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Mar 31, 2021
CVR Energy Q1 2021 Earnings Report
CVR Energy experienced a net loss with results influenced by RIN pricing, derivative losses, and Winter Storm Uri, but recovered quickly with improved refining business and increased nitrogen fertilizer demand.
Key Takeaways
CVR Energy reported a net loss of $39 million on net sales of $1.5 billion for Q1 2021, influenced by high RIN pricing, derivative losses, and Winter Storm Uri. However, the refining business saw improved results in March, and the nitrogen fertilizer industry experienced increased demand and higher pricing.
CVR Energy reported a net loss of $39 million, or 39 cents per diluted share.
Net sales for the first quarter of 2021 were $1.5 billion.
First quarter 2021 EBITDA was less than $1 million.
The nitrogen fertilizer industry reached an inflection point with improved farmer economics and increased demand.
Revenue by Segment
Forward Guidance
CVR Energy provided an outlook for Q2 2021, including total throughput between 200,000 and 220,000 bpd and direct operating expenses between $75 and $85 million for the Petroleum Segment. For the Nitrogen Fertilizer Segment, ammonia utilization rates are expected to be between 95% and 100%, with direct operating expenses between $35 and $40 million.
Positive Outlook
- Petroleum Segment total throughput is expected to be between 200,000 and 220,000 bpd.
- Nitrogen Fertilizer Segment ammonia utilization rates are expected to be between 95% and 100% for the consolidated facilities.
- Coffeyville Facility ammonia utilization rates are expected to be between 95% and 100%.
- East Dubuque Facility ammonia utilization rates are expected to be between 95% and 100%.
- Capital expenditures for Renewables are projected to be between $65 million and $70 million.
Challenges Ahead
- Petroleum Segment direct operating expenses are expected to be between $75 million and $85 million.
- Nitrogen Fertilizer Segment direct operating expenses are expected to be between $35 million and $40 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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