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

Cvr Refining, Lp

CIK: 1558785 Ticker: CVRR


Exhibit 99.1
cvrrlogo2015a15.jpg

CVR Refining Reports Third Quarter 2018 Results
And Announces Cash Distribution of 90 Cents

SUGAR LAND, Texas (Oct. 24, 2018)
CVR Refining, LP (NYSE: CVRR), a refiner and marketer of petroleum fuels, today announced net income of $174 million on net sales of $1,857 million for the third quarter of 2018, compared to net income of $70 million on net sales of $1,386 million for the third quarter of 2017. Adjusted EBITDA for the 2018 third quarter was $221 million compared to adjusted EBITDA of $139 million for the 2017 third quarter.
 
For the first nine months of 2018, net income was $439 million on net sales of $5,139 million, compared to net income of $118 million on net sales of $4,148 million for the comparable period a year earlier. Adjusted EBITDA for the first nine months of 2018 was $494 million, compared to adjusted EBITDA of $296 million for the first nine months of 2017.

“CVR Refining reported solid results for the 2018 third quarter,” said Dave Lamp, Chief Executive Officer of CVR Refining’s general partner. “The quarter’s success was driven by stronger crack spreads, reduced Renewable Identification Number (RIN) costs and increased internal RIN generation, wide crude oil differentials and reliable operations.

“Looking forward, we will remain focused on safe and reliable operations while taking advantage of favorable product margins and crude oil spreads,” Lamp said.
 
Consolidated Operations

Third quarter 2018 combined total throughput was approximately 219,000 barrels per day (bpd). Combined total 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 $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.

Distributions

CVR Refining also announced today a third quarter 2018 distribution of 90 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 Nov. 12, 2018, to unitholders of record on Nov. 5, 2018. CVR Refining’s third quarter cash distribution brings the cumulative cash distributions paid or declared for the first nine months of 2018 to $2.07 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, RIN costs and cash reserves deemed necessary or appropriate by the board of directors of its general partner.


1

The following information was filed by Cvr Refining, Lp (CVRR) 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 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 (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
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 - 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: 0001558785-18-000067
Submitted to the SEC: Thu Oct 25 2018 1:25:51 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Petroleum Refining

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