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Dec 31, 2024
CVR Energy Q4 2024 Earnings Report
CVR Energy reported a decrease in net income and revenue for the fourth quarter of 2024 compared to the same period in 2023, primarily due to lower crack spreads in its refining business.
Key Takeaways
CVR Energy reported a net income attributable to stockholders of $28 million, or $0.28 per diluted share, for the fourth quarter of 2024, a significant decrease from $91 million, or $0.91 per diluted share, in Q4 2023. Total net sales for the quarter were $1,947 million, down from $2,202 million in the prior year's fourth quarter. The Petroleum Segment's performance was notably impacted by reduced crack spreads and throughputs.
Net income attributable to CVR Energy stockholders decreased to $28 million in Q4 2024 from $91 million in Q4 2023.
Total net sales for Q4 2024 were $1,947 million, a decline from $2,202 million in Q4 2023.
The Petroleum Segment's net income fell to $35 million in Q4 2024 from $158 million in Q4 2023, driven by lower crack spreads.
The Renewables Segment reported a net loss of $3 million in Q4 2024, an improvement from a $30 million net loss in Q4 2023, due to lower feedstock costs.
The Nitrogen Fertilizer Segment saw an increase in net income to $18 million in Q4 2024 from $10 million in Q4 2023.
Revenue by Segment
Forward Guidance
For Q1 2025, CVR Energy anticipates lower total throughput for its Petroleum Segment due to a planned turnaround, which will also impact direct operating expenses. Renewables throughput is expected to be lower, while Nitrogen Fertilizer ammonia utilization is projected to remain high.
Positive Outlook
- Anticipated improvement in crack spreads as summer driving season begins.
- Capacity rationalization expected to occur in the refining business.
- Continued strong ammonia utilization rate for Nitrogen Fertilizer Segment (95%-100%).
- Planned Coffeyville turnaround early in Q1 2025 should position the refinery well.
- Sustained cash distributions from CVR Partners.
Challenges Ahead
- Lower total throughput for Petroleum Segment (120,000-135,000 bpd) due to turnaround.
- Increased direct operating expenses for Petroleum Segment ($95-$105 million) due to turnaround.
- Lower total throughput for Renewables Segment (13-16 million gallons).
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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