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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CVR Energy Inc | NYSE:CVI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.81 | 0 | 09:03:03 |
|
(Mark One)
|
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☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended
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September 30, 2019
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OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
|
Delaware
|
|
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|
61-1512186
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(State or other jurisdiction of
incorporation or organization)
|
|
|
(I.R.S. Employer
Identification No.) |
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value per share
|
CVI
|
The New York Stock Exchange
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☑
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
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PART I. Financial Information
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PART II. Other Information
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•
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volatile margins in the refining and nitrogen fertilizer industries and exposure to risks associated with the pricing and availability of crude oil, other feedstocks, pet coke, utilities, refined products, urea ammonium nitrate (“UAN”), ammonia, natural gas, Renewable Identification Numbers (“RIN”) and environmental credits;
|
•
|
the availability of adequate cash, credit and other sources of liquidity including volatility in the capital and credit markets and changes to our capital requirements;
|
•
|
changes in the expected value of, benefits derived from, and our ability to successfully implement, business strategies, transactions, turnarounds, maintenance, and capital projects;
|
•
|
the effects of transactions involving forward and derivative instruments;
|
•
|
changes in (and in the application of) local, state and federal laws, rules, regulations and policies, including with respect to environmental matters (including climate change), health and safety, exports, transportation (including pipeline and trucking transportation of crude oil and other products), alternative energy or fuel sources, the end-use and application of fertilizers and taxes (including the tax status of CVR Partners);
|
•
|
changes in economic conditions impacting our business and the business of our suppliers, customers, counterparties and lenders;
|
•
|
interruption of or changes in the cost, availability or regulation of pipelines, vessels, trucks and other means of transporting crude oil, feedstocks, refined products, pet coke, UAN, ammonia and other products relating to our businesses;
|
•
|
changes in competition in the petroleum and nitrogen fertilizer businesses including to our competitive advantages;
|
•
|
the cyclical and/or seasonal nature of the nitrogen fertilizer and petroleum businesses;
|
•
|
weather conditions, fires, tornadoes, floods or other natural disasters affecting our operations or the areas in which our feedstocks or refined products and fertilizers are marketed or sold;
|
•
|
risks associated with governmental policies affecting the agricultural and petroleum refining industries;
|
•
|
direct or indirect effects from actual or threatened terrorist incidents, security or cyber-security breaches or acts of war;
|
•
|
dependence on significant customers and suppliers and the creditworthiness and performance by counterparties;
|
•
|
our ability to license the technology used in or secure permits required for the petroleum business and nitrogen fertilizer business operations;
|
•
|
adverse rulings, judgments or settlements in litigation or other legal or tax matters, including unexpected environmental remediation costs in excess of any reserves;
|
•
|
refinery and nitrogen fertilizer facilities’ operating hazards and interruptions or production declines, including unscheduled maintenance or downtime and the availability and recoverability of adequate insurance coverage; and
|
•
|
the factors described in greater detail under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018 and our other filings with the Securities and Exchange Commission.
|
|
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents (including $84 and $415, respectively, of consolidated variable interest entities (VIEs))
|
$
|
692
|
|
|
$
|
668
|
|
Accounts receivable (including $15 and $169, respectively, of VIEs)
|
181
|
|
|
169
|
|
||
Inventories (including $57 and $380, respectively, of VIEs)
|
388
|
|
|
380
|
|
||
Prepaid expenses and other current assets (including $5 and $56, respectively, of VIEs)
|
66
|
|
|
76
|
|
||
Total current assets
|
1,327
|
|
|
1,293
|
|
||
Property, plant and equipment, net (including $965 and $2,414, respectively, of VIEs)
|
2,356
|
|
|
2,430
|
|
||
Other long-term assets (including $56 and $270, respectively, of VIEs)
|
279
|
|
|
277
|
|
||
Total assets
|
$
|
3,962
|
|
|
$
|
4,000
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable (including $32 and $317, respectively, of VIEs)
|
$
|
390
|
|
|
$
|
320
|
|
Other current liabilities (including $53 and $154, respectively, of VIEs)
|
200
|
|
|
176
|
|
||
Total current liabilities
|
590
|
|
|
496
|
|
||
Long-term debt and finance lease obligations (including $632 and $1,167, respectively, of VIEs)
|
1,190
|
|
|
1,167
|
|
||
Deferred income taxes
|
405
|
|
|
380
|
|
||
Other long-term liabilities (including $12 and $7, respectively, of VIEs)
|
52
|
|
|
14
|
|
||
Total long-term liabilities
|
1,647
|
|
|
1,561
|
|
||
|
|
|
|||||
Equity:
|
|
|
|
||||
CVR stockholders’ equity:
|
|
|
|
||||
Common stock $0.01 par value per share, 350,000,000 shares authorized, 100,629,209 shares issued
|
1
|
|
|
1
|
|
||
Additional paid-in-capital
|
1,507
|
|
|
1,474
|
|
||
Accumulated deficit
|
(77
|
)
|
|
(187
|
)
|
||
Treasury stock, 98,610 shares at cost
|
(2
|
)
|
|
(2
|
)
|
||
Total CVR stockholders’ equity
|
1,429
|
|
|
1,286
|
|
||
Noncontrolling interest
|
296
|
|
|
657
|
|
||
Total equity
|
1,725
|
|
|
1,943
|
|
||
Total liabilities and equity
|
$
|
3,962
|
|
|
$
|
4,000
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions, except share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
1,622
|
|
|
$
|
1,935
|
|
|
$
|
4,794
|
|
|
$
|
5,386
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of materials and other
|
1,221
|
|
|
1,556
|
|
|
3,589
|
|
|
4,295
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
139
|
|
|
119
|
|
|
397
|
|
|
390
|
|
||||
Depreciation and amortization
|
69
|
|
|
63
|
|
|
210
|
|
|
196
|
|
||||
Cost of sales
|
1,429
|
|
|
1,738
|
|
|
4,196
|
|
|
4,881
|
|
||||
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)
|
29
|
|
|
27
|
|
|
85
|
|
|
83
|
|
||||
Depreciation and amortization
|
2
|
|
|
3
|
|
|
7
|
|
|
8
|
|
||||
Loss (gain) on asset disposals
|
3
|
|
|
1
|
|
|
(5
|
)
|
|
5
|
|
||||
Operating income
|
159
|
|
|
166
|
|
|
511
|
|
|
409
|
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
(26
|
)
|
|
(26
|
)
|
|
(77
|
)
|
|
(79
|
)
|
||||
Other income, net
|
5
|
|
|
3
|
|
|
10
|
|
|
6
|
|
||||
Income before income tax expense
|
138
|
|
|
143
|
|
|
444
|
|
|
336
|
|
||||
Income tax expense
|
34
|
|
|
33
|
|
|
110
|
|
|
65
|
|
||||
Net income
|
104
|
|
|
110
|
|
|
334
|
|
|
271
|
|
||||
Less: Net (loss) income attributable to noncontrolling interest
|
(15
|
)
|
|
29
|
|
|
(2
|
)
|
|
86
|
|
||||
Net income attributable to CVR Energy stockholders
|
$
|
119
|
|
|
$
|
81
|
|
|
$
|
336
|
|
|
$
|
185
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings per share
|
$
|
1.18
|
|
|
$
|
0.85
|
|
|
$
|
3.34
|
|
|
$
|
2.05
|
|
Dividends declared per share
|
$
|
0.75
|
|
|
$
|
0.75
|
|
|
$
|
2.25
|
|
|
$
|
2.00
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
100.5
|
|
|
95.8
|
|
|
100.5
|
|
|
89.8
|
|
|
|
|
|
Common Stockholders
|
|
|
|
|
|||||||||||||||||||||||||
(in millions, except share data)
|
Shares
Issued
|
|
$0.01 Par
Value Common Stock |
|
Additional
Paid-In
Capital
|
|
Accumulated Deficit
|
|
Treasury
Stock
|
|
Total CVR
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
|||||||||||||||
Balance at December 31, 2018
|
100,629,209
|
|
|
$
|
1
|
|
|
$
|
1,474
|
|
|
$
|
(187
|
)
|
|
$
|
(2
|
)
|
|
$
|
1,286
|
|
|
$
|
657
|
|
|
$
|
1,943
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|||||||
Distributions from CVR Partners to its public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|||||||
Acquisition of CVR Refining noncontrolling interest
|
—
|
|
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(334
|
)
|
|
(335
|
)
|
||||||||
Effect of turnaround accounting change
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
35
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
—
|
|
|
101
|
|
|
1
|
|
|
102
|
|
|||||||
Balance at March 31, 2019
|
100,629,209
|
|
|
$
|
1
|
|
|
$
|
1,507
|
|
|
$
|
(162
|
)
|
|
$
|
(2
|
)
|
|
$
|
1,344
|
|
|
$
|
315
|
|
|
$
|
1,659
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|||||||
Distributions from CVR Partners to its public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
116
|
|
|
12
|
|
|
128
|
|
|||||||
Balance at June 30, 2019
|
100,629,209
|
|
|
1
|
|
|
$
|
1,507
|
|
|
$
|
(121
|
)
|
|
$
|
(2
|
)
|
|
$
|
1,385
|
|
|
$
|
322
|
|
|
$
|
1,707
|
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
(75
|
)
|
|||||||
Distributions from CVR Partners to its public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
119
|
|
|
(15
|
)
|
|
104
|
|
|||||||
Balance at September 30, 2019
|
100,629,209
|
|
|
$
|
1
|
|
|
$
|
1,507
|
|
|
$
|
(77
|
)
|
|
$
|
(2
|
)
|
|
$
|
1,429
|
|
|
$
|
296
|
|
|
$
|
1,725
|
|
|
Common Stockholders
|
|
|
|
|
|||||||||||||||||||||||||
(in millions, except share data)
|
Shares
Issued
|
|
$0.01 Par
Value
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated Deficit
|
|
Treasury
Stock
|
|
Total CVR
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
|||||||||||||||
Balance at December 31, 2017
|
86,929,660
|
|
|
$
|
1
|
|
|
$
|
1,197
|
|
|
$
|
(208
|
)
|
|
$
|
(2
|
)
|
|
$
|
988
|
|
|
$
|
835
|
|
|
$
|
1,823
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|||||||
Distributions from CVR Partners to its public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(23
|
)
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
60
|
|
|
33
|
|
|
93
|
|
|||||||
Balance at March 31, 2018
|
86,929,660
|
|
|
$
|
1
|
|
|
$
|
1,197
|
|
|
$
|
(192
|
)
|
|
$
|
(2
|
)
|
|
$
|
1,004
|
|
|
$
|
845
|
|
|
$
|
1,849
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(109
|
)
|
|
—
|
|
|
(109
|
)
|
|
—
|
|
|
(109
|
)
|
|||||||
Distributions from CVR Partners to its public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(25
|
)
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
|
25
|
|
|
68
|
|
|||||||
Balance at June 30, 2018
|
86,929,660
|
|
|
$
|
1
|
|
|
$
|
1,197
|
|
|
$
|
(257
|
)
|
|
$
|
(2
|
)
|
|
$
|
939
|
|
|
$
|
844
|
|
|
$
|
1,783
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|||||||
Distributions from CVR Partners to its public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(19
|
)
|
|||||||
CVR Refining units exchange
|
13,600,939
|
|
|
—
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
(192
|
)
|
|
85
|
|
|||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
81
|
|
|
29
|
|
|
110
|
|
|||||||
Balance at September 30, 2018
|
100,530,599
|
|
|
$
|
1
|
|
|
$
|
1,474
|
|
|
$
|
(187
|
)
|
|
$
|
(2
|
)
|
|
$
|
1,286
|
|
|
$
|
662
|
|
|
$
|
1,948
|
|
|
|
|
|
Nine Months Ended September 30,
|
||||||
(in millions)
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
334
|
|
|
$
|
271
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
217
|
|
|
204
|
|
||
Deferred income tax expense
|
26
|
|
|
39
|
|
||
(Gain) loss on disposition of assets
|
(5
|
)
|
|
5
|
|
||
Share-based compensation
|
14
|
|
|
17
|
|
||
Other non-cash items
|
(7
|
)
|
|
2
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Current assets and liabilities
|
69
|
|
|
(27
|
)
|
||
Non-current assets and liabilities
|
5
|
|
|
15
|
|
||
Net cash provided by operating activities
|
653
|
|
|
526
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(85
|
)
|
|
(68
|
)
|
||
Capitalized turnaround expenditures
|
(24
|
)
|
|
(7
|
)
|
||
Proceeds from sale of assets
|
36
|
|
|
—
|
|
||
Other investing activities
|
—
|
|
|
1
|
|
||
Net cash used in investing activities
|
(73
|
)
|
|
(74
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Acquisition of CVR Refining common units
|
(301
|
)
|
|
—
|
|
||
Dividends to CVR Energy’s stockholders
|
(225
|
)
|
|
(162
|
)
|
||
Distributions to CVR Refining or CVR Partners’ noncontrolling interest holders
|
(25
|
)
|
|
(67
|
)
|
||
Other financing activities
|
(5
|
)
|
|
(3
|
)
|
||
Net cash used in financing activities
|
(556
|
)
|
|
(232
|
)
|
||
Net increase in cash and cash equivalents
|
24
|
|
|
220
|
|
||
Cash and cash equivalents, beginning of period
|
668
|
|
|
482
|
|
||
Cash and cash equivalents, end of period
|
$
|
692
|
|
|
$
|
702
|
|
|
|
|
|
|
|
•
|
Under the short-term lease exception provided for in Topic 842, only ROU assets and related lease liabilities for leases with a term greater than one year were and will be recognized;
|
•
|
The accounting treatment for existing land easements was carried forward;
|
•
|
Lease and non-lease components were and will not be bifurcated for all of the Company’s asset groups, respectively; and
|
|
|
|
•
|
The portfolio approach was, and will be, used in the selection of the discount rate used to calculate minimum lease payments and the related ROU asset and operating lease liability amounts.
|
(in millions)
|
December 31, 2018
As Stated (1) |
|
Effect of Adoption of
Topic 842 - Leases (Unaudited)
|
|
January 1, 2019
As Adjusted |
||||||
Current assets:
|
|
|
|
|
|
||||||
Prepaid expenses and other current assets
|
$
|
76
|
|
|
$
|
(3
|
)
|
(2)
|
$
|
73
|
|
Total currents assets
|
1,293
|
|
|
(3
|
)
|
|
1,290
|
|
|||
Property, plant and equipment, net
|
2,430
|
|
|
26
|
|
(3)
|
2,456
|
|
|||
Other long-term assets
|
277
|
|
|
56
|
|
(4)
|
333
|
|
|||
Total assets
|
$
|
4,000
|
|
|
$
|
79
|
|
|
$
|
4,079
|
|
Current liabilities:
|
|
|
|
|
|
||||||
Other current liabilities
|
$
|
176
|
|
|
$
|
16
|
|
(5)
|
$
|
192
|
|
Total current liabilities
|
496
|
|
|
16
|
|
|
512
|
|
|||
Long-term debt and finance lease obligations
|
1,167
|
|
|
23
|
|
(3)
|
1,190
|
|
|||
Other long-term liabilities
|
14
|
|
|
40
|
|
(5)
|
54
|
|
|||
Total long-term liabilities
|
1,561
|
|
|
63
|
|
|
1,624
|
|
|||
Equity:
|
|
|
|
|
|
||||||
Total liabilities and equity
|
$
|
4,000
|
|
|
$
|
79
|
|
|
$
|
4,079
|
|
|
(1)
|
Represents the retrospectively adjusted balance sheet amounts upon reflection of the turnaround accounting change, for which the Recast Form 8-K for 2018 was filed on June 12, 2019, prior to the adoption of Topic 842.
|
|
|
|
(2)
|
Represents lease prepayments reclassified to ROU assets.
|
(3)
|
The additional $26 million right-of-use asset and $23 million in lease liability represents a lease with a third-party that met the definition of a finance lease under ASC 842 as compared to an operating lease under ASC 840.
|
(4)
|
Represents recognition of initial ROU assets for operating leases, including the reclassification of certain lease prepayments as noted above.
|
(5)
|
Represents the initial recognition of lease liabilities.
|
(in millions)
|
As Previously Reported
|
|
Effect of Turnaround Accounting Change (Unaudited)
|
|
As Stated
|
||||||
Condensed Consolidated Statement of Operations
|
|
|
|
|
|
||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
$
|
121
|
|
|
$
|
(2
|
)
|
|
$
|
119
|
|
Depreciation and amortization
|
49
|
|
|
14
|
|
|
63
|
|
|||
Income tax expense
|
35
|
|
|
(2
|
)
|
|
33
|
|
|||
Net income
|
121
|
|
|
(11
|
)
|
|
110
|
|
|||
Less: Net income attributable to noncontrolling interest
|
31
|
|
|
(2
|
)
|
|
29
|
|
|||
Net income attributable to CVR Energy stockholders
|
$
|
90
|
|
|
$
|
(9
|
)
|
|
$
|
81
|
|
(in millions)
|
As Previously Reported
|
|
Effect of Turnaround Accounting Change (Unaudited)
|
|
As Stated
|
||||||
Condensed Consolidated Statement of Operations
|
|
|
|
|
|
||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
$
|
394
|
|
|
$
|
(4
|
)
|
|
$
|
390
|
|
Depreciation and amortization
|
151
|
|
|
45
|
|
|
196
|
|
|||
Income tax expense
|
73
|
|
|
(8
|
)
|
|
65
|
|
|||
Net income
|
304
|
|
|
(33
|
)
|
|
271
|
|
|||
Less: Net income attributable to noncontrolling interest
|
97
|
|
|
(11
|
)
|
|
86
|
|
|||
Net income attributable to CVR Energy stockholders
|
$
|
207
|
|
|
$
|
(22
|
)
|
|
$
|
185
|
|
|
|
|
|
|
|
||||||
Condensed Consolidated Statement of Cash Flows
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
$
|
519
|
|
|
$
|
7
|
|
|
$
|
526
|
|
Net cash used by investing activities
|
$
|
(67
|
)
|
|
$
|
(7
|
)
|
|
$
|
(74
|
)
|
|
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
Raw materials
|
$
|
114
|
|
|
$
|
101
|
|
In-process inventories
|
18
|
|
|
12
|
|
||
Finished goods
|
176
|
|
|
186
|
|
||
Parts, supplies and other
|
80
|
|
|
81
|
|
||
Total inventories
|
$
|
388
|
|
|
$
|
380
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
Machinery and equipment
|
$
|
3,830
|
|
|
$
|
3,785
|
|
Buildings and improvements
|
87
|
|
|
87
|
|
||
Land and improvements
|
46
|
|
|
43
|
|
||
Furniture and fixtures
|
33
|
|
|
33
|
|
||
ROU finance lease
|
27
|
|
|
—
|
|
||
Construction in progress
|
98
|
|
|
102
|
|
||
Other
|
14
|
|
|
17
|
|
||
|
4,135
|
|
|
4,067
|
|
||
Less: Accumulated depreciation
|
1,779
|
|
|
1,637
|
|
||
Total property, plant and equipment, net
|
$
|
2,356
|
|
|
$
|
2,430
|
|
|
|
|
(in millions)
|
January 1, 2019
(initial recognition)
|
||
Pipeline and storage agreements (1)
|
$
|
29
|
|
Railcar leases (2)
|
15
|
|
|
Real Estate and other leases (3)
|
35
|
|
|
Total ROU assets
|
$
|
79
|
|
|
(in millions)
|
|
January 1, 2019
(initial recognition)
|
||
Current liabilities:
|
|
|
||
Operating leases
|
|
$
|
14
|
|
Finance leases
|
|
2
|
|
|
Long-term liabilities:
|
|
|
||
Operating leases
|
|
40
|
|
|
Finance leases
|
|
23
|
|
|
Total lease liabilities
|
|
$
|
79
|
|
|
|
|
(in millions)
|
September 30, 2019
|
||
Operating Leases:
|
|
||
ROU assets, net
|
|
||
Pipeline and storage
|
$
|
22
|
|
Railcars
|
12
|
|
|
Real estate and other
|
14
|
|
|
Lease liability
|
|
||
Pipelines and storage
|
$
|
23
|
|
Railcars
|
12
|
|
|
Real estate and other
|
12
|
|
(in millions)
|
September 30, 2019
|
||
Financing Leases:
|
|
||
ROU assets, net
|
|
||
Pipeline and storage
|
$
|
30
|
|
Real estate and other
|
25
|
|
|
Lease liability
|
|
||
Pipelines and storage
|
$
|
41
|
|
Real estate and other
|
26
|
|
(in millions)
|
Three Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2019 |
||||
Operating lease expense
|
$
|
4
|
|
|
$
|
12
|
|
Financing lease expense:
|
|
|
|
||||
Amortization of ROU
|
$
|
2
|
|
|
$
|
5
|
|
Interest expense on lease liability
|
2
|
|
|
5
|
|
|
|
|
|
September 30, 2019
|
|
January 1, 2019
(initial recognition)
|
||
Weighted-average remaining lease term (years)
|
|
|
|
||
Operating Leases
|
3.9
|
|
|
4.4
|
|
Finance Leases
|
9.8
|
|
|
10.3
|
|
Weighted-average discount rate
|
|
|
|
||
Operating Leases
|
5.7
|
%
|
|
5.8
|
%
|
Finance Leases
|
9.6
|
%
|
|
9.8
|
%
|
(in millions)
|
Operating Leases
|
|
Financing
Leases
|
||||
Remainder of 2019
|
$
|
4
|
|
|
$
|
3
|
|
2020
|
15
|
|
|
11
|
|
||
2021
|
13
|
|
|
11
|
|
||
2022
|
10
|
|
|
11
|
|
||
2023
|
6
|
|
|
10
|
|
||
Thereafter
|
4
|
|
|
53
|
|
||
Total lease payments
|
52
|
|
|
99
|
|
||
Less: imputed interest
|
(5
|
)
|
|
(32
|
)
|
||
Total lease liability
|
$
|
47
|
|
|
$
|
67
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
CVR Partners:
|
|
|
|
||||
9.25% Senior Secured Notes due 2023 (1)(3)
|
$
|
645
|
|
|
$
|
645
|
|
6.50% Senior Notes due 2021
|
2
|
|
|
2
|
|
||
Unamortized discount and debt issuance costs
|
(16
|
)
|
|
(18
|
)
|
||
Total CVR Partners Debt
|
$
|
631
|
|
|
$
|
629
|
|
|
|
|
|
|
|
||
CVR Refining:
|
|
|
|
||||
6.50% Senior Notes due 2022 (2)(4)
|
$
|
500
|
|
|
$
|
500
|
|
Finance lease obligations, net of current portion (5)
|
62
|
|
|
41
|
|
||
Unamortized debt issuance cost
|
(3
|
)
|
|
(3
|
)
|
||
Total CVR Refining Debt
|
559
|
|
|
538
|
|
||
Total Long-Term Debt and Finance Lease Obligations
|
$
|
1,190
|
|
|
$
|
1,167
|
|
|
(1)
|
This debt was issued at a $16 million discount which is being amortized, as interest expense, over the remaining term of the debt. Debt issuance costs associated with this debt totaled $9 million.
|
|
|
|
(2)
|
Debt issuance costs associated with this debt totaled $9 million. On January 29, 2019, the 2022 Senior Notes were amended such that CVR Energy was included as the primary guarantor, on a senior unsecured basis, of the 2022 Senior Notes. The CVR Energy guarantee is full and unconditional and joint and several. See Note 15 (“Guarantor Financial Information”) for further discussion and implications of this change to guarantor.
|
(3)
|
The estimated fair value of the 9.25% Senior Notes due 2023 was approximately $672 million and $671 million as of September 30, 2019 and December 31, 2018, respectively.
|
(4)
|
The estimated fair value of the 2022 Senior Notes was approximately $506 million and $493 million as of September 30, 2019 and December 31, 2018, respectively.
|
(5)
|
Current portion of finance lease obligations was approximately $5 million and $3 million as of September 30, 2019 and December 31, 2018, respectively.
|
(in millions)
|
Total Capacity
|
|
Amount Borrowed as of September 30, 2019
|
|
Outstanding Letters of Credit
|
|
Available Capacity as of September 30, 2019
|
|
Maturity Date
|
||||||||
CVR Refining:
|
|
||||||||||||||||
Amended and Restated Asset Based (“Amended and Restated ABL”) Credit Facility (1)
|
$
|
400
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
393
|
|
|
November 14, 2022
|
CVR Partners:
|
|
|
|
|
|
|
|
|
|
||||||||
Asset Based (“AB”) Credit Facility (2)
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48
|
|
|
September 30, 2021
|
|
(1)
|
Loans under the Amended and Restated ABL Credit Facility initially bear interest at an annual rate equal to (i) 1.50% plus LIBOR or (ii) 0.50% plus a base rate, subject to quarterly excess availability.
|
(2)
|
Loans under the AB Credit Facility initially bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate, subject to a 0.50% step-down based on the previous quarter’s excess availability.
|
|
Three Months Ended September 30, 2019
|
||||||||||||||
(in millions)
|
Petroleum
|
|
Nitrogen Fertilizer
|
|
Other / Eliminations
|
|
Consolidated
|
||||||||
Major Product
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
$
|
796
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
796
|
|
Distillates (1)
|
692
|
|
|
—
|
|
|
—
|
|
|
692
|
|
||||
Ammonia
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||
UAN
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
||||
Other urea products
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Freight revenue
|
6
|
|
|
9
|
|
|
—
|
|
|
15
|
|
||||
Other (2)
|
34
|
|
|
2
|
|
|
(2
|
)
|
|
34
|
|
||||
Revenue from product sales
|
1,528
|
|
|
89
|
|
|
(2
|
)
|
|
1,615
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Crude oil sales
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
Net sales
|
$
|
1,535
|
|
|
$
|
89
|
|
|
$
|
(2
|
)
|
|
$
|
1,622
|
|
|
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||
(in millions)
|
Petroleum
|
|
Nitrogen Fertilizer
|
|
Other / Eliminations
|
|
Consolidated
|
||||||||
Major Product
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
$
|
2,285
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,285
|
|
Distillates (1)
|
2,035
|
|
|
—
|
|
|
—
|
|
|
2,035
|
|
||||
Ammonia
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
||||
UAN
|
—
|
|
|
200
|
|
|
—
|
|
|
200
|
|
||||
Other urea products
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||
Freight revenue
|
17
|
|
|
24
|
|
|
—
|
|
|
41
|
|
||||
Other (2)
|
108
|
|
|
6
|
|
|
(8
|
)
|
|
106
|
|
||||
Revenue from product sales
|
4,445
|
|
|
318
|
|
|
(8
|
)
|
|
4,755
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Crude oil sales
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
||||
Other revenue (2)
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Net sales
|
$
|
4,484
|
|
|
$
|
318
|
|
|
$
|
(8
|
)
|
|
$
|
4,794
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
(in millions)
|
Petroleum
|
|
Nitrogen Fertilizer
|
|
Other / Eliminations
|
|
Consolidated
|
||||||||
Major Product
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
$
|
951
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
951
|
|
Distillates (1)
|
844
|
|
|
—
|
|
|
—
|
|
|
844
|
|
||||
Ammonia
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||
UAN
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
||||
Other urea products
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Freight revenue
|
6
|
|
|
9
|
|
|
—
|
|
|
15
|
|
||||
Other (2)
|
43
|
|
|
2
|
|
|
(2
|
)
|
|
43
|
|
||||
Revenue from product sales
|
1,844
|
|
|
80
|
|
|
(2
|
)
|
|
1,922
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Crude oil sales
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||
Other revenue (2)
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Net sales
|
$
|
1,857
|
|
|
$
|
80
|
|
|
$
|
(2
|
)
|
|
$
|
1,935
|
|
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
(in millions)
|
Petroleum
|
|
Nitrogen Fertilizer
|
|
Other / Eliminations
|
|
Consolidated
|
||||||||
Major Product
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
$
|
2,558
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,558
|
|
Distillates (1)
|
2,334
|
|
|
—
|
|
|
—
|
|
|
2,334
|
|
||||
Ammonia
|
—
|
|
|
51
|
|
|
—
|
|
|
51
|
|
||||
UAN
|
—
|
|
|
157
|
|
|
—
|
|
|
157
|
|
||||
Other urea products
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Freight revenue
|
17
|
|
|
24
|
|
|
—
|
|
|
41
|
|
||||
Other (2)
|
151
|
|
|
6
|
|
|
(6
|
)
|
|
151
|
|
||||
Revenue from product sales
|
5,060
|
|
|
253
|
|
|
(6
|
)
|
|
5,307
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Crude oil sales
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
||||
Other revenue (2)
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Net sales
|
$
|
5,139
|
|
|
$
|
253
|
|
|
$
|
(6
|
)
|
|
$
|
5,386
|
|
|
(1)
|
Distillates consist primarily of diesel fuel, kerosene, and jet fuel.
|
(2)
|
Other revenue consists primarily of feedstock and asphalt sales and the Cushing, OK storage tank lease revenue. See Note 5 (“Property, Plant and Equipment”) for further discussion on the Cushing, OK storage tanks.
|
|
|
|
|
|
|
(in millions)
|
|
||
Balance at December 31, 2018
|
$
|
69
|
|
Add:
|
|
||
New prepay contracts entered into during the period (1)
|
24
|
|
|
Less:
|
|
||
Revenue recognized that was included in the contract liability balance at the beginning of the period
|
68
|
|
|
Revenue recognized related to contracts entered into during the period
|
8
|
|
|
Other changes
|
1
|
|
|
Balance at September 30, 2019
|
$
|
16
|
|
|
(1)
|
Includes $24 million where payment associated with prepaid contracts was collected.
|
Gain (Loss) on Derivatives
|
|||||||||||||||
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Forward purchases and sales, net
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
33
|
|
Swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
||||
Futures
|
1
|
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
||||
Total gain on derivatives, net
|
$
|
18
|
|
|
$
|
5
|
|
|
$
|
38
|
|
|
$
|
75
|
|
|
|
|
Open Commodity Derivative Instruments
|
|||||
(in millions of barrels)
|
September 30, 2019
|
|
December 31, 2018
|
||
Forward Contracts:
|
|
|
|
||
Canadian crude oil
|
6
|
|
|
2
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||
Commodity Derivatives
|
$
|
17
|
|
|
$
|
8
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Less: Counterparty Netting
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||
Total Net Fair Value of Derivatives
|
$
|
16
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
•
|
Level 1 — Quoted prices in active markets for identical assets or liabilities
|
•
|
Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities)
|
•
|
Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value)
|
|
September 30, 2019
|
||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Location and Description
|
|
|
|
|
|
|
|
||||||||
Prepaid expenses and other current assets (commodity derivatives)
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
17
|
|
Total Assets
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
Other current liabilities (Renewable Fuel Standard “RFS” obligation)
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
(9
|
)
|
|
$
|
—
|
|
|
$
|
(9
|
)
|
|
|
|
|
December 31, 2018
|
||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Location and Description
|
|
|
|
|
|
|
|
||||||||
Prepaid expenses and other current assets (commodity derivatives)
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||
Total Assets
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Other current liabilities (RFS obligation)
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Performance Unit Awards
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
3
|
|
CVR Refining - Phantom Unit Awards
|
1
|
|
|
1
|
|
|
3
|
|
|
8
|
|
||||
CVR Partners LTIP - Phantom Unit Awards
|
—
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Incentive Unit Awards
|
2
|
|
|
2
|
|
|
9
|
|
|
4
|
|
||||
Total Share-Based Compensation Expense
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
14
|
|
|
$
|
17
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
1,535
|
|
|
$
|
1,857
|
|
|
$
|
4,484
|
|
|
$
|
5,139
|
|
Nitrogen Fertilizer
|
89
|
|
|
80
|
|
|
318
|
|
|
253
|
|
||||
Other
|
(2
|
)
|
|
(2
|
)
|
|
(8
|
)
|
|
(6
|
)
|
||||
Total
|
$
|
1,622
|
|
|
$
|
1,935
|
|
|
$
|
4,794
|
|
|
$
|
5,386
|
|
Operating Income
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
173
|
|
|
$
|
167
|
|
|
$
|
492
|
|
|
$
|
424
|
|
Nitrogen Fertilizer
|
(8
|
)
|
|
3
|
|
|
36
|
|
|
(2
|
)
|
||||
Other
|
(6
|
)
|
|
(4
|
)
|
|
(17
|
)
|
|
(13
|
)
|
||||
Total
|
159
|
|
|
166
|
|
|
511
|
|
|
409
|
|
||||
Interest expense, net
|
(26
|
)
|
|
(26
|
)
|
|
(77
|
)
|
|
(79
|
)
|
||||
Other income, net
|
5
|
|
|
3
|
|
|
10
|
|
|
6
|
|
||||
Income before income taxes
|
$
|
138
|
|
|
$
|
143
|
|
|
$
|
444
|
|
|
$
|
336
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
51
|
|
|
$
|
49
|
|
|
$
|
152
|
|
|
$
|
146
|
|
Nitrogen Fertilizer
|
18
|
|
|
16
|
|
|
60
|
|
|
53
|
|
||||
Other
|
2
|
|
|
1
|
|
|
5
|
|
|
5
|
|
||||
Total
|
$
|
71
|
|
|
$
|
66
|
|
|
$
|
217
|
|
|
$
|
204
|
|
Capital expenditures (1)
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
27
|
|
|
$
|
22
|
|
|
$
|
65
|
|
|
$
|
51
|
|
Nitrogen Fertilizer
|
7
|
|
|
5
|
|
|
12
|
|
|
16
|
|
||||
Other
|
—
|
|
|
1
|
|
|
4
|
|
|
3
|
|
||||
Total
|
$
|
34
|
|
|
$
|
28
|
|
|
$
|
81
|
|
|
$
|
70
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
Petroleum
|
$
|
3,076
|
|
|
$
|
2,453
|
|
Nitrogen Fertilizer
|
1,180
|
|
|
1,254
|
|
||
Other (2)
|
(294
|
)
|
|
293
|
|
||
Total Assets
|
$
|
3,962
|
|
|
$
|
4,000
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
||||||
(in millions)
|
2019
|
|
2018
|
||||
Supplemental disclosures:
|
|
|
|
||||
Cash paid for income taxes, net of refunds
|
$
|
57
|
|
|
$
|
13
|
|
Cash paid for interest
|
55
|
|
|
55
|
|
||
Cash paid for amounts included in the measurement of lease liabilities (1):
|
|
|
|
||||
Operating cash flows from operating leases
|
12
|
|
|
|
|||
Operating cash flows from finance leases
|
5
|
|
|
|
|||
Financing cash flows from finance leases
|
4
|
|
|
|
|||
Non-cash investing activities:
|
|
|
|
||||
Change in capital expenditures included in accounts payable
|
(4
|
)
|
|
2
|
|
|
(1)
|
The lease standard was adopted on January 1, 2019 on a prospective basis. Therefore, only 2019 disclosures are applicable to be included within the table above. See Note 3 (“Recent Accounting Pronouncements and Accounting Changes”).
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost of materials and other
|
|
|
|
|
|
|
|
||||||||
Joint Venture Transportation Agreement:
|
|
|
|
|
|
|
|
||||||||
Enable
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
6
|
|
American Railcar Industries, Inc.
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Payments made
|
|
|
|
|
|
|
|
||||||||
Tax Allocation Agreement:
|
|
|
|
|
|
|
|
||||||||
American Entertainment Properties Corporation
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
13
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
Tax Allocation Agreement:
|
|
|
|
||||
American Entertainment Properties Corporation
|
$
|
—
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid (in millions)
|
||||||||||||
Related Period
|
|
Date Paid
|
|
Dividend Per Share
|
|
Stockholders
|
|
IEP
|
|
Total
|
||||||||
2018 - 4th Quarter
|
|
March 11, 2019
|
|
$
|
0.75
|
|
|
$
|
21
|
|
|
$
|
54
|
|
|
$
|
75
|
|
2019 - 1st Quarter
|
|
May 13, 2019
|
|
0.75
|
|
|
21
|
|
|
54
|
|
|
75
|
|
||||
2019 - 2nd Quarter
|
|
August 12, 2019
|
|
0.75
|
|
|
21
|
|
|
54
|
|
|
75
|
|
||||
Total
|
|
|
|
$
|
2.25
|
|
|
$
|
63
|
|
|
$
|
162
|
|
|
$
|
225
|
|
|
|
|
|
|
|
Dividends Paid (in millions)
|
||||||||||||
Related Period
|
|
Date Paid
|
|
Dividend Per Common Unit
|
|
Unitholders
|
|
CVR Energy
|
|
Total
|
||||||||
2018 - 4th Quarter
|
|
March 11, 2019
|
|
$
|
0.12
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
14
|
|
2019 - 1st Quarter
|
|
May 13, 2019
|
|
0.07
|
|
|
5
|
|
|
3
|
|
|
8
|
|
||||
2019 - 2nd Quarter
|
|
August 12, 2019
|
|
0.14
|
|
|
11
|
|
|
5
|
|
|
16
|
|
||||
Total
|
|
|
|
$
|
0.33
|
|
|
$
|
25
|
|
|
$
|
13
|
|
|
$
|
38
|
|
|
|
|
|
September 30, 2019
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Elimination
|
|
Consolidated
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
5
|
|
|
$
|
548
|
|
|
$
|
54
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
692
|
|
Accounts receivable
|
—
|
|
|
—
|
|
|
166
|
|
|
15
|
|
|
—
|
|
|
181
|
|
||||||
Intercompany receivable
|
6
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
(26
|
)
|
|
—
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
331
|
|
|
57
|
|
|
—
|
|
|
388
|
|
||||||
Prepaid expenses and other current assets
|
100
|
|
|
2
|
|
|
—
|
|
|
13
|
|
|
(49
|
)
|
|
66
|
|
||||||
Total current assets
|
111
|
|
|
550
|
|
|
551
|
|
|
190
|
|
|
(75
|
)
|
|
1,327
|
|
||||||
Property, plant and equipment, net of accumulated depreciation
|
—
|
|
|
1
|
|
|
1,388
|
|
|
967
|
|
|
—
|
|
|
2,356
|
|
||||||
Investment in and advances from subsidiaries
|
1,332
|
|
|
1,589
|
|
|
435
|
|
|
424
|
|
|
(3,780
|
)
|
|
—
|
|
||||||
Other long-term assets
|
—
|
|
|
4
|
|
|
226
|
|
|
49
|
|
|
—
|
|
|
279
|
|
||||||
Total assets
|
$
|
1,443
|
|
|
$
|
2,144
|
|
|
$
|
2,600
|
|
|
$
|
1,630
|
|
|
$
|
(3,855
|
)
|
|
$
|
3,962
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
347
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
390
|
|
Intercompany payables
|
—
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
||||||
Other current liabilities
|
6
|
|
|
25
|
|
|
41
|
|
|
177
|
|
|
(49
|
)
|
|
200
|
|
||||||
Total current liabilities
|
7
|
|
|
27
|
|
|
414
|
|
|
217
|
|
|
(75
|
)
|
|
590
|
|
||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt and finance lease obligations, net of current portion
|
—
|
|
|
497
|
|
|
61
|
|
|
632
|
|
|
—
|
|
|
1,190
|
|
||||||
Investment and advances from subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
1,046
|
|
|
(1,046
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
3
|
|
|
—
|
|
|
—
|
|
|
402
|
|
|
—
|
|
|
405
|
|
||||||
Other long-term liabilities
|
4
|
|
|
1
|
|
|
33
|
|
|
14
|
|
|
—
|
|
|
52
|
|
||||||
Total long-term liabilities
|
7
|
|
|
498
|
|
|
94
|
|
|
2,094
|
|
|
(1,046
|
)
|
|
1,647
|
|
||||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total CVR stockholders’ equity
|
1,429
|
|
|
1,619
|
|
|
2,092
|
|
|
(977
|
)
|
|
(2,734
|
)
|
|
1,429
|
|
||||||
Noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
296
|
|
|
—
|
|
|
296
|
|
||||||
Total equity
|
1,429
|
|
|
1,619
|
|
|
2,092
|
|
|
(681
|
)
|
|
(2,734
|
)
|
|
1,725
|
|
||||||
Total liabilities and equity
|
$
|
1,443
|
|
|
$
|
2,144
|
|
|
$
|
2,600
|
|
|
$
|
1,630
|
|
|
$
|
(3,855
|
)
|
|
$
|
3,962
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Elimination
|
|
Consolidated
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
3
|
|
|
$
|
349
|
|
|
$
|
252
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
668
|
|
Accounts receivable
|
—
|
|
|
—
|
|
|
107
|
|
|
62
|
|
|
—
|
|
|
169
|
|
||||||
Intercompany receivable
|
6
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
||||||
Inventories
|
—
|
|
|
—
|
|
|
316
|
|
|
64
|
|
|
—
|
|
|
380
|
|
||||||
Prepaid expenses and other current assets
|
31
|
|
|
2
|
|
|
47
|
|
|
3
|
|
|
(7
|
)
|
|
76
|
|
||||||
Total current assets
|
40
|
|
|
351
|
|
|
726
|
|
|
193
|
|
|
(17
|
)
|
|
1,293
|
|
||||||
Property, plant and equipment, net of accumulated depreciation
|
—
|
|
|
3
|
|
|
1,409
|
|
|
1,018
|
|
|
—
|
|
|
2,430
|
|
||||||
Investment in and advances from subsidiaries
|
1,263
|
|
|
1,693
|
|
|
173
|
|
|
—
|
|
|
(3,129
|
)
|
|
—
|
|
||||||
Other long-term assets
|
—
|
|
|
2
|
|
|
231
|
|
|
44
|
|
|
—
|
|
|
277
|
|
||||||
Total assets
|
$
|
1,303
|
|
|
$
|
2,049
|
|
|
$
|
2,539
|
|
|
$
|
1,255
|
|
|
$
|
(3,146
|
)
|
|
$
|
4,000
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
291
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
320
|
|
Intercompany payables
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
(10
|
)
|
|
—
|
|
||||||
Other current liabilities
|
6
|
|
|
14
|
|
|
65
|
|
|
98
|
|
|
(7
|
)
|
|
176
|
|
||||||
Total current liabilities
|
7
|
|
|
17
|
|
|
356
|
|
|
133
|
|
|
(17
|
)
|
|
496
|
|
||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt and finance lease obligations, net of current portion
|
—
|
|
|
496
|
|
|
42
|
|
|
629
|
|
|
—
|
|
|
1,167
|
|
||||||
Investment and advances from subsidiaries
|
—
|
|
|
—
|
|
|
106
|
|
|
993
|
|
|
(1,099
|
)
|
|
—
|
|
||||||
Deferred income taxes
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
404
|
|
|
—
|
|
|
380
|
|
||||||
Other long-term liabilities
|
3
|
|
|
1
|
|
|
6
|
|
|
4
|
|
|
—
|
|
|
14
|
|
||||||
Total long-term liabilities
|
(21
|
)
|
|
497
|
|
|
154
|
|
|
2,030
|
|
|
(1,099
|
)
|
|
1,561
|
|
||||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total CVR stockholders’ equity
|
1,317
|
|
|
1,207
|
|
|
2,029
|
|
|
(1,237
|
)
|
|
(2,030
|
)
|
|
1,286
|
|
||||||
Noncontrolling interest
|
—
|
|
|
328
|
|
|
—
|
|
|
329
|
|
|
—
|
|
|
657
|
|
||||||
Total equity
|
1,317
|
|
|
1,535
|
|
|
2,029
|
|
|
(908
|
)
|
|
(2,030
|
)
|
|
1,943
|
|
||||||
Total liabilities and equity
|
$
|
1,303
|
|
|
$
|
2,049
|
|
|
$
|
2,539
|
|
|
$
|
1,255
|
|
|
$
|
(3,146
|
)
|
|
$
|
4,000
|
|
|
|
|
|
Three Months Ended September 30, 2019
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Eliminations
|
|
Consolidated
|
||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,535
|
|
|
$
|
89
|
|
|
$
|
(2
|
)
|
|
$
|
1,622
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of materials and other
|
—
|
|
|
—
|
|
|
1,202
|
|
|
21
|
|
|
(2
|
)
|
|
1,221
|
|
||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
—
|
|
|
—
|
|
|
91
|
|
|
48
|
|
|
—
|
|
|
139
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
51
|
|
|
18
|
|
|
—
|
|
|
69
|
|
||||||
Cost of sales
|
—
|
|
|
—
|
|
|
1,344
|
|
|
87
|
|
|
(2
|
)
|
|
1,429
|
|
||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)
|
5
|
|
|
2
|
|
|
15
|
|
|
7
|
|
|
—
|
|
|
29
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Loss on asset disposals
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
Operating income (loss)
|
(5
|
)
|
|
(2
|
)
|
|
174
|
|
|
(8
|
)
|
|
—
|
|
|
159
|
|
||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net
|
(3
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(14
|
)
|
|
—
|
|
|
(26
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
5
|
|
||||||
Income (loss) from subsidiaries
|
136
|
|
|
176
|
|
|
(10
|
)
|
|
(5
|
)
|
|
(297
|
)
|
|
—
|
|
||||||
Income (loss) before income taxes
|
128
|
|
|
167
|
|
|
166
|
|
|
(26
|
)
|
|
(297
|
)
|
|
138
|
|
||||||
Income tax expense
|
9
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
34
|
|
||||||
Net income (loss)
|
119
|
|
|
167
|
|
|
166
|
|
|
(51
|
)
|
|
(297
|
)
|
|
104
|
|
||||||
Less: Net loss attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
||||||
Net income (loss) attributable to CVR Energy stockholders
|
$
|
119
|
|
|
$
|
167
|
|
|
$
|
166
|
|
|
$
|
(36
|
)
|
|
$
|
(297
|
)
|
|
$
|
119
|
|
|
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Eliminations
|
|
Consolidated
|
||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,857
|
|
|
$
|
81
|
|
|
$
|
(3
|
)
|
|
$
|
1,935
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of materials and other
|
—
|
|
|
—
|
|
|
1,539
|
|
|
20
|
|
|
(3
|
)
|
|
1,556
|
|
||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
—
|
|
|
—
|
|
|
84
|
|
|
35
|
|
|
—
|
|
|
119
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
46
|
|
|
17
|
|
|
—
|
|
|
63
|
|
||||||
Cost of sales
|
—
|
|
|
—
|
|
|
1,669
|
|
|
72
|
|
|
(3
|
)
|
|
1,738
|
|
||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)
|
4
|
|
|
2
|
|
|
14
|
|
|
7
|
|
|
—
|
|
|
27
|
|
||||||
Depreciation and amortization
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Loss on asset disposals
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Operating income (loss)
|
(4
|
)
|
|
(3
|
)
|
|
171
|
|
|
2
|
|
|
—
|
|
|
166
|
|
||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net
|
—
|
|
|
(9
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
—
|
|
|
(26
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Income (loss) from subsidiaries
|
84
|
|
|
173
|
|
|
(10
|
)
|
|
(11
|
)
|
|
(236
|
)
|
|
—
|
|
||||||
Income (loss) before income taxes
|
80
|
|
|
161
|
|
|
162
|
|
|
(24
|
)
|
|
(236
|
)
|
|
143
|
|
||||||
Income tax expense (benefit)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
33
|
|
||||||
Net income (loss)
|
81
|
|
|
161
|
|
|
162
|
|
|
(58
|
)
|
|
(236
|
)
|
|
110
|
|
||||||
Less: Net income (loss) attributable to noncontrolling interest
|
—
|
|
|
38
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
29
|
|
||||||
Net income (loss) attributable to CVR Energy stockholders
|
$
|
81
|
|
|
$
|
123
|
|
|
$
|
162
|
|
|
$
|
(49
|
)
|
|
$
|
(236
|
)
|
|
$
|
81
|
|
|
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Eliminations
|
|
Consolidated
|
||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,484
|
|
|
$
|
318
|
|
|
$
|
(8
|
)
|
|
$
|
4,794
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of materials and other
|
—
|
|
|
—
|
|
|
3,525
|
|
|
72
|
|
|
(8
|
)
|
|
3,589
|
|
||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
—
|
|
|
—
|
|
|
269
|
|
|
128
|
|
|
—
|
|
|
397
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
150
|
|
|
60
|
|
|
—
|
|
|
210
|
|
||||||
Cost of sales
|
—
|
|
|
—
|
|
|
3,944
|
|
|
260
|
|
|
(8
|
)
|
|
4,196
|
|
||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)
|
15
|
|
|
6
|
|
|
45
|
|
|
19
|
|
|
—
|
|
|
85
|
|
||||||
Depreciation and amortization
|
—
|
|
|
1
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
7
|
|
||||||
(Gain) loss on asset disposals
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
3
|
|
|
—
|
|
|
(5
|
)
|
||||||
Operating income (loss)
|
(15
|
)
|
|
(7
|
)
|
|
498
|
|
|
35
|
|
|
—
|
|
|
511
|
|
||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net
|
(7
|
)
|
|
(15
|
)
|
|
(8
|
)
|
|
(47
|
)
|
|
—
|
|
|
(77
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||||
Income (loss) from subsidiaries
|
389
|
|
|
500
|
|
|
(14
|
)
|
|
(21
|
)
|
|
(854
|
)
|
|
—
|
|
||||||
Income (loss) before income taxes
|
367
|
|
|
478
|
|
|
486
|
|
|
(33
|
)
|
|
(854
|
)
|
|
444
|
|
||||||
Income tax expense
|
31
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
110
|
|
||||||
Net income (loss)
|
336
|
|
|
478
|
|
|
486
|
|
|
(112
|
)
|
|
(854
|
)
|
|
334
|
|
||||||
Less: Net income (loss) attributable to noncontrolling interest
|
—
|
|
|
5
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(2
|
)
|
||||||
Net income (loss) attributable to CVR Energy stockholders
|
$
|
336
|
|
|
$
|
473
|
|
|
$
|
486
|
|
|
$
|
(105
|
)
|
|
$
|
(854
|
)
|
|
$
|
336
|
|
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Eliminations
|
|
Consolidated
|
||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,138
|
|
|
$
|
253
|
|
|
$
|
(5
|
)
|
|
$
|
5,386
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of materials and other
|
—
|
|
|
—
|
|
|
4,238
|
|
|
62
|
|
|
(5
|
)
|
|
4,295
|
|
||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
—
|
|
|
—
|
|
|
269
|
|
|
121
|
|
|
—
|
|
|
390
|
|
||||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
143
|
|
|
53
|
|
|
—
|
|
|
196
|
|
||||||
Cost of sales
|
—
|
|
|
—
|
|
|
4,650
|
|
|
236
|
|
|
(5
|
)
|
|
4,881
|
|
||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)
|
12
|
|
|
8
|
|
|
44
|
|
|
19
|
|
|
—
|
|
|
83
|
|
||||||
Depreciation and amortization
|
—
|
|
|
2
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
8
|
|
||||||
Loss on asset disposals
|
—
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
5
|
|
||||||
Operating income (loss)
|
(12
|
)
|
|
(10
|
)
|
|
435
|
|
|
(4
|
)
|
|
—
|
|
|
409
|
|
||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net
|
—
|
|
|
(25
|
)
|
|
(7
|
)
|
|
(47
|
)
|
|
—
|
|
|
(79
|
)
|
||||||
Other income, net
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Income (loss) from subsidiaries
|
194
|
|
|
431
|
|
|
(34
|
)
|
|
(35
|
)
|
|
(556
|
)
|
|
—
|
|
||||||
Income (loss) before income taxes
|
182
|
|
|
396
|
|
|
400
|
|
|
(86
|
)
|
|
(556
|
)
|
|
336
|
|
||||||
Income tax expense (benefit)
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
65
|
|
||||||
Net income (loss)
|
185
|
|
|
396
|
|
|
400
|
|
|
(154
|
)
|
|
(556
|
)
|
|
271
|
|
||||||
Less: Net income (loss) attributable to noncontrolling interest
|
—
|
|
|
118
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
86
|
|
||||||
Net income (loss) attributable to CVR Energy stockholders
|
$
|
185
|
|
|
$
|
278
|
|
|
$
|
400
|
|
|
$
|
(122
|
)
|
|
$
|
(556
|
)
|
|
$
|
185
|
|
|
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Elimination
|
|
Consolidated
|
||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(123
|
)
|
|
$
|
(12
|
)
|
|
$
|
616
|
|
|
$
|
172
|
|
|
$
|
—
|
|
|
$
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
—
|
|
|
(76
|
)
|
|
(9
|
)
|
|
—
|
|
|
(85
|
)
|
||||||
Turnaround expenditures
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
||||||
Investment in affiliates, net of return of investment
|
652
|
|
|
243
|
|
|
263
|
|
|
(22
|
)
|
|
(1,136
|
)
|
|
—
|
|
||||||
Proceeds from sale of assets
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
||||||
Net cash provided by (used in) investing activities
|
652
|
|
|
243
|
|
|
199
|
|
|
(31
|
)
|
|
(1,136
|
)
|
|
(73
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends to CVR Energy stockholders
|
(225
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
||||||
Acquisition of CVR Refining common units
|
(301
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(301
|
)
|
||||||
Distributions to CVR Partners’ noncontrolling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
||||||
Distributions or intercompany advances to other CVR Energy subsidiaries
|
—
|
|
|
(32
|
)
|
|
(1,011
|
)
|
|
(93
|
)
|
|
1,136
|
|
|
—
|
|
||||||
Other financing activities
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
||||||
Net cash provided by (used in) financing activities
|
(527
|
)
|
|
(32
|
)
|
|
(1,013
|
)
|
|
(120
|
)
|
|
1,136
|
|
|
(556
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
2
|
|
|
199
|
|
|
(198
|
)
|
|
21
|
|
|
—
|
|
|
24
|
|
||||||
Cash and cash equivalents, beginning of period
|
3
|
|
|
349
|
|
|
252
|
|
|
64
|
|
|
—
|
|
|
668
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
5
|
|
|
$
|
548
|
|
|
$
|
54
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
692
|
|
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||
(in millions)
|
Parent
|
|
Subsidiary Issuer
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Intercompany Elimination
|
|
Consolidated
|
||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(2
|
)
|
|
$
|
(10
|
)
|
|
$
|
598
|
|
|
$
|
(60
|
)
|
|
$
|
—
|
|
|
$
|
526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
—
|
|
|
(2
|
)
|
|
(51
|
)
|
|
(15
|
)
|
|
—
|
|
|
(68
|
)
|
||||||
Turnaround expenditures
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||||
Investment in affiliates, net of return of investment
|
162
|
|
|
793
|
|
|
383
|
|
|
168
|
|
|
(1,506
|
)
|
|
—
|
|
||||||
Other investing activities
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Net cash provided by (used in) investing activities
|
162
|
|
|
791
|
|
|
326
|
|
|
153
|
|
|
(1,506
|
)
|
|
(74
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends to CVR Energy stockholders
|
(162
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(162
|
)
|
||||||
Distributions to CVR Refining or CVR Partners’ noncontrolling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
(67
|
)
|
|
—
|
|
|
(67
|
)
|
||||||
Distributions or intercompany advances to other CVR Energy subsidiaries
|
—
|
|
|
(550
|
)
|
|
(943
|
)
|
|
(13
|
)
|
|
1,506
|
|
|
—
|
|
||||||
Other financing activities
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Net cash provided by (used in) financing activities
|
(162
|
)
|
|
(550
|
)
|
|
(945
|
)
|
|
(81
|
)
|
|
1,506
|
|
|
(232
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
(2
|
)
|
|
231
|
|
|
(21
|
)
|
|
12
|
|
|
—
|
|
|
220
|
|
||||||
Cash and cash equivalents, beginning of period
|
4
|
|
|
163
|
|
|
264
|
|
|
51
|
|
|
—
|
|
|
482
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
2
|
|
|
$
|
394
|
|
|
$
|
243
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
702
|
|
|
|
|
•
|
Safety - We always put safety first. The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to safety above all else. If it’s not safe, then we don’t do it.
|
•
|
Environment - We care for our environment. Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand our obligation to the environment and that it’s our duty to protect it.
|
•
|
Integrity - We require high business ethics. We comply with the law and practice sound corporate governance. We only conduct business one way—the right way with integrity.
|
•
|
Corporate Citizenship - We are proud members of the communities where we operate. We are good neighbors and know that it’s a privilege we can’t take for granted. We seek to make a positive economic and social impact through our financial donations and the contributions of time, knowledge and talent of our employees to the places where we live and work.
|
|
|
|
•
|
Continuous Improvement - We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization.
|
|
Safety
|
|
Reliability
|
|
Market Capture
|
|
Financial Discipline
|
Petroleum Segment:
|
|
|
|
|
|
|
|
Completed the Wynnewood turnaround safely, on time and under budget
|
ü
|
|
ü
|
|
|
|
ü
|
Completed the Wynnewood refinery’s BenFree repositioning project now in service enabling increased premium gasoline sales
|
ü
|
|
|
|
ü
|
|
ü
|
Completed the sale of the Cushing, Oklahoma crude oil terminal
|
|
|
|
|
|
|
ü
|
Maintained high utilization at both facilities through the third quarter of 2019
|
ü
|
|
ü
|
|
|
|
ü
|
Nitrogen Fertilizer Segment:
|
|
|
|
|
|
|
|
Safely completed the East Dubuque turnaround
|
ü
|
|
|
|
|
|
|
Maintained high asset reliability and utilization at both facilities through the third quarter of 2019
|
ü
|
|
ü
|
|
|
|
ü
|
Generated positive cash available for distribution for three consecutive quarters in 2019
|
|
|
ü
|
|
ü
|
|
ü
|
CVR Partners declared cash distributions of 40 cents per unit in 2019
|
|
|
|
|
|
|
ü
|
Corporate:
|
|
|
|
|
|
|
|
Declared cash dividends of $3.05 per share in 2019
|
|
|
|
|
|
|
ü
|
Announced $300 million share repurchase authorization
|
|
|
|
|
|
|
ü
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The table below shows the change over time in NYMEX - WTI, as reflected in the graph above.
|
(in $/bbl)
|
Average 2017
|
|
At December 31, 2017
|
|
Average 2018
|
|
At December 31, 2018
|
|
Average 2019
|
|
At September 30, 2019
|
||||||||||||
WTI
|
$
|
50.95
|
|
|
$
|
57.95
|
|
|
$
|
64.77
|
|
|
$
|
48.98
|
|
|
$
|
57.10
|
|
|
$
|
56.97
|
|
(2)
|
Information used within these charts was obtained from MarketView.
|
|
|
|
|
(1)
|
Information used in the charts was obtained from various third-party sources, including Pace Petroleum Coke Quarterly, Green Markets (a Bloomberg Company) and the U.S. Energy Information Administration.
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum
|
$
|
173
|
|
|
$
|
167
|
|
|
$
|
492
|
|
|
$
|
424
|
|
Nitrogen Fertilizer
|
(8
|
)
|
|
3
|
|
|
36
|
|
|
(2
|
)
|
||||
Other
|
(6
|
)
|
|
(4
|
)
|
|
(17
|
)
|
|
(13
|
)
|
||||
Consolidated
|
$
|
159
|
|
|
$
|
166
|
|
|
$
|
511
|
|
|
$
|
409
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum
|
$
|
228
|
|
|
$
|
219
|
|
|
$
|
653
|
|
|
$
|
576
|
|
Nitrogen Fertilizer
|
11
|
|
|
19
|
|
|
97
|
|
|
51
|
|
||||
Other
|
(4
|
)
|
|
(3
|
)
|
|
(12
|
)
|
|
(8
|
)
|
||||
Consolidated
|
$
|
235
|
|
|
$
|
235
|
|
|
$
|
738
|
|
|
$
|
619
|
|
|
(1)
|
See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
|
|
|
|
|
|
|
Throughput Data
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
(in bpd)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Coffeyville
|
|
|
|
|
|
|
|
||||
Regional crude
|
41,150
|
|
|
31,244
|
|
|
44,238
|
|
|
29,832
|
|
WTI
|
80,717
|
|
|
68,659
|
|
|
74,325
|
|
|
65,093
|
|
Midland WTI
|
1,436
|
|
|
27,889
|
|
|
4,959
|
|
|
15,012
|
|
Condensate
|
2,378
|
|
|
273
|
|
|
3,588
|
|
|
6,448
|
|
Heavy Canadian
|
4,555
|
|
|
6,746
|
|
|
5,199
|
|
|
4,518
|
|
Other feedstocks and blendstocks
|
8,455
|
|
|
7,707
|
|
|
8,608
|
|
|
7,134
|
|
Wynnewood
|
|
|
|
|
|
|
|
||||
Regional crude
|
61,345
|
|
|
61,618
|
|
|
52,750
|
|
|
55,684
|
|
WTI
|
13
|
|
|
459
|
|
|
4
|
|
|
3,148
|
|
Midland WTI
|
11,313
|
|
|
3,858
|
|
|
12,406
|
|
|
11,194
|
|
Condensate
|
7,435
|
|
|
8,152
|
|
|
7,408
|
|
|
6,708
|
|
Other feedstocks and blendstocks
|
3,203
|
|
|
4,150
|
|
|
3,579
|
|
|
4,829
|
|
Total throughput
|
222,000
|
|
|
220,755
|
|
|
217,064
|
|
|
209,600
|
|
Production Data
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
(in bpd)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Coffeyville
|
|
|
|
|
|
|
|
||||
Gasoline
|
69,122
|
|
|
72,337
|
|
|
71,144
|
|
|
62,543
|
|
Distillate
|
58,457
|
|
|
60,521
|
|
|
59,008
|
|
|
54,914
|
|
Other liquid products
|
7,157
|
|
|
4,352
|
|
|
6,808
|
|
|
6,041
|
|
Solids
|
4,580
|
|
|
5,548
|
|
|
4,886
|
|
|
5,025
|
|
Wynnewood
|
|
|
|
|
|
|
|
||||
Gasoline
|
42,464
|
|
|
38,750
|
|
|
38,673
|
|
|
40,715
|
|
Distillate
|
36,555
|
|
|
33,635
|
|
|
32,003
|
|
|
34,410
|
|
Other liquid products
|
1,756
|
|
|
3,562
|
|
|
3,064
|
|
|
4,374
|
|
Solids
|
33
|
|
|
35
|
|
|
31
|
|
|
46
|
|
Total production
|
220,124
|
|
|
218,740
|
|
|
215,617
|
|
|
208,068
|
|
Liquid volume yield (as % of total throughput)
|
97.1
|
%
|
|
96.6
|
%
|
|
97.1
|
%
|
|
96.8
|
%
|
|
|
|
|
|
|
|
(1)
|
See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
1,535
|
|
|
$
|
1,857
|
|
|
$
|
4,484
|
|
|
$
|
5,139
|
|
Cost of materials and other
|
1,201
|
|
|
1,538
|
|
|
3,525
|
|
|
4,240
|
|
||||
Direct operating expenses
|
91
|
|
|
84
|
|
|
269
|
|
|
268
|
|
||||
Selling, general and administrative expenses
|
18
|
|
|
18
|
|
|
54
|
|
|
56
|
|
||||
Depreciation and amortization
|
51
|
|
|
49
|
|
|
152
|
|
|
146
|
|
||||
Loss (gain) on asset disposals
|
1
|
|
|
1
|
|
|
(8
|
)
|
|
5
|
|
||||
Petroleum Operating income
|
$
|
173
|
|
|
$
|
167
|
|
|
$
|
492
|
|
|
$
|
424
|
|
|
|
|
|
|
|
|
|
||||||||
Refining margin
|
$
|
334
|
|
|
$
|
319
|
|
|
$
|
959
|
|
|
$
|
899
|
|
Petroleum EBITDA (1)
|
$
|
228
|
|
|
$
|
219
|
|
|
$
|
653
|
|
|
$
|
576
|
|
|
|
|
|
|
|
|
|
||||||||
Key Operating Metrics per Total Throughput Barrel
|
|
|
|
|
|
|
|
||||||||
Refining Margin (1)
|
$
|
16.34
|
|
|
$
|
15.70
|
|
|
$
|
16.18
|
|
|
$
|
15.71
|
|
Refining Margin, excluding Inventory Valuation Impacts (1)
|
$
|
16.37
|
|
|
$
|
15.57
|
|
|
$
|
15.65
|
|
|
$
|
14.93
|
|
Direct Operating Expenses (1)
|
$
|
4.46
|
|
|
$
|
4.13
|
|
|
$
|
4.53
|
|
|
$
|
4.69
|
|
|
(1)
|
See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
(in thousands of tons)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Ammonia (gross produced)
|
196
|
|
|
212
|
|
|
586
|
|
|
584
|
|
Ammonia (net available for sale)
|
56
|
|
|
63
|
|
|
168
|
|
|
187
|
|
UAN
|
318
|
|
|
338
|
|
|
969
|
|
|
919
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Feedstock:
|
|
|
|
|
|
|
|
||||||||
Petroleum coke used in production (thousand tons)
|
137
|
|
|
117
|
|
|
404
|
|
|
325
|
|
||||
Petroleum coke (dollars per ton)
|
$
|
37.75
|
|
|
$
|
25.65
|
|
|
$
|
36.68
|
|
|
$
|
22.89
|
|
Natural gas used in production (thousands of MMBtu) (1)
|
1,700
|
|
|
2,118
|
|
|
5,210
|
|
|
5,933
|
|
||||
Natural gas used in production (dollars per MMBtu) (1)
|
$
|
2.40
|
|
|
$
|
3.03
|
|
|
$
|
2.88
|
|
|
$
|
3.01
|
|
Natural gas cost of materials and other (thousands of MMBtu) (1)
|
1,294
|
|
|
1,439
|
|
|
5,487
|
|
|
5,268
|
|
||||
Natural gas cost of materials and other (dollars per MMBtu) (1)
|
$
|
2.46
|
|
|
$
|
2.98
|
|
|
$
|
3.22
|
|
|
$
|
3.03
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation to net sales (dollars in millions):
|
|
|
|
|
|
|
|
||||||||
Sales net at gate
|
$
|
78
|
|
|
$
|
69
|
|
|
$
|
288
|
|
|
$
|
223
|
|
Freight in revenue
|
9
|
|
|
9
|
|
|
24
|
|
|
24
|
|
||||
Other revenue
|
2
|
|
|
2
|
|
|
6
|
|
|
6
|
|
||||
Total net sales
|
$
|
89
|
|
|
$
|
80
|
|
|
$
|
318
|
|
|
$
|
253
|
|
|
(1)
|
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 (exclusive of depreciation and amortization).
|
|
|
|
|
(2)
|
See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
|
(in millions)
|
Price
Variance
|
|
Volume
Variance
|
||||
UAN
|
$
|
4
|
|
|
$
|
5
|
|
Ammonia
|
$
|
2
|
|
|
$
|
(2
|
)
|
|
|
|
(in millions)
|
Price
Variance
|
|
Volume
Variance
|
||||
UAN
|
$
|
35
|
|
|
$
|
7
|
|
Ammonia
|
$
|
16
|
|
|
$
|
8
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
104
|
|
|
$
|
110
|
|
|
$
|
334
|
|
|
$
|
271
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
26
|
|
|
26
|
|
|
77
|
|
|
79
|
|
||||
Income tax expense
|
34
|
|
|
33
|
|
|
110
|
|
|
65
|
|
||||
Depreciation and amortization
|
71
|
|
|
66
|
|
|
217
|
|
|
204
|
|
||||
EBITDA
|
$
|
235
|
|
|
$
|
235
|
|
|
$
|
738
|
|
|
$
|
619
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Petroleum net income
|
$
|
170
|
|
|
$
|
160
|
|
|
$
|
478
|
|
|
$
|
398
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
7
|
|
|
10
|
|
|
23
|
|
|
32
|
|
||||
Depreciation and amortization
|
51
|
|
|
49
|
|
|
152
|
|
|
146
|
|
||||
Petroleum EBITDA
|
$
|
228
|
|
|
$
|
219
|
|
|
$
|
653
|
|
|
$
|
576
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
1,535
|
|
|
$
|
1,857
|
|
|
$
|
4,484
|
|
|
$
|
5,139
|
|
Cost of materials and other
|
1,201
|
|
|
1,538
|
|
|
3,525
|
|
|
4,240
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
91
|
|
|
84
|
|
|
269
|
|
|
268
|
|
||||
Depreciation and amortization
|
51
|
|
|
49
|
|
|
152
|
|
|
146
|
|
||||
Gross profit
|
192
|
|
|
186
|
|
|
538
|
|
|
485
|
|
||||
Add:
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
91
|
|
|
84
|
|
|
269
|
|
|
268
|
|
||||
Depreciation and amortization
|
51
|
|
|
49
|
|
|
152
|
|
|
146
|
|
||||
Refining margin
|
334
|
|
|
319
|
|
|
959
|
|
|
899
|
|
||||
Inventory valuation impact, unfavorable (favorable) (1)
|
1
|
|
|
(3
|
)
|
|
(31
|
)
|
|
(45
|
)
|
||||
Refining margin adjusted for inventory valuation impact
|
$
|
335
|
|
|
$
|
316
|
|
|
$
|
928
|
|
|
$
|
854
|
|
|
(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.
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Total throughput barrels per day
|
222,000
|
|
|
220,755
|
|
|
217,064
|
|
|
209,600
|
|
Days in the period
|
92
|
|
|
92
|
|
|
273
|
|
|
273
|
|
Total throughput barrels
|
20,423,972
|
|
|
20,309,500
|
|
|
59,258,366
|
|
|
57,220,863
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions, except per total throughput barrel)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Refining margin
|
$
|
334
|
|
|
$
|
319
|
|
|
$
|
959
|
|
|
$
|
899
|
|
Divided by: total throughput barrels
|
20
|
|
|
20
|
|
|
59
|
|
|
57
|
|
||||
Refining margin per total throughput barrel
|
$
|
16.34
|
|
|
$
|
15.70
|
|
|
$
|
16.18
|
|
|
$
|
15.71
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions, except per total throughput barrel)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Refining margin adjusted for inventory valuation impact
|
$
|
335
|
|
|
$
|
316
|
|
|
$
|
928
|
|
|
$
|
854
|
|
Divided by: total throughput barrels
|
20
|
|
|
20
|
|
|
59
|
|
|
57
|
|
||||
Refining margin adjusted for inventory valuation impact per total throughput barrel
|
$
|
16.37
|
|
|
$
|
15.57
|
|
|
$
|
15.65
|
|
|
$
|
14.93
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions, except per total throughput barrel)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Direct operating expenses (exclusive of depreciation and amortization)
|
$
|
91
|
|
|
$
|
84
|
|
|
$
|
269
|
|
|
$
|
268
|
|
Divided by: total throughput barrels
|
20
|
|
|
20
|
|
|
59
|
|
|
57
|
|
||||
Direct operating expenses per total throughput barrel
|
$
|
4.46
|
|
|
$
|
4.13
|
|
|
$
|
4.53
|
|
|
$
|
4.69
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Nitrogen fertilizer net loss
|
$
|
(23
|
)
|
|
$
|
(13
|
)
|
|
$
|
(10
|
)
|
|
$
|
(49
|
)
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
16
|
|
|
16
|
|
|
47
|
|
|
47
|
|
||||
Depreciation and amortization
|
18
|
|
|
16
|
|
|
60
|
|
|
53
|
|
||||
Nitrogen Fertilizer EBITDA
|
$
|
11
|
|
|
$
|
19
|
|
|
$
|
97
|
|
|
$
|
51
|
|
|
|
|
(in millions)
|
September 30, 2019
|
|
December 31, 2018
|
||||
CVR Partners:
|
|
|
|
||||
9.25% Senior Secured Notes due June 2023
|
$
|
645
|
|
|
$
|
645
|
|
6.50% Senior Notes due April 2021
|
2
|
|
|
2
|
|
||
Unamortized discount and debt issuance costs
|
(16
|
)
|
|
(18
|
)
|
||
Total CVR Partners Debt
|
$
|
631
|
|
|
$
|
629
|
|
|
|
|
|
||||
CVR Refining:
|
|
|
|
||||
6.50% Senior Notes due November 2022
|
$
|
500
|
|
|
$
|
500
|
|
Unamortized debt issuance cost
|
(3
|
)
|
|
(3
|
)
|
||
Total CVR Refining Debt
|
497
|
|
|
497
|
|
||
|
|
|
|
||||
Total Long-Term Debt
|
$
|
1,128
|
|
|
$
|
1,126
|
|
|
|
|
|
|
|
(in millions)
|
|
2019 Estimate (1)
|
||||||||||||||||||||||||||
|
|
Maintenance
|
Growth
|
Total
|
||||||||||||||||||||||||
|
Maintenance
|
Growth
|
Total
|
|
Low
|
High
|
Low
|
High
|
Low
|
High
|
||||||||||||||||||
Petroleum Segment
|
$
|
58
|
|
$
|
7
|
|
$
|
65
|
|
|
$
|
95
|
|
$
|
100
|
|
$
|
20
|
|
$
|
25
|
|
$
|
115
|
|
$
|
125
|
|
Nitrogen Fertilizer Segment
|
11
|
|
1
|
|
12
|
|
|
18
|
|
20
|
|
2
|
|
5
|
|
20
|
|
25
|
|
|||||||||
Other
|
4
|
|
—
|
|
4
|
|
|
10
|
|
15
|
|
—
|
|
—
|
|
10
|
|
15
|
|
|||||||||
Total
|
$
|
73
|
|
$
|
8
|
|
$
|
81
|
|
|
$
|
123
|
|
$
|
135
|
|
$
|
22
|
|
$
|
30
|
|
$
|
145
|
|
$
|
165
|
|
|
(1)
|
Total 2019 estimated capital expenditures includes approximately $4 to 8 million of growth-related projects that will require additional approvals before commencement.
|
|
|
|
|
|
|
Dividends Paid (in millions)
|
||||||||||||
Related Period
|
|
Date Paid
|
|
Dividend Per Share
|
|
Stockholders
|
|
IEP
|
|
Total
|
||||||||
2018 - 4th Quarter
|
|
March 11, 2019
|
|
$
|
0.75
|
|
|
$
|
21
|
|
|
$
|
54
|
|
|
$
|
75
|
|
2019 - 1st Quarter
|
|
May 13, 2019
|
|
0.75
|
|
|
21
|
|
|
54
|
|
|
75
|
|
||||
2019 - 2nd Quarter
|
|
August 12, 2019
|
|
0.75
|
|
|
21
|
|
|
54
|
|
|
75
|
|
||||
Total
|
|
|
|
$
|
2.25
|
|
|
$
|
63
|
|
|
$
|
162
|
|
|
$
|
225
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid (in millions)
|
||||||||||||
Related Period
|
|
Date Paid
|
|
Dividend Per Common Unit
|
|
Unitholders
|
|
CVR Energy
|
|
Total
|
||||||||
2018 - 4th Quarter
|
|
March 11, 2019
|
|
$
|
0.12
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
14
|
|
2019 - 1st Quarter
|
|
May 13, 2019
|
|
0.07
|
|
|
5
|
|
|
3
|
|
|
8
|
|
||||
2019 - 2nd Quarter
|
|
August 12, 2019
|
|
0.14
|
|
|
11
|
|
|
5
|
|
|
16
|
|
||||
Total
|
|
|
|
$
|
0.33
|
|
|
$
|
25
|
|
|
$
|
13
|
|
|
$
|
38
|
|
|
Nine Months Ended September 30,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
Change
|
||||||
Net cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
653
|
|
|
$
|
526
|
|
|
$
|
127
|
|
Investing activities
|
(73
|
)
|
|
(74
|
)
|
|
1
|
|
|||
Financing activities
|
(556
|
)
|
|
(232
|
)
|
|
(324
|
)
|
|||
Net increase in cash and cash equivalents
|
$
|
24
|
|
|
$
|
220
|
|
|
$
|
(196
|
)
|
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
|
||
|
||
|
||
|
||
101*
|
|
The following financial information for CVR Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 formatted in XBRL (“Extensible Business Reporting Language”) includes: (i) Condensed Consolidated Balance Sheets (unaudited), (ii) Condensed Consolidated Statements of Operations (unaudited), (iii) Condensed Consolidated Statements of Comprehensive Income (unaudited), (iv) Condensed Consolidated Statement of Changes in Equity (unaudited), (v) Condensed Consolidated Statements of Cash Flows (unaudited) and (vi) the Notes to Condensed Consolidated Financial Statements (unaudited), tagged in detail.
|
|
*
|
Filed herewith.
|
†
|
Furnished herewith.
|
|
|
|
|
|
CVR Energy, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 24, 2019
|
|
By:
|
/s/ Tracy D. Jackson
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
October 24, 2019
|
|
By:
|
/s/ Matthew W. Bley
|
|
|
|
Chief Accounting Officer and Corporate Controller
|
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
1 Year CVR Energy Chart |
1 Month CVR Energy Chart |
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