Last10K.com

Cvr Refining, Lp (CVRR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Cvr Refining, Lp

CIK: 1558785 Ticker: CVRR
4th Quarter 2017 Earnings Report February 22, 2018


 
This presentation should be reviewed in conjunction with CVR Refining, LP’s Fourth Quarter earnings conference call held on February 22, 2018. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. You are cautioned not to put undue reliance on such forward-looking statements (including forecasts and projections regarding our future performance) because actual results may vary materially from those expressed or implied as a result of various factors, including, but not limited to those set forth under “Risk Factors” in CVR Refining, LP’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other filings CVR Refining, LP makes with the Securities and Exchange Commission. CVR Refining, LP assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. All information in this earnings report is unaudited other than the consolidated statement of operations data for the year ended December 31, 2016 and the balance sheet data as of December 31, 2014 through 2016. Forward Looking Statements 2


 
Consolidated Financial Results Fourth Quarter Year to Date (In millions, except for throughput and market data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net Income (Loss) $ (29.0) $ (10.7) $ 88.8 $ 15.3 Gross Profit $ 68.7 $ 34.6 $ 286.4 $ 152.4 Refining Margin(1)(2)(3) $ 205.3 $ 139.5 $ 829.9 $ 620.0 Operating Income $ 46.5 $ 15.3 $ 203.8 $ 77.8 Adjusted EBITDA(4)(5) $ 76.4 $ 27.7 $ 372.6 $ 222.8 NYMEX 2-1-1 Crack Spread $ 20.29 $ 14.70 $ 18.19 $ 14.66 PADD II Group 3 2-1-1 Crack Spread $ 19.96 $ 11.60 $ 17.03 $ 12.39 Refining margin (per crude oil throughput barrel)(1)(2)(6) $ 11.87 $ 7.32 $ 11.10 $ 8.55 Direct Operating Expenses excluding Major Scheduled Turnaround Expenses (per crude oil throughput barrel)(7) $ 5.29 $ 4.96 $ 4.86 $ 4.99 Consolidated Selected Financials and Key Performance Indicators Balance Sheet and Cash Flow Data Fourth Quarter(In millions, except per unit data) 12/31/2017 Cash and Cash Equivalents $ 173.8 Total Debt, including current portion(8) $ 545.0 Partners' Capital $ 1,246.8 Cash Flow used in Operations $ (136.4) Available Cash for Distribution(5)(9) $ 65.6 Distribution Declared, per common unit(9) $ 0.45 (1) Adjusted for FIFO impact (2) Definition on slide 12 (3) Non-GAAP reconciliation on slide 13 3 (4) Non-GAAP reconciliation on slide 18 (5) Definition on slide 11 (6) Non-GAAP reconciliation on slide 16 (7) Non-GAAP reconciliation on slide 17 (8) Amounts presented are gross debt not net of unamortized debt issuance costs (9) Non-GAAP reconciliation on slide 19


 
Q4 2017 Q4 2016 YTD 2017 YTD 2016 147.6 146.9 143.6 137.0 (1) Adjusted for FIFO impact (2) Definition on slide 12 (3) Non-GAAP reconciliation on slide 16 (4) Non-GAAP reconciliation on slide 17 Q4 2017 Q4 2016 YTD 2017 YTD 2016 $13.00 $7.29 $11.70 $8.74 Q4 2017 Q4 2016 YTD 2017 YTD 2016 $4.46 $4.27 $4.36 $4.32 Coffeyville Refinery 4 Refinery Crude Throughput (mbpd) Direct Operating Expenses Excluding Major Scheduled Turnaround Expenses(4) (per crude throughput barrel) Refining Margin(1)(2)(3) (per crude throughput barrel) Barrels Sold (mbpd) Q4 2017 Q4 2016 YTD 2017 YTD 2016 133.2 132.4 131.6 124.2


 
Q4 2017 Q4 2016 YTD 2017 YTD 2016 54.8 75.1 73.2 73.9 Q4 2017 Q4 2016 YTD 2017 YTD 2016 59.5 75.0 75.3 74.6 Refinery Crude Throughput (mbpd) (1) Adjusted for FIFO impact (2) Definition on slide 12 (3) Non-GAAP reconciliation on slide 16 (4) Non-GAAP reconciliation on slide 17 Q4 2017 Q4 2016 YTD 2017 YTD 2016 $8.85 $7.19 $9.85 $8.07 Refining Margin(1)(2)(3) (per crude throughput barrel) Q4 2017 Q4 2016 YTD 2017 YTD 2016 $7.32 $6.19 $5.76 $6.12 Wynnewood Refinery 5 Direct Operating Expenses Excluding Major Scheduled Turnaround Expenses(4) (per crude throughput barrel) Barrels Sold (mbpd)


 
Consolidated Fourth Quarter Year to Date ($ in millions, except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Direct operating expenses and major scheduled turnaround expenses $ 134.5 $ 94.7 $ 443.8 $ 393.4 Less: major scheduled turnaround expenses 43.0 — 80.4 31.5 Direct operating expenses excluding major scheduled turnaround expenses $ 91.5 $ 94.7 $ 363.4 $ 361.9 Direct operating expenses excluding major scheduled turnaround expenses per barrel of crude throughput(1) $ 5.29 $ 4.96 $ 4.86 $ 4.99 Coffeyville Fourth Quarter Year to Date ($ in millions, except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Direct operating expenses and major scheduled turnaround expenses $ 54.6 $ 52.0 $ 209.5 $ 227.9 Less: major scheduled turnaround expenses — — — 31.5 Direct operating expenses excluding major scheduled turnaround expenses $ 54.6 $ 52.0 $ 209.5 $ 196.4 Direct operating expenses excluding major scheduled turnaround expenses per barrel of crude throughput(1) $ 4.46 $ 4.27 $ 4.36 $ 4.32 Wynnewood Fourth Quarter Year to Date ($ in millions, except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Direct operating expenses and major scheduled turnaround expenses $ 79.9 $ 42.7 $ 234.3 $ 165.5 Less: major scheduled turnaround expenses 43.0 — 80.4 — Direct operating expenses excluding major scheduled turnaround expenses $ 36.9 $ 42.7 $ 153.9 $ 165.5 Direct operating expenses excluding major scheduled turnaround expenses per barrel of crude throughput(1) $ 7.32 $ 6.19 $ 5.76 $ 6.12 6 Direct Operating Expenses (1) Non-GAAP reconciliation on slide 17


 
$500 $400 $300 $200 $100 $0 2014 2015 2016 2017 $211.2 $392.7 $232.8 $371.2 Note: Refer to slide 20 for metrics used in calculations Capital Structure 7 Financial Metrics 2014 2015 2016 2017 w Debt to Capital 29% 31% 30% 30% w Debt to Adjusted EBITDA 0.9 1.0 2.5 1.5 w Net Debt to Adj. EBITDA 0.3 0.7 1.0 1.0 Net Debt ($ in millions)


 
Coffeyville ($ in millions) Note: Refer to slide 22 for metrics used in calculations Wynnewood ($ in millions) Capital Spending 8 n Environmental & Maintenance n Growth $150 $100 $50 $0 2014 2015 2016 2017 2018 E $150 $100 $50 $0 2014 2015 2016 2017 2018 E Consolidated Capital Spending Summary 2014 2015 2016 2017(1) 2018 Estimate Environmental & Maintenance $140.3 $103.4 $63.6 $77.7 $155.0 Growth 51.0 91.3 38.7 22.0 45.0 Total Capital Spending $191.3 $194.7 $102.3 $99.7 $200.0 n Environmental & Maintenance n Growth


 
Derivatives(1) Commodity Swaps Distillate Gasoline 2-1-1 Total Barrels FixedPrice(2) Barrels Fixed Price(2) Barrels Fixed Price(2) Barrels Fixed Price(2) First Quarter 2018 2,325,000 $ 20.66 2,325,000 $ 16.71 2,400,000 $ 18.61 7,050,000 18.66 Second Quarter 2018 525,000 20.51 525,000 21.78 2,550,000 21.21 3,600,000 21.19 Third Quarter 2018 750,000 20.37 750,000 18.02 2,100,000 19.21 3,600,000 19.21 Total 3,600,000 $ 20.58 3,600,000 $ 17.72 7,050,000 $ 19.73 14,250,000 $ 19.44 Note: As of December 31, 2017, the Partnership had open forward purchase and sale commitments for 5.8 million barrels of Canadian crude oil priced at a weighted average fixed differential of $14.49 that are not considered probable of physical settlement and are accounted for as derivatives as of December 31, 2017. The fair value of the outstanding Canadian crude contracts at December 31, 2017 was a net unrealized loss of $26.0 million (1) As of December 31, 2017 (2) Weighted-average price of all positions for period indicated 9


 
Appendix


 
Non-GAAP Financial Measures 11 To supplement the actual results in accordance with GAAP for the applicable periods, the Partnership also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for GAAP results. The adjustments are provided to enhance an overall understanding of the Partnership’s financial performance for the applicable periods and are indicators management believes are relevant and useful for planning and forecasting future periods. EBITDA and Adjusted EBITDA. EBITDA represents net income (loss) before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for (i) FIFO impact (favorable) unfavorable;(ii) major scheduled turnaround expenses (that many of our competitors capitalize and thereby exclude from their measures of EBITDA and adjusted EBITDA); (iii) (gain) loss on derivatives, net; (iv) current period settlements on derivative contracts; (v) share-based compensation, non-cash; and (vi) flood insurance recovery. We present Adjusted EBITDA because it is the starting point for our determination of available cash for distribution. EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be substituted for net income (loss) or cash flow from operations. Management believes that EBITDA and Adjusted EBITDA enable investors to better understand our ability to make distributions to our common unitholders, help investors evaluate our ongoing operating results and allow for greater transparency in reviewing our overall financial, operational and economic performance. EBITDA and Adjusted EBITDA presented by other companies may not be comparable to our presentation, since each company may define these terms differently. Available cash for distribution is not a recognized term under GAAP. Available cash for distribution should not be considered in isolation or as an alternative to net income (loss) or operating income (loss) as a measure of operating performance. In addition, available cash for distribution is not presented as, and should not be considered, an alternative to cash flows from operations or as a measure of liquidity. Available cash for distribution as reported by the Partnership may not be comparable to similarly titled measures of other entities, thereby limiting its usefulness as a comparative measure.


 
Non-GAAP Financial Measures (cont'd) 12 Refining margin per crude oil throughput barrel is a measurement calculated as the difference between net sales and cost of materials and other. Refining margin is a non-GAAP measure that management believes is important to investors in evaluating the performance of our refineries as a general indication of the amount above our cost of materials and other at which we are able to sell refined products. Each of the components used in this calculation (net sales and cost of materials and other) can be taken directly from our Statements of Operations. Our calculation of refining margin may differ from similar calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure. In order to derive the refining margin per crude oil throughput barrel, we utilize the total dollar figures for refining margin as derived above and divide by the applicable number of crude oil throughput barrels for the period. We believe that refining margin and refining margin per crude oil throughput barrel are important to enable investors to better understand and evaluate our ongoing operating results and allow for greater transparency in the review of our overall financial, operational and economic performance.  Refining margin per crude oil throughput barrel adjusted for FIFO impact is a measurement calculated as the difference between net sales and cost of materials and other adjusted for FIFO impact. Refining margin adjusted for FIFO impact is a non-GAAP measure that we believe is important to investors in evaluating our refineries' performance as a general indication of the amount above our cost of materials and other (taking into account the impact of our utilization of FIFO) at which we are able to sell refined products. Our calculation of refining margin adjusted for FIFO impact may differ from calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure. Under our FIFO accounting method, changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and finished goods, thereby resulting in a favorable FIFO impact when crude oil prices increase and an unfavorable FIFO impact when crude oil prices decrease. In order to derive the refining margin per crude oil throughput barrel adjusted for FIFO impact, we utilize the total dollar figures for refining margin adjusted for FIFO impact as derived above and divide by the applicable number of crude oil throughput barrels for the period. We believe that refining margin adjusted for FIFO impact and refining margin per crude oil throughput barrel adjusted for FIFO impact are important to enable investors to better understand and evaluate our ongoing operating results and allow for greater transparency in the review of our overall financial, operational and economic performance.


 
Calculation of Consolidated Refining Margin adjusted for FIFO impact(1) Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net Sales $ 1,516.7 $ 1,269.4 $ 5,664.2 $ 4,431.3 Cost of materials and other 1,281.0 1,107.5 4,804.7 3,759.2 Direct operating expenses (exclusive of depreciation and amortization and major scheduled turnaround expenses as reflected below) 91.5 94.7 363.4 361.9 Major scheduled turnaround expenses 43.0 — 80.4 31.5 Depreciation and amortization 32.5 32.6 129.3 126.3 Gross Profit 68.7 34.6 286.4 152.4 Add: Direct operating expenses (exclusive of depreciation and amortization and major scheduled turnaround expenses as reflected below) 91.5 94.7 363.4 361.9 Major scheduled turnaround expenses 43.0 — 80.4 31.5 Depreciation and amortization 32.5 32.6 129.3 126.3 Refining Margin(1) 235.7 161.9 859.5 672.1 FIFO impact, favorable (30.4) (22.4) (29.6) (52.1) Refining Margin adjusted for FIFO impact(1) $ 205.3 $ 139.5 $ 829.9 $ 620.0 Consolidated Non-GAAP Financial Measures (1) Definition on slide 12 13


 
Calculation of Coffeyville Refinery Refining Margin adjusted for FIFO impact(1) Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net Sales $ 1,117.3 $ 854.7 $ 3,867.8 $ 2,948.9 Cost of materials and other 936.2 750.6 3,285.8 2,513.9 Direct operating expenses (exclusive of depreciation and amortization and major scheduled turnaround expenses as reflected below) 54.6 52.0 209.5 196.4 Major scheduled turnaround expenses — — — 31.5 Depreciation and amortization 17.7 18.4 71.5 69.7 Gross Profit 108.8 33.7 301.0 137.4 Add: Direct operating expenses (exclusive of depreciation and amortization and major scheduled turnaround expenses as reflected below) 54.6 52.0 209.5 196.4 Major scheduled turnaround expenses — — — 31.5 Depreciation and amortization 17.7 18.4 71.5 69.7 Refining Margin(1) 181.1 104.1 582.0 435.0 FIFO impact, favorable (21.7) (15.4) (20.2) (37.8) Refining Margin adjusted for FIFO impact(1) $ 159.4 $ 88.7 $ 561.8 $ 397.2 Coffeyville Non-GAAP Financial Measures (1) Definition on slide 12 14


 
Calculation of Wynnewood Refinery Refining Margin adjusted for FIFO impact(1) Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net Sales $ 398.3 $ 413.6 $ 1,792.1 $ 1,478.0 Cost of materials and other 345.0 356.9 1,519.7 1,245.4 Direct operating expenses (exclusive of depreciation and amortization and major scheduled turnaround expenses as reflected below) 36.9 42.7 153.9 165.5 Major scheduled turnaround expenses 43.0 — 80.4 — Depreciation and amortization 13.2 12.8 51.7 50.7 Gross Profit (loss) (39.8) 1.2 (13.6) 16.4 Add: Direct operating expenses (exclusive of depreciation and amortization and major scheduled turnaround expenses as reflected below) 36.9 42.7 153.9 165.5 Major scheduled turnaround expenses 43.0 — 80.4 — Depreciation and amortization 13.2 12.8 51.7 50.7 Refining Margin(1) 53.3 56.7 272.4 232.6 FIFO impact, favorable (8.7) (7.0) (9.4) (14.2) Refining Margin adjusted for FIFO impact(1) $ 44.6 $ 49.7 $ 263.0 $ 218.4 Wynnewood Non-GAAP Financial Measures (1) Definition on slide 12 15


 
Calculation of Consolidated Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) Fourth Quarter Year to Date ($ in millions except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Total crude oil throughput barrels per day 187,996 207,422 204,748 198,042 Days in the period 92 92 365 366 Total crude oil throughput barrels 17,295,632 19,082,824 74,733,020 72,483,372 Refining Margin adjusted for FIFO impact(1)(2) $ 205.3 $ 139.5 $ 829.9 $ 620.0 Divided by: crude oil throughput barrels (in millions) 17.3 19.1 74.7 72.5 Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 11.87 $ 7.32 $ 11.10 $ 8.55 Coffeyville Total crude oil throughput barrels per day 133,243 132,351 131,569 124,169 Days in the period 92 92 365 366 Total crude oil throughput barrels 12,258,356 12,176,292 48,022,685 45,445,854 Refining Margin adjusted for FIFO impact(1)(3) $ 159.4 $ 88.7 $ 561.8 $ 397.2 Divided by: crude oil throughput barrels (in millions) 12.3 12.2 48.0 45.4 Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 13.00 $ 7.29 $ 11.70 $ 8.74 Wynnewood Total crude oil throughput barrels per day 54,753 75,071 73,179 73,873 Days in the period 92 92 365 366 Total crude oil throughput barrels 5,037,276 6,906,532 26,710,335 27,037,518 Refining Margin adjusted for FIFO impact(1)(4) $ 44.6 $ 49.7 $ 263.0 $ 218.4 Divided by: crude oil throughput barrels (in millions) 5.0 6.9 26.7 27.0 Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 8.85 $ 7.19 $ 9.85 $ 8.07 16 Non-GAAP Financial Measures (1) Definition on slide 12 (2) Non-GAAP reconciliation on slide 13 (3) Non-GAAP reconciliation on slide 14 (4) Non-GAAP reconciliation on slide 15


 
17 Non-GAAP Financial Measures (1) Non-GAAP reconciliation on slide 6 Calculation of Consolidated Direct Operating Expenses excluding Major Scheduled Turnaround expenses per crude oil throughput barrel Fourth Quarter Year to Date ($ in millions except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Total crude oil throughput barrels per day 187,996 207,422 204,748 198,042 Days in the period 92 92 365 366 Total crude oil throughput barrels 17,295,632 19,082,824 74,733,020 72,483,372 Direct operating expenses excluding major scheduled turnaround expenses(1) $ 91.5 $ 94.7 $ 363.4 $ 361.9 Divided by: crude oil throughput barrels (in millions) 17.3 19.1 74.7 72.5 Direct operating expenses excluding major scheduled turnaround expenses per crude oil throughput barrel $ 5.29 $ 4.96 $ 4.86 $ 4.99 Coffeyville Total crude oil throughput barrels per day 133,243 132,351 131,569 124,169 Days in the period 92 92 365 366 Total crude oil throughput barrels 12,258,356 12,176,292 48,022,685 45,445,854 Direct operating expenses excluding major scheduled turnaround expenses(1) $ 54.6 $ 52.0 $ 209.5 $ 196.4 Divided by: crude oil throughput barrels (in millions) 12.3 12.2 48.0 45.4 Direct operating expenses excluding major scheduled turnaround expenses per crude oil throughput barrel $ 4.46 $ 4.27 $ 4.36 $ 4.32 Wynnewood Total crude oil throughput barrels per day 54,753 75,071 73,179 73,873 Days in the period 92 92 365 366 Total crude oil throughput barrels 5,037,276 6,906,532 26,710,335 27,037,518 Direct operating expenses excluding major scheduled turnaround expenses(1) $ 36.9 $ 42.7 $ 153.9 $ 165.5 Divided by: crude oil throughput barrels (in millions) 5.0 6.9 26.7 27.0 Direct operating expenses excluding major scheduled turnaround expenses per crude oil throughput barrel $ 7.32 $ 6.19 $ 5.76 $ 6.12


 
Financials Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net income (loss) (29.0) (10.7) 88.8 15.3 Interest expense and other financing costs, net of interest income 11.9 11.6 46.7 43.3 Income tax expense — — — — Depreciation and amortization 33.6 33.4 133.1 129.0 EBITDA(1) 16.5 34.3 268.6 187.6 FIFO impact, favorable (30.4) (22.4) (29.6) (52.1) Major scheduled turnaround expenses 43.0 — 80.4 31.5 Loss on derivatives, net 65.0 14.6 69.8 19.4 Current period settlements on derivative contracts(2) (17.7) 1.2 (16.6) 36.4 Adjusted EBITDA(1) $ 76.4 $ 27.7 $ 372.6 $ 222.8 (1) Definition on slide 11 (2) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts. 18 Consolidated Non-GAAP Financial Measures


 
Financials Fourth Quarter ($ in millions, except for per unit data) 12/31/2017 Adjusted EBITDA(1) $76.4 Less: Cash needs for debt service (10.0) Reserves for environmental and maintenance capital expenditures (25.0) Reserves for major scheduled turnaround expenses — Add: Release of previously established cash reserves 24.2 Available cash for distribution(1) $65.6 Distribution declared, per common unit $0.45 Common units outstanding (in millions) 147.6 (1) Definition on slide 11 19 Consolidated Non-GAAP Financial Measures


 
Financials Full Year ($ in millions) 2014 2015 2016 2017 n Cash $ 370.2 $ 187.3 $ 314.1 $ 173.8 n Total debt, including current portion(1) 581.4 580.0 546.9 545.0 n Net Debt 211.2 392.7 232.8 371.2 n Partners' capital 1,450.1 1,281.4 1,296.7 1,246.8 n Adjusted EBITDA(2)(3) $ 621.6 $ 602.0 $ 222.8 $ 372.6 (1) Amounts presented are gross debt not net of unamortized debt issuance costs (2) Non-GAAP reconciliation on slide 21 (3) Definition on slide 11 20 Capital Structure


 
Financials Full Year ($ in millions) 2014 2015 2016 2017 Net Income $ 358.7 $ 291.2 $ 15.3 $ 88.8 Interest expense and other financing costs, net of interest income 33.9 42.2 43.3 46.7 Income tax expense — — — — Depreciation and amortization 122.5 130.2 129.0 133.1 EBITDA(1) 515.1 463.6 187.6 268.6 FIFO impact, (favorable) unfavorable 160.8 60.3 (52.1) (29.6) Share-based compensation, non-cash 2.3 0.6 — — Major scheduled turnaround expenses 6.8 102.2 31.5 80.4 (Gain) loss on derivatives, net (185.6) 28.6 19.4 69.8 Current period settlements on derivative contracts(2) 122.2 (26.0) 36.4 (16.6) Flood insurance recovery(3) — (27.3) — — Adjusted EBITDA(1) $ 621.6 $ 602.0 $ 222.8 $ 372.6 (1) Definition on slide 11 (2) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts. (3) Represents an insurance recovery from environmental insurance carriers as a result of the flood and crude oil discharge at the Coffeyville refinery in June/July 2007. 21 Consolidated Non-GAAP Financial Measures


 
Financials ($ in millions) 2014 2015 2016 2017 2018 Estimate Coffeyville refinery Environmental and Maintenance $ 74.8 $ 69.7 $ 39.1 $ 36.9 $ 75.0 Growth(1) 5.5 73.2 37.2 3.0 10.0 Coffeyville refinery total capital $ 80.3 $ 142.9 $ 76.3 $ 39.9 $ 85.0 Wynnewood refinery Environmental and Maintenance $ 58.5 $ 25.6 $ 20.6 $ 38.1 $ 65.0 Growth 38.9 6.4 0.5 4.0 25.0 Wynnewood refinery total capital $ 97.4 $ 32.0 $ 21.1 $ 42.1 $ 90.0 Other Petroleum Environmental and Maintenance $ 7.0 $ 8.1 $ 3.9 $ 2.7 $ 15.0 Growth 6.6 11.7 1.0 15.0 10.0 Other petroleum total capital $ 13.6 $ 19.8 $ 4.9 $ 17.7 $ 25.0 Total capital spending $ 191.3 $ 194.7 $ 102.3 $ 99.7 $ 200.0 22 Capital Spending (1) Net of a refund received in the fourth quarter of 2017


 

The following information was filed by Cvr Refining, Lp (CVRR) on Thursday, February 22, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Cvr Refining, Lp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cvr Refining, Lp.

Continue

Assess how Cvr Refining, Lp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Cvr Refining, Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Shares
Expense
Earnings
Cash Flow
Product
Debt
Geography
Other
Inside Cvr Refining, Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Changes In Partners' Capital
Consolidated Statements Of Operations
Benefit Plans
Benefit Plans (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Coffeyville Second Consent Decree And Rcra Compliance Matters (details)
Commitments And Contingencies - Crude Oil Supply Agreement (details)
Commitments And Contingencies - Environmental, Health, And Safety (ehs) Matters (details)
Commitments And Contingencies - Estimated Future Payments (details)
Commitments And Contingencies - Flood, Crude Oil Discharge And Insurance (details)
Commitments And Contingencies - Leases And Unconditional Purchase Obligations (details)
Commitments And Contingencies - Renewable Fuel Standards (details)
Commitments And Contingencies - Wynnewood Refinery Incident (details)
Derivatives Financial Instruments
Derivatives Financial Instruments (tables)
Derivatives Financial Instruments - Additional Information (details)
Derivatives Financial Instruments - Offsetting Assets And Liabilities (details)
Equity Method Investments
Equity Method Investments (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Insurance Claims
Insurance Claims (details)
Inventories
Inventories (details)
Inventories (tables)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - 2022 Senior Notes (details)
Long-term Debt - Amended And Restated Asset Based (abl) Credit Facility (details)
Long-term Debt - Capital Lease Obligations (details)
Long-term Debt - Deferred Financing Costs (details)
Long-term Debt - Intercompany Credit Facility (details)
Long-term Debt - Schedule Of Debt (details)
Major Customers And Suppliers
Major Customers And Suppliers (details)
Major Customers And Suppliers (tables)
Net Income Per Common Unit
Net Income Per Common Unit (details)
Net Income Per Common Unit (tables)
Organization And Nature Of Business
Organization And Nature Of Business (details)
Partners' Capital And Partnership Distributions
Partners' Capital And Partnership Distributions (details)
Property, Plant And Equipment - Additional Information (details)
Property, Plant, And Equipment
Property, Plant, And Equipment (tables)
Property, Plant, And Equipment - Schedule Of Property, Plant And Equipment (details)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Coke Supply Agreement (details)
Related Party Transactions - Environmental Agreement (details)
Related Party Transactions - Feedstock And Shared Services Agreement (details)
Related Party Transactions - Hydrogen Purchase And Sale Agreement (details)
Related Party Transactions - Limited Partnership Agreement, Intercompany Credit Facility, And Joint Venture Agreements (details)
Related Party Transactions - Service Agreement (details)
Selected Quarterly Financial Information (unaudited)
Selected Quarterly Financial Information (unaudited) (tables)
Selected Quarterly Financial Information (unaudited) - Factors Impacting The Comparability Of Quarterly Results Of Operations (details)
Selected Quarterly Financial Information (unaudited) - Summarized Quarterly Financial Data (details)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Incentive Unit Awards (details)
Share-based Compensation - Long-term Incentive Plan, Cvr Energy (details)
Share-based Compensation - Long-term Incentive Plan, Cvr Refining (details)
Share-based Compensation - Summary Of Phantom Unit 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 - Cash And Cash Equivalents And Accounts Receivable, Net (details)
Summary Of Significant Accounting Policies - Planned Major Maintenance Costs And Segment Reporting (details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment (details)
Ticker: CVRR
CIK: 1558785
Form Type: 10-K Annual Report
Accession Number: 0001558785-18-000019
Submitted to the SEC: Fri Feb 23 2018 10:01:08 PM EST
Accepted by the SEC: Mon Feb 26 2018
Period: Sunday, December 31, 2017
Industry: Petroleum Refining

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cvrr/0001558785-18-000019.htm