The following is a summary of the CVR Energy, Inc. (CVI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CVR Energy reported Q1 2024 consolidated net income of $90 million and earnings per share of $0.81. EBITDA was $40 million.

• Results were driven by declining RIN prices, higher crude oil and refined product prices, but burdened by lower crack spreads and fertilizer prices.

• CVR Energy Board authorized a Q1 regular dividend of $0.50 per share.

• Cash provided by operations for Q1 2024 was $177 million, with free cash flow of $121 million. By end of Q1, the consolidated cash balance was $644 million.

Business Progress:

• Despite a severe incident at Wynnewood refinery, a significant turnaround was completed with no further turnarounds planned until spring 2024/2025.

• CVR Energy is awaiting a court decision on small refinery exemption cases.

• The Board approved a distillate yield improvement project at the Wynnewood refinery.

• The company is considering several transformative M&A opportunities in refining space and strategic options for UAN.

• The company will continue expanding its crude oil gathering business and plans to diversify its refining to improve stocks.

• Renewable ventures, including a conversion project for Wynnewood renewable diesel unit and a larger project at Coffeyville, are being explored.

More details: CVR Energy IR

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