CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI)
today announced net income of $165 million, or $1.64 per diluted
share, on net sales of $3.1 billion for the second quarter of 2022,
compared to 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. Second
quarter 2022 EBITDA was $401 million, compared to second quarter
2021 EBITDA of $102 million.
“CVR Energy’s second quarter 2022 results were
driven by higher group diesel crack spreads and higher
nitrogen-based fertilizer pricing, offset somewhat by lower
refining throughput volumes due to the Wynnewood refinery’s planned
turnaround and conversion of its hydrocracker to renewable diesel
service, lower fertilizer sales volumes and a legal accrual in our
corporate segment,” said Dave Lamp, CVR Energy’s Chief Executive
Officer. “CVR Energy also announced a second quarter 2022 cash
dividend of 40 cents per share as well as a special dividend of
$2.60 per share while CVR Partners announced a cash distribution of
$10.05 per common unit for the 2022 second quarter.”
Petroleum
The Petroleum Segment reported second quarter
2022 operating income of $297 million on net sales of $2.9 billion,
compared to an operating loss of $20 million on net sales of $1.6
billion in the second quarter of 2021.
Refining margin per total throughput barrel was
$26.10 in the second quarter of 2022, compared to $6.72 during the
same period in 2021. The increase in refining margin of $345
million was primarily due to an increase in product crack spreads.
The Group 3 2-1-1 crack spread increased by $29.35 per barrel
relative to the second quarter of 2021, driven by tight inventory
levels and supply concerns due to the ongoing Russia-Ukraine
conflict. The Petroleum Segment recognized costs to comply with the
Renewable Fuel Standard (“RFS”) of $102 million, or $5.55 per
throughput barrel, which excludes the RINs revaluation impact of
$51 million, or $2.79 per total throughput barrel, for the second
quarter of 2022. This is compared to RFS compliance costs of
$115 million, or $5.85 per throughput barrel, which excludes
the RINs revaluation impact of $58 million, or $2.92 per total
throughput barrel, for the second quarter of 2021. The decrease in
RFS compliance costs in 2022 was primarily related to a lower
renewable volume obligation (“RVO”) for the second quarter of 2022
compared to the 2021 period. The decrease in RINs revaluation in
2022 was a result of decreased RIN prices for the current period
and the Environmental Protection Agency (“EPA”) revising the 2020
RVO and finalizing the 2021 and 2022 RVOs. Offsetting these impacts
for the second quarter of 2022, throughput volumes declined by
15,380 barrels per day (“bpd”) due to the completion of the planned
turnaround at the Wynnewood refinery in early April 2022 and the
conversion of the Wynnewood hydrocracker to renewable diesel
service. The Petroleum Segment also recognized a second quarter
2022 derivative net loss of $61 million, or $3.35 per total
throughput barrel, compared to a derivative loss of $2 million, or
9 cents per total throughput barrel, for the second quarter of
2021. Included in this derivative net loss for the second quarter
of 2022 was a $22 million unrealized loss due to Group 3 diesel
crack swaps, compared to a $37 million unrealized gain for the
second quarter of 2021. Further, crude oil prices rose during the
quarter, which led to a favorable inventory valuation impact of $37
million, or $2.02 per total throughput barrel, compared to a
favorable inventory valuation impact of $36 million, or $1.81 per
total throughput barrel, during the second quarter of 2021.
Second quarter 2022 combined total throughput
was approximately 201,000 bpd, compared to approximately 217,000
bpd of combined total throughput for the second quarter of 2021.
This decrease was due to the completion of the planned turnaround
at the Wynnewood refinery in early April 2022 and the conversion of
the Wynnewood hydrocracker to renewable diesel service.
Nitrogen Fertilizer
The Nitrogen Fertilizer Segment reported
operating income of $126 million on net sales of $244 million for
the second quarter of 2022, compared to operating income of $30
million on net sales of $138 million for the second quarter of
2021.
Second quarter 2022 average realized gate prices
for urea ammonia nitrate (“UAN”) showed an improvement over the
prior year, up 134 percent to $555 per ton, and ammonia was up 193
percent over the prior year to $1,182 per ton. Average
realized gate prices for UAN and ammonia were $237 and $403 per
ton, respectively, for the second quarter of 2021.
CVR Partners, LP’s (“CVR Partners”) fertilizer
facilities produced a combined 193,000 tons of ammonia during the
second quarter of 2022, of which 50,000 net tons were available for
sale while the rest was upgraded to other fertilizer products,
including 331,000 tons of UAN. During the second quarter 2021, the
fertilizer facilities produced 217,000 tons of ammonia, of which
70,000 net tons were available for sale while the remainder was
upgraded to other fertilizer products, including 334,000 tons of
UAN.
Corporate and Other
The Company reported an income tax expense of
$66 million, or 21.5 percent of income before income taxes, for the
three months ended June 30, 2022, as compared to an income tax
benefit of $6 million, or 78.4 percent of loss before income taxes,
for the three months ended June 30, 2021. The fluctuation in income
tax was due primarily to changes in pretax earnings and earnings
attributable to noncontrolling interest. The fluctuation in
effective income tax rate was due primarily to changes in pretax
earnings, earnings attributable to noncontrolling interest and a
discrete tax benefit recorded in June 2021 for decreases in state
income tax rates.
The renewable diesel unit at the Wynnewood
refinery successfully began operations in mid-April, with total
vegetable oil throughputs for the quarter averaging approximately
3,100 barrels per day.
Cash, Debt and Dividend
Consolidated cash and cash equivalents were $893
million at June 30, 2022, an increase of $383 million from December
31, 2021. Consolidated total debt and finance lease obligations
were $1.6 billion at June 30, 2022, including $547 million held by
the Nitrogen Fertilizer Segment.
On June 30, 2022, CVR Refining, LP and
certain of its subsidiaries entered into Amendment No. 3 to the
Amended and Restated ABL Credit Agreement, dated December 20, 2012
(the “Amendment,” and collectively, the “Petroleum ABL”). The
Petroleum ABL is a senior secured asset-based revolving credit
facility in an aggregate principal amount of up to
$275 million with a $125 million incremental facility,
which is subject to additional lender commitments and certain other
conditions. The proceeds of the loans may be used for capital
expenditures, working capital and general corporate purposes of the
Company and its subsidiaries. The Petroleum ABL is scheduled to
mature on June 30, 2027.
CVR Energy also announced a second quarter 2022
cash dividend of 40 cents per share. In addition, the Company
announced a special dividend of $2.60 per share. The quarterly and
special dividends, as declared by CVR Energy’s Board of Directors,
will be paid on August 22, 2022, to stockholders of record as
of August 12, 2022.
Today, CVR Partners announced that the Board of
Directors of its general partner declared a second quarter 2022
cash distribution of $10.05 per common unit, which will be paid on
August 22, 2022, to common unitholders of record as of
August 12, 2022.
Second Quarter 2022 Earnings Conference
Call
CVR Energy previously announced that it will
host its second quarter 2022 Earnings Conference Call on Tuesday,
August 2, 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 second quarter 2022 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/j7fouhsi. A repeat of
the call also can be accessed for 14 days by dialing (877)
660-6853, conference ID 13731683.
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: group diesel
crack spreads; nitrogen-based fertilizer pricing; throughput
volumes and impacts thereon; regular and special dividends and
distributions, including the timing, payment and amount (if any)
thereof; crack spreads; operating income; net sales; refining
margin; refined product demand; inventory and supply, including the
impact of the Russia-Ukraine conflict thereon; cost to comply with
the Renewable Fuel Standard, RIN prices and valuation of our next
renewable volume obligation; impacts of plant turnarounds and
conversion of the Wynnewood hydrocracker to renewable diesel
service on throughput volume; renewables initiatives; conversion of
hydrocrackers at Wynnewood and Coffeyville and/or feed
pre-treaters, including the completion, operation, capacities,
timing, costs, optionality and benefits thereof; segregation of our
renewables business and the timing and scope of asset transfers in
connection with the related restructuring; decarbonization;
derivative activities and gains or losses associated therewith;
crude oil pricing, including the inventory valuation impact
thereof; ammonia production and upgrades; utilization rates; crop
and industry conditions; UAN, ammonia and fertilizer demand,
pricing and sales volumes; tax rates and expense; vegetable oil
throughputs; total throughput, direct operating expenses, capital
expenditures, depreciation and amortization and turnaround expense;
continued safe and reliable operations; 45Q credits (if any)
including the amount, timing and receipt thereof; the expected
timing and completion of turnaround projects; natural gas and
global energy costs; exports; 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;
political disturbances, geopolitical instability and tensions, and
associated changes in global trade policies and economic sanctions,
including, but not limited to, in connection with Russia’s invasion
of Ukraine in February 2022; 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,
Inc. is a diversified holding company primarily engaged in the
renewable fuels, petroleum refining and marketing business as well
as in the nitrogen fertilizer manufacturing business through its
interest in CVR Partners, LP. CVR Energy subsidiaries serve as the
general partner and own 37 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 RelationsRichard
RobertsCVR Energy, Inc.(281)
207-3205InvestorRelations@CVREnergy.com
Media RelationsBrandee
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 financial information presented in accordance with
accounting principles generally accepted in the United States
(“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.
The following are non-GAAP measures we present
for the period ended June 30, 2022:
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, 2022, we capitalized $1 million and
$2 million, respectively, related to the pre-planning phase of
a major planned turnaround that is currently expected to commence
in the spring of 2023.
Wynnewood Refinery - The Petroleum Segment’s
Wynnewood Refinery’s major planned turnaround began in late
February 2022 and was completed in early April 2022. The
pre-planning phase began during the first quarter of 2021. During
the three and six months ended June 30, 2022, we capitalized
$4 million and $67 million, respectively, and during the
three and six months ended June 30, 2021, we capitalized less than
$1 million and $1 million, respectively, related to the
pre-planning activities.
Nitrogen Fertilizer Segment
Major Scheduled Turnaround
Activities
Coffeyville Fertilizer Facility - A planned
turnaround at the Coffeyville Fertilizer Facility commenced in July
2022 and is expected to be completed in early to mid-August 2022.
For the three and six months ended June 30, 2022, we incurred
turnaround expense of less than $1 million for both periods
related to planning for this turnaround.
East Dubuque Fertilizer Facility - The next
planned turnaround at the East Dubuque Fertilizer Facility is
currently expected to commence during August 2022. For the three
and six months ended June 30, 2022, we incurred total turnaround
expense of approximately $1 million for both periods related
to planning for this turnaround.
CVR Energy, Inc. (all
information in this release is unaudited)
Consolidated Statement of Operations Data
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions, except per share
data) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net sales |
$ |
3,144 |
|
|
$ |
1,783 |
|
|
$ |
5,517 |
|
|
$ |
3,246 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of materials and other |
|
2,465 |
|
|
|
1,539 |
|
|
|
4,352 |
|
|
|
2,908 |
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
167 |
|
|
|
136 |
|
|
|
327 |
|
|
|
272 |
|
Depreciation and amortization |
|
71 |
|
|
|
70 |
|
|
|
136 |
|
|
|
134 |
|
Cost of sales |
|
2,703 |
|
|
|
1,745 |
|
|
|
4,815 |
|
|
|
3,314 |
|
Selling, general and
administrative expenses (exclusive of depreciation and
amortization) |
|
37 |
|
|
|
28 |
|
|
|
75 |
|
|
|
55 |
|
Depreciation and
amortization |
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
4 |
|
Loss on asset disposal |
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Operating income (loss) |
|
402 |
|
|
|
6 |
|
|
|
623 |
|
|
|
(129 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense, net |
|
(23 |
) |
|
|
(38 |
) |
|
|
(48 |
) |
|
|
(69 |
) |
Investment income on marketable securities |
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
83 |
|
Other (expense) income, net |
|
(74 |
) |
|
|
3 |
|
|
|
(84 |
) |
|
|
10 |
|
Income (loss) before income tax expense |
|
305 |
|
|
|
(8 |
) |
|
|
491 |
|
|
|
(105 |
) |
Income tax expense
(benefit) |
|
66 |
|
|
|
(6 |
) |
|
|
99 |
|
|
|
(48 |
) |
Net income (loss) |
|
239 |
|
|
|
(2 |
) |
|
|
392 |
|
|
|
(57 |
) |
Less: Net income (loss)
attributable to noncontrolling interest |
|
74 |
|
|
|
4 |
|
|
|
134 |
|
|
|
(12 |
) |
Net income (loss) attributable to CVR Energy
stockholders |
$ |
165 |
|
|
$ |
(6 |
) |
|
$ |
258 |
|
|
$ |
(45 |
) |
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per share |
$ |
1.64 |
|
|
$ |
(0.06 |
) |
|
$ |
2.57 |
|
|
$ |
(0.45 |
) |
Dividends declared per share |
$ |
0.40 |
|
|
$ |
4.89 |
|
|
$ |
0.40 |
|
|
$ |
4.89 |
|
|
|
|
|
|
|
|
|
Adjusted earnings (loss) per
share |
$ |
2.45 |
|
|
$ |
(0.32 |
) |
|
$ |
2.47 |
|
|
$ |
(0.51 |
) |
EBITDA* |
$ |
401 |
|
|
$ |
102 |
|
|
$ |
679 |
|
|
$ |
102 |
|
Adjusted EBITDA * |
$ |
511 |
|
|
$ |
66 |
|
|
$ |
666 |
|
|
$ |
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, 2022 |
|
December 31, 2021 |
Cash and cash equivalents |
$ |
893 |
|
$ |
510 |
Working capital |
|
424 |
|
|
213 |
Total assets |
|
4,671 |
|
|
3,906 |
Total debt and finance lease obligations, including current
portion |
|
1,594 |
|
|
1,660 |
Total liabilities |
|
3,611 |
|
|
3,136 |
Total CVR stockholders’ equity |
|
769 |
|
|
553 |
Selected Cash Flow Data
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net cash provided by (used
in): |
|
|
|
|
|
|
|
Operating activities |
$ |
390 |
|
|
$ |
147 |
|
|
$ |
712 |
|
|
$ |
243 |
|
Investing activities |
|
(115 |
) |
|
|
(87 |
) |
|
|
(156 |
) |
|
|
(141 |
) |
Financing activities |
|
(58 |
) |
|
|
(248 |
) |
|
|
(173 |
) |
|
|
(250 |
) |
Net increase (decrease) in cash and cash equivalents and
restricted cash |
$ |
217 |
|
|
$ |
(188 |
) |
|
$ |
383 |
|
|
$ |
(148 |
) |
|
|
|
|
|
|
|
|
Free cash flow* |
$ |
275 |
|
|
$ |
54 |
|
|
$ |
556 |
|
|
$ |
115 |
|
* See “Non-GAAP Reconciliations” section
below.
Selected Segment Data
|
Three Months Ended June 30, 2022 |
|
Six Months Ended June 30, 2022 |
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Net sales |
$ |
2,868 |
|
$ |
244 |
|
$ |
3,144 |
|
$ |
5,022 |
|
$ |
467 |
|
$ |
5,517 |
Operating income |
|
297 |
|
|
126 |
|
|
402 |
|
|
427 |
|
|
230 |
|
|
623 |
Net income |
|
306 |
|
|
118 |
|
|
239 |
|
|
432 |
|
|
211 |
|
|
392 |
EBITDA* |
|
347 |
|
|
147 |
|
|
401 |
|
|
514 |
|
|
271 |
|
|
679 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (1) |
|
|
|
|
|
|
|
|
|
|
|
Maintenance capital expenditures |
$ |
19 |
|
$ |
8 |
|
$ |
28 |
|
$ |
37 |
|
$ |
13 |
|
$ |
51 |
Growth capital expenditures |
|
— |
|
|
1 |
|
|
13 |
|
|
1 |
|
|
1 |
|
|
40 |
Total capital expenditures |
$ |
19 |
|
$ |
9 |
|
$ |
41 |
|
$ |
38 |
|
$ |
14 |
|
$ |
91 |
|
Three Months Ended June 30, 2021 |
|
Six Months Ended June 30, 2021 |
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Net sales |
$ |
1,648 |
|
|
$ |
138 |
|
$ |
1,783 |
|
|
$ |
3,052 |
|
|
$ |
199 |
|
|
$ |
3,246 |
|
Operating loss |
|
(20 |
) |
|
|
30 |
|
|
6 |
|
|
|
(136 |
) |
|
|
16 |
|
|
|
(129 |
) |
Net loss |
|
(13 |
) |
|
|
7 |
|
|
(2 |
) |
|
|
(123 |
) |
|
|
(18 |
) |
|
|
(57 |
) |
EBITDA* |
|
33 |
|
|
|
51 |
|
|
102 |
|
|
|
(29 |
) |
|
|
56 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (1) |
|
|
|
|
|
|
|
|
|
|
|
Maintenance capital expenditures |
$ |
8 |
|
|
$ |
3 |
|
$ |
12 |
|
|
$ |
18 |
|
|
$ |
5 |
|
|
$ |
24 |
|
Growth capital expenditures |
|
1 |
|
|
|
1 |
|
|
71 |
|
|
|
1 |
|
|
|
2 |
|
|
|
127 |
|
Total capital expenditures |
$ |
9 |
|
|
$ |
4 |
|
$ |
83 |
|
|
$ |
19 |
|
|
$ |
7 |
|
|
$ |
151 |
|
* See “Non-GAAP Reconciliations” section
below.(1) Capital expenditures are shown exclusive
of capitalized turnaround expenditures and business
combinations.Selected Balance Sheet Data
|
June 30, 2022 |
|
December 31, 2021 |
(in millions) |
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
|
Petroleum |
|
Nitrogen Fertilizer |
|
Consolidated |
Cash and cash equivalents
(1) |
$ |
619 |
|
$ |
156 |
|
$ |
893 |
|
$ |
305 |
|
$ |
113 |
|
$ |
510 |
Total assets |
|
4,280 |
|
|
1,119 |
|
|
4,671 |
|
|
3,368 |
|
|
1,127 |
|
|
3,906 |
Total debt and finance lease
obligations, including current portion (2) |
|
51 |
|
|
547 |
|
|
1,594 |
|
|
54 |
|
|
611 |
|
|
1,660 |
(1) Corporate cash and cash
equivalents consisted of $118 million and $92 million at June 30,
2022 and December 31, 2021,
respectively.(2) Corporate total debt and finance
lease obligations, including current portion consisted of $996
million and $995 million at June 30, 2022 and December 31, 2021,
respectively.
Petroleum Segment
Key Operating Metrics per Total Throughput
Barrel
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Refining margin * |
$ |
26.10 |
|
$ |
6.72 |
|
$ |
21.50 |
|
$ |
5.04 |
Refining margin adjusted for
inventory valuation impacts * |
|
24.08 |
|
|
4.92 |
|
|
16.77 |
|
|
2.25 |
Direct operating expenses
* |
|
6.12 |
|
|
4.23 |
|
|
5.85 |
|
|
4.99 |
- See “Non-GAAP
Reconciliations” section below.
Throughput Data by Refinery
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in bpd) |
2022 |
|
2021 |
|
2022 |
|
2021 |
Coffeyville |
|
|
|
|
|
|
|
Regional crude |
66,266 |
|
27,126 |
|
53,089 |
|
28,173 |
WTI |
34,513 |
|
70,329 |
|
41,127 |
|
61,681 |
WTL |
1,317 |
|
— |
|
662 |
|
— |
Midland WTI |
— |
|
— |
|
1,294 |
|
— |
Condensate |
10,596 |
|
13,412 |
|
10,972 |
|
10,249 |
Heavy Canadian |
6,468 |
|
3,703 |
|
6,614 |
|
1,862 |
DJ Basin |
10,763 |
|
13,522 |
|
14,379 |
|
15,119 |
Other feedstocks and blendstocks |
9,270 |
|
9,987 |
|
10,301 |
|
9,359 |
Wynnewood |
|
|
|
|
|
|
|
Regional crude |
47,392 |
|
60,636 |
|
45,407 |
|
57,913 |
WTL |
1,660 |
|
7,422 |
|
1,006 |
|
5,489 |
Midland WTI |
— |
|
— |
|
813 |
|
— |
WTS |
— |
|
— |
|
288 |
|
— |
Condensate |
10,710 |
|
7,559 |
|
10,499 |
|
8,544 |
Other feedstocks and blendstocks |
2,291 |
|
2,930 |
|
2,855 |
|
3,055 |
Total throughput |
201,246 |
|
216,626 |
|
199,306 |
|
201,444 |
Production Data by Refinery
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in bpd) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Coffeyville |
|
|
|
|
|
|
|
Gasoline |
71,003 |
|
|
72,440 |
|
|
73,015 |
|
|
67,081 |
|
Distillate |
58,769 |
|
|
56,123 |
|
|
56,728 |
|
|
51,359 |
|
Other liquid products |
5,730 |
|
|
5,752 |
|
|
5,361 |
|
|
4,934 |
|
Solids |
4,342 |
|
|
4,650 |
|
|
4,351 |
|
|
4,027 |
|
Wynnewood |
|
|
|
|
|
|
|
Gasoline |
33,255 |
|
|
40,830 |
|
|
31,322 |
|
|
39,152 |
|
Distillate |
22,316 |
|
|
31,471 |
|
|
22,416 |
|
|
30,324 |
|
Other liquid products |
4,897 |
|
|
3,010 |
|
|
5,015 |
|
|
2,979 |
|
Solids |
7 |
|
|
20 |
|
|
13 |
|
|
21 |
|
Total production |
200,319 |
|
|
214,296 |
|
|
198,221 |
|
|
199,877 |
|
|
|
|
|
|
|
|
|
Light product yield (as % of
crude throughput) (1) |
97.7 |
% |
|
98.6 |
% |
|
98.6 |
% |
|
99.4 |
% |
Liquid volume yield (as % of
total throughput) (2) |
97.4 |
% |
|
96.8 |
% |
|
97.3 |
% |
|
97.2 |
% |
Distillate yield (as % of
crude throughput) (3) |
42.7 |
% |
|
43.0 |
% |
|
42.5 |
% |
|
43.2 |
% |
(1) Total Gasoline and
Distillate divided by total Regional crude, WTI, WTL, Midland WTI,
WTS, Condensate, Heavy Canadian, and DJ Basin
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, WTS, Condensate, Heavy Canadian, and
DJ Basin throughput.
Key Market Indicators
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
West Texas Intermediate (WTI)
NYMEX |
$ |
108.51 |
|
|
$ |
66.17 |
|
|
$ |
101.86 |
|
|
$ |
62.22 |
|
Crude Oil Differentials to
WTI: |
|
|
|
|
|
|
|
Brent |
|
3.38 |
|
|
|
2.91 |
|
|
|
3.08 |
|
|
|
3.02 |
|
WCS (heavy sour) |
|
(15.34 |
) |
|
|
(12.84 |
) |
|
|
(14.08 |
) |
|
|
(12.34 |
) |
Condensate |
|
(0.62 |
) |
|
|
(0.74 |
) |
|
|
(0.26 |
) |
|
|
(0.49 |
) |
Midland Cushing |
|
1.14 |
|
|
|
0.24 |
|
|
|
1.28 |
|
|
|
0.55 |
|
NYMEX Crack Spreads: |
|
|
|
|
|
|
|
Gasoline |
|
46.09 |
|
|
|
22.62 |
|
|
|
34.96 |
|
|
|
19.58 |
|
Heating Oil |
|
61.03 |
|
|
|
17.94 |
|
|
|
47.67 |
|
|
|
16.62 |
|
NYMEX 2-1-1 Crack Spread |
|
53.56 |
|
|
|
20.28 |
|
|
|
41.31 |
|
|
|
18.10 |
|
PADD II Group 3 Product
Basis: |
|
|
|
|
|
|
|
Gasoline |
|
(9.56 |
) |
|
|
(2.72 |
) |
|
|
(8.38 |
) |
|
|
(1.98 |
) |
Ultra-Low Sulfur Diesel |
|
(0.55 |
) |
|
|
0.45 |
|
|
|
(3.12 |
) |
|
|
1.31 |
|
PADD II Group 3 Product Crack
Spread: |
|
|
|
|
|
|
|
Gasoline |
|
36.53 |
|
|
|
19.91 |
|
|
|
26.57 |
|
|
|
17.59 |
|
Ultra-Low Sulfur Diesel |
|
60.48 |
|
|
|
18.39 |
|
|
|
44.55 |
|
|
|
17.93 |
|
PADD II Group 3 2-1-1 |
|
48.50 |
|
|
|
19.15 |
|
|
|
35.56 |
|
|
|
17.76 |
|
Nitrogen Fertilizer Segment:
Ammonia Utilization Rates
(1)
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(percent of capacity
utilization) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Consolidated |
89 |
% |
|
98 |
% |
|
88 |
% |
|
93 |
% |
(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, 2022 and
2021 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, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Consolidated sales (thousand
tons): |
|
|
|
|
|
|
|
Ammonia |
|
52 |
|
|
80 |
|
|
91 |
|
|
112 |
UAN |
|
287 |
|
|
370 |
|
|
609 |
|
|
609 |
|
|
|
|
|
|
|
|
Consolidated product pricing
at gate (dollars per ton):(1) |
|
|
|
|
|
|
|
Ammonia |
$ |
1,182 |
|
$ |
403 |
|
$ |
1,127 |
|
$ |
373 |
UAN |
|
555 |
|
|
237 |
|
|
524 |
|
|
206 |
|
|
|
|
|
|
|
|
Consolidated production volume
(thousand tons): |
|
|
|
|
|
|
|
Ammonia (gross produced) (2) |
|
193 |
|
|
217 |
|
|
380 |
|
|
404 |
Ammonia (net available for sale) (2) |
|
50 |
|
|
70 |
|
|
102 |
|
|
140 |
UAN |
|
331 |
|
|
334 |
|
|
648 |
|
|
606 |
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum coke used in production (thousand tons) |
|
116 |
|
|
134 |
|
|
224 |
|
|
262 |
Petroleum coke (dollars per ton) |
$ |
49.91 |
|
$ |
36.69 |
|
$ |
53.06 |
|
$ |
39.73 |
Natural gas used in production (thousands of MMBtu) (3) |
|
1,936 |
|
|
2,154 |
|
|
3,697 |
|
|
4,036 |
Natural gas used in production (dollars per MMBtu) (3) |
$ |
7.34 |
|
$ |
3.04 |
|
$ |
6.48 |
|
$ |
3.07 |
Natural gas in cost of materials and other (thousands of MMBtus)
(3) |
|
1,707 |
|
|
2,711 |
|
|
3,235 |
|
|
3,650 |
Natural gas in cost of materials and other (dollars per MMBtu)
(3) |
$ |
5.98 |
|
$ |
3.06 |
|
$ |
5.81 |
|
$ |
3.03 |
(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, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Ammonia — Southern Plains
(dollars per ton) |
$ |
1,241 |
|
$ |
569 |
|
$ |
1,259 |
|
$ |
503 |
Ammonia — Corn belt (dollars
per ton) |
|
1,405 |
|
|
622 |
|
|
1,391 |
|
|
560 |
UAN — Corn belt (dollars per
ton) |
|
632 |
|
|
341 |
|
|
624 |
|
|
299 |
|
|
|
|
|
|
|
|
Natural gas NYMEX (dollars per
MMBtu) |
$ |
7.49 |
|
$ |
2.98 |
|
$ |
6.06 |
|
$ |
2.85 |
Q3 2022 Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
third quarter of 2022. See “Forward-Looking Statements” above.
|
Q3 2022 |
|
Low |
|
High |
Petroleum |
|
|
|
Total throughput (bpd) |
|
190,000 |
|
|
|
205,000 |
|
Direct operating expenses (in millions) (1) |
$ |
90 |
|
|
$ |
100 |
|
|
|
|
|
Renewables (2) |
|
|
|
Total throughput (bpd) |
|
4,500 |
|
|
|
6,000 |
|
Direct operating expenses (in millions) (1) |
$ |
2 |
|
|
$ |
4 |
|
|
|
|
|
Nitrogen Fertilizer |
|
|
|
Ammonia utilization rates |
|
|
|
Consolidated |
|
60 |
% |
|
|
65 |
% |
Coffeyville Fertilizer Facility |
|
65 |
% |
|
|
70 |
% |
East Dubuque Fertilizer Facility |
|
55 |
% |
|
|
60 |
% |
Direct operating expenses (in millions) (1) |
$ |
60 |
|
|
$ |
65 |
|
Turnaround expenses (in millions) (3) |
$ |
30 |
|
|
$ |
35 |
|
|
|
|
|
Capital Expenditures (in
millions) (3) |
|
|
|
Petroleum |
$ |
30 |
|
|
$ |
35 |
|
Renewables (2) |
|
10 |
|
|
|
15 |
|
Nitrogen Fertilizer |
|
22 |
|
|
|
27 |
|
Other |
|
1 |
|
|
|
4 |
|
Total capital expenditures |
$ |
63 |
|
|
$ |
81 |
|
(1) Direct operating expenses
are shown exclusive of depreciation and amortization and, for the
Nitrogen Fertilizer segment, turnaround expenses and inventory
valuation impacts.(2) Renewables reflects spending
on the Wynnewood renewable diesel unit project. Upon completion and
meeting of certain criteria under accounting rules, Renewables is
expected to be a new reportable segment. As of June 30, 2022,
Renewables does not the meet the definition of a reportable segment
as defined under Accounting Standards Codification
280.(3) Turnaround and capital expenditures are
disclosed on an accrual basis.
Non-GAAP Reconciliations:
Reconciliation of Net Income (Loss) to EBITDA and
Adjusted EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income
(loss) |
$ |
239 |
|
|
$ |
(2 |
) |
|
$ |
392 |
|
|
$ |
(57 |
) |
Interest expense, net |
|
23 |
|
|
|
38 |
|
|
|
48 |
|
|
|
69 |
|
Income tax expense (benefit) |
|
66 |
|
|
|
(6 |
) |
|
|
99 |
|
|
|
(48 |
) |
Depreciation and amortization |
|
73 |
|
|
|
72 |
|
|
|
140 |
|
|
|
138 |
|
EBITDA |
$ |
401 |
|
|
$ |
102 |
|
|
$ |
679 |
|
|
$ |
102 |
|
Adjustments: |
|
|
|
|
|
|
|
Revaluation of RFS liability |
|
51 |
|
|
|
58 |
|
|
|
70 |
|
|
|
169 |
|
Gain on marketable securities |
|
— |
|
|
|
(21 |
) |
|
|
— |
|
|
|
(83 |
) |
Unrealized loss (gain) on derivatives |
|
21 |
|
|
|
(37 |
) |
|
|
15 |
|
|
|
7 |
|
Inventory valuation impacts, favorable |
|
(41 |
) |
|
|
(36 |
) |
|
|
(177 |
) |
|
|
(102 |
) |
Call Option Lawsuits settlement |
|
79 |
|
|
|
— |
|
|
|
79 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
511 |
|
|
$ |
66 |
|
|
$ |
666 |
|
|
$ |
93 |
|
Reconciliation of Basic and Diluted Earnings (Loss) per
Share to Adjusted Earnings (Loss) per Share
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Basic and diluted
earnings (loss) per share |
$ |
1.64 |
|
|
$ |
(0.06 |
) |
|
$ |
2.57 |
|
|
$ |
(0.45 |
) |
Adjustments: (1) |
|
|
|
|
|
|
|
Revaluation of RFS liability |
|
0.38 |
|
|
|
0.42 |
|
|
|
0.52 |
|
|
|
1.25 |
|
Gain on marketable securities |
|
— |
|
|
|
(0.15 |
) |
|
|
— |
|
|
|
(0.61 |
) |
Unrealized loss (gain) on derivatives |
|
0.16 |
|
|
|
(0.27 |
) |
|
|
0.11 |
|
|
|
0.05 |
|
Inventory valuation impacts, favorable |
|
(0.31 |
) |
|
|
(0.26 |
) |
|
|
(1.31 |
) |
|
|
(0.75 |
) |
Call Option Lawsuits settlement |
|
0.58 |
|
|
|
— |
|
|
|
0.58 |
|
|
|
— |
|
Adjusted earnings (loss) per share |
$ |
2.45 |
|
|
$ |
(0.32 |
) |
|
$ |
2.47 |
|
|
$ |
(0.51 |
) |
(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.Reconciliation of Net Cash Provided By
Operating Activities to Free Cash Flow
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net cash provided by
operating activities |
$ |
390 |
|
|
$ |
147 |
|
|
$ |
712 |
|
|
$ |
243 |
|
Less: |
|
|
|
|
|
|
|
Capital expenditures |
|
(62 |
) |
|
|
(92 |
) |
|
|
(88 |
) |
|
|
(126 |
) |
Capitalized turnaround expenditures |
|
(53 |
) |
|
|
(1 |
) |
|
|
(68 |
) |
|
|
(2 |
) |
Free cash flow |
$ |
275 |
|
|
$ |
54 |
|
|
$ |
556 |
|
|
$ |
115 |
|
Reconciliation of Petroleum Segment Net
Income (Loss) to EBITDA and Adjusted EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Petroleum net income
(loss) |
$ |
306 |
|
|
$ |
(13 |
) |
|
$ |
432 |
|
|
$ |
(123 |
) |
Interest income, net |
|
(5 |
) |
|
|
(5 |
) |
|
|
(11 |
) |
|
|
(8 |
) |
Depreciation and amortization |
|
46 |
|
|
|
51 |
|
|
|
93 |
|
|
|
102 |
|
Petroleum EBITDA |
|
347 |
|
|
|
33 |
|
|
|
514 |
|
|
|
(29 |
) |
Adjustments: |
|
|
|
|
|
|
|
Revaluation of RFS liability |
|
51 |
|
|
|
58 |
|
|
|
70 |
|
|
|
169 |
|
Unrealized loss (gain) on derivatives |
|
22 |
|
|
|
(37 |
) |
|
|
17 |
|
|
|
7 |
|
Inventory valuation impacts, favorable (1) |
|
(37 |
) |
|
|
(36 |
) |
|
|
(170 |
) |
|
|
(102 |
) |
Petroleum Adjusted EBITDA |
$ |
383 |
|
|
$ |
18 |
|
|
$ |
431 |
|
|
$ |
45 |
|
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) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net
sales |
$ |
2,868 |
|
|
$ |
1,648 |
|
|
$ |
5,022 |
|
|
$ |
3,052 |
|
Less: |
|
|
|
|
|
|
|
Cost of materials and other |
|
(2,390 |
) |
|
|
(1,515 |
) |
|
|
(4,247 |
) |
|
|
(2,868 |
) |
Direct operating expenses (exclusive of depreciation and
amortization) |
|
(112 |
) |
|
|
(83 |
) |
|
|
(211 |
) |
|
|
(182 |
) |
Depreciation and amortization |
|
(46 |
) |
|
|
(51 |
) |
|
|
(93 |
) |
|
|
(102 |
) |
Gross profit (loss) |
|
320 |
|
|
|
(1 |
) |
|
|
471 |
|
|
|
(100 |
) |
Add: |
|
|
|
|
|
|
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
112 |
|
|
|
83 |
|
|
|
211 |
|
|
|
182 |
|
Depreciation and amortization |
|
46 |
|
|
|
51 |
|
|
|
93 |
|
|
|
102 |
|
Refining margin |
|
478 |
|
|
|
133 |
|
|
|
775 |
|
|
|
184 |
|
Inventory valuation impacts,
favorable (1) |
|
(37 |
) |
|
|
(36 |
) |
|
|
(170 |
) |
|
|
(102 |
) |
Refining margin adjusted for inventory valuation
impacts |
$ |
441 |
|
|
$ |
97 |
|
|
$ |
605 |
|
|
$ |
82 |
|
(1) The Petroleum Segment’s
basis for determining inventory value under GAAP is First-In,
First-Out (“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.Reconciliation of Petroleum Segment Total Throughput
Barrels
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Total throughput barrels per
day |
201,246 |
|
216,626 |
|
199,306 |
|
201,444 |
Days in the period |
91 |
|
91 |
|
181 |
|
181 |
Total throughput barrels |
18,313,357 |
|
19,712,929 |
|
36,074,355 |
|
36,461,311 |
Reconciliation of Petroleum Segment Refining Margin per
Total Throughput Barrel
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions, except for per
throughput barrel data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Refining margin |
$ |
478 |
|
$ |
133 |
|
$ |
775 |
|
$ |
184 |
Divided by: total throughput
barrels |
|
18 |
|
|
20 |
|
|
36 |
|
|
36 |
Refining margin per total throughput barrel |
$ |
26.10 |
|
$ |
6.72 |
|
$ |
21.50 |
|
$ |
5.04 |
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) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Refining margin adjusted for
inventory valuation impacts |
$ |
441 |
|
$ |
97 |
|
$ |
605 |
|
$ |
82 |
Divided by: total throughput
barrels |
|
18 |
|
|
20 |
|
|
36 |
|
|
36 |
Refining margin adjusted for inventory valuation impacts
per total throughput barrel |
$ |
24.08 |
|
$ |
4.92 |
|
$ |
16.77 |
|
$ |
2.25 |
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) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Direct operating expenses
(exclusive of depreciation and amortization) |
$ |
112 |
|
$ |
83 |
|
$ |
211 |
|
$ |
182 |
Divided by: total throughput
barrels |
|
18 |
|
|
20 |
|
|
36 |
|
|
36 |
Direct operating expenses per total throughput
barrel |
$ |
6.12 |
|
$ |
4.23 |
|
$ |
5.85 |
|
$ |
4.99 |
Reconciliation of Nitrogen Fertilizer Segment Net Income
(Loss) to EBITDA and Adjusted EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in millions) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Nitrogen fertilizer
net income (loss) |
$ |
118 |
|
$ |
7 |
|
$ |
211 |
|
$ |
(18 |
) |
Interest expense, net |
|
8 |
|
|
23 |
|
|
18 |
|
|
39 |
|
Depreciation and amortization |
|
21 |
|
|
21 |
|
|
42 |
|
|
35 |
|
Nitrogen Fertilizer EBITDA and Adjusted
EBITDA |
|
147 |
|
|
51 |
|
$ |
271 |
|
$ |
56 |
|
Reconciliation of Total Debt and Net Debt and Finance
Lease Obligations to EBITDA Exclusive of Nitrogen
Fertilizer
(in millions) |
Twelve Months Ended June 30, 2022 |
Total debt and finance lease obligations (1) |
$ |
1,594 |
Less: |
|
Nitrogen Fertilizer debt and finance lease obligations (1) |
$ |
547 |
Total debt and finance lease obligations exclusive of Nitrogen
Fertilizer |
|
1,047 |
|
|
EBITDA exclusive of Nitrogen
Fertilizer |
$ |
611 |
|
|
Total debt and finance
lease obligations to EBITDA exclusive of Nitrogen
Fertilizer |
|
1.71 |
|
|
Consolidated cash and cash
equivalents |
$ |
893 |
Less: |
|
Nitrogen Fertilizer cash and cash equivalents |
|
156 |
Cash and cash equivalents exclusive of Nitrogen Fertilizer |
|
737 |
|
|
Net debt and finance lease
obligations exclusive of Nitrogen Fertilizer (2) |
$ |
310 |
|
|
Net debt and finance
lease obligations to EBITDA exclusive of Nitrogen
Fertilizer (2) |
|
0.51 |
(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, 2022 |
(in millions) |
|
September 30, 2021 |
|
December 31, 2021 |
|
March 31, 2022 |
|
June 30, 2022 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
106 |
|
$ |
25 |
|
|
$ |
153 |
|
$ |
239 |
|
$ |
523 |
Interest expense, net |
|
|
23 |
|
|
24 |
|
|
|
24 |
|
|
23 |
|
|
94 |
Income tax expense (benefit) |
|
|
47 |
|
|
(7 |
) |
|
|
34 |
|
|
66 |
|
|
140 |
Depreciation and amortization |
|
|
67 |
|
|
74 |
|
|
|
67 |
|
|
73 |
|
|
281 |
EBITDA |
|
$ |
243 |
|
$ |
116 |
|
|
$ |
278 |
|
$ |
401 |
|
$ |
1,038 |
|
|
|
|
|
|
|
|
|
|
|
Nitrogen Fertilizer |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
35 |
|
$ |
61 |
|
|
$ |
94 |
|
$ |
118 |
|
$ |
308 |
Interest expense, net |
|
|
11 |
|
|
11 |
|
|
|
10 |
|
|
8 |
|
|
40 |
Depreciation and amortization |
|
|
18 |
|
|
21 |
|
|
|
19 |
|
|
21 |
|
|
79 |
EBITDA |
|
$ |
64 |
|
$ |
93 |
|
|
$ |
123 |
|
$ |
147 |
|
$ |
427 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA exclusive of
Nitrogen Fertilizer |
|
$ |
179 |
|
$ |
23 |
|
|
$ |
155 |
|
$ |
254 |
|
$ |
611 |
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