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Dec 31, 2023
CVR Energy Q4 2023 Earnings Report
CVR Energy's Q4 2023 financial performance decreased compared to the previous year, with a decline in net income and adjusted earnings, while full-year EBITDA reached a record high.
Key Takeaways
CVR Energy reported a decrease in net income attributable to CVR Energy stockholders for Q4 2023, from $112 million to $91 million, with net sales decreasing from $2.7 billion to $2.2 billion. However, the company's full-year EBITDA reached a record high, driven by high asset utilization and improved capture rates.
CVR Energy reported Q4 2023 net income attributable to stockholders of $91 million, or 91 cents per diluted share.
Net sales for Q4 2023 were $2.2 billion, compared to $2.7 billion in Q4 2022.
The company declared a fourth quarter 2023 cash dividend of 50 cents per share.
CVR Partners declared a fourth quarter 2023 cash distribution of $1.68 per common unit.
Revenue by Segment
Forward Guidance
CVR Energy provided an outlook for Q1 2024, including estimations for petroleum throughput, direct operating expenses, turnaround costs, renewables throughput, and nitrogen fertilizer ammonia utilization rates.
Positive Outlook
- Petroleum total throughput is expected to be between 190,000 and 205,000 bpd.
- Consolidated ammonia utilization rates are projected to be between 86% and 91%.
- East Dubuque Fertilizer Facility ammonia utilization rates are expected to be between 95% and 100%.
- Renewables total throughput is estimated to be between 6 and 10 million gallons.
- Capital expenditures for Petroleum are projected to be between $40 and $45 million.
Challenges Ahead
- Petroleum direct operating expenses are expected to be between $100 and $110 million.
- Petroleum turnaround costs are estimated to be between $35 and $40 million.
- Renewables direct operating expenses are projected to be between $8 and $12 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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