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Cvr Energy Inc (CVI) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Cvr Energy Inc

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CIK: 1376139 Ticker: CVI


Exhibit 99.1


cvilogoa11a.jpg

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.”

Petroleum

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.

1
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.

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Inside Cvr Energy Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Operations
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Details)
Business Segments - Summary Of Operating Results, Capital Expenditures, And Total Asset Information By Segment (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Contingencies (Details)
Commitments And Contingencies - Crude Oil Supply Agreement (Details)
Commitments And Contingencies - Environmental, Health, And Safety ("Ehs") Matters (Details)
Commitments And Contingencies - Schedule Of Minimum Required Payments For Unconditional Purchase Obligations (Details)
Derivative Financial Instruments, Investments And Fair Value Measurements
Derivative Financial Instruments, Investments And Fair Value Measurements (Tables)
Derivative Financial Instruments, Investments And Fair Value Measurements - Additional Information (Details)
Derivative Financial Instruments, Investments And Fair Value Measurements - Investments (Details)
Derivative Financial Instruments, Investments And Fair Value Measurements - Outstanding Positions Held (Details)
Derivative Financial Instruments, Investments And Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Derivative Financial Instruments, Investments And Fair Value Measurements - Schedule Of Offsetting Assets And Liabilities (Details)
Derivative Financial Instruments, Investments And Fair Value Measurements - Schedule Of Realized And Unrealized (Losses) Gains On Derivatives (Details)
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Additional Information (Details)
Equity Method Investments - Schedule Of Equity Method Investments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Reconciliation Of Total Income Tax (Benefit) Expense (Details)
Income Taxes - Schedule Of Income Tax Effect Of Temporary Differences (Details)
Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Reconciliation Of The Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Balance Sheet Summary (Details)
Leases - Lease Expense Summary (Details)
Leases - Lease Terms And Discount Rates (Details)
Leases - Summary Of Remaining Minimum Lease Payments (Details)
Long-Term Debt And Finance Lease Obligations
Long-Term Debt And Finance Lease Obligations (Tables)
Long-Term Debt And Finance Lease Obligations - 2025 Notes And 2028 Notes, Redemption (Details)
Long-Term Debt And Finance Lease Obligations - 2028 Uan Notes, Redemption (Details)
Long-Term Debt And Finance Lease Obligations - Credit Agreement (Details)
Long-Term Debt And Finance Lease Obligations - Cvr Energy (Details)
Long-Term Debt And Finance Lease Obligations - Cvr Partners (Details)
Long-Term Debt And Finance Lease Obligations - Cvr Refining (Details)
Long-Term Debt And Finance Lease Obligations - Schedule Of Long-Term Debt (Details)
Organization And Nature Of Business
Organization And Nature Of Business (Details)
Other Current Liabilities
Other Current Liabilities (Details)
Other Current Liabilities (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Distributions To Cvr Partners' Unitholders (Details)
Related Party Transactions - Dividends To Cvr Energy Stockholders (Details)
Related Party Transactions - Enable Joint Venture Agreement And Midway Joint Venture (Details)
Related Party Transactions - Expenses Incurred And Payments Made To Related Parties (Details)
Revenue
Revenue (Tables)
Revenue - Major Customers (Details)
Revenue - Remaining Performance Obligation (Details)
Revenue - Revenue Disaggregated By Major Product (Details)
Revenue - Summary Of Deferred Revenue Activity (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Schedule Of Share-Based Compensation Activity (Details)
Share-Based Compensation - Summary Of Incentive And Phantom Unit Awards Activity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounts Receivable, Net (Details)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Summary Of Significant Accounting Policies - Impairment Of Long-Lived Assets And Goodwill (Details)
Summary Of Significant Accounting Policies - Principles Of Consolidation (Details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment, Net (Details)
Summary Of Significant Accounting Policies - Schedule Of Inventories (Details)
Summary Of Significant Accounting Policies - Turnaround Expenses (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Cash, Cash Equivalents, And Restricted Cash (Details)
Supplemental Cash Flow Information - Schedule Of Cash Flows Related To Income Taxes, Interest, Leases, Capital Expenditures And Deferred Financing Costs Included In Accounts Payable And Non-Cash Dividends (Details)
Ticker: CVI
CIK: 1376139
Form Type: 10-K Annual Report
Accession Number: 0001376139-23-000009
Submitted to the SEC: Wed Feb 22 2023 4:19:40 PM EST
Accepted by the SEC: Wed Feb 22 2023
Period: Saturday, December 31, 2022
Industry: Petroleum Refining

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