SUGAR LAND, Texas, March 10 /PRNewswire-FirstCall/ -- CVR Energy,
Inc. (NYSE:CVI) today reported a fourth quarter 2007 net loss of
$15.9 million, or pro forma $0.18 per fully diluted share, on
positive operating income of $41.8 million, and a net loss of $56.8
million, or pro forma $0.66 per fully diluted share, on positive
operating income of $204.3 million for the full year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20071203/CVRLOGO) The 2007
fourth quarter operating income of $41.8 million represents an
increase of $27.2 million over 2006 fourth quarter operating income
of $14.6 million. Operating income for the full year in 2006 was
$281.6 million. Net income in 2006 was $20.8 million, or pro forma
$0.24 per fully diluted share, in the fourth quarter and $191.6
million, or pro forma $2.22 per fully diluted share, for the full
year. Net income (loss) adjusted for unrealized gain or loss from
Cash Flow Swap for the fourth quarter 2007 was a loss of $13.0
million and for the year income of $5.2 million. These results
compare to an adjusted net loss of $7.1 million for the fourth
quarter in 2006 and adjusted net income of $115.4 million for the
full year 2006. CVR Energy 2007 fourth quarter results reflect the
impact of non-cash share-based compensation of pretax $32.2
million, a one-time pretax expense of $10.0 million arising from
the termination of management agreements in conjunction with the
company's successful initial public offering, and $7.2 million in
net flood-related expenses. Full year comparisons in 2007 were
adversely affected by a planned major turnaround and expansion at
the refinery, as well as significant downtime and costs associated
with the flood. "CVR Energy's operating income provides the best
measure of our business this year because of the assortment of
one-time and non-cash items affecting our net income," said Chief
Executive Officer Jack Lipinski. "Our operating successes continue
to provide a solid foundation on which to grow our business." "CVR
Energy experienced a remarkable 2007," Lipinski said. "We
successfully executed a major turnaround and capital expansion
program at our Coffeyville, Kan., refinery early in the year;
rapidly recovered from a flood during the summer that affected both
our petroleum and nitrogen fertilizer businesses; and then executed
a successful initial public offering of CVR Energy on the New York
Stock Exchange in the fall." "This truly was a transitional year,"
he added. "We emerge from 2007 an even stronger company focused on
finding ways to create value for our shareholders." Petroleum
Business The petroleum segment reported operating income in the
fourth quarter of 2007 of $33.2 million on net sales of $1,098.9
million, compared with operating income for the same period in 2006
of $12.1 million on net sales of $675.5 million. For the full year
of 2007, petroleum business operating income was $162.5 million on
net sales of $2.8 billion, compared with $245.6 million in 2006 on
net sales of $2.9 billion. Crude throughput for the quarter was
110,278 barrels per day compared to 95,897 barrels per day for the
same period in 2006. Refining margin per barrel increased to $12.67
in the fourth quarter of 2007, up from $9.16 in 2006. Direct
operating expenses (exclusive of depreciation and amortization)
decreased from $4.31 per barrel in 2006 to $3.82 per barrel in the
fourth quarter of 2007. Nitrogen Fertilizer Business Nitrogen
fertilizer operations reported fourth quarter 2007 operating income
of $11.7 million on net sales of $50.8 million, compared to $2.8
million on net sales of $34.3 million during the same period in
2006. For the full year in 2007, the nitrogen fertilizer operations
reported operating income of $46.6 million on net sales of $165.9
million, compared with operating income of $36.8 million on net
sales of $162.5 million during the full year in 2006. Nitrogen
fertilizer operations benefited from improved pricing from prior
year levels for all products, reflecting a continued positive
outlook for North American agricultural markets and a favorable
supply/demand situation in world markets. For the fourth quarter
2007, our average plant sale prices for ammonia and urea ammonium
nitrate (UAN) were $408 per ton and $236 respectively, compared to
$301 and $144 for the same period in 2006. Higher sales prices were
partially offset by lower sales volumes, increased direct operating
expenses and increased sales, general and administrative (SG&A)
expense. Non-cash share-based compensation was the largest
contributor to the increased SG&A costs. This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended. You can generally identify
forward-looking statements by our use of forward-looking
terminology such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "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. For a discussion of risk factors
which may affect our results, please see the risk factors disclosed
in our SEC filings, including our Form 10-Q for the quarter ended
Sept. 30, 2007. These 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 press release are made only as of the date hereof. The
Company undertakes no duty to update its forward-looking
statements. About CVR Energy, Inc. Headquartered in Sugar Land,
Texas, CVR Energy, Inc.'s subsidiary and affiliated businesses
include an independent refiner that operates a 113,500 barrel per
day refinery in Coffeyville, Kan., and markets high value
transportation fuels supplied to customers through tanker trucks
and pipeline terminals; a crude oil gathering system serving
central Kansas, northern Oklahoma and southwest Nebraska; an
asphalt and refined fuels storage and terminal business in
Phillipsburg, Kan.; and through a limited partnership, an ammonia
and urea ammonium nitrate fertilizer business located in
Coffeyville, Kan. For further information, please contact: Investor
Relations: Media Relations: Stirling Pack, Jr. Steve Eames CVR
Energy, Inc. CVR Energy, Inc. 281-207-3464 281-207-3550 CVR Energy,
Inc. The following tables summarize the financial data and key
operating statistics for CVR and our two operating segments for the
three and twelve months ended Dec. 31, 2006 and 2007. The summary
financial data for our two operating segments does not include
certain SG&A expenses and depreciation and amortization related
to our corporate offices. Three Months Ended Twelve Months Ended
December 31, December 31, 2006 2007 2006 2007 (unaudited) (in
millions, except as otherwise indicated) Consolidated Statement of
Operations Data: Net sales $708.4 $1,147.0 $3,037.6 $2,966.9 Cost
of product sold (exclusive of depreciation and amortization) 595.3
971.6 2,443.4 2,291.1 Direct operating expense (exclusive of
depreciation and amortization) 54.5 57.3 199.0 276.1 Selling,
general and administrative expense (exclusive of depreciation and
amortization) 29.8 51.0 62.6 93.1 Net costs associated with
flood(1) - 7.2 - 41.5 Depreciation and amortization 14.2 18.1 51.0
60.8 Operating income $14.6 $41.8 $281.6 $204.3 Other income
(expense) (23.8) (0.7) (20.8) 0.2 Interest (expense) (10.9) (15.2)
(43.9) (61.1) Gain (loss) on derivatives 49.7 (30.1) 94.5 (282.0)
Income (loss) before income taxes and minority interest in
subsidiaries $29.6 $(4.2) $311.4 $(138.6) Income tax (expense)
benefit (8.8) (11.7) (119.8) 81.6 Minority interest in (income)
loss of subsidiaries - - - 0.2 Net income (loss) $20.8 $(15.9)
$191.6 $(56.8) Pro forma earnings per share, basic $0.24 $(0.18)
$2.22 $(0.66) Pro forma earnings per share, diluted $0.24 $(0.18)
$2.22 $(0.66) Pro forma weighted average shares, basic 86,141,291
86,141,291 86,141,291 86,141,291 Pro forma weighted average shares,
diluted 86,158,791 86,141,291 86,158,791 86,141,291 Balance Sheet
Data: Cash and cash equivalents $41.9 $30.5 Working capital 112.3
21.4 Total assets 1,449.5 1,856.1 Total debt, including current
portion 775.0 500.8 Minority interest in subsidiaries 4.3 10.6
Management units subject to compromise 7.0 - Members' equity 76.4 -
Stockholders' equity - 443.5 Other Financial Data: Depreciation and
amortization $14.2 $18.1 $51.0 $60.8 Net income (loss) adjusted for
unrealized gain or loss from Cash Flow Swap (7.1) (11.4) 115.4 5.2
Cash flows (used in) provided by operating activities 88.7 (13.1)
186.6 148.3 Cash flows (used in) investing activities (67.3) (28.9)
(240.2) (268.6) Cash flows (used in) provided by financing
activities (17.6) 45.2 30.8 108.8 Capital expenditures for
property, plant and equipment 67.3 28.9 240.2 268.6 Reconciliation
of net income (loss) adjusted for unrealized gain or loss from Cash
Flow Swap to net income (2) Net income (loss) adjusted for
unrealized gain or loss from Cash Flow Swap $(7.1) $(13.0) $115.4
$5.2 Plus: Unrealized gain (loss) from Cash Flow Swap, net of taxes
27.9 (2.9) 76.2 (62.0) Net income (loss) $20.8 $(15.9) $191.6
$(56.8) Petroleum Business: Net sales $675.5 $1,098.9 $2,880.4
$2,806.2 Cost of product sold (exclusive of depreciation and
amortization) 594.7 970.4 2,422.7 2,282.6 Direct operating expense
(exclusive of depreciation and amortization) 38.0 38.8 135.3 209.5
Net costs associated with flood - 6.0 - 36.7 Depreciation and
amortization 9.5 13.3 33.0 43.0 Gross profit $33.3 $70.4 $289.4
$234.4 Plus direct operating expense (exclusive of depreciation and
amortization) 38.0 38.8 135.3 209.5 Plus net costs associated with
flood - 6.0 - 36.7 Plus depreciation and amortization 9.5 13.3 33.0
43.0 Refining margin (3) $80.8 $128.5 $457.7 $523.6 Refining margin
per crude oil throughput barrel $9.16 $12.67 $13.27 $18.80 Gross
profit per crude oil throughput barrel $3.77 $6.94 $8.39 $8.42
Direct operating expense (exclusive of depreciation and
amortization) per crude oil throughput barrel $4.31 $3.82 $3.92
$7.52 Operating income (loss) 12.1 33.2 245.6 162.5 Petroleum
Operating Statistics (dollars per barrel) Per barrel profit, margin
and expense of crude oil throughput: Refining margin $9.16 $12.67
$13.27 $18.80 Gross profit 3.77 6.94 8.39 8.42 Direct operating
expense (exclusive of depreciation and amortization) 4.31 3.82 3.92
7.52 Per gallon sales price: Gasoline 1.60 2.30 1.88 2.20
Distillate 1.85 2.60 1.99 2.28 Selected Company Volumetric Data
Barrels Barrels Barrels Barrels Per Day Per Day Per Day Per Day
Production: Total gasoline 54,512 57,990 48,248 37,017 Total
distillate 44,471 50,551 42,175 34,814 Total other 12,174 21,420
17,608 14,370 Total all production 111,157 129,961 108,031 86,201
Crude oil throughput 95,897 110,278 94,524 76,285 All other inputs
9,857 12,125 8,067 5,780 Total feedstocks 105,754 122,403 102,591
82,065 Crude oil throughput by crude type: Sweet 4,572,731
6,996,365 17,481,803 18,190,459 Light/medium sour 4,001,912
1,191,087 16,695,173 6,465,368 Heavy sour 247,914 1,958,089 324,312
3,188,133 Total crude oil throughput 8,822,557 10,145,541
34,501,288 27,843,960 Petroleum Market Indicators (dollars per
barrel) West Texas Intermediate (WTI) crude oil $60.17 $90.50
$66.25 $72.36 NYMEX 2-1-1 Crack Spread 8.44 9.57 10.84 13.95 Crude
Oil Differentials: WTI less WTS (sour) 5.13 6.35 5.36 5.16 WTI less
Maya (heavy sour) 13.29 14.76 14.99 12.54 WTI less Dated Brent
(foreign) 0.60 2.05 1.13 (0.02) PADD II Group 3 versus NYMEX Basis:
Gasoline 0.60 0.41 1.52 3.56 Heating Oil 5.95 2.97 7.42 7.95 PADD
II Group 3 versus NYMEX Crack: Gasoline 6.32 5.70 12.26 18.34
Heating Oil 17.65 16.88 18.77 21.40 Nitrogen Fertilizer Business:
Net sales $34.3 $50.8 $162.5 $165.9 Cost of product sold (exclusive
of depreciation and amortization) 2.1 3.1 25.9 13.0 Direct
operating expense (exclusive of depreciation and amortization) 16.5
18.5 63.7 66.7 Net costs associated with flood - 0.4 - 2.4
Depreciation and amortization 4.4 4.4 17.1 16.8 Operating income
(loss) 2.8 11.7 36.8 46.6 Nitrogen Operating Statistics Production
(thousand tons): Ammonia 85.4 81.8 369.3 326.7 UAN 168.1 144.3
633.1 576.9 Total 253.5 226.1 1,002.4 903.6 Sales (thousand tons):
Ammonia 20.5 33.3 117.3 92.1 UAN 167.8 141.3 645.5 555.4 Total
188.3 174.6 762.8 647.5 Product pricing (plant gate) (dollars per
ton) (4): Ammonia $301 $408 $338 $376 UAN 144 236 162 211 On-stream
factor (5): Gasifier 94.9% 97.7% 92.5% 90.0% Ammonia 94.0% 96.7%
89.3% 87.7% UAN 92.1% 79.4% 88.9% 78.7% (1) Represents the
write=off of approximate net costs associated with the flood and
oil spill that are not probable of recovery (2) Net income (loss)
adjusted for unrealized gain or loss from Cash Flow Swap results
from adjusting for the derivative transaction that was executed in
conjunction with the acquisition of Coffeyville Group Holdings, LLC
by Coffeyville Acquisition LLC on June 24, 2005. On June 16, 2005,
Coffeyville Acquisition LLC entered into the Cash Flow Swap with J.
Aron, a subsidiary of The Goldman Sachs Group, Inc., and a related
party of ours. The Cash Flow Swap was subsequently assigned from
Coffeyville Acquisition LLC to Coffeyville Resources, LLC on June
24, 2005. The derivative took the form of three NYMEX swap
agreements whereby if crack spreads fall below the fixed level, J.
Aron agreed to pay the difference to us, and if crack spreads rise
above the fixed level, we agreed to pay the difference to J. Aron.
Assuming crude oil capacity of 115,000 bpd, the Cash Flow Swap
represents approximately 58% and 14% of crude oil capacity for the
periods January 1, 2008 through June 30, 2009 and July 1, 2009
through June 30, 2010, respectively. Under the terms of our Credit
Facility and upon meeting specific requirements related to our
leverage ratio and our credit ratings, we may reduce the Cash Flow
Swap to 35,000 bpd, or approximately 30% of executed crude oil
capacity, for the period from April 1, 2008 through December 31,
2008 and terminate the Cash Flow Swap in 2009 and 2010. We have
determined that the Cash Flow Swap does not qualify as a hedge for
hedge accounting purposes under current GAAP. As a result, our
periodic statements of operations reflect in each period material
amounts of unrealized gains and losses based on the increases or
decreases in market value of the unsettled position under the swap
agreements which is accounted for as a liability on our balance
sheet. As the crack spreads increase we are required to record an
increase in this liability account with a corresponding expense
entry to be made to our statement of operations. Conversely, as
crack spreads decline we are required to record a decrease in the
swap related liability and post a corresponding income entry to our
statement of operations. Because of this inverse relationship
between the economic outlook for our underlying business (as
represented by crack spread levels) and the income impact of the
unrecognized gains and losses, and given the significant periodic
fluctuations in the amounts of unrealized gains and losses,
management utilizes Net income (loss) adjusted for unrealized gain
or loss from Cash Flow Swap as a key indicator of our business
performance. In managing our business and assessing its growth and
profitability from a strategic and financial planning perspective,
management and our board of directors considers our U.S. GAAP net
income results as well as Net income (loss) adjusted for unrealized
gain or loss from Cash Flow Swap. We believe that Net income (loss)
adjusted for unrealized gain or loss from Cash Flow Swap enhances
the understanding of our results of operations by highlighting
income attributable to our ongoing operating performance exclusive
of charges and income resulting from mark to market adjustments
that are not necessarily indicative of the performance of our
underlying business and our industry. The adjustment has been made
for the unrealized loss from Cash Flow Swap net of its related tax
benefit. Net income (loss) adjusted for unrealized gain or loss
from Cash Flow Swap is not a recognized term under GAAP and should
not be substituted for net income as a measure of our performance
but instead should be utilized as a supplemental measure of
financial performance or liquidity in evaluating our business.
Because Net income (loss) adjusted for unrealized gain or loss from
Cash Flow Swap excludes mark to market adjustments, the measure
does not reflect the fair market value of our Cash Flow Swap in our
net income. As a result, the measure does not include potential
cash payments that may be required to be made on the Cash Flow Swap
in the future. Also, our presentation of this non-GAAP measure may
not be comparable to similarly titled measures of other companies.
(3) Refining margin is a measurement calculated as the difference
between net sales and cost of products 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 products sold that we are able to sell refined
products. Each of the components used in this calculation (net
sales and cost of products sold exclusive of depreciation and
amortization) can be taken directly from our 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. (4) Plant gate
sales per ton represents net sales less freight revenue divided by
sales tons. Plant gate pricing per ton is shown in order to provide
industry comparability. (5) On-stream factor is the total number of
hours operated divided by the total number of hours in the
reporting period.
http://www.newscom.com/cgi-bin/prnh/20071203/CVRLOGO
http://photoarchive.ap.org/ DATASOURCE: CVR Energy, Inc. CONTACT:
investor relations, Stirling Pack, Jr., +1-281-207-3464, , or media
relations, Steve Eames, +1-281-207-3550, , both of CVR Energy, Inc.
Web site: http://www.cvrenergy.com/
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