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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