CVR Energy, Inc. (“CVR Energy”) (NYSE: CVI) today announced a net
loss of $5 million, or 5 cents per diluted share, inclusive of a
$41 million pre-tax charge related to a goodwill impairment
recognized within its Nitrogen Fertilizer Segment, on net sales of
$675 million for the second quarter of 2020, compared to net income
of $116 million, or $1.16 per diluted share, on net sales of $1.7
billion for the second quarter of 2019. Second quarter 2020 EBITDA
was $68 million, compared to second quarter 2019 EBITDA of $273
million.
“CVR Energy’s second quarter 2020 results were
negatively impacted by narrow crack spreads and tight crude oil
differentials that resulted from COVID-19 demand destruction and
global crude oil price wars,” said Dave Lamp, CVR Energy’s Chief
Executive Officer. “These negative impacts were partially offset by
a favorable inventory valuation, a strong crude oil contango and
realized derivative gains. We also safely completed the planned
turnaround at the Coffeyville refinery, which downtime coincided
with the lowest margin environment in the quarter. While the
duration of impacts of COVID-19 remains uncertain, gasoline demand
in the Midcontinent has since recovered to approximately 90 percent
of pre-COVID-19 levels.
“Highlights of the second quarter 2020 for CVR
Partners included strong utilization rates at both fertilizer
facilities, a successful spring planting season and record
shipments of ammonia by the East Dubuque fertilizer facility in
April as favorable weather conditions continued to support strong
nitrogen fertilizer application,” Lamp said. “Pricing, however, has
remained soft compared to a year ago as agriculture markets
continue to be impacted by COVID-19.
“Looking ahead, we will remain focused on
maximizing cash flow by maintaining safe and reliable operations
while judiciously managing our costs and capital spending across
our businesses,” Lamp concluded.
Petroleum
The Petroleum Segment reported second quarter
2020 operating income of $5 million on net sales of $572 million,
compared to operating income of $163 million on net sales of $1.6
billion in the second quarter of 2019.
Refining margin per total throughput barrel was
$10.43 in the second quarter of 2020, compared to $15.66 during the
same period in 2019. Narrow crack spreads contributed to the
reduction in refining margins during the second quarter of 2020.
Partially offsetting these impacts, crude oil prices rose during
the quarter, which led to a favorable inventory valuation impact of
$46 million, or $3.25 per total throughout barrel, compared to an
unfavorable inventory valuation impact of less than
$1 million, or 2 cents per total throughput barrel during
the second quarter of 2019. The Petroleum Segment also recognized a
second quarter 2020 derivative gain of $20 million, or $1.39 per
total throughput barrel, compared to a gain of $4 million, or
22 cents per total throughput barrel, for the second quarter
of 2019. Included in this derivative gain for the second quarter of
2020 was a nominal unrealized gain, compared to an unrealized gain
of $3 million for the second quarter of 2019.
Second quarter 2020 combined total throughput
was approximately 156,000 barrels per day (bpd), compared to
approximately 216,000 bpd of combined total throughput for the
second quarter of 2019. This decrease was primarily attributable to
the turnaround at our Coffeyville refinery, however, the Wynnewood
refinery did operate at minimum rates while product demand was at
its lowest.
Fertilizer
The Nitrogen Fertilizer Segment reported an
operating loss of $26 million on net sales of $105 million for the
second quarter of 2020, compared to operating income of $35 million
on net sales of $138 million for the second quarter of 2019. A
non-cash goodwill impairment of $41 million was recognized in the
second quarter of 2020.
Second quarter 2020 average realized gate prices
for urea ammonia nitrate (UAN) decreased over the prior year, down
24 percent to $165 per ton, and ammonia was down 27 percent over
the prior year to $332 per ton. Average realized gate prices
for UAN and ammonia were $217 per ton and $456 per ton,
respectively, for the second quarter of 2019.
CVR Partners’ fertilizer facilities produced a
combined 216,000 tons of ammonia during the second quarter of 2020,
of which 79,000 net tons were available for sale while the rest was
upgraded to other fertilizer products, including 321,000 tons of
UAN. During the second quarter 2019, the fertilizer facilities
produced 211,000 tons of ammonia, of which 71,000 net tons were
available for sale while the remainder was upgraded to other
fertilizer products, including 316,000 tons of UAN.
Corporate
The Company reported an income tax benefit of $5
million, or 13.9 percent of loss before income taxes, for the three
months ended June 30, 2020, compared to income tax expense of $41
million, or 24.3 percent of income before income taxes for the
three months ended June 30, 2019. The change in income tax
(benefit) expense was due primarily to changes in pretax income
during the three months ended June 30, 2020. The change in
effective tax rate was due primarily to the effects of the Nitrogen
Fertilizer Segment’s goodwill impairment recorded during the three
months ended June 30, 2020. Additionally, the Company recognized
investment income from marketable securities of $21 million
during the three months ended June 30, 2020.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $606
million at June 30, 2020. Consolidated total debt and finance lease
obligations was $1.7 billion at June 30, 2020, including $634
million held by the Nitrogen Fertilizer Segment.
In May 2020, the Board of Directors of CVR
Partners’ general partner, on behalf of CVR Partners, authorized a
unit repurchase program (the “Unit Repurchase Program”), which
enables CVR Partners to repurchase up to $10 million of its
common units. During the three and six months ended June 30, 2020,
CVR Partners repurchased 890,218 common units on the open market at
a cost of $1 million, inclusive of transaction costs, or an
average price of $1.07 per common unit.
CVR Energy will not pay a cash dividend and CVR Partners will
not pay a cash distribution for the 2020 second quarter.
Second Quarter 2020 Earnings Conference
Call
CVR Energy previously announced that it will
host its second quarter 2020 Earnings Conference Call on Tuesday,
Aug. 4, 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 second 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/poe2cn3o. A repeat of the call
also can be accessed for 14 days by dialing (877) 660-6853,
conference ID 13706820.
Forward-Looking StatementsThis
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 including the duration thereof; gasoline demand, including
recovery thereof in the Midcontinent; cash flow; safe and reliable
operations; costs including management thereof; capital spending;
derivatives activities and gains or losses associated therewith;
income taxes including benefit or expense relating thereto, pretax
income or loss and tax rates; value of securities, including
marketability, income from and performance thereof; expectations
for market conditions in the fertilizer industry; 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; refinery throughput; crude oil prices including impacts to
inventory valuation; direct operating expenses, capital
expenditures, depreciation and amortization; turnaround
expenditures and the impact of turnarounds; ammonia utilization
rates; inventories and adjustments thereto; basis used for
determining inventory value; 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 35 percent of the common units of CVR
Partners.
For further information, please contact:
Investor Relations:Richard
RobertsCVR Energy, Inc.(281)
207-3205InvestorRelations@CVREnergy.com
Media Relations:Brandee
StephensCVR Energy, Inc. (281)
207-3516MediaRelations@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 June 30, 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.
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 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.
Items or Events Impacting Comparability
Our results over the past two years have been
affects by the following events, the understanding of which will
aid in assessing the comparability of our period to period
financial performance and financial condition.
Petroleum Segment
Coffeyville Refinery - During the three and six
months ended June 30, 2020, we capitalized costs of
$27 million and $149 million, respectively, related the
planned turnaround which began in March 2020 and was completed in
April 2020.
Nitrogen Fertilizer Segment
Goodwill Impairment
As of December 31, 2019, the Company had a
goodwill balance of $41 million associated with our Coffeyville
Facility reporting unit for which the estimated fair value had been
in excess of carrying value based on our 2018 and 2019 assessments.
As a result of lower expectations for market conditions in the
fertilizer industry, the market performance of CVR Partners’ common
units, a qualitative analysis, and additional risks associated with
the business, the Company concluded a triggering event had occurred
that required an interim quantitative impairment assessment of
goodwill for this reporting unit as of June 30, 2020. Significant
assumptions inherent in the valuation methodologies for goodwill
include, but are not limited to, prospective financial information,
growth rates, discount rates, inflationary factors, and cost of
capital. The results of the impairment test indicated that the
carrying amount of the Coffeyville Facility reporting unit exceeded
the estimated fair value of the reporting unit, and a full
impairment of the asset was required. No such charge was recognized
during 2019.
CVR Energy, Inc. (all
information in this release is unaudited)
Financial and Operational Data
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions, except share
data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated Statement
of Operations Data |
|
|
|
|
|
|
|
Net sales |
$ |
675 |
|
|
|
$ |
1,687 |
|
|
|
$ |
1,806 |
|
|
|
$ |
3,173 |
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of materials and other |
444 |
|
|
|
1,267 |
|
|
|
1,501 |
|
|
|
2,368 |
|
|
Direct operating expenses (exclusive of depreciation and
amortization as reflected below) |
119 |
|
|
|
132 |
|
|
|
237 |
|
|
|
258 |
|
|
Depreciation and amortization |
71 |
|
|
|
76 |
|
|
|
134 |
|
|
|
141 |
|
|
Cost of sales |
634 |
|
|
|
1,475 |
|
|
|
1,872 |
|
|
|
2,767 |
|
|
Selling, general and administrative expenses (exclusive of
depreciation and amortization as reflected below) |
22 |
|
|
|
27 |
|
|
|
47 |
|
|
|
57 |
|
|
Depreciation and amortization |
3 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4 |
|
|
Loss (gain) on asset disposals |
1 |
|
|
|
(9 |
) |
|
|
2 |
|
|
|
(7 |
) |
|
Goodwill impairment |
41 |
|
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
Operating (loss) income |
(26 |
) |
|
|
192 |
|
|
|
(160 |
) |
|
|
352 |
|
|
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense, net |
(31 |
) |
|
|
(26 |
) |
|
|
(67 |
) |
|
|
(52 |
) |
|
Investment income from marketable securities |
21 |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
Other (expense) income, net |
(1 |
) |
|
|
3 |
|
|
|
— |
|
|
|
6 |
|
|
(Loss) income before income tax expense |
(37 |
) |
|
|
169 |
|
|
|
(175 |
) |
|
|
306 |
|
|
Income tax (benefit)
expense |
(5 |
) |
|
|
41 |
|
|
|
(42 |
) |
|
|
76 |
|
|
Net (loss) income |
(32 |
) |
|
|
128 |
|
|
|
(133 |
) |
|
|
230 |
|
|
Less: Net (loss) income attributable to noncontrolling
interest |
(27 |
) |
|
|
12 |
|
|
|
(41 |
) |
|
|
13 |
|
|
Net (loss) income attributable to CVR Energy stockholders |
$ |
(5 |
) |
|
|
$ |
116 |
|
|
|
$ |
(92 |
) |
|
|
$ |
217 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted (loss) earnings per share |
$ |
(0.05 |
) |
|
|
$ |
1.16 |
|
|
|
$ |
(0.92 |
) |
|
|
$ |
2.16 |
|
|
Dividends declared per share |
$ |
0.40 |
|
|
|
$ |
0.75 |
|
|
|
$ |
1.20 |
|
|
|
$ |
1.50 |
|
|
|
|
|
|
|
|
|
|
EBITDA* |
$ |
68 |
|
|
|
$ |
273 |
|
|
|
$ |
30 |
|
|
|
$ |
503 |
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding - basic and diluted |
100.5 |
|
|
|
100.5 |
|
|
|
100.5 |
|
|
|
100.5 |
|
|
∗ |
See “Non-GAAP Reconciliations” section below. |
Selected Balance Sheet Data
(in millions) |
June 30, 2020 |
|
December 31, 2019 |
Cash and cash equivalents |
$ |
606 |
|
|
$ |
652 |
|
Working capital |
890 |
|
|
678 |
|
Total assets |
3,928 |
|
|
3,905 |
|
Total debt and finance lease
obligations, including current portion |
1,690 |
|
|
1,195 |
|
Total liabilities |
2,515 |
|
|
2,237 |
|
Total CVR stockholders’
equity |
1,180 |
|
|
1,393 |
|
Selected Cash Flow Data
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash flow provided by
(used in): |
|
|
|
|
|
|
|
Operating activities |
$ |
9 |
|
|
$ |
156 |
|
|
$ |
(49 |
) |
|
|
$ |
384 |
|
Investing activities |
(165 |
) |
|
(1 |
) |
|
(361 |
) |
|
|
(43 |
) |
Financing activities |
(43 |
) |
|
(82 |
) |
|
364 |
|
|
|
(469 |
) |
Net increase in cash and cash equivalents |
$ |
(199 |
) |
|
$ |
73 |
|
|
$ |
(46 |
) |
|
|
$ |
(128 |
) |
|
|
|
|
|
|
|
|
Free cash flow* |
$ |
(158 |
) |
|
$ |
119 |
|
|
$ |
(273 |
) |
|
|
$ |
305 |
|
|
|
* |
See “Non-GAAP Reconciliations” section below. |
Selected Segment Data
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Three Months Ended
June 30, 2020 |
|
|
|
|
|
Net sales |
$ |
572 |
|
|
$ |
105 |
|
|
$ |
675 |
|
Operating (loss) income |
5 |
|
|
(26 |
) |
|
(26 |
) |
Net loss |
6 |
|
|
(42 |
) |
|
(32 |
) |
EBITDA* |
54 |
|
|
(2 |
) |
|
68 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
16 |
|
|
$ |
2 |
|
|
$ |
19 |
|
Growth capital
expenditures |
6 |
|
|
1 |
|
|
7 |
|
Total capital expenditures |
$ |
22 |
|
|
$ |
3 |
|
|
$ |
26 |
|
|
|
|
|
|
|
Six Months Ended June
30, 2020 |
|
|
|
|
|
Net sales |
$ |
1,629 |
|
|
$ |
180 |
|
|
$ |
1,806 |
|
Operating loss |
(122 |
) |
|
(31 |
) |
|
(160 |
) |
Net loss |
(124 |
) |
|
(62 |
) |
|
(133 |
) |
EBITDA* |
(23 |
) |
|
8 |
|
|
30 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
54 |
|
|
$ |
6 |
|
|
$ |
62 |
|
Growth capital
expenditures |
9 |
|
|
2 |
|
|
11 |
|
Total capital expenditures |
$ |
63 |
|
|
$ |
8 |
|
|
$ |
73 |
|
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Three Months Ended
June 30, 2019 |
|
|
|
|
|
Net sales |
$ |
1,552 |
|
|
$ |
138 |
|
|
$ |
1,687 |
|
Operating income |
163 |
|
|
35 |
|
|
192 |
|
Net income (loss) |
158 |
|
|
19 |
|
|
128 |
|
EBITDA* |
216 |
|
|
60 |
|
|
273 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
15 |
|
|
$ |
2 |
|
|
$ |
20 |
|
Growth capital
expenditures |
2 |
|
|
— |
|
|
2 |
|
Total capital expenditures |
$ |
17 |
|
|
$ |
2 |
|
|
$ |
22 |
|
|
|
|
|
|
|
Six months ended June
30, 2019 |
|
|
|
|
|
Net sales |
$ |
2,949 |
|
|
$ |
230 |
|
|
$ |
3,173 |
|
Operating income (loss) |
319 |
|
|
44 |
|
|
352 |
|
Net income (loss) |
307 |
|
|
13 |
|
|
230 |
|
EBITDA* |
425 |
|
|
86 |
|
|
503 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
34 |
|
|
$ |
5 |
|
|
$ |
42 |
|
Growth capital
expenditures |
4 |
|
|
— |
|
|
4 |
|
Total capital expenditures |
$ |
38 |
|
|
$ |
5 |
|
|
$ |
46 |
|
* |
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 |
June 30,
2020 |
|
|
|
|
|
Cash and cash equivalents (1) |
$ |
306 |
|
|
$ |
33 |
|
|
$ |
606 |
|
Total assets |
2,872 |
|
|
1,043 |
|
|
3,928 |
|
Total debt and finance lease
obligations, including current portion (2) |
62 |
|
|
634 |
|
|
1,690 |
|
|
|
|
|
|
|
December 31,
2019 |
|
|
|
|
|
Cash and cash equivalents
(1) |
$ |
583 |
|
|
$ |
37 |
|
|
$ |
652 |
|
Total assets |
3,187 |
|
|
1,138 |
|
|
3,905 |
|
Total debt and finance lease
obligations, including current portion (2) |
563 |
|
|
632 |
|
|
1,195 |
|
(1) |
Corporate cash and cash equivalents consisted of $267 million and
$32 million at June 30, 2020 and December 31, 2019,
respectively. |
(2) |
Corporate total debt and finance lease obligations, including
current portion consisted of $994 million at June 30, 2020, with no
debt held at December 31, 2019. |
Petroleum Segment
Key Operating Metrics per Total Throughput
Barrel
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Refining margin * |
$ |
10.43 |
|
|
$ |
15.66 |
|
|
$ |
5.97 |
|
|
$ |
16.10 |
|
Refining margin adjusted for inventory valuation impacts * |
7.18 |
|
|
15.68 |
|
|
9.12 |
|
|
15.28 |
|
Direct operating expenses * |
5.52 |
|
|
4.40 |
|
|
5.69 |
|
|
4.57 |
|
∗ |
See “Non-GAAP Reconciliations” section below. |
Throughput Data by Refinery
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in bpd) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Coffeyville |
|
|
|
|
|
|
|
Regional crude |
34,193 |
|
|
49,979 |
|
|
36,534 |
|
|
45,808 |
|
WTI |
40,002 |
|
|
75,090 |
|
|
34,731 |
|
|
71,075 |
|
Midland WTI |
— |
|
|
863 |
|
|
— |
|
|
6,750 |
|
Condensate |
6,873 |
|
|
3,125 |
|
|
5,780 |
|
|
4,203 |
|
Heavy Canadian |
1,531 |
|
|
3,511 |
|
|
2,040 |
|
|
5,526 |
|
Other feedstocks and blendstocks |
5,085 |
|
|
8,083 |
|
|
6,393 |
|
|
8,685 |
|
Wynnewood |
|
|
|
|
|
|
|
Regional crude |
49,377 |
|
|
52,359 |
|
|
50,600 |
|
|
48,383 |
|
WTL |
6,335 |
|
|
— |
|
|
6,153 |
|
|
— |
|
Midland WTI |
2,719 |
|
|
13,410 |
|
|
2,369 |
|
|
12,961 |
|
Condensate |
6,784 |
|
|
7,038 |
|
|
8,107 |
|
|
7,394 |
|
Other feedstocks and blendstocks |
3,469 |
|
|
2,825 |
|
|
3,737 |
|
|
3,770 |
|
Total
throughput |
156,369 |
|
|
216,283 |
|
|
156,443 |
|
|
214,555 |
|
Production Data by Refinery
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in bpd) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Coffeyville |
|
|
|
|
|
|
|
Gasoline |
46,464 |
|
|
70,506 |
|
|
45,492 |
|
|
72,170 |
|
Distillate |
34,144 |
|
|
59,049 |
|
|
33,703 |
|
|
59,288 |
|
Other liquid products |
4,011 |
|
|
6,786 |
|
|
3,864 |
|
|
6,631 |
|
Solids |
2,401 |
|
|
5,113 |
|
|
2,560 |
|
|
5,042 |
|
Wynnewood |
|
|
|
|
|
|
|
Gasoline |
35,381 |
|
|
39,153 |
|
|
37,442 |
|
|
36,746 |
|
Distillate |
28,293 |
|
|
31,997 |
|
|
28,524 |
|
|
29,689 |
|
Other liquid products |
2,428 |
|
|
1,360 |
|
|
2,441 |
|
|
3,728 |
|
Solids |
26 |
|
|
33 |
|
|
26 |
|
|
31 |
|
Total
production |
153,148 |
|
|
213,997 |
|
|
154,052 |
|
|
213,325 |
|
|
|
|
|
|
|
|
|
Light product yield (as % of
crude throughput) (1) |
97.6 |
% |
|
97.7 |
% |
|
99.2 |
% |
|
97.9 |
% |
Liquid volume yield (as % of
total throughput) (2) |
96.4 |
% |
|
96.6 |
% |
|
96.8 |
% |
|
97.1 |
% |
Distillate yield (as % of
crude throughput) (3) |
42.2 |
% |
|
44.3 |
% |
|
42.5 |
% |
|
44.0 |
% |
(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 June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Market Indicators
(dollars per barrel) |
|
|
|
|
|
|
|
West Texas Intermediate (WTI) NYMEX |
$ |
28.00 |
|
|
$ |
59.91 |
|
|
$ |
36.82 |
|
|
$ |
57.44 |
|
Crude Oil Differentials to
WTI: |
|
|
|
|
|
|
|
Brent |
5.39 |
|
|
8.56 |
|
|
5.29 |
|
|
8.72 |
|
WCS (heavy sour) |
(9.45 |
) |
|
(12.63 |
) |
|
(13.58 |
) |
|
(11.59 |
) |
Condensate |
(2.61 |
) |
|
(1.26 |
) |
|
(1.99 |
) |
|
(1.23 |
) |
Midland Cushing |
0.40 |
|
|
(2.27 |
) |
|
0.17 |
|
|
(1.74 |
) |
NYMEX Crack Spreads: |
|
|
|
|
|
|
|
Gasoline |
11.52 |
|
|
21.37 |
|
|
10.95 |
|
|
16.64 |
|
Heating Oil |
13.05 |
|
|
23.46 |
|
|
15.99 |
|
|
24.90 |
|
NYMEX 2-1-1 Crack Spread |
12.29 |
|
|
22.41 |
|
|
13.47 |
|
|
20.77 |
|
PADD II Group 3 Basis: |
|
|
|
|
|
|
|
Gasoline |
(5.37 |
) |
|
(2.56 |
) |
|
(4.25 |
) |
|
(2.31 |
) |
Ultra Low Sulfur Diesel |
(1.69 |
) |
|
(0.93 |
) |
|
(1.75 |
) |
|
(1.24 |
) |
PADD II Group 3 Product Crack
Spread: |
|
|
|
|
|
|
|
Gasoline |
6.15 |
|
|
18.81 |
|
|
6.69 |
|
|
14.33 |
|
Ultra Low Sulfur Diesel |
11.35 |
|
|
22.52 |
|
|
14.24 |
|
|
23.65 |
|
PADD II Group 3 2-1-1 |
8.75 |
|
|
20.67 |
|
|
10.47 |
|
|
18.99 |
|
Q3 2020 Petroleum Segment Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
third quarter of 2020. See “Forward-Looking Statements” above.
|
Q3 2020 |
|
Low |
|
High |
Total throughput (bpd) |
190,000 |
|
|
210,000 |
|
Direct operating expenses (1) (in millions) |
$ |
75 |
|
|
$ |
85 |
|
Total capital expenditures (2)
(in millions) |
$ |
15 |
|
|
$ |
25 |
|
(1) |
Direct operating expenses are shown exclusive of depreciation and
amortization. |
(2) |
Capital expenditures are disclosed on an accrual basis. |
Nitrogen Fertilizer Segment:
Key Operating Data:
Ammonia Utilization Rates (3) |
Two Years Ended June 30, |
(capacity utilization) |
2020 |
|
2019 |
Consolidated |
94 |
% |
|
92 |
% |
Coffeyville |
95 |
% |
|
94 |
% |
East Dubuque |
94 |
% |
|
90 |
% |
(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 June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated sales (thousand
tons): |
|
|
|
|
|
|
|
Ammonia |
111 |
|
|
110 |
|
|
164 |
|
|
146 |
|
UAN |
337 |
|
|
340 |
|
|
621 |
|
|
628 |
|
|
|
|
|
|
|
|
|
Consolidated product pricing
at gate (dollars per ton) (1): |
|
|
|
|
|
|
|
Ammonia |
$ |
332 |
|
|
$ |
456 |
|
|
$ |
310 |
|
|
$ |
434 |
|
UAN |
165 |
|
|
217 |
|
|
166 |
|
|
219 |
|
|
|
|
|
|
|
|
|
Consolidated production volume
(thousand tons): |
|
|
|
|
|
|
|
Ammonia (gross produced) (2) |
216 |
|
|
211 |
|
|
417 |
|
|
390 |
|
Ammonia (net available for sale) (2) |
79 |
|
|
71 |
|
|
157 |
|
|
112 |
|
UAN |
321 |
|
|
316 |
|
|
638 |
|
|
651 |
|
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum coke used in production (thousand tons) |
138 |
|
|
134 |
|
|
263 |
|
|
266 |
|
Petroleum coke (dollars per ton) |
$ |
31.13 |
|
|
$ |
34.60 |
|
|
$ |
37.59 |
|
|
$ |
36.14 |
|
Natural gas used in production (thousands of MMBtu) (3) |
2,131 |
|
|
2,070 |
|
|
4,272 |
|
|
3,510 |
|
Natural gas used in production (dollars per MMBtu) (3) |
$ |
1.94 |
|
|
$ |
2.61 |
|
|
$ |
2.18 |
|
|
$ |
3.11 |
|
Natural gas in cost of materials and other (thousands of MMBtus)
(3) |
3,216 |
|
|
3,185 |
|
|
4,633 |
|
|
4,193 |
|
Natural gas in cost of materials and other (dollars per MMBtu)
(3) |
$ |
2.17 |
|
|
$ |
3.32 |
|
|
$ |
2.36 |
|
|
$ |
3.45 |
|
(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 June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Ammonia — Southern Plains (dollars per ton) |
$ |
261 |
|
|
$ |
382 |
|
|
$ |
266 |
|
|
$ |
404 |
|
Ammonia — Corn belt (dollars
per ton) |
346 |
|
|
495 |
|
|
355 |
|
|
496 |
|
UAN — Corn belt (dollars per
ton) |
183 |
|
|
226 |
|
|
176 |
|
|
228 |
|
|
|
|
|
|
|
|
|
Natural gas NYMEX (dollars per
MMBtu) |
$ |
1.75 |
|
|
$ |
2.51 |
|
|
$ |
1.81 |
|
|
$ |
2.69 |
|
Q3 2020 Nitrogen Fertilizer Segment Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
third quarter of 2020. See “Forward-Looking Statements” above.
|
Q3 2020 |
|
Low |
|
High |
Ammonia utilization rates
(1) |
|
|
|
Consolidated |
95 |
% |
|
100 |
% |
Coffeyville |
95 |
% |
|
100 |
% |
East Dubuque |
95 |
% |
|
100 |
% |
|
|
|
|
Direct operating expenses (2) (in millions) |
$ |
37 |
|
|
$ |
42 |
|
|
|
|
|
Total capital expenditures (3)
(in millions) |
$ |
3 |
|
|
$ |
6 |
|
(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 June 30, |
|
Six Months Ended June 30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (loss) income |
$ |
(32 |
) |
|
|
$ |
128 |
|
|
$ |
(133 |
) |
|
|
$ |
230 |
|
Add: |
|
|
|
|
|
|
|
Interest expense, net |
31 |
|
|
|
26 |
|
|
67 |
|
|
|
52 |
|
Income tax (benefit) expense |
(5 |
) |
|
|
41 |
|
|
(42 |
) |
|
|
76 |
|
Depreciation and amortization |
74 |
|
|
|
78 |
|
|
138 |
|
|
|
145 |
|
EBITDA |
$ |
68 |
|
|
|
$ |
273 |
|
|
$ |
30 |
|
|
|
$ |
503 |
|
Reconciliation of Net Cash (Used In)
Provided By Operating Activities to Free Cash Flow
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash (used in) provided by operating activities |
$ |
9 |
|
|
|
$ |
156 |
|
|
|
$ |
(49 |
) |
|
|
$ |
384 |
|
|
Less: |
|
|
|
|
|
|
|
Capital expenditures |
(42 |
) |
|
|
(26 |
) |
|
|
(77 |
) |
|
|
(55 |
) |
|
Capitalized turnaround expenditures |
(125 |
) |
|
|
(11 |
) |
|
|
(147 |
) |
|
|
(24 |
) |
|
Free cash flow |
$ |
(158 |
) |
|
|
$ |
119 |
|
|
|
$ |
(273 |
) |
|
|
$ |
305 |
|
|
Reconciliation of Petroleum Segment Net
Income (Loss) to EBITDA and EBITDA Adjusted for Inventory Valuation
Impacts
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Petroleum net (loss) income |
$ |
6 |
|
|
|
$ |
158 |
|
|
$ |
(124 |
) |
|
|
$ |
307 |
|
Add: |
|
|
|
|
|
|
|
Interest (income) expense, net |
(2 |
) |
|
|
6 |
|
|
2 |
|
|
|
17 |
|
Depreciation and amortization |
50 |
|
|
|
52 |
|
|
99 |
|
|
|
101 |
|
Petroleum EBITDA |
54 |
|
|
|
216 |
|
|
(23 |
) |
|
|
425 |
|
Inventory valuation impacts,
(favorable) unfavorable (1) (2) |
(46 |
) |
|
|
— |
|
|
90 |
|
|
|
(32 |
) |
Petroleum EBITDA adjusted for inventory valuation impacts |
$ |
8 |
|
|
|
$ |
216 |
|
|
$ |
67 |
|
|
|
$ |
393 |
|
(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 recorded
in the first quarter of 2020, as inventories were reflected at the
lower of cost or net realizable value. No such charge was
recognized in the second quarter of 2020 or the 2019 periods. |
Reconciliation of Petroleum Segment
Gross Profit to Refining Margin and Refining Margin Adjusted for
Inventory Valuation Impacts
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
$ |
572 |
|
|
|
$ |
1,552 |
|
|
$ |
1,629 |
|
|
|
$ |
2,949 |
|
|
Cost of materials and
other |
424 |
|
|
|
1,244 |
|
|
1,459 |
|
|
|
2,324 |
|
|
Direct operating expenses
(exclusive of depreciation and amortization as reflected
below) |
79 |
|
|
|
86 |
|
|
162 |
|
|
|
177 |
|
|
Depreciation and
amortization |
50 |
|
|
|
52 |
|
|
99 |
|
|
|
101 |
|
|
Gross profit (loss) |
19 |
|
|
|
170 |
|
|
(91 |
) |
|
|
347 |
|
|
Add: |
|
|
|
|
|
|
|
Direct operating expenses
(exclusive of depreciation and amortization as reflected
below) |
79 |
|
|
|
86 |
|
|
162 |
|
|
|
177 |
|
|
Depreciation and
amortization |
50 |
|
|
|
52 |
|
|
99 |
|
|
|
101 |
|
|
Refining margin |
148 |
|
|
|
308 |
|
|
170 |
|
|
|
625 |
|
|
Inventory valuation impacts,
(favorable) unfavorable (3) (4) |
(46 |
) |
|
|
— |
|
|
90 |
|
|
|
(32 |
) |
|
Refining margin adjusted for inventory valuation impacts |
$ |
102 |
|
|
|
$ |
308 |
|
|
$ |
260 |
|
|
|
$ |
593 |
|
|
(3) |
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. |
(4) |
Includes an inventory valuation charge of $58 million recorded
in the first quarter of 2020, as inventories were reflected at the
lower of cost or net realizable value. No such charge was
recognized in the second quarter of 2020 or the 2019 periods. |
Reconciliation of Petroleum Segment Total Throughput
Barrels
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Total throughput barrels per day |
156,369 |
|
|
216,283 |
|
|
156,443 |
|
|
214,555 |
|
Days in the period |
91 |
|
|
91 |
|
|
182 |
|
|
181 |
|
Total throughput barrels |
14,229,541 |
|
|
19,681,753 |
|
|
28,472,702 |
|
|
38,834,455 |
|
Reconciliation of Petroleum Segment Refining Margin per
Total Throughput Barrels
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions, except for per
throughput barrel data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Refining margin |
$ |
148 |
|
|
$ |
308 |
|
|
$ |
170 |
|
|
$ |
625 |
|
Divided by: total throughput
barrels |
14 |
|
|
20 |
|
|
28 |
|
|
39 |
|
Refining margin per total throughput barrel |
$ |
10.43 |
|
|
$ |
15.66 |
|
|
$ |
5.97 |
|
|
$ |
16.10 |
|
Reconciliation of Petroleum Segment
Refining Margin Adjusted for Inventory Valuation Impact per Total
Throughput Barrel
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions, except for
throughput barrel data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Refining margin adjusted for inventory valuation impacts |
$ |
102 |
|
|
$ |
308 |
|
|
$ |
260 |
|
|
$ |
593 |
|
Divided by: total throughput
barrels |
14 |
|
|
20 |
|
|
28 |
|
|
39 |
|
Refining margin adjusted for inventory valuation impacts per total
throughput barrel |
$ |
7.18 |
|
|
$ |
15.68 |
|
|
$ |
9.12 |
|
|
$ |
15.28 |
|
Reconciliation of Petroleum Segment Direct Operating
Expenses per Total Throughput Barrel
|
Three Months
Ended June 30, |
|
Six Months
Ended June 30, |
(in millions, except for
throughput barrel data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Direct operating expenses (exclusive of depreciation and
amortization) |
$ |
79 |
|
|
$ |
86 |
|
|
$ |
162 |
|
|
$ |
177 |
|
Divided by: total throughput
barrels |
14 |
|
|
20 |
|
|
28 |
|
|
39 |
|
Direct operating expenses per total throughput barrel |
$ |
5.52 |
|
|
$ |
4.40 |
|
|
$ |
5.69 |
|
|
$ |
4.57 |
|
Reconciliation of Nitrogen Fertilizer Segment Net Loss
to EBITDA
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Nitrogen fertilizer net loss |
$ |
(42 |
) |
|
|
$ |
19 |
|
|
$ |
(62 |
) |
|
|
$ |
13 |
|
Add: |
|
|
|
|
|
|
|
Interest expense, net |
16 |
|
|
|
16 |
|
|
31 |
|
|
|
31 |
|
Depreciation and amortization |
24 |
|
|
|
25 |
|
|
39 |
|
|
|
42 |
|
Nitrogen Fertilizer
EBITDA |
$ |
(2 |
) |
|
|
$ |
60 |
|
|
$ |
8 |
|
|
|
$ |
86 |
|
Reconciliation of Basic and Diluted (Loss) Earnings per
Share to Adjusted (Loss) Earnings per Share
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic and diluted (loss) earnings per share |
$ |
(0.05 |
) |
|
|
$ |
1.16 |
|
|
$ |
(0.92 |
) |
|
|
$ |
2.16 |
|
|
Adjustments: |
|
|
|
|
|
|
|
Inventory valuation impacts (1) |
(0.34 |
) |
|
|
— |
|
|
0.66 |
|
|
|
(0.24 |
) |
|
Unrealized gain on marketable securities (1) |
(0.13 |
) |
|
|
— |
|
|
(0.35 |
) |
|
|
— |
|
|
Goodwill impairment (1) (2) |
0.08 |
|
|
|
— |
|
|
0.07 |
|
|
|
— |
|
|
Adjusted (loss) earnings per
share |
$ |
(0.44 |
) |
|
|
$ |
1.16 |
|
|
$ |
(0.54 |
) |
|
|
$ |
1.92 |
|
|
(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. |
(2) |
Amount is shown exclusive of noncontrolling interests. |
Reconciliation of Total Debt and Net Debt and Finance
Lease Obligations to EBITDA Exclusive of Nitrogen
Fertilizer
|
Twelve Months Ended June 30,
2020 |
Total debt and finance lease obligations (1) |
$ |
1,690 |
|
Less: |
|
Nitrogen Fertilizer debt and finance lease obligations (1) |
$ |
634 |
|
Total debt and finance lease
obligations exclusive of Nitrogen Fertilizer |
1,056 |
|
|
|
EBITDA exclusive of Nitrogen
Fertilizer |
$ |
376 |
|
|
|
Total debt and finance
lease obligations to EBITDA exclusive of Nitrogen
Fertilizer |
2.81 |
|
|
|
Consolidated cash and cash
equivalents |
$ |
606 |
|
Less: |
|
Nitrogen Fertilizer cash and cash equivalents |
33 |
|
Cash and cash equivalents
exclusive of Nitrogen Fertilizer |
573 |
|
|
|
Net debt and finance lease
obligations exclusive of Nitrogen Fertilizer (2) |
$ |
483 |
|
|
|
Net debt and finance
lease obligations to EBITDA exclusive of Nitrogen Fertilizer
(2) |
1.28 |
|
(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 June 30,
2020 |
|
September 30, 2019 |
|
December 31, 2019 |
|
March 31, 2020 |
|
June 30, 2020 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
104 |
|
|
|
$ |
28 |
|
|
|
$ |
(101 |
) |
|
|
$ |
(32 |
) |
|
|
$ |
(1 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
26 |
|
|
|
24 |
|
|
|
35 |
|
|
|
31 |
|
|
|
116 |
|
|
Income tax expense (benefit) |
34 |
|
|
|
19 |
|
|
|
(36 |
) |
|
|
(5 |
) |
|
|
12 |
|
|
Depreciation and amortization |
71 |
|
|
|
71 |
|
|
|
64 |
|
|
|
74 |
|
|
|
280 |
|
|
EBITDA |
$ |
235 |
|
|
|
$ |
142 |
|
|
|
$ |
(38 |
) |
|
|
$ |
68 |
|
|
|
$ |
407 |
|
|
|
|
|
|
|
|
|
|
|
|
Nitrogen
Fertilizer |
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(23 |
) |
|
|
$ |
(25 |
) |
|
|
$ |
(21 |
) |
|
|
$ |
(42 |
) |
|
|
(111 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
16 |
|
|
|
16 |
|
|
|
16 |
|
|
|
16 |
|
|
|
64 |
|
|
Depreciation and amortization |
18 |
|
|
|
20 |
|
|
|
16 |
|
|
|
24 |
|
|
|
78 |
|
|
EBITDA |
$ |
11 |
|
|
|
$ |
11 |
|
|
|
$ |
11 |
|
|
|
$ |
(2 |
) |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA exclusive of
Nitrogen Fertilizer |
$ |
224 |
|
|
|
$ |
131 |
|
|
|
$ |
(49 |
) |
|
|
$ |
70 |
|
|
|
$ |
376 |
|
|
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