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Dec 31, 2021
CVR Energy Q4 2021 Earnings Report
CVR Energy reported a net loss due to high RINs prices, but saw improvements in refining margins and solid nitrogen fertilizer segment performance.
Key Takeaways
CVR Energy reported a net loss of $14 million for Q4 2021, compared to a net loss of $67 million in Q4 2020. Net sales increased to $2.1 billion from $1.1 billion in the same period last year. The Nitrogen Fertilizer segment performed strongly, while the Petroleum segment experienced an operating loss.
Reported a net loss of $14 million, or 14 cents per diluted share, on net sales of $2.1 billion.
EBITDA was $116 million, compared to $1 million in the fourth quarter of 2020.
Petroleum Segment reported an operating loss of $27 million, while the Nitrogen Fertilizer Segment reported operating income of $72 million.
Combined ammonia utilization rate of 92 percent.
Revenue by Segment
Forward Guidance
The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2022.
Positive Outlook
- Petroleum Segment Total throughput (bpd) between 185,000 and 200,000
- Nitrogen Fertilizer Segment Consolidated Ammonia utilization rates between 92% and 97%
- Nitrogen Fertilizer Segment Coffeyville Facility Ammonia utilization rates between 95% and 100%
- Nitrogen Fertilizer Segment East Dubuque Facility Ammonia utilization rates between 90% and 95%
- Renewables capital expenditures between 10 and 15 million
Challenges Ahead
- Petroleum Segment Direct operating expenses between 90 and 95 million
- Petroleum Segment Turnaround between 60 and 70 million
- Nitrogen Fertilizer Segment Direct operating expenses between 50 and 55 million
- Petroleum capital expenditures between 35 and 45 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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