CVR Energy(CVI) - 2024 Q4 - Annual Results

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].