Cvr Refining, Lp (CVRR) 10-Q Quarterly Report October 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.

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 - Expense Highlight
Adjusted EBITDA is a performance measure representing EBITDA adjusted for i favorable unfavorable FIFO impacts associated with our crude oil and refined product inventories, ii major 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 and iv current period settlements on derivative contracts.

Financial - Cash Flow Highlight
The positive cash flow from operating activities generated over this period was primarily driven by net income of $439 million.
Other - Other Highlight
For the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017, the NYMEX 2-1-1 crack spread increased by $2.15 per barrel, primarily due to an improved distillate crack.
Revenue - Product Highlight
Overall sales volumes decreased approximately 4.8% for the nine months ended September 30, 2018, as compared the nine months ended September 30, 2017, primarily due to decreased production as a result of the fluid catalytic cracking unit FCCU outage at the Coffeyville refinery during the first quarter of 2018, offset by improved sales volume in the third quarter of 2018 as volume reduced in 2017 in preparation of the Wynnewood turnaround.
Other - Other Highlight
Net increase in cash and cash equivalents
Other - Other
FIFO impact, favorable unfavorable a...Read more
Other - Other
These measures should not be...Read more
Financial - Expense
For example, we may experience...Read more
Financial - Debt
As a result, we will...Read more
Financial - Cash Flow
Cash flows related to investing...Read more
Other - Other
The Group 3 2-1-1 also...Read more
Financial - Expense
Crude oil costs and the...Read more
Financial - Earnings
For the nine months ended...Read more
Other - Other
Gain loss on derivatives, net...Read more
Other - Other
Gain loss on derivatives, net...Read more
Other - Other
Gain loss on derivatives, net...Read more
Other - Other
Gain loss on derivatives, net...Read more
Other - Other
Additionally, the market fluctuations associated...Read more
Other - Other
Additionally, the market fluctuations associated...Read more
Other - Other
any other statements preceded by,...Read more
Other - Other
We use the following performance...Read more
Other - Other
Reconciliation of Adjusted EBITDA to...Read more
Other - Other
Represents the portion of gain...Read more
Financial - Earnings
Reconciliation of Net Income to...Read more
Financial - Expense
costs of compliance with existing,...Read more
Other - Other
statements, other than statements of...Read more
Financial - Expense
the risk of a substantial...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Cvr Refining, Lp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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