
692.0
$
192.0
27
Consolidated
Non-GAAP Financial Measures
(29.6)
(35.1)
(25.6) |
 Financials
(1)
($ in millions)
Fourth Quarter
Full Year
12/31/2011
12/31/2010
12/31/2011
12/31/2010
Consolidated net income (loss) attributable to
CVR Energy
65.9
2.3
345.8
14.3
FIFO impact (favorable) unfavorable
(21.3)
(17.8)
(15.5)
(19.1)
Share-based compensation
2.1
23.4
18.6
30.1
Loss on extinguishment of debt
-
1.0
1.3
10.0
Loss on disposition of assets
0.6
0.8
1.5
1.6
Major scheduled turnaround
32.8
2.5
40.2
2.9
Unrealized (gain)/loss on derivatives
(55.8)
1.8
(51.7)
1.3
Expenses associated with the acquisition of
Gary-Williams
5.2
-
5.5
-
Adjusted Net Income
29.5
14.0
345.7
41.1
Adjusted Net Income per diluted share
0.34
0.16
3.94
0.47
28
(1)
All adjustments net of tax
Consolidated
Non-GAAP Financial Measures
$
$
$
$
$
$
$
$
$
$
$
$ |
 Financials
($ in millions)
Quarter
Year Ended
12/31/2011
09/30/2011
12/31/2010
12/31/2011
12/31/2010
Operating income
$ (3.3)
$ 183.5
$ 60.4
$ 465.7
$ 104.6
FIFO impact (favorable), unfavorable
(35.1)
4.1
(29.6)
(25.6)
(31.7)
Share-based compensation
0.7
0.5
9.1
8.7
11.5
Loss on disposal of fixed assets
1.0
1.5
-
2.5
1.3
Major scheduled turnaround expense
54.1
1.1
0.7
66.4
1.2
Realized gain (loss) on derivatives, net
11.1
0.5
(6.4)
(7.2)
0.7
Depreciation and amortization
19.0
17.0
16.9
69.9
66.4
Other income (expense)
0.1
0.2
-
0.5
0.7
Adjusted EBITDA
$ 47.6
$ 208.4
$ 51.1
$ 580.9
$ 154.7
29
Petroleum
Non-GAAP Financial Measures |
 Financials
($ in millions)
Quarter
Full Year
12/31/2011
9/30/2011
12/31/2010
12/31/2011
12/31/2010
Operating income
$ 42.6
$ 37.5
$ (9.7)
$ 136.2
$ 20.4
Depreciation and amortization
4.9
4.7
4.6
18.9
18.5
Other income (expense)
-
0.2
-
0.2
(0.2)
Share-based compensation
0.9
0.9
7.7
7.3
9.0
Loss on disposition of assets
-
-
1.4
-
1.4
Major scheduled turnaround expense
-
-
3.5
-
3.5
Adjusted EBITDA
$ 48.4
$ 43.3
$ 7.5
$ 162.6
$ 52.6
30
Fertilizer
Non-GAAP Financial Measures |