CVR Energy, Inc. (NYSE: CVI) today announced fourth quarter 2018
net income of $82 million, or 82 cents per diluted share, on net
sales of $1.7 billion, compared to net income of $200 million, or
$2.31 per diluted share, on net sales of $1.6 billion for the prior
year period. The fourth quarter of 2017 benefited from a $201
million tax benefit resulting from new tax legislation. Fourth
quarter 2018 adjusted EBITDA was $202 million, compared to $64
million for the same period a year earlier.
For full year 2018, the Company reported net income of $289
million, or $3.12 per diluted share, on net sales of $7.1 billion,
compared to net income for full year 2017 of $235 million, or $2.70
per diluted share, on net sales of $6.0 billion. Adjusted EBITDA
for full year 2018 was $825 million, compared to $406 million for
the previous year.
“CVR Energy reported strong results for the 2018 full year, led
by our petroleum segment and the improved second half results from
our nitrogen fertilizer segment,” said Dave Lamp, CVR Energy’s
Chief Executive Officer. “Our petroleum segment has experienced
significantly increased earnings year-over-year, driven by stronger
crack spreads, wide crude oil differentials, additional runs of
regional shale oil, a lower Renewable Volume Obligation and lower
Renewable Identification Number prices.
“CVR Partners benefited from higher netback pricing in 2018,”
Lamp said. “We also are pleased to report that CVR Partners
generated positive distributable cash and declared a 12 cent per
unit distribution for the fourth quarter 2018.”
Petroleum
The petroleum segment, which is operated by CVR Refining and its
subsidiaries and includes the Coffeyville and Wynnewood refineries,
reported fourth quarter 2018 operating income of $135 million on
net sales of $1.6 billion, compared to an operating loss of $19
million on net sales of $1.5 billion in the fourth quarter of
2017.
Refining margin, excluding the impacts of market price and
volume fluctuations on inventories, per total throughput barrel,
was $17.47 in the fourth quarter 2018, compared to $7.46 during the
same period in 2017. Direct operating expenses (exclusive of
depreciation and amortization), excluding turnaround expenses, per
total throughput barrel, for the fourth quarter 2018 were $4.41,
compared to $4.82 in the fourth quarter of 2017.
Fourth quarter 2018 combined total throughput was approximately
221,000 barrels per day (bpd), compared to approximately 205,000
bpd of combined total throughput for the fourth quarter of
2017.
Nitrogen Fertilizer
The nitrogen fertilizer segment, which is operated by CVR
Partners and its subsidiaries and includes the Coffeyville and East
Dubuque fertilizer facilities, reported fourth quarter 2018
operating income of $8 million on net sales of $98 million,
compared to an operating loss of $11 million on net sales of $78
million for the fourth quarter of 2017.
CVR Partners’ fertilizer facilities produced a combined 209,000
tons of ammonia during the fourth quarter of 2018, of which 59,000
net tons were available for sale while the rest was upgraded to
other fertilizer products, including 357,000 tons of UAN. In the
2017 fourth quarter, the fertilizer facilities produced 200,000
tons of ammonia, of which 64,000 net tons were available for sale
while the remainder was upgraded to other fertilizer products,
including 306,000 tons of UAN.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $668 million at Dec.
31, 2018. Consolidated total debt was $1,170 million at Dec. 31,
2018. The Company had no debt exclusive of its segments’ debt.
CVR Energy also announced that, on Feb. 20, 2019, its Board of
Directors approved a fourth quarter 2018 cash dividend of 75 cents
per share. The dividend will be paid on March 11, 2019, to
stockholders of record on March 4, 2019. CVR Energy’s fourth
quarter cash dividend brings the cumulative cash dividends declared
for the 2018 full year to $2.50 per share.
Today, CVR Partners announced that the Board of Directors of its
general partner declared a 2018 fourth quarter cash distribution of
12 cents per common unit, which will be paid on March 11, 2019, to
common unitholders of record on March 4, 2019.
Fourth Quarter 2018 Earnings Conference
Call
CVR Energy previously announced that it will host its fourth
quarter and full-year 2018 Earnings Conference Call on Thursday,
Feb. 21, at 3 p.m. Eastern. This Earnings Conference Call may also
include discussion of Company developments, forward-looking
information and other material information about business and
financial matters.
The fourth quarter and full-year 2018 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 through March 7 at
https://edge.media-server.com/m6/p/8ue9x8pd. A repeat of the call
can be accessed through March 7 by dialing (877) 660-6853,
conference ID 13687296.
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: increased RIN generation; biodiesel
blending; ability to provide more shale oil to the Coffeyville
refinery; unit train capabilities; enhancement of CVR Partners’
geographic reach and reduction of distribution costs; reduction of
overhead costs; payment of dividends and distributions, including
the payment, amount and timing thereof; yield; RINs and RVO, first
quarter performance, including throughput, production, direct
operating expenses, capital spending; depreciation; amortization
and turnaround expenses; 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 our subsidiaries, including 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:Jay FinksCVR Energy, Inc.(281)
207-3588InvestorRelations@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.
During the fourth quarter of 2018, management revised its
internal and external use of non-GAAP measures. Earnings before
interest, tax, depreciation and amortization (“EBITDA”) is now
reconciled from net income (loss). Adjusted EBITDA, as defined
below, was revised to remove adjustments for (i) first-in-first-out
inventory impacts, (ii) derivative gains or losses, and (iii)
business interruption insurance recoveries. Additionally, due to
the revisions to Adjusted EBITDA to remove certain adjustments, we
revised the definitions of our Refining Margin and Direct Operating
Expense metrics in our Petroleum segment to conform. Refer to the
revised definitions below for further information.
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.
Adjusted EBITDA - EBITDA adjusted to exclude consolidated
turnaround expense and other non-recurring items which management
believes are material to an investor’s understanding of the
Company’s underlying operating results.
Petroleum Adjusted EBITDA and Nitrogen Fertilizer Adjusted
EBITDA - Segment EBITDA adjusted to exclude turnaround expense
attributable to each segment and other non-recurring segment items
which management believes are material to an investor’s
understanding of the Petroleum or Nitrogen Fertilizer segments’
underlying operating results.
Adjusted net income (loss) is not a recognized term under
GAAP and should not be substituted for net income as a measure of
our performance, but rather should be utilized as a supplemental
measure of financial performance in evaluating our business.
Management believes that adjusted net income (loss) provides
relevant and useful information that enables external users of our
financial statements, such as industry analysts, investors, lenders
and rating agencies, to better understand and evaluate our ongoing
operating results and allow for greater transparency in the review
of our overall financial, operational and economic performance.
Adjusted net income (loss) per diluted share represents adjusted
net income (loss) divided by the weighted-average diluted shares
outstanding. Adjusted net income (loss) represents net income, as
adjusted, that is attributable to CVR Energy stockholders.
Refining Margin - The difference between 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 recorded in prior periods. We record our
commodity inventories on the first-in-first-out 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
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.
Direct Operating Expenses per Total Throughput Barrel, excluding
Turnaround Expense - Direct operating expenses for our Petroleum
segment, excluding turnaround expenses reported as direct operating
expense, 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.
Items or Events Impacting Comparability
Refer to the “Non-GAAP Measures” section above for discussion of
the changes made during the fourth quarter of 2018 to the Company’s
definition of certain non-GAAP measures.
Petroleum Segment
Starting with the fourth quarter of 2018, derivative gains or
losses are now presented within Cost of Materials and Other. Prior
period amounts have been conformed to the current presentation.
Coffeyville Refinery - During the first quarter of 2018, our
Coffeyville, Kansas refinery (the “Coffeyville Refinery”)
experienced an outage with its fluid catalytic cracking unit
(“FCC”) lasting 48 days. The FCC outage had a significant negative
impact on production and sales during that period.
Wynnewood Refinery - During 2017, the Wynnewood, Oklahoma
(“Wynnewood Refinery”) underwent a turnaround on its hydrocracking
unit in the first quarter of 2017 at a cost of $13 million and the
first phase of its planned facility turnaround, with the second
phase scheduled for the first quarter of 2019, at a cost of
approximately $67 million, including $43 million in the fourth
quarter of 2017.
Nitrogen Fertilizer Segment
During the fourth quarter of 2018, we recognized a $6 million
business interruption insurance recovery associated with outages at
its Coffeyville, Kansas (the “Coffeyville Facility”). The recovery
is recorded in the Other Income (Expense) line item. Prior year
amounts, which were not material, were conformed to the current
year presentation.
Coffeyville Facility - During 2018, our Coffeyville, Kansas
nitrogen fertilizer facility (the “Coffeyville Facility”) had a
planned, full facility turnaround lasting 15 days and incurred
approximately $6 million in turnaround expense in the second
quarter of 2018. During 2017, the Coffeyville Facility’s
third-party air separation unit experienced a shut down. Paired
with this shut down and subsequent operational challenges, the
Coffeyville Facility experienced unplanned UAN downtime of 11 days
during the second quarter of 2017.
East Dubuque Facility - During 2017, our East Dubuque, Illinois
nitrogen fertilizer facility (the “East Dubuque Facility”) had a
planned, full facility turnaround lasting 14 days and incurred
approximately $3 million in turnaround expense in the third quarter
of 2017. Additionally, during the fourth quarter of 2017, the East
Dubuque Facility experienced unplanned downtime totaling 12
days.
CVR Energy,
Inc.Consolidated Statements of
Operations(Unaudited)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in millions, except
per share amounts) |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
Net sales |
|
$ |
1,737 |
|
|
$ |
1,593 |
|
|
$ |
7,124 |
|
|
$ |
5,988 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of
materials and other (exclusive of depreciation and
amortization) |
|
1,387 |
|
|
1,366 |
|
|
5,683 |
|
|
4,953 |
|
Direct
operating expenses (exclusive of depreciation and
amortization) |
|
130 |
|
|
175 |
|
|
523 |
|
|
598 |
|
Depreciation and amortization |
|
51 |
|
|
52 |
|
|
202 |
|
|
203 |
|
Cost of
sales |
|
1,568 |
|
|
1,593 |
|
|
6,408 |
|
|
5,754 |
|
Selling,
general and administrative expenses |
|
28 |
|
|
31 |
|
|
112 |
|
|
113 |
|
Depreciation and amortization |
|
3 |
|
|
3 |
|
|
11 |
|
|
11 |
|
Loss on
asset disposal |
|
— |
|
|
2 |
|
|
6 |
|
|
3 |
|
Operating
income |
|
138 |
|
|
(36 |
) |
|
587 |
|
|
107 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
expense, net |
|
(24 |
) |
|
(27 |
) |
|
(102 |
) |
|
(109 |
) |
Other
income, net |
|
8 |
|
|
2 |
|
|
15 |
|
|
2 |
|
Income
(loss) before income taxes |
|
122 |
|
|
(61 |
) |
|
500 |
|
|
— |
|
Income tax expense
(benefit) |
|
16 |
|
|
(234 |
) |
|
89 |
|
|
(217 |
) |
Net
income |
|
106 |
|
|
173 |
|
|
411 |
|
|
217 |
|
Less: Net
income (loss) attributable to noncontrolling interest |
|
24 |
|
|
(27 |
) |
|
122 |
|
|
(18 |
) |
Net
income attributable to CVR Energy stockholders |
|
$ |
82 |
|
|
$ |
200 |
|
|
$ |
289 |
|
|
$ |
235 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share |
|
$ |
0.82 |
|
|
$ |
2.31 |
|
|
$ |
3.12 |
|
|
$ |
2.70 |
|
Dividends declared per
share |
|
$ |
0.75 |
|
|
$ |
0.50 |
|
|
$ |
2.50 |
|
|
$ |
2.00 |
|
|
|
|
|
|
|
|
|
|
EBITDA * |
|
$ |
200 |
|
|
$ |
21 |
|
|
$ |
815 |
|
|
$ |
323 |
|
Adjusted EBITDA* |
|
$ |
202 |
|
|
$ |
64 |
|
|
$ |
825 |
|
|
$ |
406 |
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic and
Diluted |
|
100.5 |
|
|
86.8 |
|
|
92.5 |
|
|
86.8 |
|
____________________* See “Non-GAAP Reconciliations” section
below reconciliation of these amounts.
Selected Balance Sheet Data:
|
As of December 31, |
(in millions) |
2018 |
|
2017 |
|
|
|
|
Cash and cash
equivalents |
$ |
668 |
|
|
$ |
482 |
|
Working capital |
797 |
|
|
534 |
|
Total assets |
3,907 |
|
|
3,807 |
|
Total debt |
1,170 |
|
|
1,166 |
|
Total liabilities |
2,039 |
|
|
2,103 |
|
Total CVR stockholders’
equity |
1,246 |
|
|
919 |
|
Selected Cash Flow Data:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
Net cash flow provided
by (used in): |
|
|
|
|
|
|
|
Operating
activities |
$ |
101 |
|
|
$ |
(159 |
) |
|
$ |
620 |
|
|
$ |
168 |
|
Investing
activities |
(33 |
) |
|
(115 |
) |
|
(100 |
) |
|
(196 |
) |
Financing
activities |
(102 |
) |
|
(93 |
) |
|
(334 |
) |
|
(226 |
) |
Net cash
flow |
$ |
(34 |
) |
|
$ |
(367 |
) |
|
$ |
186 |
|
|
$ |
(254 |
) |
Selected Segment Data:
|
Petroleum |
|
Nitrogen Fertilizer |
|
Corporate andOther |
|
Consolidated |
(in millions) |
|
|
|
Three Months
Ended December 31, 2018 |
|
|
|
|
|
|
|
Net sales |
$ |
1,641 |
|
|
$ |
98 |
|
|
$ |
(2 |
) |
|
$ |
1,737 |
|
Operating income
(loss) |
135 |
|
|
8 |
|
|
(5 |
) |
|
138 |
|
Net income (loss) |
128 |
|
|
(1 |
) |
|
(21 |
) |
|
106 |
|
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
Maintenance capital
expenditures |
$ |
22 |
|
|
$ |
4 |
|
|
$ |
1 |
|
|
$ |
27 |
|
Growth capital
expenditures |
6 |
|
|
— |
|
|
— |
|
|
6 |
|
Total
capital expenditures |
28 |
|
|
4 |
|
|
1 |
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31, 2017 |
|
|
|
|
|
|
|
Net sales |
$ |
1,517 |
|
|
$ |
78 |
|
|
$ |
(2 |
) |
|
$ |
1,593 |
|
Operating income
(loss) |
(19 |
) |
|
(11 |
) |
|
(6 |
) |
|
(36 |
) |
Net income (loss) |
(29 |
) |
|
(27 |
) |
|
229 |
|
|
173 |
|
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
Maintenance capital
expenditures |
$ |
20 |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
$ |
25 |
|
Growth capital
expenditures |
14 |
|
|
— |
|
|
— |
|
|
14 |
|
Total
capital expenditures |
34 |
|
|
3 |
|
|
2 |
|
|
39 |
|
|
Petroleum |
|
Nitrogen Fertilizer |
|
Corporate andOther |
|
Consolidated |
(in millions) |
|
|
|
Year Ended
December 31, 2018 |
|
|
|
|
|
|
|
Net sales |
$ |
6,780 |
|
|
$ |
351 |
|
|
$ |
(7 |
) |
|
$ |
7,124 |
|
Operating income
(loss) |
599 |
|
|
6 |
|
|
(18 |
) |
|
587 |
|
Net income (loss) |
567 |
|
|
(50 |
) |
|
(106 |
) |
|
411 |
|
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
Maintenance capital
expenditures |
$ |
62 |
|
|
$ |
15 |
|
|
$ |
4 |
|
|
$ |
81 |
|
Growth capital
expenditures |
17 |
|
|
4 |
|
|
— |
|
|
21 |
|
Total
capital expenditures |
79 |
|
|
19 |
|
|
4 |
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2017 |
|
|
|
|
|
|
|
Net sales |
$ |
5,664 |
|
|
$ |
331 |
|
|
$ |
(7 |
) |
|
$ |
5,988 |
|
Operating income
(loss) |
134 |
|
|
(10 |
) |
|
(17 |
) |
|
107 |
|
Net income (loss) |
89 |
|
|
(73 |
) |
|
201 |
|
|
217 |
|
|
|
|
|
|
|
|
|
Capital
Expenditures: |
|
|
|
|
|
|
|
Maintenance capital
expenditures |
$ |
79 |
|
|
$ |
14 |
|
|
$ |
5 |
|
|
$ |
98 |
|
Growth capital
expenditures |
22 |
|
|
— |
|
|
— |
|
|
22 |
|
Total
capital expenditures |
101 |
|
|
14 |
|
|
5 |
|
|
120 |
|
|
Petroleum |
|
Nitrogen Fertilizer |
|
Corporate andOther |
|
Consolidated |
(in millions) |
|
|
|
December 31, 2018 |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
353 |
|
|
$ |
62 |
|
|
$ |
253 |
|
|
$ |
668 |
|
Total assets |
2,360 |
|
|
1,254 |
|
|
293 |
|
|
3,907 |
|
Total debt |
541 |
|
|
629 |
|
|
— |
|
|
1,170 |
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
174 |
|
|
$ |
49 |
|
|
$ |
259 |
|
|
$ |
482 |
|
Total assets |
2,270 |
|
|
1,234 |
|
|
303 |
|
|
3,807 |
|
Total debt |
541 |
|
|
625 |
|
|
— |
|
|
1,166 |
|
Petroleum Segment:
|
Three Months EndedDecember 31, |
|
Year EndedDecember
31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
1,641 |
|
|
$ |
1,517 |
|
|
$ |
6,780 |
|
|
$ |
5,664 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of
materials and other (1) |
1,362 |
|
|
1,346 |
|
|
5,602 |
|
|
4,875 |
|
Direct
operating expenses (1) |
92 |
|
|
133 |
|
|
364 |
|
|
441 |
|
Depreciation and amortization |
32 |
|
|
33 |
|
|
130 |
|
|
129 |
|
Cost of
sales |
1,486 |
|
|
1,512 |
|
|
6,096 |
|
|
5,445 |
|
Selling,
general and administrative expenses |
19 |
|
|
21 |
|
|
75 |
|
|
78 |
|
Depreciation and amortization |
1 |
|
|
1 |
|
|
4 |
|
|
4 |
|
Loss on
asset disposals |
— |
|
|
2 |
|
|
6 |
|
|
3 |
|
Operating
income (loss) |
135 |
|
|
(19 |
) |
|
599 |
|
|
134 |
|
Interest
expense, net |
(9 |
) |
|
(12 |
) |
|
(41 |
) |
|
(47 |
) |
Other
income, net |
2 |
|
|
2 |
|
|
9 |
|
|
2 |
|
Net
income (loss) |
$ |
128 |
|
|
$ |
(29 |
) |
|
$ |
567 |
|
|
$ |
89 |
|
|
|
|
|
|
|
|
|
Petroleum EBITDA * |
$ |
170 |
|
|
$ |
17 |
|
|
$ |
742 |
|
|
$ |
269 |
|
Petroleum Adjusted
EBITDA* |
$ |
172 |
|
|
$ |
60 |
|
|
$ |
746 |
|
|
$ |
349 |
|
|
|
|
|
|
|
|
|
Key Operating
Metrics per Total Throughput Barrel |
|
|
|
|
|
|
|
Refining Margin * |
$ |
13.67 |
|
|
$ |
9.07 |
|
|
$ |
15.18 |
|
|
$ |
9.92 |
|
Refining Margin,
excluding Inventory Valuation Impacts * |
$ |
17.47 |
|
|
$ |
7.46 |
|
|
$ |
15.60 |
|
|
$ |
9.55 |
|
Direct Operating
Expenses * |
$ |
4.52 |
|
|
$ |
7.10 |
|
|
$ |
4.69 |
|
|
$ |
5.55 |
|
Direct Operating
Expenses, excluding Turnaround Expenses * |
$ |
4.41 |
|
|
$ |
4.82 |
|
|
$ |
4.65 |
|
|
$ |
4.54 |
|
____________________* See “Non-GAAP Reconciliations” section
below reconciliation of these amounts.
(1) Amounts are shown exclusive of depreciation and
amortization.
Throughput Data by Refinery
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in bpd) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Coffeyville |
|
|
|
|
|
|
|
Regional shale
crude |
35,855 |
|
|
40,204 |
|
|
31,350 |
|
|
34,805 |
|
WTI |
72,468 |
|
|
87,363 |
|
|
66,952 |
|
|
84,460 |
|
Midland
WTI |
18,506 |
|
|
— |
|
|
15,893 |
|
|
— |
|
Condensate |
672 |
|
|
19 |
|
|
4,992 |
|
|
2,169 |
|
Heavy
Canadian |
7,629 |
|
|
5,657 |
|
|
5,302 |
|
|
10,135 |
|
Other
feedstocks and blendstocks |
12,033 |
|
|
12,689 |
|
|
8,369 |
|
|
9,921 |
|
Wynnewood |
|
|
|
|
|
|
|
Regional
shale crude |
51,959 |
|
|
27,323 |
|
|
54,746 |
|
|
27,750 |
|
WTI |
— |
|
|
4,466 |
|
|
2,354 |
|
|
15,251 |
|
Midland
WTI |
7,776 |
|
|
21,215 |
|
|
10,332 |
|
|
29,045 |
|
Condensate |
8,808 |
|
|
1,749 |
|
|
7,237 |
|
|
1,134 |
|
Heavy
Canadian |
— |
|
|
— |
|
|
— |
|
|
— |
|
Other
feedstocks and blendstocks |
5,775 |
|
|
3,893 |
|
|
5,068 |
|
|
3,511 |
|
Total
throughput |
221,481 |
|
|
204,578 |
|
|
212,595 |
|
|
218,181 |
|
Production Data by Refinery
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in bpd) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Coffeyville |
|
|
|
|
|
|
|
Gasoline |
78,291 |
|
|
76,385 |
|
|
67,091 |
|
|
72,778 |
|
Distillate |
60,080 |
|
|
61,568 |
|
|
56,307 |
|
|
59,593 |
|
Other
liquid products |
4,834 |
|
|
4,005 |
|
|
5,737 |
|
|
4,704 |
|
Solids |
5,682 |
|
|
6,485 |
|
|
5,190 |
|
|
6,631 |
|
Wynnewood |
|
|
|
|
|
|
|
Gasoline |
39,033 |
|
|
28,638 |
|
|
40,291 |
|
|
38,311 |
|
Distillate |
30,568 |
|
|
23,982 |
|
|
33,442 |
|
|
30,816 |
|
Other
liquid products |
2,992 |
|
|
4,607 |
|
|
4,025 |
|
|
5,429 |
|
Solids |
27 |
|
|
31 |
|
|
41 |
|
|
54 |
|
Total
production |
221,507 |
|
|
205,701 |
|
|
212,124 |
|
|
218,316 |
|
Liquid Volume Yield for Petroleum Segment
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(as percentage of total
throughput) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Liquid volume
yield |
97.4% |
|
97.3% |
|
97.3% |
|
96.9% |
Key Market Indicators
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(dollars per barrel) |
2018 |
|
2017 |
|
2018 |
|
2017 |
West Texas Intermediate
(WTI) NYMEX |
$ |
59.34 |
|
|
$ |
55.30 |
|
|
$ |
64.90 |
|
|
$ |
50.85 |
|
Crude Oil
Differentials: |
|
|
|
|
|
|
|
WTI less
WTS (light/medium sour) |
6.63 |
|
|
0.42 |
|
|
7.77 |
|
|
0.97 |
|
WTI less
WCS (heavy sour) |
34.54 |
|
|
16.61 |
|
|
26.38 |
|
|
12.69 |
|
WTI less
Condensate |
0.65 |
|
|
0.10 |
|
|
0.46 |
|
|
0.12 |
|
Midland
Cushing Differential |
6.34 |
|
|
(0.25 |
) |
|
7.36 |
|
|
0.34 |
|
NYMEX Crack
Spreads: |
|
|
|
|
|
|
|
Gasoline |
9.81 |
|
|
16.63 |
|
|
15.69 |
|
|
17.46 |
|
Heating
Oil |
27.74 |
|
|
23.96 |
|
|
23.15 |
|
|
18.93 |
|
NYMEX
2-1-1 Crack Spread |
18.77 |
|
|
20.29 |
|
|
19.42 |
|
|
18.19 |
|
PADD II Group 3 Product
Basis: |
|
|
|
|
|
|
|
Gasoline |
(0.35 |
) |
|
(0.14 |
) |
|
(1.58 |
) |
|
(1.83 |
) |
Ultra Low
Sulfur Diesel |
(0.25 |
) |
|
(0.53 |
) |
|
0.01 |
|
|
(0.50 |
) |
PADD II Group 3 Product
Crack Spread: |
|
|
|
|
|
|
|
Gasoline |
9.46 |
|
|
16.49 |
|
|
14.11 |
|
|
15.63 |
|
Ultra Low
Sulfur Diesel |
27.49 |
|
|
23.42 |
|
|
23.16 |
|
|
18.42 |
|
PADD II Group 3
2-1-1 |
18.48 |
|
|
19.96 |
|
|
18.63 |
|
|
17.03 |
|
Q1 2019 Petroleum Segment Outlook
The table below summarizes our outlook for certain refining
statistics and financial information for the first quarter of 2019.
See “forward looking statements.”
|
Q1 2019 |
|
Low |
|
High |
Refinery
Statistics: |
|
|
|
Total throughput
(bpd) |
205,000 |
|
|
215,000 |
|
|
|
|
|
Direct operating
expenses (1) (in millions) |
$ |
85 |
|
|
$ |
95 |
|
|
|
|
|
Total capital spending
(in millions) |
$ |
35 |
|
|
$ |
45 |
|
_________________________(1) Direct operating expenses are shown
exclusive of depreciation and amortization and turnaround
expenses.
Nitrogen Fertilizer Segment:
|
Three Months EndedDecember 31, |
|
Year
EndedDecember 31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net sales |
$ |
98 |
|
|
$ |
78 |
|
|
$ |
351 |
|
|
$ |
331 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of
materials and other |
27 |
|
|
22 |
|
|
88 |
|
|
85 |
|
Direct
operating expenses(1) |
38 |
|
|
42 |
|
|
159 |
|
|
157 |
|
Depreciation and amortization |
19 |
|
|
19 |
|
|
72 |
|
|
74 |
|
Cost of
sales |
84 |
|
|
83 |
|
|
319 |
|
|
316 |
|
Selling,
general and administrative expenses(1) |
6 |
|
|
6 |
|
|
26 |
|
|
25 |
|
Loss on
asset disposals |
— |
|
|
— |
|
|
— |
|
|
— |
|
Operating
income (loss) |
8 |
|
|
(11 |
) |
|
6 |
|
|
(10 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest
expense, net |
(15 |
) |
|
(16 |
) |
|
(62 |
) |
|
(63 |
) |
Other
income (expense), net |
6 |
|
|
— |
|
|
6 |
|
|
— |
|
Loss
before income tax expense |
(1 |
) |
|
(27 |
) |
|
(50 |
) |
|
(73 |
) |
Income tax expense
(benefit) |
— |
|
|
— |
|
|
— |
|
|
— |
|
Net
loss |
$ |
(1 |
) |
|
$ |
(27 |
) |
|
$ |
(50 |
) |
|
$ |
(73 |
) |
|
|
|
|
|
|
|
|
EBITDA * |
$ |
33 |
|
|
$ |
8 |
|
|
$ |
84 |
|
|
$ |
64 |
|
Adjusted EBITDA* |
$ |
33 |
|
|
$ |
8 |
|
|
$ |
90 |
|
|
$ |
67 |
|
____________________* See “Non-GAAP Reconciliations” section
below reconciliation of these amounts.
(1) Amounts are shown exclusive of depreciation and
amortization.
Key Operating Data:
Ammonia Utilization Rates (1) |
|
|
Two Years Ended December 31, |
(percent of capacity
utilization) |
2018 |
|
2017 |
|
|
|
|
Consolidated |
93% |
|
92% |
Coffeyville |
92% |
|
94% |
East Dubuque |
93% |
|
89% |
______________________________(1) 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 EndedDecember 31, |
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Consolidated sales
(thousand tons): |
|
|
|
|
|
|
|
Ammonia |
46 |
|
|
84 |
|
|
202 |
|
|
286 |
|
UAN |
364 |
|
|
303 |
|
|
1,289 |
|
|
1,255 |
|
|
|
|
|
|
|
|
|
Consolidated product
pricing at gate (dollars per ton) (2): |
|
|
|
|
|
|
|
Ammonia |
$ |
324 |
|
|
$ |
264 |
|
|
$ |
328 |
|
|
$ |
280 |
|
UAN |
$ |
180 |
|
|
$ |
132 |
|
|
$ |
173 |
|
|
$ |
152 |
|
|
|
|
|
|
|
|
|
Consolidated production
volume (thousand tons): |
|
|
|
|
|
|
|
Ammonia
(gross produced) (3) |
209 |
|
|
200 |
|
|
794 |
|
|
815 |
|
Ammonia
(net available for sale) (3) |
59 |
|
|
64 |
|
|
246 |
|
|
268 |
|
UAN |
357 |
|
|
306 |
|
|
1,276 |
|
|
1,268 |
|
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum
coke used in production (thousand tons) |
139 |
|
|
117 |
|
|
463 |
|
|
488 |
|
Petroleum
coke used in production (dollars per ton) |
$ |
41 |
|
|
$ |
13 |
|
|
$ |
28 |
|
|
$ |
17 |
|
Natural
gas used in production (thousands of MMBtus) (4) |
2,000 |
|
|
1,839 |
|
|
7,933 |
|
|
7,620 |
|
Natural
gas used in production (dollars per MMBtu) (4) |
$ |
4.06 |
|
|
$ |
3.24 |
|
|
$ |
3.28 |
|
|
$ |
3.24 |
|
Natural
gas in cost of materials and other (thousands of MMBtus) (4) |
1,854 |
|
|
2,153 |
|
|
7,122 |
|
|
8,052 |
|
Natural
gas in cost of materials and other (dollars per MMBtu) (4) |
$ |
3.50 |
|
|
$ |
3.17 |
|
|
$ |
3.15 |
|
|
$ |
3.26 |
|
______________________________(2) 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.(3) 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.(4) 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 EndedDecember 31, |
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Ammonia - Southern
plains (dollars per ton) |
423 |
|
|
315 |
|
|
370 |
|
|
314 |
|
Ammonia - Corn belt
(dollars per ton) |
479 |
|
|
340 |
|
|
424 |
|
|
358 |
|
UAN - Corn belt
(dollars per ton) |
255 |
|
|
190 |
|
|
219 |
|
|
192 |
|
|
|
|
|
|
|
|
|
Natural gas NYMEX
(dollars per MMBtu) |
3.75 |
|
|
2.92 |
|
|
3.08 |
|
|
3.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliations:
Reconciliation of Consolidated Net Income to EBITDA
and Adjusted EBITDA |
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
$ |
106 |
|
|
$ |
173 |
|
|
$ |
411 |
|
|
$ |
217 |
|
Add: |
|
|
|
|
|
|
|
Interest
expense, net |
24 |
|
|
27 |
|
|
102 |
|
|
109 |
|
Income
tax expense (benefit) |
16 |
|
|
(234 |
) |
|
89 |
|
|
(217 |
) |
Depreciation and amortization |
54 |
|
|
55 |
|
|
213 |
|
|
214 |
|
EBITDA |
200 |
|
|
21 |
|
|
815 |
|
|
323 |
|
Add: |
|
|
|
|
|
|
|
Turnaround expenses |
2 |
|
|
43 |
|
|
10 |
|
|
83 |
|
Adjusted EBITDA |
$ |
202 |
|
|
$ |
64 |
|
|
$ |
825 |
|
|
$ |
406 |
|
Reconciliation of Income before income tax expense to
Adjusted Net Income |
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Income before income tax
expense |
$ |
122 |
|
|
$ |
(61 |
) |
|
$ |
500 |
|
|
$ |
— |
|
Adjustments: |
|
|
|
|
|
|
|
Turnaround expenses |
2 |
|
|
43 |
|
|
10 |
|
|
83 |
|
Adjusted net income
before income tax expense and noncontrolling interest |
124 |
|
|
(18 |
) |
|
510 |
|
|
83 |
|
Adjusted
net income attributed to noncontrolling interest |
(24 |
) |
|
13 |
|
|
(127 |
) |
|
(12 |
) |
Income
tax expense (benefit), as adjusted |
(17 |
) |
|
223 |
|
|
(91 |
) |
|
196 |
|
Adjusted net
income |
$ |
83 |
|
|
$ |
218 |
|
|
$ |
292 |
|
|
$ |
267 |
|
|
|
|
|
|
|
|
|
Adjusted net income per
diluted share |
$ |
0.83 |
|
|
$ |
2.51 |
|
|
$ |
3.16 |
|
|
$ |
3.08 |
|
Reconciliation
of Petroleum Segment Net Income to Petroleum EBITDA and Petroleum
Adjusted EBITDA |
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in
millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income
(loss) |
$ |
128 |
|
|
$ |
(29 |
) |
|
$ |
567 |
|
|
$ |
89 |
|
Add: |
|
|
|
|
|
|
|
Interest
expense, net |
9 |
|
|
12 |
|
|
41 |
|
|
47 |
|
Depreciation and amortization |
33 |
|
|
34 |
|
|
134 |
|
|
133 |
|
Petroleum EBITDA |
170 |
|
|
17 |
|
|
742 |
|
|
269 |
|
Add: |
|
|
|
|
|
|
|
Turnaround expenses |
2 |
|
|
43 |
|
|
4 |
|
|
80 |
|
Adjusted Petroleum EBITDA |
$ |
172 |
|
|
$ |
60 |
|
|
$ |
746 |
|
|
$ |
349 |
|
Reconciliation of Petroleum Gross Profit to Refining
Margin |
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
1,641 |
|
|
$ |
1,517 |
|
|
$ |
6,780 |
|
|
$ |
5,664 |
|
Cost of materials and
other |
1,362 |
|
|
1,346 |
|
|
5,602 |
|
|
4,875 |
|
Direct operating
expenses (exclusive of depreciation and amortization and turnaround
expenses as reflected below) |
90 |
|
|
90 |
|
|
360 |
|
|
361 |
|
Turnaround
expenses |
2 |
|
|
43 |
|
|
4 |
|
|
80 |
|
Depreciation and
amortization |
32 |
|
|
33 |
|
|
130 |
|
|
129 |
|
Gross
profit |
155 |
|
|
5 |
|
|
684 |
|
|
219 |
|
Add: |
|
|
|
|
|
|
|
Direct operating
expenses (exclusive of depreciation and amortization and turnaround
expenses as reflected below) |
90 |
|
|
90 |
|
|
360 |
|
|
361 |
|
Turnaround
expenses |
2 |
|
|
43 |
|
|
4 |
|
|
80 |
|
Depreciation and
amortization |
32 |
|
|
33 |
|
|
130 |
|
|
129 |
|
Refining
margin |
$ |
279 |
|
|
$ |
171 |
|
|
$ |
1,178 |
|
|
$ |
789 |
|
|
|
|
|
|
|
|
|
Exclude: (favorable)
unfavorable inventory valuation impacts |
77 |
|
|
(31 |
) |
|
32 |
|
|
(29 |
) |
Refining
margin, excluding inventory valuation impacts |
$ |
356 |
|
|
$ |
140 |
|
|
$ |
1,210 |
|
|
$ |
760 |
|
Reconciliation of Refining Margin and Refining Margin,
excluding Inventory Valuation Impacts, per Total Throughput
Barrel |
|
|
|
|
|
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Total throughput barrels
per day |
221,481 |
|
|
204,578 |
|
|
212,595 |
|
|
218,181 |
|
Days in the period |
92 |
|
|
92 |
|
|
365 |
|
|
365 |
|
Total
throughput barrels |
20,376,252 |
|
|
18,821,176 |
|
|
77,597,175 |
|
|
79,636,065 |
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(In millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Refining margin |
$ |
279 |
|
|
$ |
171 |
|
|
$ |
1,178 |
|
|
$ |
789 |
|
Divided by: total
throughput barrels |
20 |
|
|
19 |
|
|
78 |
|
|
80 |
|
Refining
margin per total throughput barrel |
$ |
13.67 |
|
|
$ |
9.07 |
|
|
$ |
15.18 |
|
|
$ |
9.92 |
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(In millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Refining margin,
excluding inventory valuation impacts |
$ |
356 |
|
|
$ |
140 |
|
|
$ |
1,210 |
|
|
$ |
760 |
|
Divided by: total
throughput barrels |
20 |
|
|
19 |
|
|
78 |
|
|
80 |
|
Refining
margin, excluding inventory valuation impacts, per total throughput
barrel |
$ |
17.47 |
|
|
$ |
7.46 |
|
|
$ |
15.60 |
|
|
$ |
9.55 |
|
Reconciliation of Petroleum Direct Operating Expenses
and Direct Operating Expenses, excluding Turnaround Expenses, per
Total Throughput Barrel |
|
|
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
(In millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Direct operating
expenses (exclusive of depreciation and amortization) |
$ |
92 |
|
|
$ |
133 |
|
|
$ |
364 |
|
|
$ |
441 |
|
Divided by: total
throughput barrels |
20 |
|
|
19 |
|
|
78 |
|
|
80 |
|
Direct
operating expense per total throughput barrel |
4.52 |
|
|
7.10 |
|
|
4.69 |
|
|
5.55 |
|
|
|
|
|
|
|
|
|
Direct operating
expenses (exclusive of depreciation and amortization) |
92 |
|
|
133 |
|
|
364 |
|
|
441 |
|
Turnaround
expenses |
2 |
|
|
43 |
|
|
4 |
|
|
80 |
|
Direct operating
expenses, excluding turnaround expenses |
90 |
|
|
90 |
|
|
360 |
|
|
361 |
|
Divided by: total
throughput barrels |
20 |
|
|
19 |
|
|
78 |
|
|
80 |
|
Direct
operating expenses, excluding turnaroundexpenses, per total
throughput barrel |
$ |
4.41 |
|
|
$ |
4.82 |
|
|
$ |
4.65 |
|
|
$ |
4.54 |
|
Reconciliation
of Nitrogen Fertilizer Net Loss to Nitrogen Fertilizer EBITDA and
Nitrogen Fertilizer Adjusted EBITDA |
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(1 |
) |
|
$ |
(27 |
) |
|
$ |
(50 |
) |
|
$ |
(73 |
) |
Add: |
|
|
|
|
|
|
|
Interest
expense, net |
15 |
|
|
16 |
|
|
62 |
|
|
63 |
|
Depreciation and amortization |
19 |
|
|
19 |
|
|
72 |
|
|
74 |
|
Nitrogen
Fertilizer EBITDA |
33 |
|
|
8 |
|
|
84 |
|
|
64 |
|
Add: |
|
|
|
|
|
|
|
Turnaround expenses |
— |
|
|
— |
|
|
6 |
|
|
3 |
|
Nitrogen
Fertilizer Adjusted EBITDA |
$ |
33 |
|
|
$ |
8 |
|
|
$ |
90 |
|
|
$ |
67 |
|
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