CVR Energy(US:CVI)2025-04-28 21:22Financial 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% compared to $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% growth[52]. - Renewable utilization rate improved to 61.9% in Q1 2025, compared to 30.0% in Q1 2024[52]. Pricing and Margins - Average realized gate prices for ammonia increased by 5% to $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% and 90%[62]. - Direct operating expenses for renewables are estimated to be between $8 million and $10 million in Q2 2025[62].