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CVR Energy Reports 2015 Second Quarter Results And Announces Cash Dividend of 50 Cents per Share
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PR Newswire
SUGAR LAND, Texas, July 30, 2015
SUGAR LAND, Texas, July 30, 2015 /PRNewswire/ -- CVR Energy, Inc. (NYSE: CVI) today announced second quarter 2015 net income of $101.9 million, or $1.17 per diluted share, on net sales of $1,624.2 million, compared to net income of $83.7 million, or 96 cents per diluted share, on net sales of $2,540.3 million for the 2014 second quarter. Second quarter 2015 adjusted EBITDA, a non-GAAP financial measure, was $145.7 million, compared to second quarter 2014 adjusted EBITDA of $147.2 million.
For the first six months of 2015, net income was $156.7 million, or $1.80 per diluted share, on net sales of $3,013.1 million, compared to net income of $210.4 million, or $2.42 per diluted share, on net sales of $4,987.8 million for the same period a year earlier. Adjusted EBITDA for the first six months of 2015 was $309.4 million, compared to adjusted EBITDA of $301.4 million for the first six months of 2014.
"Our petroleum and fertilizer subsidiaries performed well during the second quarter," said Jack Lipinski, CVR Energy's chief executive officer. "CVR Refining's Coffeyville and Wynnewood refineries posted a combined crude throughput of 210,727 barrels per day (bpd). CVR Partners also had a strong quarter with on-stream rates ranging from nearly 97 percent to 100 percent for all facility operating units."
The company also announced a second quarter 2015 cash dividend of 50 cents per share. The dividend, as declared by CVR Energy's Board of Directors, will be paid on Aug. 17, 2015, to stockholders of record on Aug. 10, 2015.
CVR Energy's second quarter cash dividend brings the cumulative cash dividends paid or declared for the first six months of 2015 to $1.00 per share.
Today, CVR Refining announced a 2015 second quarter cash distribution of 98 cents per common unit, and CVR Partners announced a 2015 second quarter cash distribution of 39 cents per common unit.
Petroleum Business
The petroleum business, which is operated by CVR Refining and includes the Coffeyville and Wynnewood refineries, reported second quarter 2015 operating income of $250.8 million on net sales of $1,547.5 million, compared to operating income of $151.9 million on net sales of $2,466.3 million in the second quarter of 2014.
Refining margin adjusted for FIFO impact per crude oil throughput barrel, a non-GAAP financial measure, was $17.22 in the 2015 second quarter, compared to $13.96 for the same period in 2014.
Direct operating expenses, excluding major scheduled turnaround expenses, per crude oil throughput barrel, exclusive of depreciation and amortization, for the 2015 second quarter was $4.62, compared to $4.83 in the second quarter of 2014.
Second quarter 2015 throughputs of crude oil and all other feedstocks and blendstocks for the Coffeyville and Wynnewood refineries totaled 221,095 bpd. Throughputs of crude oil and all other feedstocks and blendstocks for both refineries totaled 221,469 bpd for the same period in 2014.
Nitrogen Fertilizers Business
The fertilizer business, which is operated by CVR Partners, reported second quarter 2015 operating income of $28.7 million on net sales of $80.8 million, compared to operating income of $18.8 million on net sales of $77.2 million for the second quarter of 2014.
For the second quarter of 2015, average realized gate prices for UAN and ammonia were $269 per ton and $546 per ton, respectively, compared to $283 per ton and $521 per ton, respectively, for the same period in 2014.
CVR Partners produced 107,100 tons of ammonia and purchased an additional 600 tons of ammonia during the second quarter of 2015, of which 4,400 net tons were available for sale while the rest was upgraded to 253,500 tons of UAN. In the 2014 second quarter, the plant produced 92,200 tons of ammonia and purchased an additional 2,700 tons of ammonia, of which 3,200 net tons were available for sale while the remainder was upgraded to 223,400 tons of UAN.
Cash and Debt
Consolidated cash and cash equivalents, which included $433.2 million for CVR Refining and $67.0 million for CVR Partners, was $937.7 million at June 30, 2015. Consolidated total debt was $674.2 million at June 30, 2015. The company had no debt exclusive of CVR Refining's and CVR Partners' debt.
Second Quarter 2015 Earnings Conference Call
CVR Energy previously announced that it will host its second quarter 2015 Earnings Conference Call for analysts and investors on Thursday, July 30, at 3 p.m. Eastern. The Earnings Conference Call may also include discussion of company developments, forward-looking information and other material information about business and financial matters.
The Earnings Conference Call will be broadcast live over the Internet at https://www.webcaster4.com/Webcast/Page/1003/9506. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291.
For those unable to listen live, the Webcast will be archived and available for 14 days at https://www.webcaster4.com/Webcast/Page/1003/9506. A repeat of the conference call can be accessed by dialing (877) 660-6853, conference ID 13614227.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by our use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "explore," "evaluate," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. For a discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in two limited partnerships, CVR Refining, LP and CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own a majority of the common units representing limited partner interests of CVR Refining and CVR Partners.
For further information, please contact:
Investor Contact:
Jay Finks
CVR Energy, Inc.
(281) 207-3588
InvestorRelations@CVREnergy.com
Media Relations:
Angie Dasbach
CVR Energy, Inc.
(281) 207-3550
MediaRelations@CVREnergy.com
| CVR Energy, Inc. | |||||||||||||||
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| Financial and Operations Data (all information in this release is unaudited unless noted otherwise). | | ||||||||||||||
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| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||||||||||||
| | 2015 | | 2014 | | 2015 | | 2014 | ||||||||
| | (in millions, except per share data) | ||||||||||||||
| Consolidated Statement of Operations Data: | | | | | | | | ||||||||
| Net sales | $ | 1,624.2 | | | $ | 2,540.3 | | | $ | 3,013.1 | | | $ | 4,987.8 | |
| Cost of product sold | 1,192.2 | | | 2,189.0 | | | 2,265.8 | | | 4,265.9 | | ||||
| Direct operating expenses | 115.4 | | | 120.1 | | | 226.9 | | | 243.5 | | ||||
| Flood insurance recovery | (27.3) | | | — | | | (27.3) | | | — | | ||||
| Selling, general and administrative expenses | 27.2 | | | 28.0 | | | 52.4 | | | 54.4 | | ||||
| Depreciation and amortization | 42.5 | | | 38.6 | | | 84.5 | | | 75.9 | | ||||
| Operating income | 274.2 | | | 164.6 | | | 410.8 | | | 348.1 | | ||||
| Interest expense and other financing costs | (11.9) | | | (9.3) | | | (24.6) | | | (19.4) | | ||||
| Interest income | 0.3 | | | 0.2 | | | 0.4 | | | 0.4 | | ||||
| Gain (loss) on derivatives, net | (12.6) | | | 35.9 | | | (64.0) | | | 145.3 | | ||||
| Other income (expense), net | 0.2 | | | (2.2) Werbung Mehr Nachrichten zur CVR Energy Aktie kostenlos abonnieren
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