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CVR Energy(CVI) - 2024 Q4 - Annual Results
CVICVR Energy(CVI)2025-02-18 22:06

Financial Performance - Fourth quarter 2024 net income attributable to CVR Energy stockholders was 28million,or28centsperdilutedshare,downfrom28 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 7million,or6centsperdilutedshare,comparedto7 million, or 6 cents per diluted share, compared to 769 million, or 7.65perdilutedsharein2023[2].−NetincomeforQ42024was7.65 per diluted share in 2023[2]. - Net income for Q4 2024 was 40 million, a significant decrease from 97millioninQ42023[75].−PetroleumnetincomeforQ42024was97 million in Q4 2023[75]. - Petroleum net income for Q4 2024 was 35 million, a decrease from 158millioninQ42023,whiletheyear−endnetincomewas158 million in Q4 2023, while the year-end net income was 70 million compared to 1,071millionin2023[78].−TheRenewablesSegmentreportedanetlossof1,071 million in 2023[78]. - The Renewables Segment reported a net loss of 3 million in Q4 2024, an improvement from a loss of 30millioninQ42023,withyear−endlossesat30 million in Q4 2023, with year-end losses at 21 million compared to 36millionin2023[81].−NitrogenFertilizerSegmentnetincomeforQ42024was36 million in 2023[81]. - Nitrogen Fertilizer Segment net income for Q4 2024 was 18 million, up from 10millioninQ42023,withyear−endnetincomeat10 million in Q4 2023, with year-end net income at 61 million compared to 172millionin2023[85].EBITDAandAdjustedEBITDA−Fourthquarter2024EBITDAwas172 million in 2023[85]. EBITDA and Adjusted EBITDA - Fourth quarter 2024 EBITDA was 122 million, a decrease from 204millioninQ42023;adjustedEBITDAwas204 million in Q4 2023; adjusted EBITDA was 67 million compared to 170millioninthesameperiod[1].−Full−year2024EBITDAwas170 million in the same period[1]. - Full-year 2024 EBITDA was 394 million, down from 1.4billionin2023;adjustedEBITDAfortheyearwas1.4 billion in 2023; adjusted EBITDA for the year was 317 million compared to 1.2billionin2023[2].−AdjustedEBITDAforQ42024was1.2 billion in 2023[2]. - Adjusted EBITDA for Q4 2024 was 67 million, a decrease of 60.7% from 170millioninQ42023[49].−TheAdjustedEBITDAforthePetroleumSegmentinQ42024was170 million in Q4 2023[49]. - The Adjusted EBITDA for the Petroleum Segment in Q4 2024 was 9 million, significantly lower than 152millioninQ42023,withyear−endAdjustedEBITDAat152 million in Q4 2023, with year-end Adjusted EBITDA at 138 million compared to 903millionin2023[78].−TheAdjustedRenewablesmarginforQ42024was903 million in 2023[78]. - The Adjusted Renewables margin for Q4 2024 was 20 million, compared to a loss of 8millioninQ42023,withyear−endAdjustedRenewablesmarginat8 million in Q4 2023, with year-end Adjusted Renewables margin at 51 million versus 34millionin2023[82].−TheNitrogenFertilizerEBITDAandAdjustedEBITDAforQ42024was34 million in 2023[82]. - The Nitrogen Fertilizer EBITDA and Adjusted EBITDA for Q4 2024 was 50 million, an increase from 38millioninQ42023,withyear−endEBITDAat38 million in Q4 2023, with year-end EBITDA at 179 million compared to 281millionin2023[85].RevenueandSales−NetsalesforQ42024were281 million in 2023[85]. Revenue and Sales - Net sales for Q4 2024 were 1,947 million, a decrease of 11.6% from 2,202millioninQ42023[49].−TotalnetsalesfortheyearendedDecember31,2024,were2,202 million in Q4 2023[49]. - Total net sales for the year ended December 31, 2024, were 7,610 million, a decrease of 8% from 9,247millionin2023[52].−Thepetroleumsegment′snetsalesforQ42024were9,247 million in 2023[52]. - The petroleum segment's net sales for Q4 2024 were 1,755 million, a decrease of 12% from 1,997millioninQ42023[52].−NetsalesforthePetroleumSegmentinQ42024were1,997 million in Q4 2023[52]. - Net sales for the Petroleum Segment in Q4 2024 were 1,755 million, down from 1,997millioninQ42023,withyear−endsalesat1,997 million in Q4 2023, with year-end sales at 6,920 million compared to 8,287millionin2023[80].OperationalMetrics−CombinedtotalthroughputforQ42024wasapproximately214,000barrelsperday,downfrom223,000bpdinQ42023[5].−Totalthroughputforrenewablesincreasedto278,557gallonsperdayinQ42024,up13.18,287 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)millioninQ42023[52].CashFlowandCapitalExpenditures−Netcashflowsfromoperatingactivitiesincreasedto(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)millioninQ42023[51].−Thecompany′sfreecashflowfortheyearendedDecember31,2024,was(36) million in Q4 2023[51]. - The company's free cash flow for the year ended December 31, 2024, was 181 million, down from 708millionin2023[51].−CapitalizedexpendituresfortheyearsendedDecember31,2024and2023were708 million in 2023[51]. - Capitalized expenditures for the years ended December 31, 2024 and 2023 were 58 million and 60million,respectively[45].−TotalcapitalexpendituresfortheyearendedDecember31,2024,were60 million, respectively[45]. - Total capital expenditures for the year ended December 31, 2024, were 181 million, compared to 197millionin2023[52].DebtandAssets−Totaldebtandfinanceleaseobligationsdecreasedto197 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 2,185millionayearearlier[50].−Cashandcashequivalentsincreasedto2,185 million a year earlier[50]. - Cash and cash equivalents increased to 987 million as of December 31, 2024, compared to 581millionattheendof2023[50].−Thecompany′stotalassetsasofDecember31,2024,were581 million at the end of 2023[50]. - The company's total assets as of December 31, 2024, were 4,263 million, a decrease from 4,707millionin2023[54].SegmentPerformance−TheNitrogenFertilizerSegmentreportedQ42024netincomeof4,707 million in 2023[54]. Segment Performance - The Nitrogen Fertilizer Segment reported Q4 2024 net income of 18 million and EBITDA of 50million,comparedtonetincomeof50 million, compared to net income of 10 million and EBITDA of 38millioninQ42023[17].−Full−year2024netincomefortheNitrogenFertilizerSegmentwas38 million in Q4 2023[17]. - Full-year 2024 net income for the Nitrogen Fertilizer Segment was 61 million, down from 172millionin2023;EBITDAdecreasedto172 million in 2023; EBITDA decreased to 179 million from 281million[20].−TheRenewablesSegmentreportedafourthquarter2024netlossof281 million[20]. - The Renewables Segment reported a fourth quarter 2024 net loss of 3 million, an improvement from a net loss of 30millioninQ42023;adjustedEBITDAwas30 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].