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Sep 30, 2024
CVR Energy Q3 2024 Earnings Report
CVR Energy experienced a net loss attributable to stockholders and a decrease in EBITDA compared to the previous year, impacted by refining business challenges, while CVR Partners showed solid operating results.
Key Takeaways
CVR Energy reported a net loss attributable to CVR Energy stockholders of $124 million, or $1.24 per diluted share, and an EBITDA loss of $35 million for Q3 2024. This compares to a net income of $353 million, or $3.51 per diluted share, and EBITDA of $530 million for Q3 2023. The refining business was impacted by reduced throughputs due to unplanned downtime. CVR Partners declared a cash distribution of $1.19 per common unit.
CVR Energy reported a net loss of $124 million, or $1.24 per diluted share.
EBITDA loss was $35 million, with adjusted EBITDA at $63 million.
CVR Energy will not pay a cash dividend for Q3 2024.
CVR Partners announced a cash distribution of $1.19 per common unit.
Revenue by Segment
Forward Guidance
CVR Energy provided an outlook for Q4 2024, including total throughput for the Petroleum segment between 200,000 and 215,000 bpd, direct operating expenses between $100 million and $110 million and ammonia utilization rates between 92% and 97%.
Positive Outlook
- Petroleum total throughput is expected to be between 200,000 and 215,000 bpd.
- Renewables total throughput is expected to be between 17 and 22 million gallons.
- Consolidated ammonia utilization rates are projected to be between 92% and 97%.
- Coffeyville Fertilizer Facility ammonia utilization rates are projected to be between 90% and 95%.
- East Dubuque Fertilizer Facility ammonia utilization rates are projected to be between 95% and 100%.
Challenges Ahead
- Petroleum direct operating expenses are expected to be between $100 million and $110 million.
- Petroleum turnaround expenses are projected to be between $8 million and $12 million.
- Renewables direct operating expenses are expected to be between $9 million and $11 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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