CVR Energy(CVI) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter 2025 net loss attributable to CVR Energy stockholders was $123 million, or$1.22 per diluted share, compared to a net income of $82 million, or 81 cents per diluted share in Q1 2024[3]. - The company reported a net loss of$105 million for Q1 2025, compared to a net income of $90 million in Q1 2024, resulting in a basic and diluted loss per share of$1.22[39]. - Net sales for the three months ended March 31, 2025, were $1,646 million, a decrease of 11.6$1,863 million in the same period of 2024[39]. - Free cash flow for Q1 2025 was $(285) million, a decline from$121 million in Q1 2024, reflecting increased cash outflows[41]. - Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of$292 million from December 31, 2024; total debt was $1.9 billion[17]. Segment Performance - The Petroleum Segment reported a net loss of$160 million and an EBITDA loss of $119 million in Q1 2025, compared to net income of$127 million and EBITDA of $171 million in Q1 2024[5]. - Renewables Segment achieved a net income of less than$1 million and EBITDA of $6 million in Q1 2025, compared to a net loss of$10 million and EBITDA loss of $4 million in Q1 2024[10]. - Nitrogen Fertilizer Segment reported net income of$27 million and EBITDA of $53 million on net sales of$143 million for Q1 2025, compared to net income of $13 million and EBITDA of$40 million on net sales of $128 million in Q1 2024[13]. Operational Metrics - Combined total throughput for Q1 2025 was approximately 120,000 barrels per day, a decrease from approximately 196,000 bpd in Q1 2024, primarily due to the turnaround at the Coffeyville refinery[6]. - Total throughput for the company's refineries was 120,377 bpd in Q1 2025, a decrease from 195,792 bpd in Q1 2024, reflecting reduced operational capacity[47]. - Total vegetable oil throughput for Q1 2025 was approximately 156,000 gallons per day, up from approximately 76,000 gallons per day in Q1 2024[11]. - Renewable diesel production increased to 144,189 gallons per day in Q1 2025, up from 62,594 gallons per day in Q1 2024, reflecting a 130$554 per ton in Q1 2025, while UAN prices decreased by 4% to $256 per ton[15]. - The refining margin for Q1 2025 was$(0.42) per throughput barrel, a sharp decline from $16.29 in Q1 2024, while the adjusted refining margin was$7.72 compared to $10.46 in the prior year[46]. - The renewables margin for Q1 2025 improved to$1.13 per vegetable oil throughput gallon, up from $0.65 in Q1 2024, indicating better performance in the renewables segment[51]. - Adjusted renewables margin rose to$13 million in Q1 2025, up from $3 million in Q1 2024, indicating a significant improvement in profitability[70]. Future Projections - Total throughput for petroleum is projected to be between 160,000 and 180,000 barrels per day in Q2 2025, with crude utilization expected between 82$8 million and $10 million in Q2 2025[62].