Reported full-year 2023 net income attributable to CVR Energy stockholders of $769 million and EBITDA of $1.4 billion. Declared quarterly cash dividend of 50 cents for the fourth quarter 2023, bringing the cumulative cash dividends declared for 2023 to $4.50 per share.CVR Partners (NYSE:UAN) declared a fourth quarter 2023 cash distribution of $1.68 per common unit, bringing the cumulative cash distributions declared for 2023 to $17.80 per common unit. SUGAR LAND, Texas, Feb. 20, 2024 (GLOBE NEWSWIRE) -- CVR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33492 ______________________________________________ ...

SUGAR LAND, Texas, Feb. 07, 2024 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE: CVI) plans to release its fourth quarter and full-year 2023 earnings results on Tuesday, February 20, after the close of trading on the New York Stock Exchange. The Company also will host a teleconference call on Wednesday, February 21, at 1 p.m. Eastern to discuss these results. This call, which will contain forward-looking information, will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s webs ...

SUGAR LAND, Texas, Feb. 07, 2024 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE:CVI) plans to release its fourth quarter and full-year 2023 earnings results on Tuesday, February 20, after the close of trading on the New York Stock Exchange. The Company also will host a teleconference call on Wednesday, February 21, at 1 p.m. Eastern to discuss these results. This call, which will contain forward-looking information, will be webcast live and can be accessed on the Investor Relations section of CVR Energy's websi ...

Aliaksandr Yarmashchuk Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity. -- Carl Icahn If you follow the financial news at all you have probably heard of billionaire investor Carl Icahn. You may even know about him from his primary public investment vehicle, Icahn Enterprises L.P. (IEP), an industrial conglomerate that Icahn incorporated in 1987. From the company website: Icahn Enterprises L.P. is a diversified holding company engaged in seven primary bus ...

Financial Data and Key Metrics Changes - For Q3 2023, the company reported consolidated net income of $354 million and earnings per share of $3.51, with EBITDA of $530 million, driven by strong gas and diesel crack spreads and a decline in RIN prices [29][41] - Adjusted EBITDA for the quarter was $313 million, and adjusted earnings per share was $1.89, reflecting a reduction in RINs expense and favorable inventory valuation [41][42] - Direct operating expenses in the Petroleum segment decreased to $5.39 per barrel from $5.53 per barrel in Q3 2022, attributed to lower natural gas and electricity prices [42] Business Line Data and Key Metrics Changes - In the Petroleum segment, total throughput for Q3 2023 was approximately 212,000 barrels per day, with a light product yield of 98% on crude oil processed [32] - The Fertilizer segment achieved adjusted EBITDA of $32 million for Q3 2023, supported by strong production and reduced operating expenses despite declining nitrogen fertilizer prices [43] - The Renewable Diesel Unit processed nearly 24 million gallons of vegetable oil feedstock in Q3 2023, contributing positively to the overall results [35][62] Market Data and Key Metrics Changes - Benchmark crack spreads remained elevated, with Group 3 2-1-1 averaging $39.10 per barrel in Q3 2023 [33] - Gasoline inventories are in line with five-year averages, while distillate inventories are over 12% below the five-year average, indicating a tight market [55] - The company noted strong exports of gasoline and diesel, averaging over 2 million barrels per day in 2023 [55] Company Strategy and Development Direction - The company is focused on maximizing free cash flow and exploring opportunities to grow its Renewables business, including potential shifts in production from Renewable Diesel to sustainable aviation fuel [76] - Plans are in place to increase distillate yield from refineries by approximately 6,000 barrels per day over the next two to three years [58] - The company is also progressing on the construction of the pretreatment unit, expected to be mechanically complete in Q4 2023 [59] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook due to significant geopolitical risks affecting the market [54] - The company anticipates a strong fall ammonia application in the Fertilizer segment, supported by a good order book [73] - Management highlighted the importance of disconnecting D6 from D4 obligations in the RFS program to better align with industry growth [82] Other Important Information - The Board of Directors authorized a special dividend of $1.50 per share, in addition to a regular dividend of $0.50 per share, totaling a cash return of approximately 13% to shareholders [30][31] - The estimated accrued RFS obligation on the balance sheet was $413 million as of September 30, 2023, reflecting ongoing regulatory challenges [51] Q&A Session Summary Question: Concerns about weaker gasoline demand - Management indicated that current gasoline demand fluctuations are seasonal and should correct themselves in the coming months [23][25] Question: Dynamics of RIN pricing and Renewable Diesel capacity - Management acknowledged the complexity of balancing lower RIN prices with the desire to grow Renewable Diesel capacity, emphasizing the need for regulatory adjustments [77][78] Question: Timeline for court ruling on small refinery exemptions - Management estimated a ruling could be expected before the end of Q2 2024, with ongoing efforts to secure favorable outcomes [94]

In addition, the Company, upon approval by the Board on October 30, 2023, declared a special dividend of $1.50 per share, or $151 million, which is payable November 20, 2023 to shareholders of record as of November 13, 2023. Of this amount, IEP will receive $100 million due to its ownership interest in the Company's shares. Information About Us September 30, 2023 | 5 Item 1. Financial Statements The accompanying notes are an integral part of these condensed consolidated financial statements. | --- | --- | - ...

CVR Energy, Inc. (NYSE:CVI) Q2 2023 Earnings Call Transcript August 1, 2023 1:00 PM ET Company Participants Richard Roberts - VP, FP&A and IR Dave Lamp - CEO Dane Neumann - CFO Conference Call Participants Matthew Blair - Tudor, Pickering, Holt Manav Gupta - UBS John Royall - JPMorgan Neil Mehta - Goldman Sachs Paul Cheng - Scotiabank Operator Greetings, and welcome to the CVR Energy, Inc. Second Quarter 2023 Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is n ...

Form 10-Q Delaware 61-1512186 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a shell compa ...

Financial Data and Key Metrics Changes - The company reported consolidated net income of $259 million and earnings per share of $1.94 for the first quarter of 2023, with EBITDA at $401 million [36][40] - Adjusted EBITDA for the quarter was $334 million, with adjusted earnings per share at $1.44 [19] - Cash provided by operations was $247 million, and free cash flow was $213 million [21] Business Line Data and Key Metrics Changes - In the Petroleum segment, adjusted EBITDA was $210 million, driven by strong product cracks in the Mid-Con [19] - Direct operating expenses in the Petroleum segment increased to $5.90 per barrel compared to $5.57 per barrel in the first quarter of 2022 [10] - The Fertilizer segment achieved adjusted EBITDA of $124 million, with strong production offsetting a decline in nitrogen fertilizer prices [10] Market Data and Key Metrics Changes - Group 3 2-1-1 cracks averaged $34.16 per barrel in the first quarter, while the average for the second quarter to date is $32.32 per barrel [17][29] - RIN prices remained high at $8 per barrel, with an estimated accrued RFS obligation of $582 million as of March 31 [6][9] - Fertilizer prices are approximately $500 for ammonia and $300 per ton for UAN [29] Company Strategy and Development Direction - The company plans to invest additional capital in fertilizer plants to improve reliability and lower carbon footprint [28] - A hedging program was authorized to enter into crack spread swaps for up to 30% of expected gasoline and diesel production for Q2 through Q4 of 2023 and all of 2024 [26] - The company is evaluating a potential transaction to spin off its GP and LP interests in CVR Partners [28] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the near-term outlook, driven by solid contributions from both refining and fertilizer segments [47] - The company noted that while diesel cracks have softened, increased gas cracks have somewhat offset this decline [25] - Management highlighted strong demand for fertilizer due to favorable grain prices and farmer economics [39] Other Important Information - The Board of Directors authorized a first-quarter dividend of $0.50 per share, with an annualized dividend yield of approximately 7% [16] - Total consolidated capital spending for 2023 is estimated to be between $200 million and $226 million [11] Q&A Session Summary Question: Will the hedging strategy affect the modeling of capture rates? - Management acknowledged that the hedges would likely support margins and affect results materially in the upcoming quarters [31][54] Question: What is the outlook for distillate demand? - Management indicated that distillate demand has been strong, but there are signs of a slowdown in the industrial economy [71] Question: Can the $0.50 dividend be sustained? - Management stated that the dividend is evaluated quarterly, and while they aim to maintain it, market conditions will dictate future decisions [58] Question: What are the expected impacts of the E15 blend waiver? - Management believes the E15 waiver will generate more D6 RINs but does not expect it to have a significant impact on gasoline demand [79] Question: What is the sustaining CapEx for the corporation? - Management indicated that sustaining CapEx is estimated to be between $80 million and $100 million [82]