CVR Energy Reports First Quarter 2023 Results and Announces Cash Payment

CVR Energy Reports First Quarter 2023 Results and Announces Cash Payment

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SUGAR LAND, Texas, May 01, 2023 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) CVI today announced net income of $195 million, or $1.94 per diluted share, on net sales of $2.3 billion for the first quarter of 2023, compared to net income of $94 million, or 93 cents per diluted share on net sales of $2.4 billion for the first quarter of 2022. Adjusted earnings for the first quarter of 2023 were $1.44 per diluted share compared to adjusted earnings of 2 cents per diluted share in the first quarter of 2022, mainly due to improved crack spreads. First quarter 2023 EBITDA was $401 million compared to first quarter 2022 EBITDA of $278 million. Adjusted EBITDA for the first quarter of 2023 was $334 million compared to $155 million in the first quarter of 2022.

“CVR Energy has reported solid first quarter 2023 results, including the impact of planned downtime related to the coke conversion at the Coffeyville Refinery,” said Dave Lamp, Chief Executive Officer of CVR Energy. ‚ÄúPetroleum segment results were driven by continued strong diesel cracks and improved gasoline cracks. The Wynnewood Renewable Diesel Unit processed approximately 23 million gallons of bean oil during the quarter. In addition, the Company continued with currently anticipated progress at Wynnewood’s Pre-Treatment Unit, which is scheduled to become operational in the third quarter of 2023. CVR Energy also announced a cash dividend of 50 cents per share for the first quarter of 2023.

“CVR Partners delivered strong results for the first quarter of 2023, driven by record production, somewhat offset by lower fertilizer prices during the quarter,” Lamp said. “CVR Partners announced a cash distribution of $10.43 per common unit for the first quarter of 2023.”

petroleum

The Petroleum segment reported operating income of $237 million on net sales of $2.0 billion for the first quarter of 2023, compared to operating income of $130 million on net sales of $2.2 billion in the first quarter first quarter of 2022.

Refining margin per barrel with total throughput was $23.24 in…

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