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CVR Refining Reports 2016 Fourth Quarter and Full Year Results
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PR Newswire
SUGAR LAND, Texas, Feb. 16, 2017
SUGAR LAND, Texas, Feb. 16, 2017 /PRNewswire/ -- CVR Refining, LP (NYSE: CVRR), a refiner and marketer of petroleum fuels, today announced net income of $15.3 million on net sales of $4,431.3 million for full year 2016, compared to net income of $291.2 million on net sales of $5,161.9 million for full year 2015. Adjusted EBITDA, a non-GAAP financial measure, for full year 2016 was $222.8 million, compared to adjusted EBITDA of $602.0 million for the previous year.
For the fourth quarter of 2016, the company reported a net loss of $10.7 million on net sales of $1,269.4 million, compared to a net loss of $122.2 million on net sales of $948.3 million for the fourth quarter of 2015. Adjusted EBITDA, a non-GAAP financial measure, for the 2016 fourth quarter was $27.7 million compared to adjusted EBITDA of $16.4 million for the 2015 fourth quarter.
"CVR Refining had strong 2016 fourth quarter operational performance," said Jack Lipinski, chief executive officer. "The Coffeyville and Wynnewood refineries posted a combined crude throughput of 207,422 barrels per day (bpd), which exceeded the range of our outlook.
"As expected, refining margins for the fourth quarter were seasonally weak," he said. "Renewable Identification Number (RIN) expenses under the broken Renewable Fuel Standard (RFS) program remained high in the fourth quarter and continue to be a serious concern for merchant refiners. As we have said many times, the RFS point of obligation must be expanded to include all blenders in order for the program to work as Congress originally intended.
"Moving forward, we are cautiously optimistic that the new administration will have a pragmatic approach to how it administers the RFS program," Lipinski said. "Certainly, the drop in ethanol RIN prices from 2016's high of $1.09 on Dec. 1 to yesterday's settlement just under 49 cents proves our supposition that the RIN market is contrived."
Consolidated Operations
Fourth quarter 2016 throughputs of crude oil and all other feedstocks and blendstocks totaled 223,266 bpd. Throughputs of crude oil and all other feedstocks and blendstocks for both refineries totaled 172,364 bpd for the same period in 2015.
Refining margin adjusted for FIFO impact per crude oil throughput barrel, a non-GAAP financial measure, was $7.32 in the 2016 fourth quarter, compared to $8.96 during the same period in 2015. Direct operating expenses (exclusive of depreciation and amortization), excluding major scheduled turnaround expenses, per crude oil throughput barrel, for the 2016 fourth quarter were $4.96, compared to $7.04 in the fourth quarter of 2015.
Distributions
CVR Refining will not pay a cash distribution for the 2016 fourth quarter. CVR Refining is a variable distribution master limited partnership. As a result, its quarterly 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' expense and cash reserves deemed necessary or appropriate by the board of directors of its general partner.
Fourth Quarter 2016 Earnings Conference Call
CVR Refining previously announced that it will host its fourth quarter 2016 Earnings Conference Call for analysts and investors on Thursday, Feb. 16, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of the Partnership's 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/1005/19480. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8289.
For those unable to listen live, the Webcast will be archived and available for 14 days at https://www.webcaster4.com/Webcast/Page/1005/19480. A repeat of the conference call can be accessed by dialing (877) 660-6853, conference ID 13653930.
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Refining's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, CVR Refining's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Forward-Looking Statements
This news release contains forward-looking statements. You can generally identify forward-looking statements by our use of forward-looking terminology such as "outlook," "anticipate," "believe," "continue," "could," "estimate," "expect," "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 Refining disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Refining, LP
Headquartered in Sugar Land, Texas, CVR Refining, LP is an independent downstream energy limited partnership that owns refining and related logistics assets in the Midcontinent United States. CVR Refining's subsidiaries operate a complex full coking medium-sour crude oil refinery with a rated capacity of 115,000 barrels per calendar day (bpcd) in Coffeyville, Kansas, and a complex crude oil refinery with a rated capacity of 70,000 bpcd in Wynnewood, Oklahoma. CVR Refining's subsidiaries also operate supporting logistics assets including approximately 340 miles of active owned and leased pipelines, approximately 150 crude oil transports, a network of strategically located crude oil gathering tank farms, and approximately 6.4 million barrels of owned and leased crude oil storage capacity.
For further information, please contact:
Investor Contact:
Jay Finks
CVR Refining, LP
(281) 207-3588
IR@CVRRefining.com
Media Relations:
Brandee Stephens
CVR Refining, LP
(281) 207-3516
MediaRelations@CVRRefining.com
CVR Refining, LP
Financial and Operational Data (all information in this release is unaudited other than the statement of operations and cash flow data for the year ended December 31, 2015 and the balance sheet data as of December 31, 2015).
| | |||||||||||||||
| | Three Months December 31, | | Year Ended December 31, | ||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| | (in millions, except per unit data) | ||||||||||||||
| Statement of Operations Data: | | | | | | | | ||||||||
| Net sales | $ | 1,269.4 | | | $ | 948.3 | | | $ | 4,431.3 | | | $ | 5,161.9 | |
| Operating costs and expenses: | | | | | | | | ||||||||
| Cost of materials and other | 1,107.5 | | | 842.8 | | | 3,759.2 | | | 4,143.6 | | ||||
| Direct operating expenses(1)(2) | 94.7 | | | 188.7 | | | 393.4 | | | 478.5 | | ||||
| Depreciation and amortization | 32.6 | | | 31.5 | | | 126.3 | | | 128.0 | | ||||
| Cost of sales | 1,234.8 | | | 1,063.0 | | | 4,278.9 | | | 4,750.1 | | ||||
| Flood insurance recovery | — | | | — | | | — | | | (27.3) | | ||||
| Selling, general and administrative expenses(1) | 18.5 | | | 20.2 | | | 71.9 | | | 75.2 | | ||||
| Depreciation and amortization | 0.8 | | | 0.6 | | | 2.7 | | | 2.2 | | ||||
| Operating income (loss) | 15.3 | | | (135.5) | | | 77.8 | | | 361.7 | | ||||
| Interest expense and other financing costs | (11.7) | | | (10.5) | | | (43.4) | | | (42.6) | | ||||
| Interest income | 0.1 | | | 0.1 | | | 0.1 | | | 0.4 | | ||||
| Gain (loss) on derivatives, net | (14.6) | | | 23.6 | | | (19.4) Werbung Mehr Nachrichten zur CVR Refining Aktie kostenlos abonnieren
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