CVR Energy, Inc. (NYSE: CVI) today announced net income of $101
million, or $1.00 per diluted share, on net sales of $1,486 million
for the first quarter of 2019, compared to net income of $60
million, or 69 cents per diluted share, on net sales of $1,537
million for the first quarter of 2018. First quarter 2019 EBITDA
was $230 million, compared to first quarter 2018 EBITDA of $205
million.
“CVR Energy reported solid results for the first quarter 2019,
driven by safe and reliable operations, wide Brent-WTI
differentials, rising crude oil prices, hedging gains and lagging
crude oil differentials,” said Dave Lamp, CVR Energy’s Chief
Executive Officer. “The Wynnewood refinery also completed its
planned maintenance turnaround safely, on time and under budget. In
addition, the BenFree repositioning project was completed during
the turnaround and is now in service.
“Weather conditions continued to impact CVR Partners’ quarterly
results by delaying the start of the spring fertilizer
application,” Lamp said. “However, the spring fertilizer
application is now in full swing and we have seen strong demand
during the past few weeks. We also expect several million
additional acres of corn to be planted this year.”
Petroleum
The petroleum segment reported first quarter 2019 operating
income of $156 million on net sales of $1,397 million, compared to
operating income of $143 million on net sales of $1,458 million in
the first quarter of 2018.
Refining margin per total throughput barrel was $16.55 in the
first quarter of 2019, compared to $17.58 during the same period in
2018. An increase in crude oil pricing during the quarter led to a
favorable inventory valuation impact of $32 million, or $1.67 per
total throughout barrel, compared to a favorable impact of $20
million, or $1.17 per total throughput barrel, in the first quarter
of 2018. The petroleum segment also recognized a first quarter 2019
derivative gain of $16 million, or $0.84 per total throughput
barrel, compared to a gain of $59 million, or $3.48 per total
throughput barrel, for the prior year period. Included in the total
derivative gain for the first quarter of 2019 was an unrealized
loss of $7 million, compared to an unrealized gain of $46 million a
year earlier.
First quarter 2019 combined total throughput was approximately
213,000 barrels per day (bpd), compared to approximately 190,000
bpd of combined total throughput for the first quarter of 2018.
Nitrogen Fertilizers
The nitrogen fertilizer segment reported operating income of $9
million on net sales of $92 million for the first quarter of 2019,
compared to an operating loss of $3 million on net sales of $80
million for the first quarter of 2018.
For the first quarter of 2019, CVR Partners’ consolidated
average realized gate prices for UAN improved significantly over
the prior year, up 45 percent to $222 per ton, while ammonia was up
14 percent over the prior year to $367 per ton. Average
realized gate prices for UAN and ammonia were $153 per ton and $322
per ton, respectively, for the first quarter 2018.
CVR Partners’ fertilizer facilities produced a combined 179,000
tons of ammonia during the first quarter 2019, of which 41,000 net
tons were available for sale while the rest was upgraded to other
fertilizer products, including 335,000 tons of urea ammonium
nitrate (UAN). During the first quarter 2018, the fertilizer
facilities produced 199,000 tons of ammonia, of which 59,000 net
tons were available for sale while the remainder was upgraded to
other fertilizer products, including 339,000 tons of UAN.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $467 million at
March 31, 2019. Consolidated total debt was $1,191 million at
March 31, 2019, with no debt other than the Company’s
segments’ debt.
CVR Energy also announced a first quarter 2019 cash dividend of
75 cents per share. The dividend, as declared by CVR Energy’s Board
of Directors, will be paid on May 13, 2019, to stockholders of
record on May 6, 2019. The annualized dividend of $3.00 per share
represents an industry leading dividend yield of 7 percent based on
the April 23 closing stock price.
Today, CVR Partners announced that the Board of Directors of its
general partner declared a first quarter 2019 cash distribution of
7 cents per common unit, which will be paid on May 13, 2019, to
common unitholders of record on May 6, 2019.
First Quarter 2019 Earnings Conference Call
CVR Energy previously announced that it will host its first
quarter 2019 Earnings Conference Call on Thursday, April 25, at 1
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 first quarter 2019 Earnings Conference Call will be webcast
live and can be accessed on the Investor Relations section of CVR
Energy’s website at www.CVREnergy.com. For investors or analysts
who want to participate during the call, the dial-in number is
(877) 407-8291. The webcast will be archived and available for 14
days at https://edge.media-server.com/m6/p/eayyvpao. A repeat of
the call also can be accessed for 14 days by dialing (877)
660-6853, conference ID 13689665.
Forward-Looking StatementsThis 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. Statements
concerning current estimates, expectations and projections about
future results, performance, prospects, opportunities, plans,
actions and events and other statements, concerns, or matters that
are not historical facts are “forward-looking statements,” as that
term is defined under the federal securities laws. These
forward-looking statements include, but are not limited to,
statements regarding future: crude oil prices and differentials;
crack spreads; timing of the spring planting season and demand
relating thereto; corn planting; distributions including the amount
and timing thereof; refinery throughput, direct operating expenses,
capital spending, depreciation and amortization, turnaround expense
and continued safe and reliable operations; and other matters. 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. Investors are
cautioned that various factors may affect these forward-looking
statements, including (among others) price volatility of crude oil,
other feedstocks and refined products; the ability of CVR Refining
and CVR Partners to make cash distributions; potential operating
hazards; costs of compliance with existing, or compliance with new,
laws and regulations and potential liabilities arising therefrom;
impacts of planting season on CVR Partners; general economic and
business conditions; and other risks. For additional 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 and other 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 news 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 marketing business through
its interest in CVR Refining and the nitrogen fertilizer
manufacturing business through its interest in CVR Partners, LP.
CVR Energy subsidiaries serve as the general partner and own 34
percent of the common units of CVR Partners.
For further information, please contact:
Investor Contact:Richard RobertsCVR Energy,
Inc.(281) 207-3205InvestorRelations@CVREnergy.com
Media Relations:Brandee StephensCVR Energy,
Inc.(281) 207-3516MediaRelations@CVREnergy.com
Non-GAAP Measures
Our management uses certain non-GAAP performance measures to
evaluate current and past performance and prospects for the future
to supplement our GAAP financial information presented in
accordance with U.S. GAAP. These non-GAAP financial measures are
important factors in assessing our operating results and
profitability and include the performance and liquidity measures
defined below.
Effective January 1, 2019, the Company revised its accounting
policy method for the costs of planned major maintenance activities
(turnarounds) specific to the Petroleum Segment from being expensed
as incurred (the direct expensing method) to the deferral method.
As a result of this change in accounting policy, the non-GAAP
measures of Adjusted EBITDA, Petroleum Adjusted EBITDA, Nitrogen
Fertilizer Adjusted EBITDA, Adjusted Net Income (Loss) and Direct
Operating Expenses per Total Throughput Barrel net of Turnaround
Expense are no longer being presented.
The following are non-GAAP measures that continue to be
presented for the period ended March 31, 2019:
EBITDA - Consolidated net income (loss) before (i) interest
expense, net, (ii) income tax expense (benefit) and (iii)
depreciation and amortization expense.
Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net
income (loss) before segment (i) interest expense, net, (ii) income
tax expense (benefit), and (iii) depreciation and amortization
expense.
Refining Margin - The difference between our Petroleum Segment
net sales and cost of materials and other.
Refining Margin, excluding Inventory Valuation Impacts -
Refining Margin adjusted to exclude the impact of current period
market price and volume fluctuations on crude oil and refined
product inventories recognized in prior periods. We record our
commodity inventories on the first-in-first-out (FIFO) basis. As a
result, significant current period fluctuations in market prices
and the volumes we hold in inventory can have favorable or
unfavorable impacts on our refining margins as compared to similar
metrics used by other publicly-traded companies in the refining
industry.
Refining Margin and Refining Margin, excluding Inventory
Valuation Impacts, per Total Throughput Barrel - Refining Margin,
adjusted to exclude the impact of current period market price and
volume fluctuations on crude oil and refined product inventories
recognized in prior periods, divided by the total throughput
barrels during period, which is calculated as total throughput
barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct
operating expenses for our Petroleum Segment divided by total
throughput barrels for the period, which is calculated as total
throughput barrels per day times the number of days in the
period.
We present these measures because we believe they may help
investors, analysts, lenders and ratings agencies analyze our
results of operations and liquidity in conjunction with our U.S.
GAAP results, including but not limited to our operating
performance as compared to other publicly-traded companies in the
refining industry, without regard to historical cost basis or
financing methods and our ability to incur and service debt and
fund capital expenditures. Non-GAAP measures have important
limitations as analytical tools, because they exclude some, but not
all, items that affect net earnings and operating income. These
measures should not be considered substitutes for their most
directly comparable U.S. GAAP financial measures. See “Non-GAAP
Reconciliations” section included herein for reconciliation of
these amounts. Due to rounding, numbers presented within this
section may not add or equal to numbers or totals presented
elsewhere within this document.
|
CVR Energy, Inc. |
(all information in this release is unaudited) |
|
Financial and Operational Data |
|
|
Three Months Ended March 31, |
(in millions, except per
share data) |
2019 |
|
2018 |
Consolidated
Statement of Operations Data |
|
|
|
Net sales |
$ |
1,486 |
|
|
$ |
1,537 |
|
Operating costs and
expenses: |
|
|
|
Cost of
materials and other (exclusive of depreciation and
amortization) |
1,101 |
|
|
1,180 |
|
Direct
operating expenses (exclusive of depreciation and
amortization) |
126 |
|
|
130 |
|
Depreciation and amortization |
65 |
|
|
64 |
|
Cost of
sales |
1,292 |
|
|
1,374 |
|
Selling,
general and administrative expenses |
30 |
|
|
24 |
|
Depreciation and amortization |
2 |
|
|
3 |
|
Loss on
asset disposals |
2 |
|
|
— |
|
Operating
income |
160 |
|
|
136 |
|
Other income
(expense): |
|
|
|
Interest
expense, net |
(26 |
) |
|
(27 |
) |
Other
income, net |
3 |
|
|
2 |
|
Income
before income tax expense |
137 |
|
|
111 |
|
Income tax expense |
35 |
|
|
18 |
|
Net
income |
102 |
|
|
93 |
|
Less: Net
income attributable to noncontrolling interest |
1 |
|
|
33 |
|
Net
income attributable to CVR Energy stockholders |
$ |
101 |
|
|
$ |
60 |
|
|
|
|
|
Basic and diluted
earnings per share |
$ |
1.00 |
|
|
$ |
0.69 |
|
Dividends declared per
share |
$ |
0.75 |
|
|
$ |
0.50 |
|
|
|
|
|
EBITDA* |
$ |
230 |
|
|
$ |
205 |
|
|
|
|
|
Weighted-average common
shares outstanding - basic and diluted |
100.5 |
|
|
86.8 |
|
_____________* See “Non-GAAP Reconciliations” section below.
Selected Balance Sheet Data
(in
millions) |
March 31, 2019 |
|
December 31, 2018 |
Cash and cash
equivalents |
$ |
467 |
|
|
$ |
668 |
|
Working capital |
545 |
|
|
797 |
|
Total assets |
3,874 |
|
|
4,000 |
|
Total debt |
1,191 |
|
|
1,167 |
|
Total liabilities |
2,216 |
|
|
2,057 |
|
Total CVR stockholders’
equity |
1,343 |
|
|
1,286 |
|
|
|
|
|
|
|
Selected Cash Flow Data
|
Three Months Ended March 31, |
(in millions) |
2019 |
|
2018 |
Net cash flow provided
by (used in): |
|
|
|
Operating
activities |
$ |
228 |
|
|
$ |
26 |
|
Investing
activities |
(42 |
) |
|
(21 |
) |
Financing
activities |
(387 |
) |
|
(67 |
) |
Net
decrease in cash and cash equivalents |
$ |
(201 |
) |
|
$ |
(62 |
) |
|
|
|
|
|
|
|
|
Selected Segment Data
(in millions) |
Petroleum |
|
NitrogenFertilizer |
|
Consolidated |
Three Months
Ended March 31, 2019 |
|
|
|
|
|
Net sales |
$ |
1,397 |
|
|
$ |
92 |
|
|
$ |
1,486 |
|
Operating income |
156 |
|
|
9 |
|
|
160 |
|
Net income (loss) |
149 |
|
|
(6 |
) |
|
102 |
|
EBITDA* |
209 |
|
|
26 |
|
|
230 |
|
|
|
|
|
|
|
Capital
expenditures |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
23 |
|
|
$ |
3 |
|
|
$ |
26 |
|
Growth capital
expenditures |
3 |
|
|
— |
|
|
3 |
|
Total
capital expenditures |
$ |
26 |
|
|
$ |
3 |
|
|
$ |
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Petroleum |
|
NitrogenFertilizer |
|
Consolidated |
Three Months
Ended March 31, 2018 |
|
|
|
|
|
Net sales |
$ |
1,458 |
|
|
$ |
80 |
|
|
$ |
1,537 |
|
Operating income
(loss) |
143 |
|
|
(3 |
) |
|
136 |
|
Net income (loss) |
133 |
|
|
(19 |
) |
|
93 |
|
EBITDA* |
192 |
|
|
13 |
|
|
205 |
|
|
|
|
|
|
|
Capital
expenditures |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
12 |
|
|
$ |
2 |
|
|
$ |
15 |
|
Growth capital
expenditures |
4 |
|
|
1 |
|
|
5 |
|
Total
capital expenditures |
$ |
16 |
|
|
$ |
3 |
|
|
$ |
20 |
|
_____________* See “Non-GAAP Reconciliations” section below.
Selected Balance Sheet Data
(in millions) |
Petroleum |
|
NitrogenFertilizer |
|
Consolidated |
March 31,
2019 |
|
|
|
|
|
Cash and cash
equivalents |
$ |
314 |
|
|
$ |
97 |
|
|
$ |
467 |
|
Total assets |
2,714 |
|
|
1,247 |
|
|
3,874 |
|
Total debt |
561 |
|
|
630 |
|
|
1,191 |
|
|
|
|
|
|
|
December 31, 2018 |
|
|
|
|
|
Cash and cash
equivalents |
$ |
353 |
|
|
$ |
62 |
|
|
$ |
668 |
|
Total assets |
2,452 |
|
|
1,254 |
|
|
4,000 |
|
Total debt |
497 |
|
|
629 |
|
|
1,167 |
|
|
|
|
|
|
|
|
|
|
Petroleum Segment
Key Operating Metrics per Total Throughput
Barrel
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Refining margin* |
$ |
16.55 |
|
|
$ |
17.58 |
|
Refining
margin, excluding inventory valuation impacts * |
14.88 |
|
|
16.41 |
|
Direct
operating expenses * |
4.75 |
|
|
5.39 |
|
_____________* See “Non-GAAP Reconciliations” section below.
Throughput Data by Refinery
|
Three Months Ended March 31, |
(in bpd) |
2019 |
|
2018 |
Coffeyville |
|
|
|
Regional crude |
41,591 |
|
|
29,698 |
|
WTI |
67,016 |
|
|
50,829 |
|
Midland
WTI |
12,702 |
|
|
— |
|
Condensate |
5,293 |
|
|
17,714 |
|
Heavy
Canadian |
7,563 |
|
|
490 |
|
Other
feedstocks and blendstocks |
9,293 |
|
|
6,134 |
|
Wynnewood |
|
|
|
Regional
crude |
44,363 |
|
|
48,520 |
|
WTI |
— |
|
|
6,947 |
|
Midland
WTI |
12,507 |
|
|
19,153 |
|
Condensate |
7,754 |
|
|
4,349 |
|
Other
feedstocks and blendstocks |
4,725 |
|
|
5,764 |
|
Total
throughput |
212,807 |
|
|
189,598 |
|
|
|
|
|
|
|
Production Data by Refinery
|
Three Months Ended March 31, |
(in bpd) |
2019 |
|
2018 |
Coffeyville |
|
|
|
Gasoline |
73,856 |
|
|
49,222 |
|
Distillate |
59,529 |
|
|
44,245 |
|
Other
liquid products |
6,473 |
|
|
8,588 |
|
Solids |
4,970 |
|
|
4,244 |
|
Wynnewood |
|
|
|
Gasoline |
34,312 |
|
|
43,595 |
|
Distillate |
27,356 |
|
|
34,620 |
|
Other
liquid products |
6,123 |
|
|
4,510 |
|
Solids |
28 |
|
|
54 |
|
Total
production |
212,647 |
|
|
189,078 |
|
Liquid volume yield (as
% of total throughput) |
97.6 |
% |
|
97.5 |
% |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Market
Indicators (dollars per barrel) |
|
|
|
West Texas Intermediate
(WTI) NYMEX |
$ |
54.90 |
|
|
$ |
62.89 |
|
Crude Oil
Differentials: |
|
|
|
WTI less
WTS (light/medium sour) |
0.94 |
|
|
1.43 |
|
WTI less
WCS (heavy sour) |
10.51 |
|
|
25.74 |
|
WTI less
condensate |
1.17 |
|
|
0.38 |
|
Midland
Cushing Differential |
1.18 |
|
|
0.38 |
|
NYMEX Crack
Spreads: |
|
|
|
Gasoline |
11.75 |
|
|
15.35 |
|
Heating
Oil |
26.38 |
|
|
20.46 |
|
NYMEX
2-1-1 Crack Spread |
19.07 |
|
|
17.91 |
|
PADD II Group 3
Basis: |
|
|
|
Gasoline |
(2.05 |
) |
|
(1.87 |
) |
Ultra Low
Sulfur Diesel |
(1.56 |
) |
|
(0.61 |
) |
PADD II Group 3 Product
Crack Spread: |
|
|
|
Gasoline |
9.70 |
|
|
13.48 |
|
Ultra Low
Sulfur Diesel |
24.82 |
|
|
19.85 |
|
PADD II Group 3
2-1-1 |
17.26 |
|
|
16.67 |
|
|
|
|
|
|
|
Q2 2019 Petroleum Segment Outlook
The table below summarizes our outlook for certain refining
statistics and financial information for the second quarter of
2019. See “forward looking statements.”
|
|
|
Q2 2019 |
|
Low |
|
High |
Refinery
Statistics: |
|
|
|
Total throughput
(bpd) |
217,000 |
|
|
227,000 |
|
|
|
|
|
Direct operating
expenses (1) (in millions) |
$ |
85 |
|
|
$ |
95 |
|
|
|
|
|
Total capital spending
(in millions) |
$ |
35 |
|
|
$ |
40 |
|
_____________(1) Direct operating expenses are shown exclusive
of depreciation and amortization and turnaround expenses.
Nitrogen Fertilizer Segment:
Key Operating Data:
Ammonia Utilization Rates (1)
|
Two Years Ended March 31, |
(percent of capacity
utilization) |
2019 |
|
2018 |
Consolidated |
92 |
% |
|
94 |
% |
Coffeyville |
94 |
% |
|
94 |
% |
East
Dubuque |
91 |
% |
|
95 |
% |
_____________
- Reflects ammonia utilization rates on a consolidated basis and
at each of the Nitrogen Fertilizer facilities. Utilization is an
important measure used by management to assess operational output
at each of the facilities. Utilization is calculated as actual tons
produced divided by capacity. The Nitrogen Fertilizer Segment
presents utilization on a two-year rolling average to take into
account the impact of current turnaround cycles on any
specific period. The two-year rolling average is a more useful
presentation of the long-term utilization performance of our
plants. Additionally, we present utilization solely on ammonia
production rather than each nitrogen product as it provides a
comparative baseline against industry peers and eliminates the
disparity of plant configurations for upgrade of ammonia into other
nitrogen products. With the Nitrogen Fertilizer Segments’ efforts
being primarily focused on ammonia upgrade capabilities, this
measure provides a meaningful view of how well the facilities
operate.
Sales and Production Data
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Consolidated sales
(thousand tons): |
|
|
|
Ammonia |
36 |
|
|
36 |
|
UAN |
288 |
|
|
345 |
|
|
|
|
|
Consolidated product
pricing at gate (dollars per ton) (1): |
|
|
|
Ammonia |
$ |
367 |
|
|
$ |
322 |
|
UAN |
$ |
222 |
|
|
$ |
153 |
|
|
|
|
|
Consolidated production
volume (thousand tons): |
|
|
|
Ammonia
(gross produced) (2) |
179 |
|
|
199 |
|
Ammonia
(net available for sale) (2) |
41 |
|
|
59 |
|
UAN |
335 |
|
|
339 |
|
|
|
|
|
Feedstock: |
|
|
|
Petroleum
coke used in production (thousand tons) |
132 |
|
|
118 |
|
Petroleum
coke used in production (dollars per ton) |
$ |
38 |
|
|
$ |
18 |
|
Natural
gas used in production (thousands of MMBtus)(3) |
1,440 |
|
|
1,850 |
|
Natural
gas used in production (dollars per MMBtu)(3) |
$ |
3.83 |
|
|
$ |
3.24 |
|
Natural
gas in cost of materials and other (thousands of MMBtus)(3) |
1,008 |
|
|
1,258 |
|
Natural
gas in cost of materials and other (dollars per MMBtu)(3) |
$ |
3.87 |
|
|
$ |
3.48 |
|
_____________
- Product pricing at gate represents net sales less
freight revenue divided by product sales volume in tons and is
shown in order to provide a pricing measure that is comparable
across the fertilizer industry.
- Gross tons produced for ammonia represent total ammonia
produced, including ammonia produced that was upgraded into other
fertilizer products. Net tons available for sale represent ammonia
available for sale that was not upgraded into other fertilizer
products.
- The feedstock natural gas shown above does not include natural
gas used for fuel. The cost of fuel natural gas is included in
direct operating expense.
Key Market Indicators
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Ammonia — Southern
Plains (dollars per ton) |
$ |
427 |
|
|
$ |
382 |
|
Ammonia — Corn belt
(dollars per ton) |
497 |
|
|
427 |
|
UAN — Corn belt
(dollars per ton) |
229 |
|
|
210 |
|
|
|
|
|
Natural gas NYMEX
(dollars per MMBtu) |
$ |
2.88 |
|
|
$ |
2.85 |
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliations:
Reconciliation of Consolidated Net Income to
EBITDA
|
Three Months Ended March 31, |
(in millions) |
2019 |
|
2018 |
Net income |
$ |
102 |
|
|
$ |
93 |
|
Add: |
|
|
|
Interest
expense, net |
26 |
|
|
27 |
|
Income
tax expense |
35 |
|
|
18 |
|
Depreciation and amortization |
67 |
|
|
67 |
|
EBITDA |
$ |
230 |
|
|
$ |
205 |
|
|
|
|
|
|
|
|
|
Reconciliation of Petroleum Net Income to Petroleum
EBITDA
|
Three Months Ended March 31, |
(in
millions) |
2019 |
|
2018 |
Petroleum net
income |
$ |
149 |
|
|
$ |
133 |
|
Add: |
|
|
|
Interest
expense, net |
11 |
|
|
11 |
|
Depreciation and amortization |
49 |
|
|
48 |
|
Petroleum
EBITDA |
$ |
209 |
|
|
$ |
192 |
|
|
|
|
|
|
|
|
|
Reconciliation of Petroleum Gross Profit to Refining
Margin
|
Three Months Ended March 31, |
(in millions) |
2019 |
|
2018 |
Net sales |
$ |
1,397 |
|
|
$ |
1,458 |
|
Cost of materials and
other |
1,080 |
|
|
1,158 |
|
Direct operating
expenses (exclusive of depreciation and amortization) |
91 |
|
|
92 |
|
Depreciation and
amortization |
49 |
|
|
48 |
|
Gross
profit |
177 |
|
|
160 |
|
Add: |
|
|
|
Direct operating
expenses (exclusive of depreciation and amortization) |
91 |
|
|
92 |
|
Depreciation and
amortization |
49 |
|
|
48 |
|
Refining
margin |
$ |
317 |
|
|
$ |
300 |
|
|
|
|
|
Exclude: (favorable)
unfavorable inventory valuation impacts |
(32 |
) |
|
(20 |
) |
Refining
margin, excluding inventory valuation impacts |
$ |
285 |
|
|
$ |
280 |
|
|
|
|
|
|
|
|
|
Reconciliation of Refining Margin and Refining Margin,
excluding Inventory Valuation Impacts, per Total Throughput
Barrel
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Total throughput barrels
per day |
212,806 |
|
|
189,598 |
|
Days in the period |
90 |
|
|
90 |
|
Total
throughput barrels |
19,152,540 |
|
|
17,063,820 |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
(in millions, except
for per throughput barrel data) |
2019 |
|
2018 |
Refining margin |
$ |
317 |
|
|
$ |
300 |
|
Divided by: total
throughput barrels |
19 |
|
|
17 |
|
Refining
margin per total throughput barrel |
$ |
16.55 |
|
|
$ |
17.58 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
(in millions, except
for per throughput barrel data) |
2019 |
|
2018 |
Refining margin,
excluding inventory valuation impacts |
$ |
285 |
|
|
$ |
280 |
|
Divided by: total
throughput barrels |
19 |
|
|
17 |
|
Refining
margin, excluding inventory valuation impacts, per total throughput
barrel |
$ |
14.88 |
|
|
$ |
16.41 |
|
|
|
|
|
|
|
|
|
Reconciliation of Petroleum Direct Operating Expenses to
Direct Operating Expenses per Total Throughput Barrel
|
Three Months Ended March 31, |
(in millions, except
for per throughput barrel data) |
2019 |
|
2018 |
Direct operating
expenses (exclusive of depreciation and amortization) |
$ |
91 |
|
|
$ |
92 |
|
Divided by: total
throughput barrels |
19 |
|
|
17 |
|
Direct
operating expense per total throughput barrel |
$ |
4.75 |
|
|
$ |
5.39 |
|
|
|
|
|
|
|
Reconciliation of Nitrogen Fertilizer Net Loss to
Nitrogen Fertilizer EBITDA
|
Three Months Ended March 31, |
(in millions) |
2019 |
|
2018 |
Nitrogen Fertilizer net
loss |
$ |
(6 |
) |
|
$ |
(19 |
) |
Add: |
|
|
|
Interest
expense, net |
16 |
|
|
16 |
|
Depreciation and amortization |
16 |
|
|
16 |
|
Nitrogen
Fertilizer EBITDA |
$ |
26 |
|
|
$ |
13 |
|
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