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Cvr Refining, Lp (CVRR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Cvr Refining, Lp

CIK: 1558785 Ticker: CVRR


Exhibit 99.1
cvrrlogo2015a13.jpg

CVR Refining Reports 2018 Second Quarter Results
And Announces Cash Distribution of 66 Cents

SUGAR LAND, Texas (July 25, 2018)
- CVR Refining, LP (NYSE: CVRR), a refiner and marketer of petroleum fuels, today announced net income of $118 million on net sales of $1,824 million for the second quarter of 2018, compared to a net loss of $19 million on net sales of $1,338 million for the second quarter of 2017. Adjusted EBITDA, a non-GAAP financial measure, for the 2018 second quarter was $147 million compared to adjusted EBITDA of $43 million for the 2017 second quarter.
 
For the first six months of 2018, net income was $265 million on net sales of $3,282 million, compared to net income of $48 million on net sales of $2,762 million for the comparable period a year earlier. Adjusted EBITDA for the first six months of 2018 was $273 million, compared to adjusted EBITDA of $158 million for the first six months of 2017.

“CVR Refining reported another period of solid results for the 2018 second quarter,” said Dave Lamp, Chief Executive Officer of CVR Refining's general partner. “The quarter’s success was attributable to a $4.88 increase in Group 3 crack spreads, low Renewable Identification Number (RIN) prices and wide crude oil differentials compared to the same period last year.

“Looking ahead, CVR Refining is off to a good start in the third quarter,” Lamp said. "While crack spreads have moderated in July, crude oil differentials are strong and RIN prices remain low."
 
Consolidated Operations

Second quarter 2018 combined crude oil throughput was approximately 206,000 barrels per day (bpd). Combined crude oil throughput was approximately 214,000 bpd for the same period in 2017.

Refining margin adjusted for FIFO impact per combined total throughput, a non-GAAP financial measure, was $12.61 in the 2018 second quarter, compared to $7.21 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 second quarter were $4.76, compared to $4.13 in the second quarter of 2017.

Distributions

CVR Refining also announced today a second quarter 2018 distribution of 66 cents per common unit. The distribution, as set by the board of CVR Refining GP, LLC, the general partner of CVR Refining, will be paid on Aug. 13, 2018, to unitholders of record on Aug. 6, 2018. CVR Refining's second quarter cash distribution brings the cumulative cash distributions paid or declared for the first six months of 2018 to $1.17 per common unit.
 
CVR Refining is a variable distribution master limited partnership. As a result, its distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices paid for crude oil and other feedstocks, as well as the prices received for finished products, RINs’ costs and cash reserves deemed necessary or appropriate by the board of directors of its general partner.


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The following information was filed by Cvr Refining, Lp (CVRR) on Wednesday, July 25, 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 Refining, Lp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies - Crude Oil Supply Agreement (Details)
Commitments And Contingencies - Environmental, Health And Safety ("Ehs") Matters (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Fair Value Of Commodity Derivatives (Details)
Derivative Financial Instruments - Gain (Loss) On Derivatives (Details)
Derivative Financial Instruments - Offsetting Assets And Liabilities (Details)
Derivative Financial Instruments - Open Commodity Derivative Instruments (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Credit Facilities Outstanding (Details)
Long-Term Debt - Debt Balance, Net Of Current Maturities And Unamortized Issuance Costs (Details)
Organization And Nature Of Business
Organization And Nature Of Business (Details)
Partners' Capital And Partnership Distributions
Partners' Capital And Partnership Distributions (Details)
Partners' Capital And Partnership Distributions (Tables)
Partners' Capital And Partnership Distributions - Summary Of Cash Distributions Paid (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Related Party Transactions (Tables)
Related Party Transactions - Amounts Due To And From Related Parties (Details)
Related Party Transactions - Related Party Sales And Expenses (Details)
Revenue
Revenue - Additional Information (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Share-Based Compensation (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: CVRR
CIK: 1558785
Form Type: 10-Q Quarterly Report
Accession Number: 0001558785-18-000048
Submitted to the SEC: Thu Jul 26 2018 5:02:26 PM EST
Accepted by the SEC: Thu Jul 26 2018
Period: Saturday, June 30, 2018
Industry: Petroleum Refining

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