Company Overview - CVR Energy (CVI) is expected to report a year-over-year decline in earnings due to lower revenues, with a projected quarterly loss of $0.90 per share, representing a change of -2350% [3][12] - Revenues are anticipated to be $1.62 billion, down 13.1% from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised 186.67% higher in the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for CVR matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, which complicates predictions of an earnings beat [10][11] Historical Performance - In the last reported quarter, CVR was expected to post a loss of $0.65 per share but actually reported a loss of $0.13, resulting in a surprise of +80% [12] - Over the past four quarters, CVR has beaten consensus EPS estimates two times [13] Market Sentiment - The stock may experience upward movement if the actual results exceed expectations, while a miss could lead to a decline [2] - The combination of a Zacks Rank of 3 (Hold) and an Earnings ESP of 0% suggests uncertainty regarding the likelihood of an earnings beat [11][18] Industry Comparison - Phillips 66 (PSX), another player in the Oil and Gas - Refining and Marketing industry, is expected to report earnings of $0.42 per share, reflecting a year-over-year change of -77.9% [17] - Phillips 66's revenues are projected to be $30.67 billion, down 15.8% from the previous year [17]

Core Viewpoint - CVR Energy, Inc. is set to release its first quarter 2025 earnings results on April 28, 2025, after market close, followed by a teleconference on April 29, 2025, to discuss these results [1][2]. Group 1: Earnings Release Information - The earnings results will be available via GlobeNewswire and on the company's website [3]. - A teleconference will be held on April 29, 2025, at 1 p.m. Eastern, which will include forward-looking information [2]. Group 2: Company Overview - CVR Energy is a diversified holding company based in Sugar Land, Texas, involved in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners, LP [4]. - The company owns 37 percent of the common units of CVR Partners, LP and serves as the general partner [4]. Group 3: Contact Information - For investor relations, Richard Roberts can be contacted at (281) 207-3205 or via email at InvestorRelations@CVREnergy.com [5]. - For media inquiries, Brandee Stephens can be reached at (281) 207-3516 or MediaRelations@CVREnergy.com [5].

Financial Data and Key Metrics Changes - For the full year of 2024, the company reported a consolidated net income of $45 million and an EBITDA of $394 million [7] - For Q4 2024, consolidated net income was $40 million and EBITDA was $122 million [8] - Adjusted EBITDA for Q4 2024 was $67 million, with adjusted losses per share of $0.13 [17][18] - The estimated accrued RFS obligation on the balance sheet was $323 million at December 31, down from $329 million at the end of 2023 [19] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA was $223 million for the full year and $9 million for Q4 2024, with throughput of approximately 214,000 barrels per day [8][9][18] - The fertilizer segment generated $179 million of EBITDA for the full year and $50 million for Q4 2024, with ammonia utilization of 96% [8][21] - The Renewables segment reported $3 million of EBITDA for the full year and $9 million for Q4 2024, a significant improvement from a negative $17 million in Q4 2023 [8][20] Market Data and Key Metrics Changes - Benchmark cracks softened in Q4 2024, with Group 3-2-1-1 averaging $14.32 per barrel [10] - RIN prices increased by $0.17 per barrel from Q3 2024, averaging approximately $4.06 per barrel for Q4 [11] - Prompt fertilizer prices were $600 per ton for ammonia and $315 per ton for UAN at the start of the new year [42] Company Strategy and Development Direction - The company plans to focus on reducing debt and restoring its balance sheet to target levels post-turnaround [43] - There is a cautious optimism regarding refining market conditions improving in 2025 due to supply-demand balance adjustments [30][32] - The company is exploring opportunities in the renewable space but is pausing active pursuits until there is clarity on government subsidies [36][38] Management's Comments on Operating Environment and Future Outlook - Management noted that the refining market remains oversupplied but expects improvements in 2025 due to planned closures and increased demand [29][32] - The turnaround at Coffeyville is expected to extend by 10 to 15 days, with increased costs of $10 to $15 million [33] - The company is optimistic about the fertilizer segment due to tightening grain prices and good demand for the spring [39] Other Important Information - The company ended Q4 2024 with a consolidated cash balance of $987 million [24] - Total consolidated capital spending for 2024 was $128 million in the petroleum segment, $7 million in the fertilizer segment, and $11 million in the renewable segment [23] - The board declared a distribution of $1.75 per common unit for Q4 2024, resulting in a cash distribution of approximately $7 million for the company [21] Q&A Session Summary Question: Future use of free cash flow post-turnaround - Management indicated a focus on deleveraging and a balanced approach to potentially returning dividends as market conditions improve [49][50] Question: Timeline and CapEx for higher jet yield projects - Management stated that building a book of business for jet fuel is a constraint, but they expect to be ready to produce jet at Coffeyville by the end of Q3 [53][54] Question: Diversification of refining operating footprint - Management acknowledged the need to diversify from the Group 3 market and is open to opportunities but noted that bid-ask spreads have been too wide [59][60] Question: Path to positive EBITDA in the Renewables segment - Management highlighted the uncertainty of government subsidies as a major challenge for investments in renewables, particularly SAF [64][66] Question: Tax implications of the Midway pipeline sale - Management confirmed there will be a tax impact from the $90 million sale, with taxes anticipated to be paid in early 2025 [71] Question: Constraints impacting renewable diesel capacity - Management explained that catalyst limitations have necessitated a downgrade in capacity, but future projects could address these constraints [75][76]

Market Conditions and Risks - The company faces volatile margins in the refining industry, with exposure to fluctuating crude oil and refined product prices[42]. - The impact of the Russia-Ukraine war and Middle East conflicts has affected commodity prices and market conditions[42]. - The company anticipates challenges in forecasting future financial conditions and results due to market volatility and inflation[42]. - Significant risks include potential interruptions in supply chains and transportation affecting feedstocks and product distribution[44]. - The company is dependent on major customers, and the loss of any significant customer could adversely impact financial results[53]. - Compliance with environmental regulations and changes in laws related to climate change may adversely affect operations[53]. - The company is exposed to risks from unplanned shutdowns of facilities, which could lead to production declines[53]. - The nitrogen fertilizer segment's performance is highly dependent on government credits, leading to uncertainty[53]. - The company is subject to cybersecurity risks that could disrupt operations[53]. - The company’s capital projects may face delays or cost overruns, impacting overall business performance[53]. - The company is exposed to market risk related to volatility in the price of Renewable Identification Numbers (RINs) needed to comply with EPA mandates[472]. - An increase in interest rates will cause the company's debt service obligations to increase, impacting financial performance[9]. Financial Performance - Net sales for 2024 were $7,610 million, a decrease of 17.7% from $9,247 million in 2023[496]. - Operating income dropped significantly to $58 million in 2024, compared to $1,123 million in 2023, reflecting a decline of 94.8%[496]. - Net income attributable to CVR Energy stockholders was $7 million in 2024, down 99.1% from $769 million in 2023[496]. - Total current assets decreased to $1,824 million in 2024, down 16.3% from $2,179 million in 2023[496]. - Total assets declined to $4,263 million in 2024, a decrease of 9.4% from $4,707 million in 2023[496]. - Long-term liabilities increased to $2,277 million in 2024, up 14.6% from $1,987 million in 2023[496]. - Cash and cash equivalents at the end of 2024 were $987 million, a decrease of 16.7% from $1,186 million at the end of 2023[503]. - The company reported a net cash provided by operating activities of $404 million in 2024, down 57.4% from $948 million in 2023[503]. - Dividends paid to CVR Energy stockholders were $151 million in 2024, a reduction of 66.7% from $453 million in 2023[503]. - Basic and diluted earnings per share fell to $0.06 in 2024, compared to $7.65 in 2023, marking a decline of 99.2%[496]. Segment Performance - CVR Energy is primarily engaged in petroleum refining, renewable fuels, and nitrogen fertilizer manufacturing, with a significant ownership of 66% by Icahn Enterprises as of December 31, 2024[506]. - The company revised its reportable segments to include a new Renewables Segment, reflecting the prominence of the renewables business in 2024 performance[514]. - Petroleum Segment revenue was $6,909 million in 2024, down 16.4% from $8,267 million in 2023, primarily due to lower gasoline and distillate sales[611]. - Nitrogen Fertilizer Segment revenue decreased to $524 million in 2024 from $681 million in 2023, reflecting lower UAN and ammonia sales[611]. - The Nitrogen Fertilizer Segment incurred turnaround expenses of less than $1 million in 2024, compared to $2 million in 2023 and $33 million in 2022[549]. Debt and Financing - The company has $325 million of outstanding borrowings under the Term Loan that are subject to variable interest rates, with a hypothetical 50-basis point fluctuation in interest rates resulting in an annual change of $2 million in interest expense[473]. - The company completed the issuance of $600 million in 8.50% Senior Notes, with net cash proceeds of $598 million reserved for the payment of the 2025 Notes[578]. - The company has a total of $996 million in CVR Energy debt, which includes $600 million in 8.50% Senior Notes due January 2029 and $400 million in 5.75% Senior Notes due February 2028[573]. - The total long-term debt and finance lease obligations increased to $1,919 million in 2024 from $2,185 million in 2023[573]. - The company is subject to covenants that restrict its ability to incur additional indebtedness, pay dividends, and engage in certain transactions[588]. - As of December 31, 2024, the company was in compliance with all covenants of its debt instruments[607]. Shareholder and Equity Information - The company is authorized to issue up to a total of 350 million shares of common stock and 50 million shares of preferred stock, which could dilute equity ownership of current holders[9]. - The company’s stock price may decline due to sales of shares by significant shareholders, such as Mr. Carl C. Icahn[9]. - The company had 5.6 million shares available for future grants under the CVR Energy Long-Term Incentive Plan at December 31, 2024[637]. - A total of 1,288,232 shares were granted under the Share-Based Awards in 2024, with a weighted-average grant date fair value of $22.61[642]. Inventory and Assets - The company’s inventories include crude oil, renewable diesel, and nitrogen fertilizer products, valued at the lower of GAAP FIFO cost or net realizable value[520]. - Total inventories decreased from $604 million in 2023 to $502 million in 2024, with losses recognized of $5 million and $4 million for the years ended December 31, 2024 and 2023, respectively, due to carrying amounts exceeding net realizable value[556]. - Property, plant, and equipment net increased from $2,221 million in 2023 to $2,176 million in 2024, with depreciation and amortization expenses of $238 million in 2024[558]. Regulatory and Compliance - CVR Energy is subject to various environmental regulations, with liabilities recognized for future remediation costs when considered probable and reasonably estimable[537]. - The company evaluates subsequent events that may require adjustments to its consolidated financial statements through the date of issuance[509]. - The company expects additional disclosures related to income taxes under ASU 2023-09, effective January 1, 2025, but does not anticipate a material impact on consolidated financial statements[554].

Core Viewpoint - CVR Energy reported a quarterly loss of $0.13 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.65, marking an earnings surprise of 80% [1] - The company generated revenues of $1.95 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.44%, although this represents a decline from $2.2 billion in the same quarter last year [2] Financial Performance - Over the last four quarters, CVR has exceeded consensus EPS estimates two times and topped consensus revenue estimates twice [2] - The current consensus EPS estimate for the upcoming quarter is -$0.57 on revenues of $1.8 billion, and for the current fiscal year, it is -$0.12 on revenues of $7.59 billion [7] Market Position - CVR shares have underperformed the market, losing about 1% since the beginning of the year compared to the S&P 500's gain of 4% [3] - The Zacks Rank for CVR is currently 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Oil and Gas - Refining and Marketing industry, to which CVR belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact CVR's stock performance [5]

Financial Performance - Fourth quarter 2024 net income attributable to CVR Energy stockholders was $28 million, or 28 cents per diluted share, down from $91 million, or 91 cents per diluted share in Q4 2023[1]. - Full-year 2024 net income attributable to CVR Energy stockholders was $7 million, or 6 cents per diluted share, compared to $769 million, or $7.65 per diluted share in 2023[2]. - Net income for Q4 2024 was $40 million, a significant decrease from $97 million in Q4 2023[75]. - Petroleum net income for Q4 2024 was $35 million, a decrease from $158 million in Q4 2023, while the year-end net income was $70 million compared to $1,071 million in 2023[78]. - The Renewables Segment reported a net loss of $3 million in Q4 2024, an improvement from a loss of $30 million in Q4 2023, with year-end losses at $21 million compared to $36 million in 2023[81]. - Nitrogen Fertilizer Segment net income for Q4 2024 was $18 million, up from $10 million in Q4 2023, with year-end net income at $61 million compared to $172 million in 2023[85]. EBITDA and Adjusted EBITDA - Fourth quarter 2024 EBITDA was $122 million, a decrease from $204 million in Q4 2023; adjusted EBITDA was $67 million compared to $170 million in the same period[1]. - Full-year 2024 EBITDA was $394 million, down from $1.4 billion in 2023; adjusted EBITDA for the year was $317 million compared to $1.2 billion in 2023[2]. - Adjusted EBITDA for Q4 2024 was $67 million, a decrease of 60.7% from $170 million in Q4 2023[49]. - The Adjusted EBITDA for the Petroleum Segment in Q4 2024 was $9 million, significantly lower than $152 million in Q4 2023, with year-end Adjusted EBITDA at $138 million compared to $903 million in 2023[78]. - The Adjusted Renewables margin for Q4 2024 was $20 million, compared to a loss of $8 million in Q4 2023, with year-end Adjusted Renewables margin at $51 million versus $34 million in 2023[82]. - The Nitrogen Fertilizer EBITDA and Adjusted EBITDA for Q4 2024 was $50 million, an increase from $38 million in Q4 2023, with year-end EBITDA at $179 million compared to $281 million in 2023[85]. Revenue and Sales - Net sales for Q4 2024 were $1,947 million, a decrease of 11.6% from $2,202 million in Q4 2023[49]. - Total net sales for the year ended December 31, 2024, were $7,610 million, a decrease of 8% from $9,247 million in 2023[52]. - The petroleum segment's net sales for Q4 2024 were $1,755 million, a decrease of 12% from $1,997 million in Q4 2023[52]. - Net sales for the Petroleum Segment in Q4 2024 were $1,755 million, down from $1,997 million in Q4 2023, with year-end sales at $6,920 million compared to $8,287 million in 2023[80]. Operational Metrics - Combined total throughput for Q4 2024 was approximately 214,000 barrels per day, down from 223,000 bpd in Q4 2023[5]. - Total throughput for renewables increased to 278,557 gallons per day in Q4 2024, up 13.1% from 246,384 gallons per day in Q4 2023[62]. - The total throughput for the Petroleum Segment was 19,660,650 barrels in Q4 2024, down from 20,474,980 barrels in Q4 2023, with year-end throughput at 71,837,644 barrels compared to 75,999,905 barrels in 2023[80]. - The nitrogen segment reported an operating income of $26 million in Q4 2024, compared to a loss of $(31) million in Q4 2023[52]. Cash Flow and Capital Expenditures - Net cash flows from operating activities increased to $98 million in Q4 2024, compared to a cash outflow of $(36) million in Q4 2023[51]. - The company's free cash flow for the year ended December 31, 2024, was $181 million, down from $708 million in 2023[51]. - Capitalized expenditures for the years ended December 31, 2024 and 2023 were $58 million and $60 million, respectively[45]. - Total capital expenditures for the year ended December 31, 2024, were $181 million, compared to $197 million in 2023[52]. Debt and Assets - Total debt and finance lease obligations decreased to $1,919 million as of December 31, 2024, down from $2,185 million a year earlier[50]. - Cash and cash equivalents increased to $987 million as of December 31, 2024, compared to $581 million at the end of 2023[50]. - The company's total assets as of December 31, 2024, were $4,263 million, a decrease from $4,707 million in 2023[54]. Segment Performance - The Nitrogen Fertilizer Segment reported Q4 2024 net income of $18 million and EBITDA of $50 million, compared to net income of $10 million and EBITDA of $38 million in Q4 2023[17]. - Full-year 2024 net income for the Nitrogen Fertilizer Segment was $61 million, down from $172 million in 2023; EBITDA decreased to $179 million from $281 million[20]. - The Renewables Segment reported a fourth quarter 2024 net loss of $3 million, an improvement from a net loss of $30 million in Q4 2023; adjusted EBITDA was $9 million compared to a loss of $17 million[11]. Future Outlook - The next planned turnaround at the Coffeyville Refinery is set to commence in January 2025[45]. - The outlook for Q1 2025 projects total throughput for renewables to be between 13 million and 16 million gallons[72].

Financial Performance - For Q4 2024, CVR Energy reported a net income of $28 million, or $0.28 per diluted share, down from $91 million, or $0.91 per diluted share in Q4 2023 [1] - Full-year 2024 net income attributable to CVR Energy stockholders was $7 million, or $0.06 per diluted share, compared to $769 million, or $7.65 per diluted share in 2023 [2] - Adjusted loss for Q4 2024 was $0.13 per diluted share, compared to adjusted earnings of $0.65 per diluted share in Q4 2023 [1] EBITDA and Refining Margins - Q4 2024 EBITDA was $122 million, down from $204 million in Q4 2023; adjusted EBITDA for Q4 2024 was $67 million compared to $170 million in Q4 2023 [1] - Full-year 2024 EBITDA was $394 million, compared to $1.4 billion in 2023; adjusted EBITDA for 2024 was $317 million, down from $1.2 billion in 2023 [2] - Refining margin for Q4 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per barrel in Q4 2023 [6] Segment Performance - The Petroleum Segment reported Q4 2024 net income of $35 million and EBITDA of $72 million, down from $158 million and $196 million respectively in Q4 2023 [4] - The Renewables Segment had a net loss of $3 million in Q4 2024, an improvement from a net loss of $30 million in Q4 2023; adjusted EBITDA for this segment was $9 million compared to a loss of $17 million in Q4 2023 [11] - The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million in Q4 2024, compared to net income of $10 million and EBITDA of $38 million in Q4 2023 [16] Throughput and Production - Combined total throughput for Q4 2024 was approximately 214,000 barrels per day (bpd), down from 223,000 bpd in Q4 2023 [5] - For full-year 2024, total throughput was approximately 196,000 bpd, compared to 208,000 bpd in 2023 [7] - The Nitrogen Fertilizer Segment produced 210,000 tons of ammonia in Q4 2024, with 80,000 net tons available for sale, compared to 205,000 tons produced in Q4 2023 [17] Cash and Debt Position - Consolidated cash and cash equivalents were $987 million at December 31, 2024, up from $581 million at the end of 2023 [25] - Total debt and finance lease obligations were $1.9 billion at December 31, 2024, down from $2.185 billion at the end of 2023 [25] - The company enhanced liquidity by $408 million in Q4 2024 through a term loan and the sale of a 50% interest in Midway Pipeline [24]

Company Overview - CVR Energy (CVI) is expected to report a quarterly loss of $0.65 per share, reflecting a year-over-year decline of 200% [3] - Revenues are anticipated to be $1.9 billion, down 13.7% from the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for release on February 18, 2025, with potential stock movement depending on whether actual results exceed or fall short of expectations [2] - The consensus EPS estimate has been revised down by 25.56% over the last 30 days, indicating a bearish sentiment among analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP for CVR is -7.69%, suggesting analysts have become more pessimistic about the company's earnings prospects [10][11] - The company currently holds a Zacks Rank of 5 (Strong Sell), complicating predictions of an earnings beat [11] Historical Performance - In the last reported quarter, CVR was expected to post a loss of $0.13 per share but actually reported a loss of $0.50, resulting in a surprise of -284.62% [12] - Over the past four quarters, CVR has beaten consensus EPS estimates only twice [13] Industry Comparison - PBF Energy, another player in the Oil and Gas - Refining and Marketing industry, is expected to report a loss of $2.46 per share, indicating a year-over-year change of -500% [17] - PBF Energy's revenues are projected to be $7.25 billion, down 20.7% from the previous year [17] - The consensus EPS estimate for PBF Energy has been revised up by 1.2% in the last 30 days, with an Earnings ESP of 7.20%, suggesting a higher likelihood of beating the consensus estimate [18]

Core Viewpoint - CVR Energy, Inc. is set to release its fourth quarter and full-year 2024 earnings results on February 18, 2025, after market close, followed by a teleconference on February 19, 2025, to discuss these results [1][2]. Group 1: Earnings Release Information - The earnings results will be available via GlobeNewswire and on the company's website [3]. - A teleconference will be held on February 19, 2025, at 1 p.m. Eastern, allowing investors and analysts to discuss the earnings results [1][2]. Group 2: Company Overview - CVR Energy is a diversified holding company based in Sugar Land, Texas, involved in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners, LP [4]. - The company owns 37 percent of the common units of CVR Partners, LP, and its subsidiaries serve as the general partner [4].

Company Operations - CVR Energy has initiated a planned turnaround at its Coffeyville, Kansas refinery following damage to the Naphtha Hydrotreater caused by freezing weather conditions on January 21, 2025 [1] - The company plans to provide further updates on the turnaround during its next earnings conference call [1] Business Overview - CVR Energy is a diversified holding company headquartered in Sugar Land, Texas, primarily engaged in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners [3] - The company's subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners [3] Investor Communication - CVR Energy may announce material information through SEC filings, press releases, public conference calls, webcasts, and its Investor Relations website [4] - The company encourages stakeholders to review information posted on its website as it could be deemed material [4]