CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today
announced a net loss of $6 million, or 6 cents per diluted share,
on net sales of $1.8 billion for the second quarter of 2021,
compared to net loss of $5 million, or 5 cents per diluted share,
inclusive of a $41 million pre-tax charge related to a
goodwill impairment recognized within its Nitrogen Fertilizer
Segment, on net sales of $675 million for the second quarter of
2020. Second quarter 2021 EBITDA was $102 million, compared to
second quarter 2020 EBITDA of $68 million.
“CVR Energy was pleased to return value to its
stockholders through a special dividend of $492 million during the
2021 second quarter, paid in a combination of cash and the
outstanding stock of Delek US Holdings, Inc. that was held by the
Company,” said Dave Lamp, CVR Energy’s Chief Executive Officer.
“Our Petroleum Segment’s second quarter results were highlighted by
higher throughput volumes, increased crude oil pricing and widening
crack spreads, offset by continued high Renewable Identification
Number (RIN) pricing and the mark-to-market impact of our estimated
outstanding RIN obligation.
“CVR Partners experienced a solid 2021 second
quarter, led by a combined ammonia utilization rate of 98 percent,”
Lamp said. “Further contributing to the quarter were ideal spring
planting conditions, strong shipments of nitrogen fertilizer at
both facilities and much improved realized prices. As a result, the
Partnership announced a second quarter 2021 cash distribution of
$1.72 per common unit.”
Petroleum
The Petroleum Segment reported a second quarter
2021 operating loss of $20 million on net sales of $1.6 billion,
compared to an operating income of $5 million on net sales of $572
million in the second quarter of 2020.
Refining margin per total throughput barrel was
$6.72 in the second quarter of 2021, compared to $10.43 during the
same period in 2020. The decline in refining margin was driven by
increased cost of sales and throughput volumes and was partially
offset by increased crack spreads during the second quarter of
2021. For the second quarter 2021, costs to comply with the
Renewable Fuel Standard were $173 million, or $8.77 per total
throughput barrel, which included a $58 million unfavorable
revaluation of our net renewable volume obligation (“RVO”) position
as of June 30, 2021, compared to $16 million, or $1.12 for the
second quarter of 2020, which included a $9 million favorable
revaluation of our net RVO position as of June 30, 2020. The
Petroleum Segment also recognized a second quarter 2021 derivative
net loss of $2 million, or 9 cents per total throughput barrel,
compared to a derivative gain of $20 million, or $1.39 per total
throughput barrel, for the second quarter of 2020. Included in this
derivative net loss for the second quarter of 2021 was a $37
million unrealized gain, compared to a nominal unrealized gain for
the second quarter of 2020. Offsetting these impacts, crude oil
prices rose during the quarter, which led to a favorable inventory
valuation impact of $36 million, or $1.81 per total throughout
barrel, compared to a favorable inventory valuation impact of $46
million, or $3.25 per total throughput barrel during the second
quarter of 2020.
Second quarter 2021 combined total throughput
was approximately 217,000 barrels per day (“bpd”), compared to
approximately 156,000 bpd of combined total throughput for the
second quarter of 2020. This increase was primarily attributable to
the turnaround at our Coffeyville refinery in 2020, which began in
late February and was completed in April.
Fertilizer
The Nitrogen Fertilizer Segment reported an
operating income of $30 million on net sales of $138 million for
the second quarter of 2021, compared to an operating loss of $26
million on net sales of $105 million for the second quarter of
2020.
Second quarter 2021 average realized gate prices
for urea ammonia nitrate (“UAN”) showed an improvement over the
prior year, up 44 percent to $237 per ton, and ammonia was up 21
percent over the prior year to $403 per ton. Average realized
gate prices for UAN and ammonia were $165 per ton and $332 per ton,
respectively, for the second quarter of 2020.
CVR Partners, LP’s (“CVR Partners”) fertilizer
facilities produced a combined 217,000 tons of ammonia during the
second quarter of 2021, of which 70,000 net tons were available for
sale while the rest was upgraded to other fertilizer products,
including 334,000 tons of UAN. During the second quarter 2020, the
fertilizer facilities produced 216,000 tons of ammonia, of which
79,000 net tons were available for sale while the remainder was
upgraded to other fertilizer products, including 321,000 tons of
UAN.
Corporate
The Company reported an income tax benefit of $6
million, or 78.4 percent of loss before income taxes, for the three
months ended June 30, 2021, compared to an income tax benefit of $5
million, or 13.9 percent of loss before income taxes, for the three
months ended June 30, 2020. The change in income tax benefit was
due primarily to changes in pretax earnings, earnings attributable
to noncontrolling interest and an increase in the effective income
tax rate. The year-over-year increase in effective income tax rate
was due primarily to the relationship between pretax results,
earnings attributable to noncontrolling interest, and state income
tax credits generated, as well as a discrete tax benefit recorded
during the three months ended June 30, 2021, for decreases in state
income tax rates.
Cash, Debt and Dividend
Consolidated cash and cash equivalents were $519
million at June 30, 2021, a decrease of $148 million from December
31, 2020. Consolidated total debt and finance lease obligations
were $1.7 billion at June 30, 2021, including $640 million held by
the Nitrogen Fertilizer Segment.
As previously announced, the Company paid a
special dividend of approximately $492 million, or equivalent
to $4.89 per share of the Company’s common stock, in a combination
of cash (the “Cash Distribution”) and the common stock of Delek US
Holdings, Inc. (“Delek”) held by the Company (the “Stock
Distribution”). On June 10, 2021, the Company distributed an
aggregate amount of approximately $241 million, or $2.40 per
share of the Company’s common stock, pursuant to the Cash
Distribution, and 10,539,880 shares of Delek common stock, which
represented approximately 14.3% of the outstanding shares of Delek
common stock, pursuant to the Stock Distribution.
On June 23, 2021, CVR Partners and its
subsidiary, CVR Nitrogen Finance Corporation (“Finance Co.” and,
together with CVR Partners, the “Issuers”), completed a private
offering of $550 million aggregate principal amount of 6.125%
Senior Secured Notes due 2028 (the “2028 UAN Notes”) for which net
proceeds, plus cash on hand, were used to redeem a portion of the
9.25% Senior Secured Notes due June 2023 (the “2023 Notes”). The
2028 Notes mature on June 15, 2028, unless earlier redeemed or
repurchased by the Issuers. The 2028 UAN Notes are jointly and
severally guaranteed on a senior secured basis by all the existing
domestic subsidiaries of CVR Partners, excluding Finance Co.
Collectively, the issuance of the 2028 UAN Notes and partial
redemption of the 2023 Notes represents a significant and favorable
change in the Company’s cash flow and liquidity position, with an
annual savings of approximately $17 million in future interest
expense.
CVR Energy will not pay a cash dividend for the
2021 second quarter.
Today, CVR Partners announced that the Board of
Directors of its general partner declared a second quarter 2021
cash distribution of $1.72 per common unit, which will be paid on
August 23, 2021, to common unitholders of record as of August 13,
2021.
Second Quarter 2021 Earnings Conference
Call
CVR Energy previously announced that it will
host its second quarter 2021 Earnings Conference Call on Tuesday,
August 3, at 3 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 second quarter 2021 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/mmc/p/wxmaunmq. A repeat of
the call also can be accessed for 14 days by dialing (877)
660-6853, conference ID 13721550.
Forward-Looking Statements
This 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: return of
value to stockholders; RIN pricing and the impact thereof on
results; ammonia utilization rates; planting conditions; shipment
rates; realized gate prices for nitrogen fertilizer; crack spreads,
including the widening thereof; refining margin, and the impact of
cost of sales and throughput volumes thereon; cost to comply with
the Renewable Fuel Standard and valuation of our net RVO;
derivative activities and gains or losses associated therewith;
throughput volumes and crude oil prices, including increases
thereof; inventory valuation impacts; UAN and ammonia pricing and
production, including volumes upgraded to other fertilizer
products; tax benefits and rates; balance sheet cash levels and
debt and finance lease obligations; dividends and distributions,
including the timing, payment and amount (if any) thereof; impact
of the issuance of the 2028 Notes and partial redemption of the
2023 Notes on liquidity and interest expense; total throughput,
direct operating expenses, capital expenditures, depreciation and
amortization and turnaround expense; continued safe and reliable
operations; and other matters. You can generally identify
forward-looking statements by our use of forward-looking
terminology such as “outlook,” “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 the health and economic effects of the COVID-19 pandemic
and any variant thereof, the rate of any economic improvement,
demand for fossil fuels, price volatility of crude oil, other
feedstocks and refined products (among others); the ability of the
Company to pay cash dividends 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
Securities and Exchange Commission (“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, LP and the nitrogen fertilizer manufacturing business
through its interest in CVR Partners. CVR Energy subsidiaries serve
as the general partner and own 36 percent of the common units of
CVR Partners.
Investors and others should note that CVR Energy
may announce material information using SEC filings, press
releases, public conference calls, webcasts, and the Investor
Relations page of its website. CVR Energy may use these channels to
distribute material information about the Company and to
communicate important information about the Company, corporate
initiatives and other matters. Information that CVR Energy posts on
its website could be deemed material; therefore, CVR Energy
encourages investors, the media, its customers, business partners
and others interested in the Company to review the information
posted on its website.
For further information, please contact:
Investor Relations: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, and reconciliations to those 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.
As a result of volatile market conditions
related to the Renewable Fuel Standard (“RFS”) during the first
half of 2021 and the impacts certain significant non-cash items
have on the evaluation of our operations, the Company began
disclosing Adjusted EBITDA, as defined below, in the second quarter
of 2021. We believe the presentation of this non-GAAP measure is
meaningful to compare our operating results between periods and
peer companies. All prior periods presented have been conformed to
the definition below. The following are non-GAAP measures we
present for the period ended June 30, 2021:
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.
Refining Margin - The difference between our
Petroleum Segment net sales and cost of materials and other.
Refining Margin, adjusted for 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 purchased in prior periods and
lower of cost or net realizable value adjustments, if applicable.
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 adjusted for
Inventory Valuation Impacts, per Throughput Barrel - Refining
Margin and Refining Margin adjusted for Inventory Valuation Impacts
divided by the total throughput barrels during the 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.
Adjusted EBITDA, Adjusted Petroleum EBITDA and
Adjusted Nitrogen Fertilizer EBITDA - EBITDA, Petroleum EBITDA and
Nitrogen Fertilizer EBITDA adjusted for certain significant
non-cash items and items that management believes are not
attributable to or indicative of our on-going operations or that
may obscure our underlying results and trends.
Adjusted Earnings (Loss) per Share - Earnings
(loss) per share adjusted for certain significant non-cash items
and items that management believes are not attributable to or
indicative of our on-going operations or that may obscure our
underlying results and trends.
Free Cash Flow - Net cash provided by (used in)
operating activities less capital expenditures and capitalized
turnaround expenditures.
Net Debt and Finance Lease Obligations - Net
debt and finance lease obligations is total debt and finance lease
obligations reduced for cash and cash equivalents.
Total Debt and Net Debt and Finance Lease
Obligations to EBITDA Exclusive of Nitrogen Fertilizer - Total debt
and net debt and finance lease obligations is calculated as the
consolidated debt and net debt and finance lease obligations less
the Nitrogen Fertilizer Segment’s debt and net debt and finance
lease obligations as of the most recent period ended divided by
EBITDA exclusive of the Nitrogen Fertilizer Segment for the most
recent twelve-month 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 and fertilizer industries, 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” 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.
Factors Affecting Comparability of Our
Financial Results
Our historical results of operations for the
periods presented may not be comparable with prior periods or to
our results of operations in the future for the reasons discussed
below.
Petroleum Segment
Coffeyville Refinery - During the three and six
months ended June 30, 2020, we capitalized costs of
$27 million and $149 million, respectively, related to
the planned turnaround which began in February 2020 and was
completed in April 2020.
Wynnewood Refinery - The Petroleum Segment’s
next planned turnaround is at the Wynnewood Refinery, where
pre-planning expenditures are currently underway. During the three
and six months ended June 30, 2021, we capitalized a nominal amount
and $1 million, respectively, related to these pre-planning
activities.
Nitrogen Fertilizer Segment
Goodwill Impairment
As a result of lower expectations for market
conditions in the fertilizer industry during 2020, the market
performance of CVR Partners’ common units, a qualitative analysis,
and additional risks associated with the business, the Company
performed an interim quantitative impairment assessment of goodwill
for the reporting unit associated with our Nitrogen Fertilizer
Segment’s Coffeyville, Kansas facility as of June 30, 2020. The
results of the impairment test indicated the carrying amount of
this reporting unit exceeded the estimated fair value, and a full,
non-cash impairment charge of $41 million was required.
CVR Energy, Inc. (all
information in this release is unaudited)
Financial and Operational Data
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions, except per share
data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Consolidated Statement
of Operations Data |
|
|
|
|
|
|
|
Net sales |
$ |
1,783 |
|
|
$ |
675 |
|
|
$ |
3,246 |
|
|
$ |
1,806 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of materials and other |
1,539 |
|
|
444 |
|
|
2,908 |
|
|
1,501 |
|
Direct operating expenses (exclusive of depreciation and
amortization) |
136 |
|
|
119 |
|
|
272 |
|
|
237 |
|
Depreciation and amortization |
70 |
|
|
71 |
|
|
134 |
|
|
134 |
|
Cost of sales |
1,745 |
|
|
634 |
|
|
3,314 |
|
|
1,872 |
|
Selling, general and administrative expenses (exclusive of
depreciation and amortization) |
28 |
|
|
22 |
|
|
55 |
|
|
47 |
|
Depreciation and amortization |
2 |
|
|
3 |
|
|
4 |
|
|
4 |
|
Loss on asset disposal |
2 |
|
|
1 |
|
|
2 |
|
|
2 |
|
Goodwill impairment |
— |
|
|
41 |
|
|
— |
|
|
41 |
|
Operating income (loss) |
6 |
|
|
(26 |
) |
|
(129 |
) |
|
(160 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense, net |
(38 |
) |
|
(31 |
) |
|
(69 |
) |
|
(67 |
) |
Investment income on marketable securities |
21 |
|
|
21 |
|
|
83 |
|
|
52 |
|
Other income (expense), net |
3 |
|
|
(1 |
) |
|
10 |
|
|
— |
|
Loss before income tax benefit |
(8 |
) |
|
(37 |
) |
|
(105 |
) |
|
(175 |
) |
Income tax benefit |
(6 |
) |
|
(5 |
) |
|
(48 |
) |
|
(42 |
) |
Net loss |
(2 |
) |
|
(32 |
) |
|
(57 |
) |
|
(133 |
) |
Less: Net income (loss) attributable to noncontrolling
interest |
4 |
|
|
(27 |
) |
|
(12 |
) |
|
(41 |
) |
Net loss attributable to CVR Energy stockholders |
$ |
(6 |
) |
|
$ |
(5 |
) |
|
$ |
(45 |
) |
|
$ |
(92 |
) |
|
|
|
|
|
|
|
|
Basic and diluted loss per share |
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.92 |
) |
Dividends declared per share |
$ |
4.89 |
|
|
$ |
0.40 |
|
|
$ |
4.89 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
Adjusted loss per share |
$ |
(0.32 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.69 |
) |
EBITDA* |
$ |
102 |
|
|
$ |
68 |
|
|
$ |
102 |
|
|
$ |
30 |
|
Adjusted EBITDA * |
66 |
|
|
36 |
|
|
93 |
|
|
93 |
|
|
|
|
|
|
|
|
|
Weighted-average common shares
outstanding - basic and diluted |
100.5 |
|
|
100.5 |
|
|
100.5 |
|
|
100.5 |
|
- See “Non-GAAP
Reconciliations” section below.
Selected Balance Sheet Data
(in millions) |
June 30, 2021 |
|
December 31, 2020 |
Cash and cash equivalents |
$ |
519 |
|
|
$ |
667 |
|
Working capital |
88 |
|
|
743 |
|
Total assets |
3,798 |
|
|
3,978 |
|
Total debt and finance lease obligations, including current
portion |
1,693 |
|
|
1,691 |
|
Total liabilities |
3,128 |
|
|
2,759 |
|
Total CVR stockholders’ equity |
483 |
|
|
1,019 |
|
Selected Cash Flow Data
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net cash used in: |
|
|
|
|
|
|
|
Operating activities |
$ |
147 |
|
|
$ |
9 |
|
|
$ |
243 |
|
|
$ |
(49 |
) |
Investing activities |
(87 |
) |
|
(165 |
) |
|
(141 |
) |
|
(361 |
) |
Financing activities |
(248 |
) |
|
(43 |
) |
|
(250 |
) |
|
364 |
|
Net decrease in cash and cash equivalents and restricted cash |
$ |
(188 |
) |
|
$ |
(199 |
) |
|
$ |
(148 |
) |
|
$ |
(46 |
) |
|
|
|
|
|
|
|
|
Free cash flow* |
$ |
54 |
|
|
$ |
(158 |
) |
|
$ |
115 |
|
|
$ |
(273 |
) |
* See “Non-GAAP Reconciliations” section
below.
Selected Segment Data
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Three Months Ended
June 30, 2021 |
|
|
|
|
|
Net sales |
$ |
1,648 |
|
|
$ |
138 |
|
|
$ |
1,783 |
|
Operating loss |
(20 |
) |
|
30 |
|
|
6 |
|
Net loss |
(13 |
) |
|
7 |
|
|
(2 |
) |
EBITDA* |
33 |
|
|
51 |
|
|
102 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
8 |
|
|
$ |
3 |
|
|
$ |
12 |
|
Growth capital
expenditures |
1 |
|
|
1 |
|
|
71 |
|
Total capital expenditures |
$ |
9 |
|
|
$ |
4 |
|
|
$ |
83 |
|
|
|
|
|
|
|
Six Months Ended June
30, 2021 |
|
|
|
|
|
Net sales |
$ |
3,052 |
|
|
$ |
199 |
|
|
$ |
3,246 |
|
Operating loss |
(136 |
) |
|
16 |
|
|
(129 |
) |
Net loss |
(123 |
) |
|
(18 |
) |
|
(57 |
) |
EBITDA* |
(29 |
) |
|
56 |
|
|
102 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
18 |
|
|
$ |
5 |
|
|
$ |
24 |
|
Growth capital
expenditures |
1 |
|
|
2 |
|
|
127 |
|
Total capital expenditures |
$ |
19 |
|
|
$ |
7 |
|
|
$ |
151 |
|
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Three Months Ended
June 30, 2020 |
|
|
|
|
|
Net sales |
$ |
572 |
|
|
$ |
105 |
|
|
$ |
675 |
|
Operating loss |
5 |
|
|
(26 |
) |
|
(26 |
) |
Net loss |
6 |
|
|
(42 |
) |
|
(32 |
) |
EBITDA* |
54 |
|
|
(2 |
) |
|
68 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
16 |
|
|
$ |
2 |
|
|
$ |
19 |
|
Growth capital
expenditures |
6 |
|
|
1 |
|
|
7 |
|
Total capital expenditures |
$ |
22 |
|
|
$ |
3 |
|
|
$ |
26 |
|
|
|
|
|
|
|
Six months ended June
30, 2020 |
|
|
|
|
|
Net sales |
$ |
1,629 |
|
|
$ |
180 |
|
|
$ |
1,806 |
|
Operating income |
(122 |
) |
|
(31 |
) |
|
(160 |
) |
Net income (loss) |
(124 |
) |
|
(62 |
) |
|
(133 |
) |
EBITDA* |
(23 |
) |
|
8 |
|
|
30 |
|
|
|
|
|
|
|
Capital expenditures
(1) |
|
|
|
|
|
Maintenance capital
expenditures |
$ |
54 |
|
|
$ |
6 |
|
|
$ |
62 |
|
Growth capital
expenditures |
9 |
|
|
2 |
|
|
11 |
|
Total capital expenditures |
$ |
63 |
|
|
$ |
8 |
|
|
$ |
73 |
|
* See “Non-GAAP Reconciliations” section
below.(1) Capital expenditures are shown exclusive of capitalized
turnaround expenditures and business combinations.Selected
Balance Sheet Data
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
June 30,
2021 |
|
|
|
|
|
Cash and cash equivalents (1) |
$ |
344 |
|
|
$ |
43 |
|
|
$ |
519 |
|
Total assets |
3,317 |
|
|
1,019 |
|
|
3,798 |
|
Total debt and finance lease
obligations, including current portion (2) |
58 |
|
|
640 |
|
|
1,693 |
|
|
|
|
|
|
|
December 31,
2020 |
|
|
|
|
|
Cash and cash equivalents
(1) |
$ |
429 |
|
|
$ |
31 |
|
|
$ |
667 |
|
Total assets |
2,991 |
|
|
1,033 |
|
|
3,978 |
|
Total debt and finance lease
obligations, including current portion (2) |
61 |
|
|
636 |
|
|
1,691 |
|
(1) Corporate cash and cash equivalents
consisted of $132 million and $207 million at June 30, 2021 and
December 31, 2020, respectively.(2) Corporate total debt and
finance lease obligations, including current portion consisted of
$995 million and $994 million at June 30, 2021 and December 31,
2020, respectively.
Petroleum Segment
Key Operating Metrics per Total Throughput
Barrel
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Refining margin * |
$ |
6.72 |
|
|
$ |
10.43 |
|
|
$ |
5.04 |
|
|
$ |
5.97 |
|
Refining margin adjusted for inventory valuation impacts * |
4.92 |
|
|
7.18 |
|
|
2.25 |
|
|
9.12 |
|
Direct operating expenses * |
4.23 |
|
|
5.52 |
|
|
4.99 |
|
|
5.69 |
|
- See “Non-GAAP
Reconciliations” section below.
Throughput Data by Refinery
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in bpd) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Coffeyville |
|
|
|
|
|
|
|
Regional crude |
27,126 |
|
|
34,193 |
|
|
28,173 |
|
|
36,534 |
|
WTI |
70,329 |
|
|
40,002 |
|
|
61,681 |
|
|
34,731 |
|
Condensate |
13,412 |
|
|
6,873 |
|
|
10,249 |
|
|
5,780 |
|
Heavy Canadian |
3,703 |
|
|
1,531 |
|
|
1,862 |
|
|
2,040 |
|
Other crude oil |
13,522 |
|
|
— |
|
|
15,119 |
|
|
— |
|
Other feedstocks and blendstocks |
9,987 |
|
|
5,085 |
|
|
9,359 |
|
|
6,393 |
|
Wynnewood |
|
|
|
|
|
|
|
Regional crude |
60,636 |
|
|
49,377 |
|
|
57,913 |
|
|
50,600 |
|
WTL |
7,422 |
|
|
6,335 |
|
|
5,489 |
|
|
6,153 |
|
Midland WTI |
— |
|
|
2,719 |
|
|
— |
|
|
2,369 |
|
Condensate |
7,559 |
|
|
6,784 |
|
|
8,544 |
|
|
8,107 |
|
Other feedstocks and blendstocks |
2,930 |
|
|
3,469 |
|
|
3,055 |
|
|
3,737 |
|
Total
throughput |
216,626 |
|
|
156,369 |
|
|
201,444 |
|
|
156,443 |
|
Production Data by Refinery
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in bpd) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Coffeyville |
|
|
|
|
|
|
|
Gasoline |
72,440 |
|
46,464 |
|
67,081 |
|
45,492 |
Distillate |
56,123 |
|
34,144 |
|
51,359 |
|
33,703 |
Other liquid products |
5,752 |
|
4,011 |
|
4,934 |
|
3,864 |
Solids |
4,650 |
|
2,401 |
|
4,027 |
|
2,560 |
Wynnewood |
|
|
|
|
|
|
|
Gasoline |
40,830 |
|
35,381 |
|
39,152 |
|
37,442 |
Distillate |
31,471 |
|
28,293 |
|
30,324 |
|
28,524 |
Other liquid products |
3,010 |
|
2,428 |
|
2,979 |
|
2,441 |
Solids |
20 |
|
26 |
|
21 |
|
26 |
Total
production |
214,296 |
|
153,148 |
|
199,877 |
|
154,052 |
|
|
|
|
|
|
|
|
Light product yield (as % of crude throughput) (1) |
98.6 |
% |
|
97.6 |
% |
|
99.4 |
% |
|
99.2 |
% |
Liquid volume yield (as % of
total throughput) (2) |
96.8 |
% |
|
96.4 |
% |
|
97.2 |
% |
|
96.8 |
% |
Distillate yield (as % of
crude throughput) (3) |
43.0 |
% |
|
42.2 |
% |
|
43.2 |
% |
|
42.5 |
% |
(1) Total Gasoline and Distillate divided by total Regional
crude, WTI, WTL, Midland WTI, Condensate, and Heavy Canadian
throughput.(2) Total Gasoline, Distillate, and Other liquid
products divided by total throughput.(3) Total Distillate divided
by total Regional crude, WTI, WTL, Midland WTI, Condensate, and
Heavy Canadian throughput.
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Market Indicators
(dollars per barrel) |
|
|
|
|
|
|
|
West Texas Intermediate (WTI) NYMEX |
$ |
66.17 |
|
|
$ |
28.00 |
|
|
$ |
62.22 |
|
|
$ |
36.82 |
|
Crude Oil Differentials to
WTI: |
|
|
|
|
|
|
|
Brent |
2.91 |
|
|
5.39 |
|
|
3.02 |
|
|
5.29 |
|
WCS (heavy sour) |
(12.84 |
) |
|
(9.45 |
) |
|
(12.34 |
) |
|
(13.58 |
) |
Condensate |
(0.74 |
) |
|
(2.61 |
) |
|
(0.49 |
) |
|
(1.99 |
) |
Midland Cushing |
0.24 |
|
|
0.40 |
|
|
0.55 |
|
|
0.17 |
|
NYMEX Crack Spreads: |
|
|
|
|
|
|
|
Gasoline |
22.62 |
|
|
11.52 |
|
|
19.58 |
|
|
10.95 |
|
Heating Oil |
17.94 |
|
|
13.05 |
|
|
16.62 |
|
|
15.99 |
|
NYMEX 2-1-1 Crack Spread |
20.28 |
|
|
12.29 |
|
|
18.10 |
|
|
13.47 |
|
PADD II Group 3 Basis: |
|
|
|
|
|
|
|
Gasoline |
(2.72 |
) |
|
(5.37 |
) |
|
(1.98 |
) |
|
(4.25 |
) |
Ultra-Low Sulfur Diesel |
0.45 |
|
|
(1.69 |
) |
|
1.31 |
|
|
(1.75 |
) |
PADD II Group 3 Product Crack
Spread: |
|
|
|
|
|
|
|
Gasoline |
19.91 |
|
|
6.15 |
|
|
17.59 |
|
|
6.69 |
|
Ultra-Low Sulfur Diesel |
18.39 |
|
|
11.35 |
|
|
17.93 |
|
|
14.24 |
|
PADD II Group 3 2-1-1 |
19.15 |
|
|
8.75 |
|
|
17.76 |
|
|
10.47 |
|
Nitrogen Fertilizer Segment:
Key Operating Data:
Ammonia Utilization (3) |
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(capacity utilization) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Consolidated |
98 |
% |
|
100 |
% |
|
93 |
% |
|
96 |
% |
(1) Reflects our ammonia utilization rates on a
consolidated basis. Utilization is an important measure used by
management to assess operational output at each of the
Partnership’s facilities. Utilization is calculated as actual tons
produced divided by capacity. We present our utilization for the
three and six months ended June 30, 2021 and 2020 and take into
account the impact of our current turnaround cycles on any specific
period. 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 our efforts being primarily focused on
ammonia upgrade capabilities, this measure provides a meaningful
view of how well we operate.Sales and Production
Data
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Consolidated sales (thousand
tons): |
|
|
|
|
|
|
|
Ammonia |
80 |
|
|
111 |
|
|
112 |
|
|
164 |
|
UAN |
370 |
|
|
337 |
|
|
609 |
|
|
621 |
|
|
|
|
|
|
|
|
|
Consolidated product pricing
at gate (dollars per ton) (1): |
|
|
|
|
|
|
|
Ammonia |
$ |
403 |
|
|
$ |
332 |
|
|
$ |
373 |
|
|
$ |
310 |
|
UAN |
237 |
|
|
165 |
|
|
206 |
|
|
166 |
|
|
|
|
|
|
|
|
|
Consolidated production volume
(thousand tons): |
|
|
|
|
|
|
|
Ammonia (gross produced) (2) |
217 |
|
|
216 |
|
|
404 |
|
|
417 |
|
Ammonia (net available for sale) (2) |
70 |
|
|
79 |
|
|
140 |
|
|
157 |
|
UAN |
334 |
|
|
321 |
|
|
606 |
|
|
638 |
|
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum coke used in production (thousand tons) |
134 |
|
|
138 |
|
|
262 |
|
|
263 |
|
Petroleum coke (dollars per ton) |
$ |
36.69 |
|
|
$ |
31.13 |
|
|
$ |
39.73 |
|
|
$ |
37.59 |
|
Natural gas used in production (thousands of MMBtu) (3) |
2,154 |
|
|
2,131 |
|
|
4,036 |
|
|
4,272 |
|
Natural gas used in production (dollars per MMBtu) (3) |
$ |
3.04 |
|
|
$ |
1.94 |
|
|
$ |
3.07 |
|
|
$ |
2.18 |
|
Natural gas in cost of materials and other (thousands of MMBtus)
(3) |
2,711 |
|
|
3,216 |
|
|
3,650 |
|
|
4,633 |
|
Natural gas in cost of materials and other (dollars per MMBtu)
(3) |
$ |
3.06 |
|
|
$ |
2.17 |
|
|
$ |
3.03 |
|
|
$ |
2.36 |
|
(1) Product pricing at gate represents 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.(2) 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.(3) 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 EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Ammonia — Southern Plains (dollars per ton) |
$ |
569 |
|
|
$ |
261 |
|
|
$ |
503 |
|
|
$ |
266 |
|
Ammonia — Corn belt (dollars
per ton) |
622 |
|
|
346 |
|
|
560 |
|
|
355 |
|
UAN — Corn belt (dollars per
ton) |
341 |
|
|
183 |
|
|
299 |
|
|
176 |
|
|
|
|
|
|
|
|
|
Natural gas NYMEX (dollars per
MMBtu) |
$ |
2.98 |
|
|
$ |
1.75 |
|
|
$ |
2.85 |
|
|
$ |
1.81 |
|
Q3 2021 Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
third quarter of 2021. See “Forward-Looking Statements” above.
|
Q3 2021 |
|
Low |
|
High |
Petroleum
Segment |
|
|
|
Total throughput (bpd) |
190,000 |
|
|
210,000 |
|
Direct operating expenses (1) (in millions) |
$ |
75 |
|
|
$ |
85 |
|
|
|
|
|
Nitrogen Fertilizer
Segment |
|
|
|
Ammonia utilization rates (2) |
|
|
|
Consolidated |
95 |
% |
|
100 |
% |
Coffeyville Facility |
95 |
% |
|
100 |
% |
East Dubuque Facility |
95 |
% |
|
100 |
% |
Direct operating expenses (1) (in millions) |
$ |
38 |
|
|
$ |
43 |
|
|
|
|
|
Capital
Expenditures (3) (in millions) |
|
|
|
Petroleum |
$ |
18 |
|
|
$ |
24 |
|
Renewables (4) |
18 |
|
|
22 |
|
Nitrogen Fertilizer |
9 |
|
|
12 |
|
Other |
— |
|
|
1 |
|
Total capital expenditures |
$ |
45 |
|
|
$ |
59 |
|
(1) Direct operating expenses are shown
exclusive of depreciation and amortization and, for the Nitrogen
Fertilizer segment, turnaround expenses and inventory valuation
impacts.(2) Ammonia utilization rates exclude the impact of
turnarounds.(3) Capital expenditures are disclosed on an accrual
basis.(4) Renewables reflects spending on the Wynnewood renewable
diesel unit (“RDU”) project. Amounts spent in 2020 were previously
reported under Other. Upon completion and meeting of certain
criteria under accounting rules, Renewables is expected to be a new
reportable segment. As of June 30, 2021, Renewables does not the
meet the definition of an operating segment as defined under
Accounting Standards Codification 280.
Non-GAAP Reconciliations:
Reconciliation of Net Loss to EBITDA and Adjusted
EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net loss |
$ |
(2 |
) |
|
$ |
(32 |
) |
|
$ |
(57 |
) |
|
$ |
(133 |
) |
Interest expense, net |
38 |
|
|
31 |
|
|
69 |
|
|
67 |
|
Income tax benefit |
(6 |
) |
|
(5 |
) |
|
(48 |
) |
|
(42 |
) |
Depreciation and amortization |
72 |
|
|
74 |
|
|
138 |
|
|
138 |
|
EBITDA |
$ |
102 |
|
|
$ |
68 |
|
|
$ |
102 |
|
|
$ |
30 |
|
Adjustments: |
|
|
|
|
|
|
|
Revaluation of RFS liability |
58 |
|
|
(9 |
) |
|
169 |
|
|
(8 |
) |
Gain on marketable securities |
(21 |
) |
|
(18 |
) |
|
(83 |
) |
|
(48 |
) |
Unrealized (gain) loss on derivatives |
(37 |
) |
|
— |
|
|
7 |
|
|
(12 |
) |
Inventory valuation impacts, (favorable) unfavorable |
(36 |
) |
|
(46 |
) |
|
(102 |
) |
|
90 |
|
Goodwill impairment |
— |
|
|
41 |
|
|
— |
|
|
41 |
|
Adjusted EBITDA |
$ |
66 |
|
|
$ |
36 |
|
|
$ |
93 |
|
|
$ |
93 |
|
Reconciliation of Basic and Diluted Loss per Share to
Adjusted Loss per Share
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Basic and diluted loss per share |
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.92 |
) |
Adjustments (1): |
|
|
|
|
|
|
|
Revaluation of RFS liability |
0.42 |
|
|
(0.06 |
) |
|
1.25 |
|
|
(0.06 |
) |
Gain on marketable securities |
(0.15 |
) |
|
(0.13 |
) |
|
(0.61 |
) |
|
(0.35 |
) |
Unrealized (gain) loss on derivatives |
(0.27 |
) |
|
— |
|
|
0.05 |
|
|
(0.09 |
) |
Inventory valuation impacts, (favorable) unfavorable |
(0.26 |
) |
|
(0.34 |
) |
|
(0.75 |
) |
|
0.66 |
|
Goodwill impairment (2) |
— |
|
|
0.07 |
|
|
— |
|
|
0.07 |
|
Adjusted loss per share |
$ |
(0.32 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.69 |
) |
(1) Amounts are shown after-tax, using the
Company’s marginal tax rate, and are presented on a per share basis
using the weighted average shares outstanding for each period.(2)
Amount is shown exclusive of noncontrolling interests.
Reconciliation of Net Cash Provided By
(Used In) Operating Activities to Free Cash Flow
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net cash provided by (used in) operating activities |
$ |
147 |
|
|
$ |
9 |
|
|
$ |
243 |
|
|
$ |
(49 |
) |
Less: |
|
|
|
|
|
|
|
Capital expenditures |
(92 |
) |
|
(42 |
) |
|
(126 |
) |
|
(77 |
) |
Capitalized turnaround expenditures |
(1 |
) |
|
(125 |
) |
|
(2 |
) |
|
(147 |
) |
Free cash flow |
$ |
54 |
|
|
$ |
(158 |
) |
|
$ |
115 |
|
|
$ |
(273 |
) |
Reconciliation of Petroleum Segment Net
(Loss) Income to EBITDA and Adjusted EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Petroleum net (loss) income |
$ |
(13 |
) |
|
$ |
6 |
|
|
$ |
(123 |
) |
|
$ |
(124 |
) |
Interest (income) expense, net |
(5 |
) |
|
(2 |
) |
|
(8 |
) |
|
2 |
|
Depreciation and amortization |
51 |
|
|
50 |
|
|
102 |
|
|
99 |
|
Petroleum EBITDA |
33 |
|
|
54 |
|
|
(29 |
) |
|
(23 |
) |
Adjustments: |
|
|
|
|
|
|
|
Revaluation of RFS liability |
58 |
|
|
(9 |
) |
|
169 |
|
|
(8 |
) |
Unrealized (gain) loss on derivatives |
(37 |
) |
|
— |
|
|
7 |
|
|
(12 |
) |
Inventory valuation impacts, (favorable) unfavorable (1) (2) |
(36 |
) |
|
(46 |
) |
|
(102 |
) |
|
90 |
|
Petroleum Adjusted EBITDA |
$ |
18 |
|
|
$ |
(1 |
) |
|
$ |
45 |
|
|
$ |
47 |
|
Reconciliation of Petroleum Segment
Gross Profit (Loss) to Refining Margin and Refining Margin Adjusted
for Inventory Valuation Impacts
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
$ |
1,648 |
|
|
$ |
572 |
|
|
$ |
3,052 |
|
|
$ |
1,629 |
|
Cost of materials and
other |
1,515 |
|
|
424 |
|
|
2,868 |
|
|
1,459 |
|
Direct operating expenses
(exclusive of depreciation and amortization) |
83 |
|
|
79 |
|
|
182 |
|
|
162 |
|
Depreciation and
amortization |
51 |
|
|
50 |
|
|
102 |
|
|
99 |
|
Gross profit (loss) |
(1 |
) |
|
19 |
|
|
(100 |
) |
|
(91 |
) |
Add: |
|
|
|
|
|
|
|
Direct operating expenses
(exclusive of depreciation and amortization) |
83 |
|
|
79 |
|
|
182 |
|
|
162 |
|
Depreciation and
amortization |
51 |
|
|
50 |
|
|
102 |
|
|
99 |
|
Refining margin |
133 |
|
|
148 |
|
|
184 |
|
|
170 |
|
Inventory valuation impacts,
(favorable) unfavorable (1) (2) |
(36 |
) |
|
(46 |
) |
|
(102 |
) |
|
90 |
|
Refining margin adjusted for inventory valuation impacts |
$ |
97 |
|
|
$ |
102 |
|
|
$ |
82 |
|
|
$ |
260 |
|
(1) The Petroleum Segment’s basis for
determining inventory value under GAAP is FIFO. Changes in crude
oil prices can cause fluctuations in the inventory valuation of
crude oil, work in process and finished goods, thereby resulting in
a favorable inventory valuation impact when crude oil prices
increase and an unfavorable inventory valuation impact when crude
oil prices decrease. The inventory valuation impact is calculated
based upon inventory values at the beginning of the accounting
period and at the end of the accounting period. In order to derive
the inventory valuation impact per total throughput barrel, we
utilize the total dollar figures for the inventory valuation impact
and divide by the number of total throughput barrels for the
period.(2) Includes an inventory valuation charge of $58 million
recorded in the first quarter of 2020, as inventories were
reflected at the lower of cost or net realizable value. No
adjustment was necessary for the second quarter of 2020 or 2021
periods.
Reconciliation of Petroleum Segment Total Throughput
Barrels
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Total throughput barrels per day |
216,626 |
|
|
156,369 |
|
|
201,444 |
|
|
156,443 |
|
Days in the period |
91 |
|
|
91 |
|
|
181 |
|
|
182 |
|
Total throughput barrels |
19,712,929 |
|
|
14,229,541 |
|
|
36,461,311 |
|
|
28,472,702 |
|
Reconciliation of Petroleum Segment Refining Margin per
Total Throughput Barrels
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions, except for per
throughput barrel data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Refining margin |
$ |
133 |
|
|
$ |
148 |
|
|
$ |
184 |
|
|
$ |
170 |
|
Divided by: total throughput
barrels |
20 |
|
|
14 |
|
|
36 |
|
|
28 |
|
Refining margin per total throughput barrel |
$ |
6.72 |
|
|
$ |
10.43 |
|
|
$ |
5.04 |
|
|
$ |
5.97 |
|
Reconciliation of Petroleum Segment
Refining Margin Adjusted for Inventory Valuation Impacts per Total
Throughput Barrel
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions, except for
throughput barrel data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Refining margin adjusted for inventory valuation impacts |
$ |
97 |
|
|
$ |
102 |
|
|
$ |
82 |
|
|
$ |
260 |
|
Divided by: total throughput
barrels |
20 |
|
|
14 |
|
|
36 |
|
|
28 |
|
Refining margin adjusted for inventory valuation impacts per total
throughput barrel |
$ |
4.92 |
|
|
$ |
7.18 |
|
|
$ |
2.25 |
|
|
$ |
9.12 |
|
Reconciliation of Petroleum Segment Direct Operating
Expenses per Total Throughput Barrel
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions, except for
throughput barrel data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Direct operating expenses (exclusive of depreciation and
amortization) |
$ |
83 |
|
|
$ |
79 |
|
|
$ |
182 |
|
|
$ |
162 |
|
Divided by: total throughput
barrels |
20 |
|
|
14 |
|
|
36 |
|
|
28 |
|
Direct operating expenses per total throughput barrel |
$ |
4.23 |
|
|
$ |
5.52 |
|
|
$ |
4.99 |
|
|
$ |
5.69 |
|
Reconciliation of Nitrogen Fertilizer Segment Net Income
(Loss) to EBITDA and Adjusted EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Nitrogen fertilizer net income (loss) |
$ |
7 |
|
|
$ |
(42 |
) |
|
$ |
(18 |
) |
|
$ |
(62 |
) |
Interest expense, net |
23 |
|
|
16 |
|
|
39 |
|
|
31 |
|
Depreciation and amortization |
21 |
|
|
24 |
|
|
35 |
|
|
39 |
|
Nitrogen Fertilizer
EBITDA |
51 |
|
|
(2 |
) |
|
56 |
|
|
8 |
|
Adjustments: |
|
|
|
|
|
|
|
Goodwill impairment |
— |
|
|
41 |
|
|
— |
|
|
41 |
|
Adjusted Nitrogen Fertilizer
EBITDA |
$ |
51 |
|
|
$ |
39 |
|
|
$ |
56 |
|
|
$ |
49 |
|
Reconciliation of Total Debt and Net Debt and Finance
Lease Obligations to EBITDA Exclusive of Nitrogen
Fertilizer
|
Twelve Months Ended June 30, 2021 |
Total debt and finance lease obligations (1) |
$ |
1,693 |
|
Less: |
|
Nitrogen Fertilizer debt and finance lease obligations (1) |
$ |
640 |
|
Total debt and finance lease
obligations exclusive of Nitrogen Fertilizer |
1,053 |
|
|
|
EBITDA exclusive of Nitrogen
Fertilizer |
$ |
(25 |
) |
|
|
Total debt and finance lease
obligations to EBITDA exclusive of Nitrogen Fertilizer |
(42.12 |
) |
|
|
Consolidated cash and cash
equivalents |
$ |
519 |
|
Less: |
|
Nitrogen Fertilizer cash and cash equivalents |
43 |
|
Cash and cash equivalents
exclusive of Nitrogen Fertilizer |
476 |
|
|
|
Net debt and finance lease
obligations exclusive of Nitrogen Fertilizer (2) |
$ |
577 |
|
|
|
Net debt and finance lease
obligations to EBITDA exclusive of Nitrogen Fertilizer (2) |
(23.08 |
) |
(1) Amounts are shown inclusive of the current
portion of long-term debt and finance lease obligations.(2) Net
debt represents total debt and finance lease obligations exclusive
of cash and cash equivalents.
|
Three Months Ended |
|
Twelve Months Ended June 30, 2021 |
|
September 30,2020 |
|
December 31, 2020 |
|
March 31,2021 |
|
June 30,2021 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(108 |
) |
|
$ |
(78 |
) |
|
$ |
(55 |
) |
|
$ |
(2 |
) |
|
$ |
(243 |
) |
Add: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
31 |
|
|
32 |
|
|
31 |
|
|
38 |
|
|
132 |
|
Income tax benefit |
(31 |
) |
|
(23 |
) |
|
(42 |
) |
|
(6 |
) |
|
(102 |
) |
Depreciation and amortization |
69 |
|
|
70 |
|
|
66 |
|
|
72 |
|
|
277 |
|
EBITDA |
$ |
(39 |
) |
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
102 |
|
|
$ |
64 |
|
|
|
|
|
|
|
|
|
|
|
Nitrogen
Fertilizer |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(19 |
) |
|
$ |
(17 |
) |
|
$ |
(25 |
) |
|
$ |
7 |
|
|
(54 |
) |
Add: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
16 |
|
|
16 |
|
|
16 |
|
|
23 |
|
|
71 |
|
Depreciation and amortization |
18 |
|
|
19 |
|
|
14 |
|
|
21 |
|
|
72 |
|
EBITDA |
$ |
15 |
|
|
$ |
18 |
|
|
$ |
5 |
|
|
$ |
51 |
|
|
$ |
89 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA exclusive of Nitrogen
Fertilizer |
$ |
(54 |
) |
|
$ |
(17 |
) |
|
$ |
(5 |
) |
|
$ |
51 |
|
|
$ |
(25 |
) |
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