CVR Energy Reports Fourth Quarter and Full-Year 2022 Results
and Announces a Cash Dividend of 50 cents per Share
•Reported full-year 2022 net income of $463 million and EBITDA of $1.2 billion.
•Achieved safe, reliable operations as demonstrated by a 50 percent reduction in our total recordable incident rate in 2022 compared to 2021.
•Increased quarterly cash dividend to 50 cents for the fourth quarter 2022, bringing the cumulative cash dividends declared for 2022 to $5.30 per share, including special dividends.
•Achieved 2022 total shareholder return of 115 percent.
•CVR Partners (NYSE: UAN) declared a fourth quarter 2022 cash distribution of $10.50 per common unit, bringing the cumulative cash distributions declared for 2022 to $24.58 per common unit.
SUGAR LAND, Texas (February 21, 2023) – CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2022 net income of $112 million, or $1.11 per diluted share, on net sales of $2.7 billion, compared to a fourth quarter 2021 net loss of $14 million, or 14 cents per diluted share, on net sales of $2.1 billion. Adjusted earnings for the fourth quarter of 2022 was $1.68 per diluted share compared to an adjusted loss of 20 cents per diluted share in the fourth quarter of 2021, primarily driven by improved crack spreads. Fourth quarter 2022 EBITDA was $313 million, compared to fourth quarter 2021 EBITDA of $116 million. Adjusted EBITDA for the fourth quarter of 2022 was $388 million, compared to adjusted EBITDA of $109 million in the fourth quarter of 2021.
For full-year 2022, the Company reported net income of $463 million, or $4.60 per diluted share, on net sales of $10.9 billion, compared to net income for full-year 2021 of $25 million, or 25 cents per diluted share, on net sales of $7.2 billion. Adjusted earnings for full-year 2022 was $6.04 per diluted share compared to an adjusted loss of 93 cents per diluted share in full-year 2021, primarily driven by improved crack spreads. Full-year 2022 EBITDA was $1.2 billion, compared to full-year 2021 EBITDA of $462 million. Adjusted EBITDA for full-year 2022 was $1.4 billion, compared to adjusted EBITDA of $301 million for full-year 2021.
“CVR Energy reported strong results for the 2022 full year, primarily due to an increase in the Group 3 2-1-1 crack spread driven by tight inventory levels,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “CVR Partners achieved strong results for the full-year 2022 despite planned turnarounds at both of its nitrogen fertilizer production facilities. Grain prices are near 10-year highs and planted corn acres are expected to increase by 3 percent to 5 percent for the spring 2023 planting season.
“We also are pleased to announce that on February 1, 2023, CVR Energy completed its corporate transformation to segregate its renewables business,” Lamp said. “While we remain proud of our production of the petroleum products that fuel the lives of hardworking Americans, this corporate transformation should offer our renewables business a defined focus and better access to new capital and new partnerships to support future growth. We believe we are uniquely positioned to competitively produce renewable fuels due to, among other reasons, our proximity to the farm belt, excess hydrogen capacity and existing CO2 sequestration capabilities.”
Fourth Quarter 2022
The Petroleum Segment reported fourth quarter 2022 operating income of $155 million, on net sales of $2.4 billion, compared to fourth quarter 2021 operating loss of $27 million, on net sales of $1.9 billion.
The following information was filed by Cvr Energy Inc (CVI) on Tuesday, February 21, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.