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Sep 30, 2023
CVR Energy Q3 2023 Earnings Report
CVR Energy reported solid results for Q3 2023, driven by strong crack spreads and increased production in the Nitrogen Fertilizer segment.
Key Takeaways
CVR Energy reported a net income of $353 million on net sales of $2.5 billion for Q3 2023, compared to a net income of $93 million on net sales of $2.7 billion for Q3 2022. The company's Board of Directors approved a special dividend of $1.50 per share, in addition to the third quarter dividend of 50 cents per share.
Net income increased to $353 million, or $3.51 per diluted share, compared to $93 million, or $0.92 per diluted share, in Q3 2022.
Net sales reached $2.5 billion, slightly lower than the $2.7 billion reported in Q3 2022.
CVR Partners' fertilizer facilities saw increased ammonia production due to improved operating reliability.
A cash dividend of 50 cents per share and a special dividend of $1.50 per share were announced.
Revenue by Segment
Forward Guidance
CVR Energy provided an outlook for Q4 2023, including estimates for total throughput, direct operating expenses, and ammonia utilization rates.
Positive Outlook
- Petroleum total throughput is expected to be between 205,000 and 220,000 bpd.
- Renewables total throughput is projected to be between 15 and 20 million gallons.
- Consolidated ammonia utilization rates are anticipated to be between 90% and 95%.
- Coffeyville Fertilizer Facility ammonia utilization rates are expected to be between 95% and 100%.
- East Dubuque Fertilizer Facility ammonia utilization rates are projected to be between 85% and 90%.
Challenges Ahead
- Petroleum direct operating expenses are expected to range from $95 million to $105 million.
- Renewables direct operating expenses are projected to be between $6 million and $8 million.
- Nitrogen Fertilizer direct operating expenses are anticipated to be between $55 million and $60 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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