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CVR Energy Reports 2016 Second Quarter Results And Announces Cash Dividend of 50 Cents
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PR Newswire
SUGAR LAND, Texas, July 28, 2016
SUGAR LAND, Texas, July 28, 2016 /PRNewswire/ -- CVR Energy, Inc. (NYSE: CVI) today announced second quarter 2016 net income of $28.4 million, or 33 cents per diluted share, on net sales of $1,283.2 million, compared to net income of $101.9 million, or $1.17 per diluted share, on net sales of $1,624.2 million for the 2015 second quarter. Second quarter 2016 adjusted EBITDA, a non-GAAP financial measure, was $64.4 million, compared to second quarter 2015 adjusted EBITDA of $145.7 million.
For the first six months of 2016, net income was $12.2 million, or 14 cents per diluted share, on net sales of $2,188.7 million, compared to net income of $156.7 million, or $1.80 per diluted share, on net sales of $3,013.1 million for the same period a year earlier. Adjusted EBITDA for the first six months of 2016 was $100.6 million, compared to adjusted EBITDA of $309.4 million for the first six months of 2015.
"At CVR Partners, the integration of the East Dubuque fertilizer facility has gone smoothly since the acquisition of Rentech Nitrogen Partners, L.P. in April," said Jack Lipinski, CVR Energy's chief executive officer. "CVR Partners also completed a $645 million bond offering during the 2016 second quarter, which enabled it to put in place a long-term capital structure.
"CVR Refining's Coffeyville and Wynnewood refineries posted solid operational performance during the second quarter with a combined crude throughput of 202,536 barrels per day (bpd)," Lipinski said. "However, the increasing cost of RINs offset the improvements we saw in refining margins.
"As I mentioned in the CVR Refining second quarter earnings news release, and I am repeating it here, RINs, which CVR Refining has to purchase to comply with the Renewable Fuel Standard (RFS), have become completely disconnected from the cost of blending and instead have become a source of windfall profits for blenders who the Environmental Protection Agency (EPA) chose to exempt from the program," he said. "The RFS program, as currently managed by the EPA, fails on many fronts. Not only are exempt blenders earning windfall profits from selling RINs to refiners who cannot blend, the RFS program allows exempt blenders to retain the profits and not increase biofuel usage in the U.S.
"RINs have become a black pool allowing exempt parties, and even speculators, to drive prices to confiscatory levels. We believe the market may be cornered, the effect of which will be to bring small merchant refiners to the brink of bankruptcy while unjustly enriching speculators and exempt blenders," Lipinski continued. "RINs were intended to be a compliance tool for refiners, not a device to extract windfall profits from obligated parties. The EPA needs to open its eyes and recognize that it must change the point of obligation to close the loophole that allows these exempt blenders, who control the vast majority of biofuels blending, to retain the profits from selling RINs without investing in increasing biofuel use. The windfall serves no regulatory purpose, but creates a system of winners and losers within the fuels industry based on their ability to blend.
"Market experts like Goldman Sachs and Credit Suisse are advising investors to avoid companies with high RIN exposure and to buy shares in large retail and distribution chains, like Casey's General Stores, who are benefitting from this structural flaw in the EPA's rule," he said. "For example, Goldman Sachs predicts that Casey's will see a 1 percent increase in EBITDA for every 10 cent increase in the price of RINs. Adding to concerns about the RIN market is the ability of third parties to buy and sell RINs. At the point that Goldman Sachs is advising investors to buy shares based on their RIN exposure, it seems reasonable to ask the question of whether third-party speculators are buying and selling RINs directly. There are a discrete number of obligated parties. It would be very easy for third parties to buy RINs and corner the market, driving up prices for obligated parties even higher. The EPA has so far refused to disclose the identity of the entities holding, buying and selling RINs, but this certainly should be investigated.
"There are pending lawsuits seeking to compel the EPA to fix the loophole and administrative requests for a rulemaking, both targeted at stopping the flow of profits to exempt parties at the expense of RIN-short refiners. We are hopeful that justice and reason will prevail and that RINs will once again become a compliance tool for refiners and not a windfall profit device for exempt parties," Lipinski concluded.
CVR Energy also announced a second quarter 2016 cash dividend of 50 cents per share. The dividend, as declared by CVR Energy's Board of Directors, will be paid on Aug. 15, 2016, to stockholders of record on Aug. 8, 2016.
CVR Energy's second quarter cash dividend brings the cumulative cash dividends paid or declared for the first six months of 2016 to $1.00 per share.
Today, CVR Partners announced a 2016 second quarter cash distribution of 17 cents per common unit. CVR Refining announced that it will not pay a cash distribution for the 2016 second quarter.
Petroleum Business
The petroleum business, which is operated by CVR Refining and includes the Coffeyville and Wynnewood refineries, reported second quarter 2016 operating income of $90.1 million on net sales of $1,164.4 million, compared to operating income of $250.8 million on net sales of $1,547.5 million in the second quarter of 2015.
Refining margin adjusted for FIFO impact per crude oil throughput barrel, a non-GAAP financial measure, was $9.56 in the 2016 second quarter, compared to $17.22 during the same period in 2015. Direct operating expenses, including major scheduled turnaround expenses, per barrel sold, exclusive of depreciation and amortization, for the 2016 second quarter were $4.33, compared to $4.43 in the second quarter of 2015.
Second quarter 2016 throughputs of crude oil and all other feedstocks and blendstocks totaled 210,488 bpd, compared to second quarter 2015 throughputs of crude oil and all other feedstocks and blendstocks of 221,095 bpd.
Nitrogen Fertilizers Business
The fertilizer business, which is operated by CVR Partners and includes the Coffeyville and East Dubuque fertilizer facilities, reported second quarter 2016 operating income of $3.7 million on net sales of $119.8 million, compared to operating income of $28.7 million on net sales of $80.8 million for the second quarter of 2015.
For the second quarter of 2016, consolidated average realized gate prices for UAN and ammonia were $199 per ton and $417 per ton, respectively. Average realized gate prices for UAN and ammonia for the Coffeyville plant were $269 per ton and $546 per ton, respectively, for the same period in 2015.
CVR Partners' fertilizer facilities produced a combined 171,500 tons of ammonia and purchased an additional 5,000 tons of ammonia during the second quarter of 2016, of which 45,600 net tons were available for sale while the rest was upgraded to 296,500 tons of UAN. In the 2015 second quarter, the Coffeyville plant produced 107,100 tons of ammonia and purchased an additional 600 tons of ammonia, of which 4,400 net tons were available for sale while the remainder was upgraded to 253,500 tons of UAN.
Cash and Debt
Consolidated cash and cash equivalents, which included $159.3 million for CVR Refining and $76.3 million for CVR Partners, was $690.6 million at June 30, 2016. Consolidated total debt was $1,167.2 million at June 30, 2016. The company had no debt exclusive of CVR Refining's and CVR Partners' debt.
Second Quarter 2016 Earnings Conference Call
CVR Energy previously announced that it will host its second quarter 2016 Earnings Conference Call for analysts and investors on Thursday, July 28, 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/1003/15908. 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/1003/15908. A repeat of the conference call can be accessed by dialing (877) 660-6853, conference ID 13639905.
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 66 percent of the common units of CVR Refining and 34 percent of the common units of 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). | |||||||||||||||
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| | (in millions, except per share data) | ||||||||||||||
| Consolidated Statement of Operations Data: | | | | | | | | ||||||||
| Net sales | $ | 1,283.2 | | | $ | 1,624.2 | | | $ | 2,188.7 | | | $ | 3,013.1 | |
| Cost of product sold | 976.9 | | | 1,192.2 | | | 1,713.7 | | | 2,265.8 | | ||||
| Direct operating expenses | 138.3 | | | 115.4 | | | 279.7 | | | 226.9 | | ||||
| Flood insurance recovery | — | | | (27.3) | | | — | | | (27.3) | | ||||
| Selling, general and administrative expenses | 26.6 | | | 27.2 | | | 53.8 | | | 52.4 | | ||||
| Depreciation and amortization | 50.7 | | | 42.5 | | | 90.7 | | | 84.5 | | ||||
| Operating income | 90.7 | | | 274.2 | | | 50.8 | | | 410.8 | | ||||
| Interest expense and other financing costs | (18.5) | | | (11.9) | | | (30.6) | | | (24.6) | | ||||
| Interest income | 0.1 | | | 0.3 | | | 0.3 | | | 0.4 | | ||||
| Loss on derivatives, net | (1.9) | | | (12.6) | | | (3.1) | | | (64.0) Werbung Mehr Nachrichten zur CVR Energy Aktie kostenlos abonnieren
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