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Cvr Energy Inc (CVI) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Cvr Energy Inc

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CIK: 1376139 Ticker: CVI


Exhibit 99.1

cvilogoa04.jpg

CVR Energy Reports Third Quarter 2018 Results
And Announces Cash Dividend of 75 Cents


SUGAR LAND, Texas (Oct 24, 2018) - CVR Energy, Inc. (NYSE: CVI) today announced net income of $90 million, or 94 cents per diluted share, on net sales of $1,935 million for the third quarter of 2018, compared to net income of $22 million, or 26 cents per diluted share, on net sales of $1,454 million for the 2017 third quarter. Third quarter 2018 adjusted EBITDA was $172 million, compared to third quarter 2017 adjusted EBITDA of $91 million.

For the first nine months of 2018, net income was $207 million, or $2.31 per diluted share, on net sales of $5,386 million, compared to net income of $34 million, or 39 cents per diluted share, on net sales of $4,395 million for the same period a year earlier. Adjusted EBITDA for the first nine months of 2018 was $361 million, compared to adjusted EBITDA of $209 million for the first nine months of 2017.

“CVR Refining reported solid results for the 2018 third quarter, attributable to stronger crack spreads, reduced Renewable Identification Number (RIN) costs and increased internal RIN generation, wide crude oil differentials and reliable operations,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “Looking forward, CVR Refining will remain focused on safe and reliable operations while taking advantage of favorable product margins and crude oil spreads.”

“CVR Partners posted strong operating performance and improved fertilizer netbacks at both its Coffeyville, Kansas, and East Dubuque, Illinois, fertilizer facilities during the 2018 third quarter,” Lamp said. “Market conditions have continued to improve since summer and global demand for nitrogen fertilizer is strong. In addition, product pricing for the late fall of 2018 has increased by approximately 25 percent from the summer fill season and we’re seeing continued pricing strength into the first quarter of 2019.”

Petroleum Business

The petroleum business, which is operated by CVR Refining and includes the Coffeyville and Wynnewood refineries, reported third quarter 2018 operating income of $176 million on net sales of $1,857 million, compared to operating income of $99 million on net sales of $1,386 million in the third quarter of 2017.

Refining margin adjusted for FIFO impact per combined total throughput, a non-GAAP financial measure, was $15.41 in the 2018 third quarter, compared to $13.05 during the same period in 2017. Direct operating expenses (exclusive of depreciation and amortization), excluding major scheduled turnaround expenses, per combined total throughput, for the 2018 third quarter were $4.17, compared to $5.02 in the third quarter of 2017.

Third quarter 2018 combined total throughput was approximately 219,000 barrels per day (bpd), compared to approximately 214,000 bpd of combined total throughput for the third quarter of 2017.


1
The following information was filed by Cvr Energy Inc (CVI) on Wednesday, October 24, 2018 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Commitments And Contingencies
Commitments And Contingencies - Affiliate Pension Obligations (Details)
Commitments And Contingencies - Crude Oil Supply Agreement (Details)
Commitments And Contingencies - Renewable Fuel Standards (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Open Commodity Derivative Instruments (Details)
Derivative Financial Instruments - Schedule Of Gains (Losses) On Derivatives (Details)
Derivative Financial Instruments - Schedule Of Offsetting Assets And Liabilities (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facilities Outstanding (Details)
Long-Term Debt - Debt Balance, Net Of Current Maturities And Unamortized Issuance Costs (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Organization And Basis Of Presentation (Policies)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Recent Accounting Pronouncements (Tables)
Related Party Transactions
Related Party Transactions - Summary Of Dividends Paid (Details)
Related Party Transactions (Tables)
Related Party Transactions - Expenses Incurred And Payments Made To Related Parties (Details)
Related Party Transactions - Narrative (Details)
Related Party Transactions - Payables Due To/From Related Parties (Details)
Revenue
Revenue - Additional Information (Details)
Revenue - Deferred Revenue (Details)
Revenue - Remaining Performance Obligation (Details)
Revenue - Revenue Disaggregated By Major Product (Details)
Revenue (Tables)
Segments
Segments (Tables)
Segments - Additional Information (Details)
Segments - Summary Of Operating Results And Capital Expenditures By Segment (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Share-Based Compensation Expense (Details)
Shareholders Equity
Shareholders Equity (Details)
Shareholders Equity (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: CVI
CIK: 1376139
Form Type: 10-Q Quarterly Report
Accession Number: 0001376139-18-000067
Submitted to the SEC: Thu Oct 25 2018 1:29:14 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Petroleum Refining

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