CVR Energy, Inc. (“CVR Energy”) (NYSE: CVI) today announced a net
loss of $96 million, or 96 cents per diluted share, on net sales of
$1.0 billion for the third quarter of 2020, compared to net income
of $119 million, or $1.18 per diluted share, on net sales of $1.6
billion for the third quarter of 2019. Third quarter 2020 EBITDA
was a loss of $39 million, compared to third quarter 2019 EBITDA of
$235 million.
“Despite a difficult market environment during
the third quarter 2020 marked by narrow crack spreads, tight crude
oil differentials and high Renewable Identification Number pricing,
we were able to execute on our plan of reducing operating and
SG&A expenses, which allowed us to add cash to our balance
sheet,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “In
addition, CVR Energy’s Board of Directors has approved the
completion of detailed engineering and the purchase of long
lead-time equipment for the Wynnewood refinery’s renewable diesel
unit project. We’ve also submitted applications for all
environmental permits to the state of Oklahoma for final
approval.
“CVR Partners achieved strong production and
product sales during the 2020 third quarter, which helped offset
lower product pricing,” Lamp said. “Farm economics have
significantly improved since the summer, with corn and soybean
prices up 30 percent since July. Looking ahead, we anticipate
strong customer demand for fertilizer applications for the fall
2020 and spring 2021 seasons.”
Petroleum
The Petroleum Segment reported a third quarter
2020 operating loss of $39 million on net sales of $927 million,
compared to operating income of $173 million on net sales of $1.5
billion in the third quarter of 2019.
Refining margin per total throughput barrel was
$5.47 in the third quarter of 2020, compared to $16.34 during the
same period in 2019. Narrow crack spreads and a decrease in
throughput volumes contributed to the reduction in refining margins
during the third quarter of 2020. Partially offsetting these
impacts, crude oil prices rose during the quarter, which led to a
favorable inventory valuation impact of $16 million, or 86 cents
per total throughout barrel, compared to an unfavorable inventory
valuation impact of $1 million, or 3 cents per total
throughput barrel during the third quarter of 2019. The Petroleum
Segment also recognized a third quarter 2020 derivative gain of $5
million, or 27 cents per total throughput barrel, compared to a
gain of $18 million, or 90 cents per total throughput barrel,
for the third quarter of 2019. Included in this derivative gain for
the third quarter of 2020 was a $1 million unrealized gain,
compared to an unrealized gain of $14 million for the third quarter
of 2019.
Third quarter 2020 combined total throughput was
approximately 201,000 barrels per day (bpd), compared to
approximately 222,000 bpd of combined total throughput for the
third quarter of 2019. This decrease was due to running a lighter
crude slate in addition to weather-related issues.
Fertilizer
The Nitrogen Fertilizer Segment reported an
operating loss of $3 million on net sales of $79 million for the
third quarter of 2020, compared to an operating loss of $8 million
on net sales of $89 million for the third quarter of 2019.
Third quarter 2020 average realized gate prices
for urea ammonia nitrate (UAN) decreased over the prior year, down
23 percent to $140 per ton, and ammonia was down 28 percent over
the prior year to $242 per ton. Average realized gate prices
for UAN and ammonia were $182 per ton and $337 per ton,
respectively, for the third quarter of 2019.
CVR Partners’ fertilizer facilities produced a
combined 215,000 tons of ammonia during the third quarter of 2020,
of which 71,000 net tons were available for sale while the rest was
upgraded to other fertilizer products, including 330,000 tons of
UAN. During the third quarter 2019, the fertilizer facilities
produced 196,000 tons of ammonia, of which 56,000 net tons were
available for sale while the remainder was upgraded to other
fertilizer products, including 318,000 tons of UAN.
Corporate
The Company reported an income tax benefit of
$31 million, or 22.2 percent of loss before income taxes, for the
three months ended Sep. 30, 2020, compared to income tax
expense of $34 million, or 25.0 percent of income before income
taxes for the three months ended Sep. 30, 2019. The change in
income tax (benefit) expense was due primarily to changes in pretax
loss during the three months ended Sep. 30, 2020.
Additionally, the Company recognized investment loss from
marketable securities of $65 million during the three months
ended Sep. 30, 2020.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $672
million at Sep. 30, 2020, an increase of $20 million from Dec.
31, 2019. Consolidated total debt and finance lease obligations was
$1.7 billion at Sep. 30, 2020, including $635 million held by
the Nitrogen Fertilizer Segment.
On Sep. 29, 2020, CVR Partners amended its
ABL Credit Agreement to, among other things, extend its termination
date to Sep. 30, 2022, optimize the borrowing capacity and fee
structure, and revise certain provisions to provide an improved
credit facility for the Nitrogen Fertilizer Segment. The proceeds
may be used to fund working capital, capital expenditures and for
other general corporate purposes.
CVR Energy will not pay a cash dividend and CVR
Partners will not pay a cash distribution for the 2020 third
quarter.
Third Quarter 2020 Earnings Conference
Call
CVR Energy previously announced that it will
host its third quarter 2020 Earnings Conference Call on Tuesday,
Nov. 3, 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 third 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/okiw9yxf. A repeat of the call
also can be accessed for 14 days by dialing (877) 660-6853,
conference ID 13712216.
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: reduction of
operating and SG&A expenses; cash on our balance sheet;
Wynnewood’s renewable diesel unit project including our ability to
successfully complete and costs, timing and permitting relating
thereto; farm economics; customer demand for fertilizer
applications; 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 “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 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; CVR Partners’ compliance with the
NYSE’s listing requirements; 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 September 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 - 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 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 - Beginning in March 2020,
the Coffeyville Refinery had a planned, full facility turnaround
lasting 57 days, which was completed in April 2020. During the
three and nine months ended September 30, 2020, we capitalized
costs of $1 million and $154 million, respectively,
related to this planned turnaround.
Nitrogen Fertilizer Segment
Goodwill Impairment
As of June 30, 2020, a full, non-cash impairment
charge of $41 million was recorded. Refer to Note 6
(“Goodwill”) to Part I, Item 1 of the second quarter 2020 Form 10-Q
for further discussion.
CVR Energy, Inc. (all
information in this release is unaudited)
Financial and Operational Data
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions, except share
data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated Statement
of Operations Data |
|
|
|
|
|
|
|
Net sales |
$ |
1,005 |
|
|
|
$ |
1,622 |
|
|
|
$ |
2,811 |
|
|
|
$ |
4,794 |
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of materials and other |
846 |
|
|
|
1,221 |
|
|
|
2,348 |
|
|
|
3,589 |
|
|
Direct operating expenses (exclusive of depreciation and
amortization) |
116 |
|
|
|
139 |
|
|
|
353 |
|
|
|
397 |
|
|
Depreciation and amortization |
67 |
|
|
|
69 |
|
|
|
200 |
|
|
|
210 |
|
|
Cost of sales |
1,029 |
|
|
|
1,429 |
|
|
|
2,901 |
|
|
|
4,196 |
|
|
Selling, general and administrative expenses (exclusive of
depreciation and amortization) |
20 |
|
|
|
29 |
|
|
|
65 |
|
|
|
85 |
|
|
Depreciation and amortization |
2 |
|
|
|
2 |
|
|
|
8 |
|
|
|
7 |
|
|
Loss (gain) on asset disposals |
— |
|
|
|
3 |
|
|
|
2 |
|
|
|
(5 |
) |
|
Goodwill impairment |
— |
|
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
Operating (loss) income |
(46 |
) |
|
|
159 |
|
|
|
(206 |
) |
|
|
511 |
|
|
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense, net |
(31 |
) |
|
|
(26 |
) |
|
|
(98 |
) |
|
|
(77 |
) |
|
Investment loss from marketable securities |
(65 |
) |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
Other income, net |
3 |
|
|
|
5 |
|
|
|
3 |
|
|
|
10 |
|
|
(Loss) income before income tax expense |
(139 |
) |
|
|
138 |
|
|
|
(314 |
) |
|
|
444 |
|
|
Income tax (benefit)
expense |
(31 |
) |
|
|
34 |
|
|
|
(73 |
) |
|
|
110 |
|
|
Net (loss) income |
(108 |
) |
|
|
104 |
|
|
|
(241 |
) |
|
|
334 |
|
|
Less: Net loss attributable to noncontrolling interest |
(12 |
) |
|
|
(15 |
) |
|
|
(53 |
) |
|
|
(2 |
) |
|
Net (loss) income attributable to CVR Energy stockholders |
$ |
(96 |
) |
|
|
$ |
119 |
|
|
|
$ |
(188 |
) |
|
|
$ |
336 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted (loss) earnings per share |
$ |
(0.96 |
) |
|
|
$ |
1.18 |
|
|
|
$ |
(1.87 |
) |
|
|
$ |
3.34 |
|
|
Dividends declared per share |
$ |
— |
|
|
|
$ |
0.75 |
|
|
|
$ |
1.20 |
|
|
|
$ |
2.25 |
|
|
|
|
|
|
|
|
|
|
EBITDA* |
$ |
(39 |
) |
|
|
$ |
235 |
|
|
|
$ |
(8 |
) |
|
|
$ |
738 |
|
|
|
|
|
|
|
|
|
|
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) |
September 30, 2020 |
|
December 31, 2019 |
Cash and cash equivalents |
$ |
672 |
|
|
$ |
652 |
|
Working capital |
797 |
|
|
678 |
|
Total assets |
3,876 |
|
|
3,905 |
|
Total debt and finance lease
obligations, including current portion |
1,690 |
|
|
1,195 |
|
Total liabilities |
2,574 |
|
|
2,237 |
|
Total CVR stockholders’
equity |
1,084 |
|
|
1,393 |
|
Selected Cash Flow Data
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash flow provided by
(used in): |
|
|
|
|
|
|
|
Operating activities |
$ |
111 |
|
|
|
$ |
269 |
|
|
|
$ |
62 |
|
|
|
$ |
653 |
|
|
Investing activities |
(35 |
) |
|
|
(30 |
) |
|
|
(396 |
) |
|
|
(73 |
) |
|
Financing activities |
(3 |
) |
|
|
(87 |
) |
|
|
361 |
|
|
|
(556 |
) |
|
Net increase in cash and cash equivalents |
$ |
73 |
|
|
|
$ |
152 |
|
|
|
$ |
27 |
|
|
|
$ |
24 |
|
|
|
|
|
|
|
|
|
|
Free cash flow* |
$ |
76 |
|
|
|
$ |
239 |
|
|
|
$ |
(197 |
) |
|
|
$ |
544 |
|
|
_________________* See “Non-GAAP
Reconciliations” section below.
Selected Segment Data
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Three Months Ended
September 30, 2020 |
|
|
|
|
|
Net sales |
$ |
927 |
|
|
$ |
79 |
|
|
$ |
1,005 |
|
Operating loss |
(39 |
) |
|
(3 |
) |
|
(46 |
) |
Net loss |
(33 |
) |
|
(19 |
) |
|
(108 |
) |
EBITDA* |
15 |
|
|
15 |
|
|
(39 |
) |
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
12 |
|
|
$ |
3 |
|
|
$ |
16 |
|
Growth capital
expenditures |
5 |
|
|
2 |
|
|
7 |
|
Total capital expenditures |
$ |
17 |
|
|
$ |
5 |
|
|
$ |
23 |
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020 |
|
|
|
|
|
Net sales |
$ |
2,556 |
|
|
$ |
260 |
|
|
$ |
2,811 |
|
Operating loss |
(161 |
) |
|
(34 |
) |
|
(206 |
) |
Net loss |
(156 |
) |
|
(81 |
) |
|
(241 |
) |
EBITDA* |
(8 |
) |
|
23 |
|
|
(8 |
) |
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
66 |
|
|
$ |
9 |
|
|
$ |
78 |
|
Growth capital
expenditures |
14 |
|
|
4 |
|
|
18 |
|
Total capital expenditures |
$ |
80 |
|
|
$ |
13 |
|
|
$ |
96 |
|
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Three Months Ended
September 30, 2019 |
|
|
|
|
|
Net sales |
$ |
1,535 |
|
|
$ |
89 |
|
|
$ |
1,622 |
|
Operating income (loss) |
173 |
|
|
(8 |
) |
|
159 |
|
Net income (loss) |
170 |
|
|
(23 |
) |
|
104 |
|
EBITDA* |
228 |
|
|
11 |
|
|
235 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
25 |
|
|
$ |
6 |
|
|
$ |
31 |
|
Growth capital
expenditures |
2 |
|
|
1 |
|
|
3 |
|
Total capital expenditures |
$ |
27 |
|
|
$ |
7 |
|
|
$ |
34 |
|
|
|
|
|
|
|
Nine months ended
September 30, 2019 |
|
|
|
|
|
Net sales |
$ |
4,484 |
|
|
$ |
318 |
|
|
$ |
4,794 |
|
Operating income |
492 |
|
|
36 |
|
|
511 |
|
Net income (loss) |
478 |
|
|
(10 |
) |
|
334 |
|
EBITDA* |
653 |
|
|
97 |
|
|
738 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
58 |
|
|
$ |
11 |
|
|
$ |
73 |
|
Growth capital
expenditures |
7 |
|
|
1 |
|
|
8 |
|
Total capital expenditures |
$ |
65 |
|
|
$ |
12 |
|
|
$ |
81 |
|
_______________* 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 |
September 30,
2020 |
|
|
|
|
|
Cash and cash equivalents (1) |
$ |
397 |
|
|
$ |
48 |
|
|
$ |
672 |
|
Total assets |
2,919 |
|
|
1,047 |
|
|
3,876 |
|
Total debt and finance lease
obligations, including current portion (2) |
61 |
|
|
635 |
|
|
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 $227
million and $32 million at September 30, 2020 and December 31,
2019, respectively.(2) Corporate total debt and finance lease
obligations, including current portion consisted of $994 million at
September 30, 2020, with no debt held at December 31, 2019.
Petroleum Segment
Key Operating Metrics per Total Throughput
Barrel
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Refining margin * |
$ |
5.47 |
|
|
$ |
16.34 |
|
|
$ |
5.77 |
|
|
$ |
16.18 |
|
Refining margin adjusted for inventory valuation impacts * |
4.61 |
|
|
16.37 |
|
|
7.34 |
|
|
15.65 |
|
Direct operating expenses * |
4.17 |
|
|
4.46 |
|
|
5.09 |
|
|
4.53 |
|
________________∗ See
“Non-GAAP Reconciliations” section below.
Throughput Data by Refinery
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in bpd) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Coffeyville |
|
|
|
|
|
|
|
Regional crude |
35,769 |
|
|
41,150 |
|
|
36,277 |
|
|
44,238 |
|
WTI |
58,743 |
|
|
80,717 |
|
|
42,794 |
|
|
74,325 |
|
Midland WTI |
— |
|
|
1,436 |
|
|
— |
|
|
4,959 |
|
Condensate |
13,885 |
|
|
2,378 |
|
|
8,502 |
|
|
3,588 |
|
Heavy Canadian |
22 |
|
|
4,555 |
|
|
1,362 |
|
|
5,199 |
|
Other crude oil |
9,702 |
|
|
— |
|
|
3,258 |
|
|
— |
|
Other feedstocks and blendstocks |
8,203 |
|
|
8,455 |
|
|
7,001 |
|
|
8,608 |
|
Wynnewood |
|
|
|
|
|
|
|
Regional crude |
57,919 |
|
|
61,345 |
|
|
53,057 |
|
|
52,750 |
|
WTI |
— |
|
|
13 |
|
|
— |
|
|
4 |
|
WTL |
8,657 |
|
|
— |
|
|
6,994 |
|
|
— |
|
Midland WTI |
— |
|
|
11,313 |
|
|
1,573 |
|
|
12,406 |
|
Condensate |
5,330 |
|
|
7,435 |
|
|
7,175 |
|
|
7,408 |
|
Other feedstocks and blendstocks |
2,936 |
|
|
3,203 |
|
|
3,468 |
|
|
3,579 |
|
Total
throughput |
201,168 |
|
|
222,000 |
|
|
171,460 |
|
|
217,064 |
|
Production Data by Refinery
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in bpd) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Coffeyville |
|
|
|
|
|
|
|
Gasoline |
68,572 |
|
69,122 |
|
53,241 |
|
71,144 |
Distillate |
49,407 |
|
58,457 |
|
38,976 |
|
59,008 |
Other liquid products |
5,246 |
|
7,157 |
|
4,328 |
|
6,808 |
Solids |
3,382 |
|
4,580 |
|
2,836 |
|
4,886 |
Wynnewood |
|
|
|
|
|
|
|
Gasoline |
37,118 |
|
42,464 |
|
37,334 |
|
38,673 |
Distillate |
32,514 |
|
36,555 |
|
29,864 |
|
32,003 |
Other liquid products |
2,712 |
|
1,756 |
|
2,532 |
|
3,064 |
Solids |
23 |
|
33 |
|
25 |
|
31 |
Total
production |
198,975 |
|
220,124 |
|
169,135 |
|
215,617 |
|
|
|
|
|
|
|
|
Light product yield (as % of crude throughput) (1) |
98.7 % |
|
98.2 % |
|
99.0 % |
|
98.0 % |
Liquid volume yield (as % of
total throughput) (2) |
97.2 % |
|
97.1 % |
|
97.0 % |
|
97.1 % |
Distillate yield (as % of
crude throughput) (3) |
43.1 % |
|
45.2 % |
|
42.8 % |
|
44.4 % |
______________
(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 September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Market Indicators
(dollars per barrel) |
|
|
|
|
|
|
|
West Texas Intermediate (WTI) NYMEX |
$ |
40.92 |
|
|
|
$ |
56.44 |
|
|
|
$ |
38.21 |
|
|
|
$ |
57.10 |
|
|
Crude Oil Differentials to
WTI: |
|
|
|
|
|
|
|
Brent |
2.42 |
|
|
|
5.59 |
|
|
|
4.32 |
|
|
|
7.65 |
|
|
WCS (heavy sour) |
(9.82 |
) |
|
|
(12.59 |
) |
|
|
(12.31 |
) |
|
|
(11.93 |
) |
|
Condensate |
(0.52 |
) |
|
|
(0.55 |
) |
|
|
(1.47 |
) |
|
|
(0.99 |
) |
|
Midland Cushing |
0.13 |
|
|
|
(0.26 |
) |
|
|
0.16 |
|
|
|
(1.23 |
) |
|
NYMEX Crack Spreads: |
|
|
|
|
|
|
|
Gasoline |
10.89 |
|
|
|
16.37 |
|
|
|
10.93 |
|
|
|
16.55 |
|
|
Heating Oil |
9.55 |
|
|
|
23.14 |
|
|
|
13.81 |
|
|
|
24.30 |
|
|
NYMEX 2-1-1 Crack Spread |
10.22 |
|
|
|
19.76 |
|
|
|
12.37 |
|
|
|
20.42 |
|
|
PADD II Group 3 Basis: |
|
|
|
|
|
|
|
Gasoline |
(2.74 |
) |
|
|
(1.07 |
) |
|
|
(3.74 |
) |
|
|
(1.89 |
) |
|
Ultra Low Sulfur Diesel |
(1.01 |
) |
|
|
(1.84 |
) |
|
|
(1.50 |
) |
|
|
(1.45 |
) |
|
PADD II Group 3 Product Crack
Spread: |
|
|
|
|
|
|
|
Gasoline |
8.15 |
|
|
|
15.30 |
|
|
|
7.19 |
|
|
|
14.66 |
|
|
Ultra Low Sulfur Diesel |
8.54 |
|
|
|
21.30 |
|
|
|
12.31 |
|
|
|
22.85 |
|
|
PADD II Group 3 2-1-1 |
8.34 |
|
|
|
18.30 |
|
|
|
9.75 |
|
|
|
18.76 |
|
|
Q4 2020 Petroleum Segment Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
fourth quarter of 2020. See “Forward-Looking Statements” above.
|
Q4 2020 |
|
Low |
|
High |
Total throughput (bpd) |
200,000 |
|
|
220,000 |
|
Direct operating expenses (1) (in millions) |
$ |
75 |
|
|
$ |
85 |
|
Total capital expenditures (2)
(in millions) |
$ |
6 |
|
|
$ |
12 |
|
_____________________
(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 (3) |
Two Years Ended September 30 |
(capacity utilization) |
2020 |
|
2019 |
Consolidated |
94 |
% |
|
93 |
% |
Coffeyville Facility |
95 |
% |
|
95 |
% |
East Dubuque Facility |
94 |
% |
|
91 |
% |
_____________
(3) Reflects ammonia utilization rates on a
consolidated basis and at each of the Nitrogen Fertilizer
facilities. Utilization is an important measure used by management
to assess operational output at each of the facilities. Utilization
is calculated as actual tons produced divided by capacity. The
Nitrogen Fertilizer Segment presents utilization on a two-year
rolling average to take into account the impact of current
turnaround cycles on any specific period. The two-year rolling
average is a more useful presentation of the long-term utilization
performance of our plants. Additionally, we present utilization
solely on ammonia production rather than each nitrogen product as
it provides a comparative baseline against industry peers and
eliminates the disparity of plant configurations for upgrade of
ammonia into other nitrogen products. With the Nitrogen Fertilizer
Segments’ efforts being primarily focused on ammonia upgrade
capabilities, this measure provides a meaningful view of how well
the facilities operate.
Sales and Production Data
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated sales (thousand
tons): |
|
|
|
|
|
|
|
Ammonia |
54 |
|
|
33 |
|
|
218 |
|
|
179 |
|
UAN |
365 |
|
|
340 |
|
|
986 |
|
|
968 |
|
|
|
|
|
|
|
|
|
Consolidated product pricing
at gate (dollars per ton) (1): |
|
|
|
|
|
|
|
Ammonia |
$ |
242 |
|
|
$ |
337 |
|
|
$ |
293 |
|
|
$ |
416 |
|
UAN |
140 |
|
|
182 |
|
|
156 |
|
|
206 |
|
|
|
|
|
|
|
|
|
Consolidated production volume
(thousand tons): |
|
|
|
|
|
|
|
Ammonia (gross produced) (2) |
215 |
|
|
196 |
|
|
631 |
|
|
586 |
|
Ammonia (net available for sale) (2) |
71 |
|
|
56 |
|
|
228 |
|
|
168 |
|
UAN |
330 |
|
|
318 |
|
|
968 |
|
|
969 |
|
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum coke used in production (thousand tons) |
129 |
|
|
137 |
|
|
393 |
|
|
404 |
|
Petroleum coke (dollars per ton) |
$ |
35.11 |
|
|
$ |
37.75 |
|
|
$ |
36.77 |
|
|
$ |
36.68 |
|
Natural gas used in production (thousands of MMBtu) (3) |
2,136 |
|
|
1,700 |
|
|
6,408 |
|
|
5,210 |
|
Natural gas used in production (dollars per MMBtu) (3) |
$ |
2.10 |
|
|
$ |
2.40 |
|
|
$ |
2.15 |
|
|
$ |
2.88 |
|
Natural gas in cost of materials and other (thousands of MMBtus)
(3) |
2,026 |
|
|
1,294 |
|
|
6,660 |
|
|
5,487 |
|
Natural gas in cost of materials and other (dollars per MMBtu)
(3) |
$ |
2.01 |
|
|
$ |
2.46 |
|
|
$ |
2.25 |
|
|
$ |
3.22 |
|
_______________
(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 September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Ammonia — Southern Plains (dollars per ton) |
$ |
216 |
|
|
$ |
298 |
|
|
$ |
249 |
|
|
$ |
369 |
|
Ammonia — Corn belt (dollars
per ton) |
299 |
|
|
363 |
|
|
336 |
|
|
452 |
|
UAN — Corn belt (dollars per
ton) |
159 |
|
|
196 |
|
|
170 |
|
|
217 |
|
|
|
|
|
|
|
|
|
Natural gas NYMEX (dollars per
MMBtu) |
$ |
2.12 |
|
|
$ |
2.38 |
|
|
$ |
1.92 |
|
|
$ |
2.59 |
|
Q4 2020 Nitrogen Fertilizer Segment Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
fourth quarter of 2020. See “Forward-Looking Statements” above.
|
Q4 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) |
$ |
5 |
|
|
$ |
8 |
|
________________
(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 September
30, |
|
Nine Months Ended September
30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (loss) income |
$ |
(108 |
) |
|
|
$ |
104 |
|
|
$ |
(241 |
) |
|
|
$ |
334 |
|
Add: |
|
|
|
|
|
|
|
Interest expense, net |
31 |
|
|
|
26 |
|
|
98 |
|
|
|
77 |
|
Income tax (benefit) expense |
(31 |
) |
|
|
34 |
|
|
(73 |
) |
|
|
110 |
|
Depreciation and amortization |
69 |
|
|
|
71 |
|
|
208 |
|
|
|
217 |
|
EBITDA |
$ |
(39 |
) |
|
|
$ |
235 |
|
|
$ |
(8 |
) |
|
|
$ |
738 |
|
Reconciliation of Net Cash (Used In)
Provided By Operating Activities to Free Cash Flow
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash provided by operating activities |
$ |
111 |
|
|
|
$ |
269 |
|
|
|
$ |
62 |
|
|
|
$ |
653 |
|
|
Less: |
|
|
|
|
|
|
|
Capital expenditures |
(24 |
) |
|
|
(30 |
) |
|
|
(101 |
) |
|
|
(85 |
) |
|
Capitalized turnaround expenditures |
(11 |
) |
|
|
— |
|
|
|
(158 |
) |
|
|
(24 |
) |
|
Free cash flow |
$ |
76 |
|
|
|
$ |
239 |
|
|
|
$ |
(197 |
) |
|
|
$ |
544 |
|
|
Reconciliation of Petroleum Segment Net
(Loss) Income to EBITDA and EBITDA Adjusted for Inventory Valuation
Impacts
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Petroleum net (loss) income |
$ |
(33 |
) |
|
|
$ |
170 |
|
|
$ |
(156 |
) |
|
|
$ |
478 |
|
|
Add: |
|
|
|
|
|
|
|
Interest (income) expense, net |
(3 |
) |
|
|
7 |
|
|
(2 |
) |
|
|
23 |
|
|
Depreciation and amortization |
51 |
|
|
|
51 |
|
|
150 |
|
|
|
152 |
|
|
Petroleum EBITDA |
15 |
|
|
|
228 |
|
|
(8 |
) |
|
|
653 |
|
|
Inventory valuation impacts,
(favorable) unfavorable (1) (2) |
(16 |
) |
|
|
1 |
|
|
74 |
|
|
|
(31 |
) |
|
Petroleum EBITDA adjusted for inventory valuation impacts |
$ |
(1 |
) |
|
|
$ |
229 |
|
|
$ |
66 |
|
|
|
$ |
622 |
|
|
_______________________
(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 adjustment was necessary as of September 30, 2020, June
30, 2020, or December 31, 2019.
Reconciliation of Petroleum Segment
Gross Profit to Refining Margin and Refining Margin Adjusted for
Inventory Valuation Impacts
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
$ |
927 |
|
|
|
$ |
1,535 |
|
|
$ |
2,556 |
|
|
|
$ |
4,484 |
|
|
Cost of materials and
other |
826 |
|
|
|
1,201 |
|
|
2,285 |
|
|
|
3,525 |
|
|
Direct operating expenses
(exclusive of depreciation and amortization as reflected
below) |
77 |
|
|
|
91 |
|
|
239 |
|
|
|
269 |
|
|
Depreciation and
amortization |
51 |
|
|
|
51 |
|
|
150 |
|
|
|
152 |
|
|
Gross (loss) profit |
(27 |
) |
|
|
192 |
|
|
(118 |
) |
|
|
538 |
|
|
Add: |
|
|
|
|
|
|
|
Direct operating expenses
(exclusive of depreciation and amortization as reflected
below) |
77 |
|
|
|
91 |
|
|
239 |
|
|
|
269 |
|
|
Depreciation and
amortization |
51 |
|
|
|
51 |
|
|
150 |
|
|
|
152 |
|
|
Refining margin |
101 |
|
|
|
334 |
|
|
271 |
|
|
|
959 |
|
|
Inventory valuation impacts,
(favorable) unfavorable (3) (4) |
(16 |
) |
|
|
1 |
|
|
74 |
|
|
|
(31 |
) |
|
Refining margin adjusted for inventory valuation impacts |
$ |
85 |
|
|
|
$ |
335 |
|
|
$ |
345 |
|
|
|
$ |
928 |
|
|
_____________________
(3) 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.(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 adjustment was necessary as of
September 30, 2020, June 30, 2020, or December 31, 2019.
Reconciliation of Petroleum Segment Total Throughput
Barrels
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Total throughput barrels per day |
201,168 |
|
|
222,000 |
|
|
171,460 |
|
|
217,064 |
|
Days in the period |
92 |
|
|
92 |
|
|
274 |
|
|
273 |
|
Total throughput barrels |
18,507,431 |
|
|
20,423,972 |
|
|
46,980,133 |
|
|
59,258,366 |
|
Reconciliation of Petroleum Segment Refining Margin per
Total Throughput Barrels
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions, except for per
throughput barrel data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Refining margin |
$ |
101 |
|
|
$ |
334 |
|
|
$ |
271 |
|
|
$ |
959 |
|
Divided by: total throughput
barrels |
19 |
|
|
20 |
|
|
47 |
|
|
59 |
|
Refining margin per total throughput barrel |
$ |
5.47 |
|
|
$ |
16.34 |
|
|
$ |
5.77 |
|
|
$ |
16.18 |
|
Reconciliation of Petroleum Segment
Refining Margin Adjusted for Inventory Valuation Impact per Total
Throughput Barrel
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions, except for
throughput barrel data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Refining margin adjusted for inventory valuation impacts |
$ |
85 |
|
|
$ |
335 |
|
|
$ |
345 |
|
|
$ |
928 |
|
Divided by: total throughput
barrels |
19 |
|
|
20 |
|
|
47 |
|
|
59 |
|
Refining margin adjusted for inventory valuation impacts per total
throughput barrel |
$ |
4.61 |
|
|
$ |
16.37 |
|
|
$ |
7.34 |
|
|
$ |
15.65 |
|
Reconciliation of Petroleum Segment Direct Operating
Expenses per Total Throughput Barrel
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions, except for
throughput barrel data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Direct operating expenses (exclusive of depreciation and
amortization) |
$ |
77 |
|
|
$ |
91 |
|
|
$ |
239 |
|
|
$ |
269 |
|
Divided by: total throughput
barrels |
19 |
|
|
20 |
|
|
47 |
|
|
59 |
|
Direct operating expenses per total throughput barrel |
$ |
4.17 |
|
|
$ |
4.46 |
|
|
$ |
5.09 |
|
|
$ |
4.53 |
|
Reconciliation of Nitrogen Fertilizer Segment Net Loss
to EBITDA
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Nitrogen fertilizer net loss |
$ |
(19 |
) |
|
$ |
(23 |
) |
|
$ |
(81 |
) |
|
$ |
(10 |
) |
Add: |
|
|
|
|
|
|
|
Interest expense, net |
16 |
|
|
16 |
|
|
47 |
|
|
47 |
|
Depreciation and amortization |
18 |
|
|
18 |
|
|
57 |
|
|
60 |
|
Nitrogen Fertilizer
EBITDA |
$ |
15 |
|
|
$ |
11 |
|
|
$ |
23 |
|
|
$ |
97 |
|
Reconciliation of Basic and Diluted (Loss) Earnings per
Share to Adjusted (Loss) Earnings per Share
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic and diluted (loss) earnings per share |
$ |
(0.96 |
) |
|
|
$ |
1.18 |
|
|
$ |
(1.87 |
) |
|
|
$ |
3.34 |
|
|
Adjustments: |
|
|
|
|
|
|
|
Inventory valuation impacts (1) |
(0.11 |
) |
|
|
0.01 |
|
|
0.54 |
|
|
|
(0.23 |
) |
|
Unrealized gain on marketable securities (1) |
0.50 |
|
|
|
— |
|
|
0.15 |
|
|
|
— |
|
|
Goodwill impairment (1) (2) |
— |
|
|
|
— |
|
|
0.07 |
|
|
|
— |
|
|
Adjusted (loss) earnings per
share |
$ |
(0.57 |
) |
|
|
$ |
1.19 |
|
|
$ |
(1.11 |
) |
|
|
$ |
3.11 |
|
|
__________________
(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 September 30,
2020 |
Total debt and finance lease obligations (1) |
$ |
1,690 |
|
Less: |
|
Nitrogen Fertilizer debt and finance lease obligations (1) |
$ |
635 |
|
Total debt and finance lease
obligations exclusive of Nitrogen Fertilizer |
1,055 |
|
|
|
EBITDA exclusive of Nitrogen
Fertilizer |
$ |
98 |
|
|
|
Total debt and finance
lease obligations to EBITDA exclusive of Nitrogen
Fertilizer |
10.77 |
|
|
|
Consolidated cash and cash
equivalents |
$ |
672 |
|
Less: |
|
Nitrogen Fertilizer cash and cash equivalents |
48 |
|
Cash and cash equivalents
exclusive of Nitrogen Fertilizer |
624 |
|
|
|
Net debt and finance lease
obligations exclusive of Nitrogen Fertilizer (2) |
$ |
431 |
|
|
|
Net debt and finance
lease obligations to EBITDA exclusive of Nitrogen Fertilizer
(2) |
4.40 |
|
_______________
(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 September 30,
2020 |
|
December 31, 2019 |
|
March 31, 2020 |
|
June 30, 2020 |
|
September 30, 2020 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
28 |
|
|
|
$ |
(101 |
) |
|
|
$ |
(32 |
) |
|
|
$ |
(108 |
) |
|
|
$ |
(213 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
24 |
|
|
|
35 |
|
|
|
31 |
|
|
|
31 |
|
|
|
121 |
|
|
Income tax expense (benefit) |
19 |
|
|
|
(36 |
) |
|
|
(5 |
) |
|
|
(31 |
) |
|
|
(53 |
) |
|
Depreciation and amortization |
71 |
|
|
|
64 |
|
|
|
74 |
|
|
|
69 |
|
|
|
278 |
|
|
EBITDA |
$ |
142 |
|
|
|
$ |
(38 |
) |
|
|
$ |
68 |
|
|
|
$ |
(39 |
) |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
Nitrogen
Fertilizer |
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(25 |
) |
|
|
$ |
(21 |
) |
|
|
$ |
(42 |
) |
|
|
$ |
(19 |
) |
|
|
(107 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
16 |
|
|
|
16 |
|
|
|
16 |
|
|
|
16 |
|
|
|
64 |
|
|
Depreciation and amortization |
20 |
|
|
|
16 |
|
|
|
24 |
|
|
|
18 |
|
|
|
78 |
|
|
EBITDA |
$ |
11 |
|
|
|
$ |
11 |
|
|
|
$ |
(2 |
) |
|
|
$ |
15 |
|
|
|
$ |
35 |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA exclusive of
Nitrogen Fertilizer |
$ |
131 |
|
|
|
$ |
(49 |
) |
|
|
$ |
70 |
|
|
|
$ |
(54 |
) |
|
|
$ |
98 |
|
|
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