Financial Data and Key Metrics Changes - For the first quarter of 2025, the company reported a consolidated net loss of $105 million and a loss per share of $1.22, with EBITDA also reflecting a loss of $61 million [5][13] - Adjusted EBITDA for the quarter was $24 million, while adjusted loss per share was $0.58 [13] - The negative mark to market impact on outstanding RFS obligations was $112 million, with a favorable inventory valuation impact of $24 million [13] Business Line Data and Key Metrics Changes - In the Petroleum segment, total throughput for Q1 2025 was approximately 125,000 barrels per day, with a light product yield of 95% [5][6] - Adjusted EBITDA for the Petroleum segment was a loss of $30 million, driven by reduced throughput volumes due to planned and unplanned downtime [13] - The Renewables segment achieved an adjusted EBITDA of $3 million, an improvement from a negative $5 million in the prior year, primarily due to higher throughput volumes and increased RIN prices [11][14] - The Fertilizer segment reported an adjusted EBITDA of $53 million, supported by higher UAN sales volumes and ammonia sales prices [14] Market Data and Key Metrics Changes - Group 3 2-1-1 benchmark cracks averaged $17.65 per barrel in Q1 2025, down from $19.55 per barrel in the same period last year [6] - Average RIN prices were approximately $0.84, an increase of over 25% from the previous year [6] - Days of gasoline supply were reported to be 12% below the five-year average, while diesel supply was 17% below [19] Company Strategy and Development Direction - The company plans to ramp up refinery operations to full rates over the second quarter of 2025, with no additional turnarounds planned until 2027 [6][17] - The company is focusing on reducing debt and restoring balance sheet leverage ratios while looking for ways to improve capture and reduce costs [25] - The company is optimistic about the potential for increased jet fuel production, which is not subject to RVO, thereby reducing annual RIN obligations [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that refining market conditions began to improve in Q1 2025, driven by a heavy spring maintenance season and refinery closures [18] - The company expressed confidence in recovering strong margins post-turnaround, despite challenges faced during the Coffeyville turnaround [46][47] - Management highlighted the importance of government support for renewable businesses, indicating a cautious approach to further investments in renewables without assurance of stable credits [56] Other Important Information - The company ended Q1 2025 with a consolidated cash balance of $695 million and total liquidity of approximately $894 million [16] - Significant cash uses included $94 million for capital and turnaround spending, and $113 million for working capital, primarily associated with inventory buildup during the turnaround [16] Q&A Session Summary Question: Understanding refining macro and demand resilience - Management indicated that days of supply have shrunk, suggesting a correcting supply-demand balance, with expectations for summer demand to influence gasoline and diesel markets [28] Question: RVO and SRE implications - Management believes decoupling D4 from D6 is important and criticized the government's handling of RFS, emphasizing the need for lower RIN prices to benefit consumers [31][32][33] Question: Renewable diesel EBITDA expectations - Management noted that RIN prices and feedstock costs are favorable, but emphasized the need for clarity on PTC rules before making further investments [36][37] Question: Jet expansion at Coffeyville - Management expressed confidence in securing contracts with major airlines as existing contracts expire, indicating a positive outlook for jet fuel demand [52] Question: Insider activity at the company - Management refrained from commenting on insider activity, suggesting inquiries should be directed to the individuals involved [80]

CVR Energy (CVI) Q1 2025 Earnings Call April 29, 2025 01:00 PM ET Company Participants Richard Roberts - VP - FP&A and IRDavid Lamp - President & CEODane Neumann - EVP, CFO, Treasurer & Assistant SecretaryManav Gupta - Executive DirectorMatthew Blair - Managing DirectorNeil Mehta - Head of Americas Natural Resources Equity ResearchJohn Royall - Executive Director Conference Call Participants Paul Cheng - Analyst Operator and welcome to the CVR Energy First Quarter twenty twenty five Conference Call. At this ...

The market expects Marathon Petroleum (MPC) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 6, 2025, might help the stock move higher if these key numbers are ...

Core Insights - Sky Quarry Inc. is positioning itself to meet rising regional demand by engaging Kevin Arrington of TAR360 as a strategic consultant to enhance growth and optimize internal processes [1][4] - The consulting engagement will focus on scaling production at the Foreland Refinery, aiming to increase output by up to 125% initially and ultimately by up to 300% [2][3] - The company is enhancing refining efficiency by improving distillation and refracturing processes, which will help convert recycled liquid asphalt into sustainable fuels and high-value materials [3][5] Company Strategy - The engagement with TAR360 aims to create a practical operating framework that aligns daily activities with broader business goals, ensuring measurable performance and resource allocation [4] - Kevin Arrington's expertise will help evaluate and upgrade internal reporting systems, providing better access to decision-ready information for strategic oversight [4][5] Industry Context - Sky Quarry's initiatives are particularly relevant as California faces fuel supply constraints due to refinery closures and tightening environmental regulations, positioning the company as a next-generation energy provider [3][6] - The company's waste-to-energy mission focuses on recycling millions of tons of asphalt shingle waste, contributing to improved waste management and resource efficiency [6]

CVR Energy (CVI) came out with a quarterly loss of $0.58 per share versus the Zacks Consensus Estimate of a loss of $0.90. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35.56%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.65 per share when it actually produced a loss of $0.13, delivering a surprise of 80%.Over the last four quarters, the compa ...

First quarter net loss attributable to CVR Energy stockholders of $123 million; EBITDA loss of $61 million; adjusted EBITDA of $24 millionFirst quarter loss per diluted share of $1.22 and adjusted loss per diluted share of 58 centsCVR Energy will not pay a cash dividend for the first quarter of 2025CVR Partners announced a cash distribution of $2.26 per common unit SUGAR LAND, Texas, April 28, 2025 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced first quarter ...

Sunoco LP (SUN) closed the most recent trading day at $58.77, moving -0.68% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 2.03% for the day. On the other hand, the Dow registered a gain of 1.23%, and the technology-centric Nasdaq increased by 2.74%.The master limited partnership's stock has climbed by 2.25% in the past month, exceeding the Oils-Energy sector's loss of 10.82% and the S&P 500's loss of 5.07%.The upcoming earnings release of Sunoco LP will b ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net loss of $595 million or $1.90 per share, compared to a net income of $1.2 billion or $3.75 per share in Q1 2024 [12] - Adjusted net income for Q1 2025 was $282 million or $0.89 per share, down from $1.3 billion or $3.84 per share in Q1 2024 [12] - The refining segment reported an operating loss of $530 million in Q1 2025, compared to an operating income of $1.7 billion in Q1 2024 [12] - Refining throughput volumes averaged 2.8 million barrels per day with a capacity utilization of 89% in Q1 2025 [13] Business Line Data and Key Metrics Changes - The Renewable Diesel segment reported an operating loss of $141 million in Q1 2025, down from an operating income of $190 million in Q1 2024 [13] - Ethanol segment operating income was $20 million in Q1 2025, compared to $10 million in Q1 2024 [13] - Ethanol production volumes averaged 4.5 million gallons per day in Q1 2025 [14] Market Data and Key Metrics Changes - U.S. light product demand showed a slight increase compared to last year, with product inventories below the same period last year [8] - Diesel sales volumes increased by 6% year-over-year, supported by higher agricultural demand [26] - Total light product demand globally increased by approximately 1 million barrels per day year-over-year [29] Company Strategy and Development Direction - The company is focused on operational excellence, capital deployment with a focus on returns, and maintaining shareholder returns [10] - A $230 million SEC unit optimization project is underway to increase the yield of high-value products, expected to start in 2026 [9] - The company anticipates tight product supply and demand balances, with low product inventories supporting refining fundamentals ahead of the driving season [10] Management Comments on Operating Environment and Future Outlook - Management noted that refining margins improved through the quarter despite a tough margin environment in the renewable diesel segment [7] - The company expects refining throughput volumes to fall within specific ranges for Q2 2025, with cash operating expenses projected at $5.15 per barrel [18][19] - Management expressed confidence in the resilience of the portfolio despite macroeconomic uncertainties [98] Other Important Information - The company returned $633 million to shareholders in Q1 2025, with a payout ratio of 73% [16] - The company ended the quarter with $8.5 billion in total debt and $4.6 billion in cash and cash equivalents, indicating a strong balance sheet [17] Q&A Session Summary Question: Market dynamics and crude differentials - Management noted that sales through the wholesale system were down a few percent, but product exports were up year-over-year [25] - Diesel sales were supported by higher agricultural demand, with total light product inventory drawing down to below the five-year average [30][31] Question: Guidance for Q2 and maintenance impacts - Management confirmed that lower guidance for Q2 is primarily due to maintenance activities, particularly in the North Atlantic and Mid Continent regions [48][49] Question: Decision to close the Peninsula refinery - Management explained that the decision was influenced by California's stringent regulatory environment and the higher costs associated with maintaining the facility [58] Question: Renewable diesel market normalization - Management indicated that the market is still adjusting to the new PTC regime, with expectations for improvement in the back half of the year [75] Question: Update on import permit in Mexico - Management confirmed the reinstatement of the import permit after demonstrating compliance with Mexican authorities [89][90] Question: Cash balance and share buybacks - Management emphasized the strength of the balance sheet and the commitment to returning cash to shareholders through buybacks [97] Question: Diesel inventory outlook - Management acknowledged the tight diesel inventory situation in the U.S. and the potential for increased volatility in the market [148]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a net loss of $595 million or $1.90 per share, compared to a net income of $1.2 billion or $3.75 per share in Q1 2024 [12] - Adjusted net income for Q1 2025 was $282 million or $0.89 per share, down from $1.3 billion or $3.84 per share in Q1 2024 [12] - The refining segment reported an operating loss of $530 million in Q1 2025, compared to an operating income of $1.7 billion in Q1 2024 [12] - Refining throughput averaged 2.8 million barrels per day with a capacity utilization of 89% [13] Business Line Data and Key Metrics Changes - The Renewable Diesel segment reported an operating loss of $141 million in Q1 2025, down from an operating income of $190 million in Q1 2024 [13] - Ethanol segment operating income was $20 million in Q1 2025, up from $10 million in Q1 2024 [13] - Renewable diesel sales volumes averaged 2.4 million gallons per day in Q1 2025 [13] Market Data and Key Metrics Changes - U.S. light product demand was slightly higher than last year, with product inventories below the same period last year [8] - Diesel sales showed a 6% year-over-year increase, supported by higher agricultural demand [26] - Total light product demand globally increased by approximately 1 million barrels per day year-over-year [29] Company Strategy and Development Direction - The company is focused on operational excellence, capital deployment with a focus on returns, and maintaining shareholder returns [10] - A $230 million SEC unit optimization project is underway to increase the yield of high-value products, expected to start in 2026 [9] - The company anticipates tight product supply and demand balances, with low product inventories supporting refining fundamentals ahead of the driving season [10] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient economy despite macro uncertainties, with expectations of tight gasoline supply in California due to refinery closures [58][148] - The company expects refining cash operating expenses in Q2 2025 to be $5.15 per barrel [19] - Management expressed confidence in the ability to return cash to shareholders, with a commitment to share buybacks supported by a strong balance sheet [98] Other Important Information - The company returned $633 million to shareholders in Q1 2025, with a payout ratio of 73% [16] - The company ended Q1 2025 with $8.5 billion in total debt and $4.6 billion in cash and cash equivalents [17] - The company expects capital investments for 2025 to be approximately $2 billion, with $1.6 billion allocated to sustaining the business [18] Q&A Session Summary Question: Market dynamics and crude differentials - Management noted that sales through the wholesale system were down a few percent, but product exports were up year-over-year [25] - Diesel sales were supported by higher agricultural demand, with a year-over-year increase in gasoline sales of 1% [26] Question: Guidance for Q2 and maintenance impacts - Management confirmed that lower guidance for Q2 is primarily due to maintenance activities, particularly in the North Atlantic and Mid Continent regions [48][106] Question: Decision to close the Peninsula refinery - Management explained that stringent regulatory environments in California influenced the decision to close the refinery, with higher maintenance costs compared to Wilmington [58] Question: Renewable diesel market normalization - Management indicated that the market is adjusting to new PTC regulations, with expectations for improvement in the back half of the year [75] Question: Update on import permit in Mexico - Management confirmed the reinstatement of the import permit after demonstrating compliance with Mexican authorities [89] Question: Cash balance and share buybacks - Management emphasized the strength of the balance sheet and the commitment to returning cash to shareholders through buybacks [98] Question: Diesel inventory outlook - Management acknowledged that California may face gasoline shortages in the coming years, leading to potential volatility in margins [148]

Core Viewpoint - Valero Energy Corporation (VLO) reported a significant adjusted loss in Q1 2025, contrasting sharply with prior earnings and consensus estimates, primarily due to asset impairments and declining refining margins [1][2]. Financial Performance - The adjusted loss for Q1 2025 was $1.90 per share, compared to earnings of $3.82 in the same quarter last year [1]. - Total revenues decreased from $31,759 million in the prior-year quarter to $30,258 million, although this figure exceeded the Zacks Consensus Estimate of $28,450 million [1]. - Adjusted operating income in the Refining segment fell to $605 million from $1.8 billion year-over-year, missing the estimate of $1,022 million [3]. - The Ethanol segment reported an adjusted operating profit of $20 million, down from $39 million in the prior-year quarter, also missing the estimate of $55.1 million [4]. - The Renewable Diesel segment experienced an operating loss of $141 million, a decline from an operating income of $190 million in the previous year [5]. Operational Metrics - Refining throughput volumes increased to 2,828 thousand barrels per day (MBbls/d) from 2,760 MBbls/d year-over-year, surpassing the estimate of 2,786 MBbls/d [6]. - The Gulf Coast region contributed 59.1% to total throughput volume, with Mid-Continent, North Atlantic, and West Coast regions accounting for 16%, 17.4%, and 7.5%, respectively [7]. Margins and Costs - The refining margin per barrel of throughput decreased to $9.78 from $14.07 in the prior year, while operating expenses per barrel rose to $5.07 from $4.71 [8]. - Total cost of sales slightly decreased to $29,751 million from $29,776 million year-over-year, attributed to lower material costs [9]. Capital Investment and Balance Sheet - Capital investment for Q1 totaled $660 million, with $582 million allocated for sustaining the business [10]. - As of March 31, 2025, the company had cash and cash equivalents of $4.6 billion, total debt of $8.5 billion, and finance lease obligations of $2.3 billion [11].