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CVR Energy(CVI) - 2021 Q4 - Earnings Call Transcript
2022-02-22 21:03
CVR Energy, Inc. (NYSE:CVI) Q4 2021 Earnings Conference Call February 22, 2022 1:00 PM ET Company Participants Richard Roberts - Senior Manager of FP&A & IR David Lamp - President & CEO Dane Neumann - EVP & CFO Conference Call Participants Phil Gresh - JPMorgan Manav Gupta - Credit Suisse Carly Davenport - Goldman Sachs Matthew Blair - Tudor, Pickering, Holt & Co. Paul Cheng - Scotiabank Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestam ...
CVR Energy(CVI) - 2021 Q4 - Annual Report
2022-02-22 16:00
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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | |----------------------------------------------------------------------- ...
CVR Energy(CVI) - 2021 Q3 - Earnings Call Transcript
2021-11-02 22:43
CVR Energy, Inc. (NYSE:CVI) Q3 2021 Earnings Conference Call November 2, 2021 1:00 PM ET Company Participants Richard Roberts - Senior Manager of FP&A and Investor Relations David Lamp - President and Chief Executive Officer Dane Neumann - Executive Vice President and Chief Financial Officer Conference Call Participants Carly Davenport - Goldman Sachs Group, Inc. Phil Gresh - JPMorgan Chase & Co. Prashant Rao - Citigroup Inc. Matthew Blair - Tudor, Pickering, Holt & Co. Securities, LLC Manav Gupta - Credit ...
CVR Energy(CVI) - 2021 Q3 - Quarterly Report
2021-11-01 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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 CVR ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 61-1512186 (State ...
CVR Energy(CVI) - 2021 Q2 - Earnings Call Transcript
2021-08-04 00:23
CVR Energy, Inc. (NYSE:CVI) Q2 2021 Earnings Conference Call August 3, 2021 3:00 PM ET Company Participants Richard Roberts - Senior Manager of FP&A & Investor Relations Dave Lamp - Chief Executive Officer Tracy Jackson - Chief Financial Officer Conference Call Participants Manav Gupta - Credit Suisse Paul Cheng - Scotiabank Phil Gresh - JPMorgan Carly Davenport - Goldman Sachs Operator Greetings and welcome to the CVR Energy Inc. Second Quarter 2021 Conference Call. At this time, all participants are in a ...
CVR Energy(CVI) - 2021 Q2 - Quarterly Report
2021-08-02 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 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 CVR ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 61-1512186 (State or ot ...
CVR Energy (CVI) Investor Presentation - Slideshow
2021-06-28 19:16
June 2021 Investor Presentation Forward-Looking Statements This presentation contains forward-looking statements ("FLS") which are protected as FLS under the PSLRA, and which are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. The assumptions and estimates underlying FLS are inherently uncertain and are subject t o a wide variety of significant business and economic uncertainties and competitive risks that could cause actual results to dif ...
CVR Energy(CVI) - 2021 Q1 - Earnings Call Transcript
2021-05-04 22:07
CVR Energy, Inc. (NYSE:CVI) Q1 2021 Earnings Conference Call May 4, 2021 1:00 PM ET Company Participants Richard Roberts - IR Officer David Lamp - President, CEO & Director Tracy Jackson - EVP & CFO Conference Call Participants Manav Gupta - Crédit Suisse Prashant Rao - Citigroup Philip Gresh - JPMorgan Chase & Co. Neil Mehta - Goldman Sachs Group Paul Cheng - Scotia Howard Weil Matthew Blair - Tudor, Pickering, Holt & Co. Matthew Vittorioso - Jefferies Operator Greetings, and welcome to the CVR Energy Firs ...
CVR Energy(CVI) - 2021 Q1 - Quarterly Report
2021-05-03 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 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 CVR ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 61-1512186 (State or o ...
CVR Energy(CVI) - 2020 Q4 - Earnings Call Transcript
2021-02-23 22:52
Financial Data and Key Metrics Changes - For the full year 2020, the company reported a net loss of $320 million and a loss of $2.54 per share, while for the fourth quarter, the net loss was $78 million and a loss per share of $0.67 [11][18] - EBITDA for the year was a negative $7 million, and for the quarter, it was a positive $1 million [11][18] - The effective tax rate for the fourth quarter of 2020 was 23% compared to 40% for the prior year period [18] Business Line Data and Key Metrics Changes - The Petroleum segment's EBITDA for Q4 2020 was a negative $66 million compared to a positive $135 million in Q4 2019, driven by narrower crack spreads and elevated RIN prices [19] - The Fertilizer segment reported an operating loss of $1 million and a net loss of $17 million for Q4 2020, compared to an operating loss of $9 million and a net loss of $25 million in Q4 2019 [24] - Ammonia production reached 852,000 tons for the year, with a combined utilization of 95% [10] Market Data and Key Metrics Changes - The combined total throughput for the Petroleum segment in Q4 2020 was approximately 219,000 barrels per day, up from 213,000 barrels per day in Q4 2019 [13] - Group 3 2-1-1 crack spreads averaged $8.44 per barrel in Q4 2020, significantly lower than $16.65 per barrel in Q4 2019 [14] - RINs expense in Q4 2020 was $120 million, compared to $13 million for the same period last year [21] Company Strategy and Development Direction - The company plans to reduce refining capacity and retool for renewable diesel production, focusing on sustainability [7][8] - The acquisition of Blueknight Energy's crude oil pipeline assets is expected to expand crude gathering reach [9] - The company is evaluating potential refinancing of CVR Partners' senior notes at lower costs as credit markets strengthen [36] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism regarding market fundamentals, despite the ongoing challenges posed by high RIN prices and low demand for refined products [31][34] - The company anticipates a net obligation from refining operations of approximately 280 million RINs for 2021 [22] - Management highlighted the need for rationalization of capacity to see sustained improvements in crack spreads [33] Other Important Information - The total consolidated capital spending for 2020 was $121 million, with an estimated range of $215 million to $230 million for 2021 [26] - The company ended 2020 with approximately $667 million in cash and $929 million in liquidity [28] Q&A Session Summary Question: RIN prices and renewable diesel expansion - Management noted that current RIN prices exceed initial project expectations, but they anticipate a potential decrease in the future [41][42] Question: Use of excess cash from renewable diesel project - The Board is evaluating options for excess cash, including share buybacks or debt reduction, but emphasized the importance of maintaining liquidity in uncertain market conditions [44] Question: Delek investment and board nominations - Management expressed that the aim of the letter to Delek was to shift their focus from growth to free cash flow generation, suggesting that the current refineries may present negative gross margins [51][52] Question: Feedstock availability for renewable diesel - Management indicated that securing feedstock for the Wynnewood project is manageable in the short term, but long-term availability remains a concern [57] Question: Capital returns and dividend reinstatement - Management stated that the decision on reinstating dividends will depend on clarity regarding demand and RIN prices, with a focus on free cash flow [60]