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Mar 31, 2022
CVR Energy Q1 2022 Earnings Report
CVR Energy reported solid first quarter 2022 results driven by improved fundamentals in both the refining and fertilizer sectors.
Key Takeaways
CVR Energy announced a net income of $94 million, or 93 cents per diluted share, on net sales of $2.4 billion for the first quarter of 2022. The Petroleum Segment's results were driven by increased crude oil pricing and widening Group 3 2-1-1 crack spreads, offset by elevated RIN pricing. The company also declared a cash dividend of 40 cents per share.
Declared a first quarter 2022 cash dividend of 40 cents per share.
Will receive $9 million from CVR Partners’ declared first quarter 2022 cash distribution of $2.26 per common unit.
Completed Wynnewood refinery turnaround on time and on budget.
Successfully completed conversion and startup of Wynnewood’s renewable diesel unit
Revenue by Segment
Forward Guidance
The table summarizes the outlook for certain operational statistics and financial information for the second quarter of 2022.
Positive Outlook
- Petroleum total throughput between 195,000 and 210,000 bpd
- Renewables total throughput between 3,500 and 4,500 bpd
- Consolidated Ammonia utilization rates between 92% and 97%
- Coffeyville Fertilizer Facility Ammonia utilization rates between 95% and 100%
- East Dubuque Fertilizer Facility Ammonia utilization rates between 88% and 93%
Challenges Ahead
- Petroleum direct operating expenses between $95 million and $100 million
- Petroleum turnaround expenses between $5 million and $10 million
- Renewables direct operating expenses between $2 million and $4 million
- Nitrogen Fertilizer direct operating expenses between $55 million and $60 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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