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Sep 30, 2021
CVR Energy Q3 2021 Earnings Report
CVR Energy's third quarter results were driven by safe, reliable operations and favorable market conditions across both refining and fertilizer businesses.
Key Takeaways
CVR Energy reported a net income of $84 million for Q3 2021, a significant improvement compared to the net loss of $96 million in Q3 2020. The company's performance was driven by strong results in both the Petroleum and Nitrogen Fertilizer segments, with EBITDA reaching $243 million.
CVR Energy's Q3 2021 net income was $84 million, or 83 cents per diluted share.
Petroleum Segment's operating income was $135 million, driven by wider crack spreads and a favorable RIN revaluation.
Nitrogen Fertilizer Segment's operating income was $46 million, supported by strong fertilizer demand and higher pricing.
CVR Partners declared a Q3 2021 cash distribution of $2.93 per common unit.
Revenue by Segment
Forward Guidance
CVR Energy provided an outlook for Q4 2021, including estimates for total throughput, direct operating expenses, and ammonia utilization rates.
Positive Outlook
- Petroleum Segment total throughput is expected to be between 210,000 and 230,000 bpd.
- Consolidated ammonia utilization rates are projected to be between 90% and 95%.
- Coffeyville Facility ammonia utilization rates are projected to be between 90% and 95%.
- East Dubuque Facility ammonia utilization rates are projected to be between 90% and 95%.
- Total capital expenditures are projected to be between $35 million and $44 million.
Challenges Ahead
- Petroleum Segment direct operating expenses are estimated to be between $90 million and $100 million.
- Nitrogen Fertilizer Segment direct operating expenses are projected to be between $45 million and $50 million.
- Petroleum capital expenditures are estimated to be between $26 million and $30 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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