CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

Financial Performance - For Q4 2024, CVR Energy reported a net income of $28 million, or $0.28 per diluted share, down from $91 million, or $0.91 per diluted share in Q4 2023 [1] - Full-year 2024 net income attributable to CVR Energy stockholders was $7 million, or $0.06 per diluted share, compared to $769 million, or $7.65 per diluted share in 2023 [2] - Adjusted loss for Q4 2024 was $0.13 per diluted share, compared to adjusted earnings of $0.65 per diluted share in Q4 2023 [1] EBITDA and Refining Margins - Q4 2024 EBITDA was $122 million, down from $204 million in Q4 2023; adjusted EBITDA for Q4 2024 was $67 million compared to $170 million in Q4 2023 [1] - Full-year 2024 EBITDA was $394 million, compared to $1.4 billion in 2023; adjusted EBITDA for 2024 was $317 million, down from $1.2 billion in 2023 [2] - Refining margin for Q4 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per barrel in Q4 2023 [6] Segment Performance - The Petroleum Segment reported Q4 2024 net income of $35 million and EBITDA of $72 million, down from $158 million and $196 million respectively in Q4 2023 [4] - The Renewables Segment had a net loss of $3 million in Q4 2024, an improvement from a net loss of $30 million in Q4 2023; adjusted EBITDA for this segment was $9 million compared to a loss of $17 million in Q4 2023 [11] - The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million in Q4 2024, compared to net income of $10 million and EBITDA of $38 million in Q4 2023 [16] Throughput and Production - Combined total throughput for Q4 2024 was approximately 214,000 barrels per day (bpd), down from 223,000 bpd in Q4 2023 [5] - For full-year 2024, total throughput was approximately 196,000 bpd, compared to 208,000 bpd in 2023 [7] - The Nitrogen Fertilizer Segment produced 210,000 tons of ammonia in Q4 2024, with 80,000 net tons available for sale, compared to 205,000 tons produced in Q4 2023 [17] Cash and Debt Position - Consolidated cash and cash equivalents were $987 million at December 31, 2024, up from $581 million at the end of 2023 [25] - Total debt and finance lease obligations were $1.9 billion at December 31, 2024, down from $2.185 billion at the end of 2023 [25] - The company enhanced liquidity by $408 million in Q4 2024 through a term loan and the sale of a 50% interest in Midway Pipeline [24]