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.
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.
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