CVR Energy Reports Third Quarter 2024 Results

Financial Performance - CVR Energy reported a net loss attributable to stockholders of $124 million for Q3 2024, compared to a net income of $353 million in Q3 2023, resulting in a loss per diluted share of $1.24 versus earnings of $3.51 per share in the prior year [1][29] - The company's EBITDA loss for Q3 2024 was $35 million, a significant decline from an EBITDA of $530 million in Q3 2023 [1][29] - Adjusted EBITDA for Q3 2024 was $63 million, down from $313 million in Q3 2023, while adjusted loss per diluted share was 50 cents compared to adjusted earnings of $1.89 per share in the previous year [1][29] Segment Performance - The Petroleum Segment experienced a net loss of $110 million and an EBITDA loss of $75 million in Q3 2024, compared to a net income of $460 million and EBITDA of $484 million in Q3 2023 [3][34] - The Nitrogen Fertilizer Segment reported net income of $4 million and EBITDA of $36 million on net sales of $125 million for Q3 2024, an improvement from a net income of $1 million and EBITDA of $32 million on net sales of $131 million in Q3 2023 [6][34] Operational Metrics - Combined total throughput for Q3 2024 was approximately 189,000 barrels per day (bpd), down from approximately 212,000 bpd in Q3 2023 [4][39] - The refining margin for Q3 2024 was $44 million, or $2.53 per total throughput barrel, a sharp decline from $607 million, or $31.05 per barrel, in the same period of 2023 [5][38] - Average realized gate prices for UAN increased by 3% to $229 per ton, and ammonia prices rose by 9% to $399 per ton compared to Q3 2023 [8][45] Cash and Debt Position - As of September 30, 2024, consolidated cash and cash equivalents were $534 million, a decrease of $47 million from December 31, 2023, while total debt and finance lease obligations stood at $1.6 billion [11][32] - The company announced it will not pay a cash dividend for Q3 2024, reflecting concerns over the current margin environment [2][11] Future Outlook - The CEO indicated that the refining business was impacted by reduced throughputs due to unplanned downtime and external power supply outages, with a significant turnaround planned at the Coffeyville refinery in Q1 2025 [2][3]