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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cvr Refining, LP Common Units Representing Limited Partner Interests | NYSE:CVRR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.49 | 0.00 | 01:00:00 |
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Delaware
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37-1702463
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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2277 Plaza Drive, Suite 500
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Sugar Land, Texas
(Address of principal executive offices)
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77479
(Zip Code)
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Large accelerated filer
o
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Accelerated filer
þ
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Non-accelerated filer
o
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(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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Page No.
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June 30, 2018
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December 31, 2017
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||||
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(unaudited)
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||||
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(in millions, except unit data)
|
||||||
ASSETS
|
|
||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
258
|
|
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$
|
174
|
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Accounts receivable, net of allowance for doubtful accounts of $1 at June 30, 2018 and December 31, 2017
|
162
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169
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|
||
Inventories
|
384
|
|
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331
|
|
||
Prepaid expenses and other current assets, including $1 and $2 due from affiliates at June 30, 2018 and December 31, 2017, respectively
|
39
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26
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|
||
Total current assets
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843
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|
700
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Property, plant, and equipment, net of accumulated depreciation
|
1,434
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1,479
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||
Other long-term assets
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89
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91
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|
||
Total assets
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$
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2,366
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$
|
2,270
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LIABILITIES AND PARTNERS' CAPITAL
|
|
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|
||||
Current liabilities:
|
|
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|
||||
Note payable and capital lease obligations
|
$
|
2
|
|
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$
|
2
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Accounts payable, including $6 and $5 due to affiliates at June 30, 2018 and December 31, 2017, respectively
|
335
|
|
|
312
|
|
||
Accrued expenses and other current liabilities, including $12 and $15 due to affiliates at June 30, 2018 and December 31, 2017, respectively
|
115
|
|
|
168
|
|
||
Total current liabilities
|
452
|
|
|
482
|
|
||
Long-term liabilities:
|
|
|
|
||||
Long-term debt and capital lease obligations, net of current portion
|
538
|
|
|
539
|
|
||
Other long-term liabilities
|
6
|
|
|
2
|
|
||
Total long-term liabilities
|
544
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541
|
|
||
Commitments and contingencies
|
|
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|
|
|
||
Partners’ capital
|
1,370
|
|
|
1,247
|
|
||
Total liabilities and partners' capital
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$
|
2,366
|
|
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$
|
2,270
|
|
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(unaudited)
|
||||||||||||||
|
(in millions, except per unit data)
|
||||||||||||||
Net sales
|
$
|
1,824
|
|
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$
|
1,338
|
|
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$
|
3,282
|
|
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$
|
2,762
|
|
Operating costs and expenses:
|
|
|
|
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|
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||||||||
Cost of materials and other
|
1,553
|
|
|
1,208
|
|
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2,771
|
|
|
2,409
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below)
|
94
|
|
|
86
|
|
|
187
|
|
|
188
|
|
||||
Depreciation and amortization
|
32
|
|
|
31
|
|
|
65
|
|
|
65
|
|
||||
Cost of sales
|
1,679
|
|
|
1,325
|
|
|
3,023
|
|
|
2,662
|
|
||||
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)
|
22
|
|
|
19
|
|
|
38
|
|
|
40
|
|
||||
Depreciation and amortization
|
1
|
|
|
1
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|
|
2
|
|
|
1
|
|
||||
Loss on asset disposals
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Operating income (loss)
|
117
|
|
|
(7
|
)
|
|
214
|
|
|
59
|
|
||||
Interest expense, net
|
(11
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)
|
|
(12
|
)
|
|
(22
|
)
|
|
(23
|
)
|
||||
Gain on derivatives, net
|
10
|
|
|
—
|
|
|
70
|
|
|
12
|
|
||||
Other income, net
|
2
|
|
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—
|
|
|
3
|
|
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—
|
|
||||
Net income (loss)
|
118
|
|
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(19
|
)
|
|
265
|
|
|
48
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|
||||
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||||||||
Net income (loss) per common unit - basic and diluted
|
$
|
0.80
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$
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(0.13
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)
|
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$
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1.80
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$
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0.32
|
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||||||||
Weighted-average common units outstanding:
|
|
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|
|
|
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|
||||||||
Basic and diluted
|
147.6
|
|
|
147.6
|
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147.6
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|
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147.6
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|
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Six Months Ended
June 30, |
||||||
|
2018
|
|
2017
|
||||
|
(unaudited)
|
||||||
|
(in millions)
|
||||||
Cash flows from operating activities:
|
|
||||||
Net income
|
$
|
265
|
|
|
$
|
48
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
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|
||||
Depreciation and amortization
|
67
|
|
|
66
|
|
||
Share-based compensation
|
9
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5
|
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||
Other non-cash items
|
5
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|
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2
|
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||
Income from equity method investments, net of distributions
|
(1
|
)
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Current assets and liabilities
|
(91
|
)
|
|
131
|
|
||
Non-current assets and liabilities
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4
|
|
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—
|
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||
Net cash provided by operating activities
|
258
|
|
|
252
|
|
||
Cash flows from investing activities:
|
|
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|
||||
Capital expenditures
|
(32
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)
|
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(48
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)
|
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Other investing activities
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1
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(1
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)
|
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Net cash used in investing activities
|
(31
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)
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(49
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)
|
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Cash flows from financing activities:
|
|
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|
||||
|
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|
||||
Distributions to common unitholders – affiliates
|
(99
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)
|
|
—
|
|
||
Distributions to common unitholders – non-affiliates
|
(43
|
)
|
|
—
|
|
||
Other financing activities
|
(1
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)
|
|
(1
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)
|
||
Net cash used in financing activities
|
(143
|
)
|
|
(1
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)
|
||
Net increase in cash and cash equivalents
|
84
|
|
|
202
|
|
||
Cash and cash equivalents, beginning of period
|
174
|
|
|
314
|
|
||
Cash and cash equivalents, end of period
|
$
|
258
|
|
|
$
|
516
|
|
|
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Three Months Ended June 30, 2018
|
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Six Months Ended June 30, 2018
|
||||
|
|
(in millions)
|
||||||
Major Product
|
|
|
|
|
||||
Gasoline
|
|
$
|
896
|
|
|
$
|
1,607
|
|
Distillates (a)
|
|
832
|
|
|
1,484
|
|
||
Freight revenue
|
|
6
|
|
|
11
|
|
||
Other (b)
|
|
89
|
|
|
177
|
|
||
Revenue from product sales
|
|
1,823
|
|
|
3,279
|
|
||
|
|
|
|
|
||||
Other revenue (c)
|
|
1
|
|
|
3
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|
||
Total revenue
|
|
$
|
1,824
|
|
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$
|
3,282
|
|
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(a)
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Distillates consist primarily of diesel fuel, kerosene and jet fuel.
|
(b)
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Other product sales primarily include crude oil, feedstocks and asphalt sales. Feedstocks are petroleum products, such as crude oil and natural gas liquids, that are processed and blended into refined products, such as gasoline, diesel fuel and jet fuel, during the refining process.
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(c)
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Other revenue consists primarily of Cushing, OK storage tank lease revenue.
|
|
Three Months Ended
June 30, |
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Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions)
|
||||||||||||||
CVR Refining LTIP - Phantom Units
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
2
|
|
Other Awards (a)
|
2
|
|
|
1
|
|
|
2
|
|
|
3
|
|
||||
Total Share-Based Compensation Expense
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
(a)
|
Other awards include compensation expense for certain employees of CVR Energy who perform services for the Partnership under the services agreement with CVR Energy and participate in equity compensation plans of CVR Refining affiliates.
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
|
(in millions)
|
||||||
Raw materials and precious metals
|
$
|
138
|
|
|
$
|
108
|
|
In-process inventories
|
29
|
|
|
22
|
|
||
Finished goods
|
174
|
|
|
158
|
|
||
Parts and supplies
|
43
|
|
|
43
|
|
||
Total Inventories
|
$
|
384
|
|
|
$
|
331
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
|
(in millions)
|
||||||
Land and improvements
|
$
|
30
|
|
|
$
|
30
|
|
Buildings
|
64
|
|
|
64
|
|
||
Machinery and equipment
|
2,387
|
|
|
2,375
|
|
||
Other
|
87
|
|
|
79
|
|
||
|
2,568
|
|
|
2,548
|
|
||
Less: Accumulated depreciation
|
1,134
|
|
|
1,069
|
|
||
Total property, plant and equipment, net
|
$
|
1,434
|
|
|
$
|
1,479
|
|
Debt Balance, Net of Current Maturities and Unamortized Issuance Costs
|
|
|
|
||||
|
June 30, 2018
|
|
December 31, 2017
|
||||
|
(in millions)
|
||||||
6.5% Senior Notes due 2022 (a)
|
$
|
500
|
|
|
$
|
500
|
|
Capital lease obligations
|
44
|
|
|
45
|
|
||
Total long-term debt, before debt issuance costs and discount
|
544
|
|
|
545
|
|
||
Less:
|
|
|
|
||||
Unamortized debt issuance costs
|
(4
|
)
|
|
(4
|
)
|
||
Current portion of capital lease obligations
|
(2
|
)
|
|
(2
|
)
|
||
Total long-term debt, net of current portion
|
$
|
538
|
|
|
$
|
539
|
|
|
(a)
|
The estimated fair value of total long-term debt outstanding was approximately
$510 million
as of
June 30, 2018
.
|
Credit Facilities Outstanding
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Capacity
|
|
Amount Borrowed as of June 30, 2018
|
|
Outstanding Letters of Credit
|
|
Available Capacity as of June 30, 2018
|
|
Maturity Date
|
||||||||
|
|
||||||||||||||||
Amended and Restated Asset Based (ABL) Credit Facility (b)
|
$
|
400
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
394
|
|
|
November 14, 2022
|
Intercompany Credit Facility (c)
|
150
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
January 23, 2019
|
|
(b)
|
Loans under the asset based 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.
|
(c)
|
The intercompany credit facility bears interest at a rate of LIBOR plus
3%
per annum, payable quarterly.
|
|
December 31, 2017
|
|
March 31, 2018
|
|
Total Cash Distributions Paid in 2018
|
||||||
|
(in millions, except per unit data)
|
||||||||||
Amount paid to CVR Refining Holdings, LLC and affiliates
|
$
|
47
|
|
|
$
|
52
|
|
|
$
|
99
|
|
Amounts paid to non-affiliates
|
20
|
|
|
23
|
|
|
43
|
|
|||
Total amount paid
|
$
|
67
|
|
|
$
|
75
|
|
|
$
|
142
|
|
|
|
|
|
|
|
||||||
Per common unit
|
$
|
0.45
|
|
|
$
|
0.51
|
|
|
$
|
0.96
|
|
Common units outstanding
|
147.6
|
|
|
147.6
|
|
|
|
|
Six Months Ended
June 30, |
||||||
|
2018
|
|
2017
|
||||
|
(in millions)
|
||||||
Supplemental disclosures:
|
|
|
|
||||
Cash paid for interest
|
$
|
22
|
|
|
$
|
23
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Construction in process additions included in accounts payable
|
$
|
4
|
|
|
$
|
8
|
|
Change in accounts payable related to construction in process additions
|
(3
|
)
|
|
(2
|
)
|
•
|
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 CVR Refining's own assumptions in determining the fair value)
|
|
June 30, 2018
|
||||||||||||||
Location and Description
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Other current assets (commodity derivatives)
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Total Assets
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Other current liabilities (commodity derivatives)
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
||||
Other current liabilities (biofuel blending obligation)
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
(38
|
)
|
|
$
|
—
|
|
|
$
|
(38
|
)
|
|
December 31, 2017
|
||||||||||||||
Location and Description
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Other current liabilities (commodity derivatives)
|
$
|
—
|
|
|
$
|
(64
|
)
|
|
$
|
—
|
|
|
$
|
(64
|
)
|
Other current liabilities (biofuel blending obligation)
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
(65
|
)
|
|
$
|
—
|
|
|
$
|
(65
|
)
|
Gain (loss) on derivatives
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions)
|
||||||||||||||
Realized gain on commodity derivatives
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
1
|
|
Realized loss on margin account
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
Total realized gain on derivatives, net
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
1
|
|
Open Commodity Derivative Instruments
|
|
|
|
||
|
June 30, 2018
|
|
December 31, 2017
|
||
|
(in millions of barrels)
|
||||
Commodity Swap Instruments:
|
|
|
|
||
2-1-1 Crack spreads
|
—
|
|
|
7
|
|
Distillate Crack spreads
|
—
|
|
|
4
|
|
Gasoline Crack spreads
|
—
|
|
|
4
|
|
Purchase and Sale Commitments:
|
|
|
|
||
Canadian crude oil
|
4
|
|
|
6
|
|
Fair Value of Commodity Derivatives
|
|
|
|
||||
|
June 30, 2018
|
|
December 31, 2017
|
||||
|
(in millions)
|
||||||
Net unrealized loss on outstanding commodity derivative contracts
|
$
|
(26
|
)
|
|
$
|
(64
|
)
|
|
As of June 30, 2018
|
||||||||||||||||||
Description
|
Gross Current Assets
|
|
Gross
Amounts Offset |
|
Net Current Assets
Presented |
|
Cash
Collateral Not Offset |
|
Net
Amount |
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Derivatives
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Total
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As of June 30, 2018
|
||||||||||||||||||
Description
|
Gross Current Liabilities
|
|
Gross
Amounts
Offset
|
|
Net Current Liabilities
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Derivatives
|
$
|
32
|
|
|
$
|
(5
|
)
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
Total
|
$
|
32
|
|
|
$
|
(5
|
)
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
As of December 31, 2017
|
||||||||||||||||||
Description
|
Gross Current Assets
|
|
Gross
Amounts
Offset
|
|
Net Current Assets
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Derivatives
|
$
|
7
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
$
|
7
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As of December 31, 2017
|
||||||||||||||||||
Description
|
Gross Current Liabilities
|
|
Gross
Amounts
Offset
|
|
Net Current Liabilities
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Derivatives
|
$
|
71
|
|
|
$
|
(7
|
)
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
64
|
|
Total
|
$
|
71
|
|
|
$
|
(7
|
)
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
64
|
|
Expenses from related parties
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Related Party
|
(in millions)
|
||||||||||||||
Sales
|
|
|
|
|
|
|
|
|
||||||||
Hydrogen Purchase and Sale Agreement
|
CRNF (1)
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Coke Supply Agreement
|
CRNF
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses (exclusive of depreciation and amortization)
|
|
|
|
|
|
|
|
|
||||||||
Services Agreement
|
CVR Energy
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization)
|
|
|
|
|
|
|
|
|
||||||||
Services Agreement
|
CVR Energy
|
$
|
13
|
|
|
$
|
12
|
|
|
$
|
23
|
|
|
$
|
25
|
|
Limited Partnership Agreement
|
CVR Refining GP
|
4
|
|
|
2
|
|
|
6
|
|
|
4
|
|
|
(1)
|
Coffeyville Resources Nitrogen Fertilizers, LLC
|
Amounts due to and from related parties
|
|
|
|
|
||||
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
|
Related Party
|
(in millions)
|
||||||
Prepaid and Other Current Assets
|
|
|
|
|
||||
Feedstock and Shared Services Agreement:
|
CRNF
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
||||
Accounts Payable
|
|
|
|
|
||||
Service Agreement:
|
CVR Energy
|
4
|
|
|
3
|
|
||
|
|
|
|
|
||||
Accrued expenses and other current liabilities
|
|
|
|
|
||||
Service Agreement:
|
CVR Energy
|
$
|
11
|
|
|
$
|
14
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions)
|
||||||||||||||
Consolidated Statements of Operations Data
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
1,824
|
|
|
$
|
1,338
|
|
|
$
|
3,282
|
|
|
$
|
2,762
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of materials and other
|
1,553
|
|
|
1,208
|
|
|
2,771
|
|
|
2,409
|
|
||||
Direct operating expenses(1)
|
94
|
|
|
86
|
|
|
187
|
|
|
188
|
|
||||
Depreciation and amortization
|
32
|
|
|
31
|
|
|
65
|
|
|
65
|
|
||||
Cost of sales
|
1,679
|
|
|
1,325
|
|
|
3,023
|
|
|
2,662
|
|
||||
Selling, general and administrative expenses(1)
|
22
|
|
|
19
|
|
|
38
|
|
|
40
|
|
||||
Depreciation and amortization
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Loss on asset disposals
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Operating income (loss)
|
117
|
|
|
(7
|
)
|
|
214
|
|
|
59
|
|
||||
Interest expense, net
|
(11
|
)
|
|
(12
|
)
|
|
(22
|
)
|
|
(23
|
)
|
||||
Gain on derivatives, net
|
10
|
|
|
—
|
|
|
70
|
|
|
12
|
|
||||
Other income, net
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Net income (loss)
|
$
|
118
|
|
|
$
|
(19
|
)
|
|
$
|
265
|
|
|
$
|
48
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
$
|
145
|
|
|
$
|
13
|
|
|
$
|
259
|
|
|
$
|
100
|
|
Refining margin(2)
|
$
|
271
|
|
|
$
|
130
|
|
|
$
|
511
|
|
|
$
|
353
|
|
Adjusted EBITDA(2)
|
$
|
147
|
|
|
$
|
43
|
|
|
$
|
273
|
|
|
$
|
158
|
|
Available cash for distribution(2)
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
173
|
|
|
$
|
—
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(dollars per barrel)
|
||||||||||||||
Key Operating Statistics (per total throughput barrel)
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
$
|
7.29
|
|
|
$
|
0.60
|
|
|
$
|
7.05
|
|
|
$
|
2.43
|
|
Refining margin(2)
|
$
|
13.71
|
|
|
$
|
6.45
|
|
|
$
|
13.93
|
|
|
$
|
8.64
|
|
FIFO impact, (favorable) unfavorable
|
(1.10
|
)
|
|
0.76
|
|
|
(1.15
|
)
|
|
0.39
|
|
||||
Refining margin adjusted for FIFO impact(2)
|
$
|
12.61
|
|
|
$
|
7.21
|
|
|
$
|
12.78
|
|
|
$
|
9.03
|
|
Direct operating expenses (1)
|
$
|
4.76
|
|
|
$
|
4.27
|
|
|
$
|
5.10
|
|
|
$
|
4.62
|
|
Direct operating expenses excluding major turnaround expenses(1)(2)
|
$
|
4.76
|
|
|
$
|
4.13
|
|
|
$
|
5.10
|
|
|
$
|
4.23
|
|
|
(1)
|
Amounts are shown exclusive of depreciation and amortization.
|
(2)
|
See "Non-GAAP Reconciliations" section below for further information regarding these non-GAAP measures.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Market Indicators (dollars per barrel)
|
|
|
|
|
|
|
|
||||||||
West Texas Intermediate (WTI) NYMEX
|
$
|
67.91
|
|
|
$
|
48.15
|
|
|
$
|
65.46
|
|
|
$
|
49.95
|
|
Crude Oil Differentials:
|
|
|
|
|
|
|
|
||||||||
WTI less WTS (light/medium sour)
|
8.50
|
|
|
1.06
|
|
|
5.05
|
|
|
1.24
|
|
||||
WTI less WCS (heavy sour)
|
18.02
|
|
|
10.00
|
|
|
21.81
|
|
|
11.88
|
|
||||
WTI less condensate
|
0.46
|
|
|
0.15
|
|
|
0.42
|
|
|
0.12
|
|
||||
Midland Cushing Differential
|
8.12
|
|
|
0.83
|
|
|
4.34
|
|
|
0.41
|
|
||||
NYMEX Crack Spreads
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
20.63
|
|
|
18.07
|
|
|
18.06
|
|
|
16.39
|
|
||||
Heating Oil
|
22.22
|
|
|
15.11
|
|
|
21.36
|
|
|
15.32
|
|
||||
NYMEX 2-1-1 Crack Spread
|
21.43
|
|
|
16.59
|
|
|
19.71
|
|
|
15.85
|
|
||||
PADD II Group 3 Basis:
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
(4.44
|
)
|
|
(3.95
|
)
|
|
(3.19
|
)
|
|
(2.96
|
)
|
||||
Ultra Low Sulfur Diesel
|
(0.05
|
)
|
|
(0.62
|
)
|
|
(0.33
|
)
|
|
(1.10
|
)
|
||||
PADD II Group 3 Product Crack Spread:
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
16.19
|
|
|
14.12
|
|
|
14.87
|
|
|
13.42
|
|
||||
Ultra Low Sulfur Diesel
|
22.17
|
|
|
14.49
|
|
|
21.03
|
|
|
14.23
|
|
||||
PADD II Group 3 2-1-1
|
19.18
|
|
|
14.30
|
|
|
17.95
|
|
|
13.82
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||
Total Refining Throughput and Production Data (bpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Condensate
|
9,127
|
|
|
4.2
|
|
1,258
|
|
|
0.6
|
|
15,560
|
|
|
7.7
|
|
4,363
|
|
|
1.9
|
Sweet
|
190,595
|
|
|
88.0
|
|
200,812
|
|
|
90.4
|
|
172,969
|
|
|
85.4
|
|
195,610
|
|
|
86.9
|
Heavy sour
|
6,249
|
|
|
2.9
|
|
11,771
|
|
|
5.3
|
|
3,385
|
|
|
1.7
|
|
14,130
|
|
|
6.3
|
Total crude oil throughput
|
205,971
|
|
|
95.1
|
|
213,841
|
|
|
96.3
|
|
191,914
|
|
|
94.8
|
|
214,103
|
|
|
95.1
|
All other feedstocks and blendstocks
|
10,694
|
|
|
4.9
|
|
8,113
|
|
|
3.7
|
|
10,681
|
|
|
5.2
|
|
11,161
|
|
|
4.9
|
Total throughput
|
216,665
|
|
|
100.0
|
|
221,954
|
|
|
100.0
|
|
202,595
|
|
|
100.0
|
|
225,264
|
|
|
100.0
|
Production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gasoline
|
106,431
|
|
|
49.1
|
|
112,284
|
|
|
50.4
|
|
99,279
|
|
|
49.0
|
|
115,600
|
|
|
51.2
|
Distillate
|
94,784
|
|
|
43.7
|
|
96,578
|
|
|
43.4
|
|
86,870
|
|
|
42.9
|
|
93,260
|
|
|
41.3
|
Other (excluding internally produced fuel)
|
15,609
|
|
|
7.2
|
|
13,775
|
|
|
6.2
|
|
16,495
|
|
|
8.1
|
|
17,019
|
|
|
7.5
|
Total refining production (excluding internally produced fuel)
|
216,824
|
|
|
100.0
|
|
222,637
|
|
|
100.0
|
|
202,644
|
|
|
100.0
|
|
225,879
|
|
|
100.0
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||
Coffeyville Refinery Throughput and Production Data (bpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Condensate
|
1,547
|
|
|
1.1
|
|
1,258
|
|
|
0.9
|
|
9,586
|
|
|
8.0
|
|
4,363
|
|
|
3.1
|
Sweet
|
120,975
|
|
|
89.3
|
|
120,790
|
|
|
86.4
|
|
100,863
|
|
|
84.2
|
|
113,804
|
|
|
80.9
|
Heavy sour
|
6,249
|
|
|
4.6
|
|
11,771
|
|
|
8.4
|
|
3,385
|
|
|
2.8
|
|
14,130
|
|
|
10.0
|
Total crude oil throughput
|
128,771
|
|
|
95.0
|
|
133,819
|
|
|
95.7
|
|
113,834
|
|
|
95.0
|
|
132,297
|
|
|
94.0
|
All other feedstocks and blendstocks
|
6,671
|
|
|
5.0
|
|
6,077
|
|
|
4.3
|
|
6,022
|
|
|
5.0
|
|
8,482
|
|
|
6.0
|
Total throughput
|
135,442
|
|
|
100.0
|
|
139,896
|
|
|
100.0
|
|
119,856
|
|
|
100.0
|
|
140,779
|
|
|
100.0
|
Production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gasoline
|
66,577
|
|
|
48.6
|
|
70,032
|
|
|
49.3
|
|
57,565
|
|
|
47.5
|
|
72,271
|
|
|
50.5
|
Distillate
|
59,797
|
|
|
43.7
|
|
59,703
|
|
|
42.1
|
|
52,064
|
|
|
42.9
|
|
59,573
|
|
|
41.6
|
Other (excluding internally produced fuel)
|
10,500
|
|
|
7.7
|
|
12,146
|
|
|
8.6
|
|
11,657
|
|
|
9.6
|
|
11,246
|
|
|
7.9
|
Total refining production (excluding internally produced fuel)
|
136,874
|
|
|
100.0
|
|
141,881
|
|
|
100.0
|
|
121,286
|
|
|
100.0
|
|
143,090
|
|
|
100.0
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||
Wynnewood Refinery Throughput and Production Data (bpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Condensate
|
7,580
|
|
|
9.3
|
|
—
|
|
|
—
|
|
5,974
|
|
|
7.2
|
|
—
|
|
|
—
|
Sweet
|
69,620
|
|
|
85.7
|
|
80,022
|
|
|
97.5
|
|
72,106
|
|
|
87.1
|
|
81,806
|
|
|
96.8
|
Total crude oil throughput
|
77,200
|
|
|
95.0
|
|
80,022
|
|
|
97.5
|
|
78,080
|
|
|
94.3
|
|
81,806
|
|
|
96.8
|
All other feedstocks and blendstocks
|
4,023
|
|
|
5.0
|
|
2,036
|
|
|
2.5
|
|
4,659
|
|
|
5.7
|
|
2,679
|
|
|
3.2
|
Total throughput
|
81,223
|
|
|
100.0
|
|
82,058
|
|
|
100.0
|
|
82,739
|
|
|
100.0
|
|
84,485
|
|
|
100.0
|
Production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gasoline
|
39,854
|
|
|
49.8
|
|
42,252
|
|
|
52.3
|
|
41,714
|
|
|
51.3
|
|
43,329
|
|
|
52.3
|
Distillate
|
34,987
|
|
|
43.8
|
|
36,875
|
|
|
45.7
|
|
34,806
|
|
|
42.8
|
|
33,687
|
|
|
40.7
|
Other (excluding internally produced fuel)
|
5,109
|
|
|
6.4
|
|
1,629
|
|
|
2.0
|
|
4,838
|
|
|
5.9
|
|
5,773
|
|
|
7.0
|
Total refining production (excluding internally produced fuel)
|
79,950
|
|
|
100.0
|
|
80,756
|
|
|
100.0
|
|
81,358
|
|
|
100.0
|
|
82,789
|
|
|
100.0
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions)
|
||||||||||||||
Net income (loss)
|
$
|
118
|
|
|
$
|
(19
|
)
|
|
$
|
265
|
|
|
$
|
48
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
11
|
|
|
12
|
|
|
22
|
|
|
23
|
|
||||
Depreciation and amortization
|
33
|
|
|
32
|
|
|
67
|
|
|
66
|
|
||||
EBITDA
|
162
|
|
|
25
|
|
|
354
|
|
|
137
|
|
||||
Add:
|
|
|
|
|
|
|
|
||||||||
FIFO impact, (favorable) unfavorable(a)
|
(22
|
)
|
|
15
|
|
|
(42
|
)
|
|
16
|
|
||||
Major turnaround expenses(b)
|
—
|
|
|
3
|
|
|
—
|
|
|
16
|
|
||||
Gain on derivatives, net
|
(10
|
)
|
|
—
|
|
|
(70
|
)
|
|
(12
|
)
|
||||
Current period settlements on derivative contracts(c)
|
17
|
|
|
—
|
|
|
31
|
|
|
1
|
|
||||
Adjusted EBITDA
|
$
|
147
|
|
|
$
|
43
|
|
|
$
|
273
|
|
|
$
|
158
|
|
(a)
|
FIFO is our basis for determining inventory value under GAAP. Changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and finished goods, thereby resulting in a favorable FIFO impact when crude oil prices increase and an unfavorable FIFO impact when crude oil prices decrease. The FIFO 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 FIFO impact per total throughput barrel, we utilize the total dollar figures for the FIFO impact and divide by the number of total throughput barrels for the period.
|
(b)
|
Represents expense associated with major turnaround activities at the Wynnewood refinery during 2017.
|
(c)
|
Represents the portion of gain on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at the inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts.
|
|
Three Months Ended
June 30, 2018 |
|
Six Months Ended
June 30, 2018 |
||||
|
(in millions, except per unit data)
|
||||||
Reconciliation of Adjusted EBITDA to Available cash for distribution
|
|
|
|
||||
Adjusted EBITDA
|
$
|
147
|
|
|
$
|
273
|
|
Adjustments:
|
|
|
|
||||
Less:
|
|
|
|
||||
Cash needs for debt service
|
(10
|
)
|
|
(20
|
)
|
||
Reserves for environmental and maintenance capital expenditures
|
(25
|
)
|
|
(50
|
)
|
||
Reserves for major turnaround expenses
|
(15
|
)
|
|
(30
|
)
|
||
Available cash for distribution
|
$
|
97
|
|
|
$
|
173
|
|
|
|
|
|
||||
Distribution declared, per common unit
|
$
|
0.66
|
|
|
$
|
1.17
|
|
Common units outstanding
|
147.6
|
|
|
147.6
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
1,824
|
|
|
$
|
1,338
|
|
|
$
|
3,282
|
|
|
$
|
2,762
|
|
Cost of materials and other
|
1,553
|
|
|
1,208
|
|
|
2,771
|
|
|
2,409
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization expenses as reflected below)
|
94
|
|
|
86
|
|
|
187
|
|
|
188
|
|
||||
Depreciation and amortization
|
32
|
|
|
31
|
|
|
65
|
|
|
65
|
|
||||
Gross profit
|
145
|
|
|
13
|
|
|
259
|
|
|
100
|
|
||||
Add:
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses (exclusive of depreciation and amortization expenses as reflected below)
|
94
|
|
|
86
|
|
|
187
|
|
|
188
|
|
||||
Depreciation and amortization
|
32
|
|
|
31
|
|
|
65
|
|
|
65
|
|
||||
Refining margin
|
271
|
|
|
130
|
|
|
511
|
|
|
353
|
|
||||
FIFO impact, (favorable) unfavorable
|
(22
|
)
|
|
15
|
|
|
(42
|
)
|
|
16
|
|
||||
Refining margin adjusted for FIFO impact
|
$
|
249
|
|
|
$
|
145
|
|
|
$
|
469
|
|
|
$
|
369
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Total throughput barrels per day
|
216,665
|
|
|
221,954
|
|
|
202,595
|
|
|
225,264
|
|
Days in the period
|
91
|
|
|
91
|
|
|
181
|
|
|
181
|
|
Total throughput barrels
|
19,716,515
|
|
|
20,197,814
|
|
|
36,669,695
|
|
|
40,772,784
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions, except for $ per barrel data)
|
||||||||||||||
Refining margin
|
$
|
271
|
|
|
$
|
130
|
|
|
$
|
511
|
|
|
$
|
353
|
|
Divided by: total throughput barrels
|
20
|
|
|
20
|
|
|
37
|
|
|
41
|
|
||||
Refining margin per total throughput barrel
|
$
|
13.71
|
|
|
$
|
6.45
|
|
|
$
|
13.93
|
|
|
$
|
8.64
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions, except for $ per barrel data)
|
||||||||||||||
Refining margin adjusted for FIFO impact
|
$
|
249
|
|
|
$
|
145
|
|
|
$
|
469
|
|
|
$
|
369
|
|
Divided by: total throughput barrels
|
20
|
|
|
20
|
|
|
37
|
|
|
41
|
|
||||
Refining margin adjusted for FIFO impact per total throughput barrel
|
$
|
12.61
|
|
|
$
|
7.21
|
|
|
$
|
12.78
|
|
|
$
|
9.03
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in millions, except for $ per barrel data)
|
||||||||||||||
Direct operating expenses (exclusive of depreciation and amortization)
|
$
|
94
|
|
|
$
|
86
|
|
|
$
|
187
|
|
|
$
|
188
|
|
Major turnaround expenses
|
—
|
|
|
3
|
|
|
—
|
|
|
16
|
|
||||
Direct operating expenses exclusive of major turnaround expenses
|
$
|
94
|
|
|
$
|
83
|
|
|
$
|
187
|
|
|
$
|
172
|
|
Divided by: total throughput barrels
|
20
|
|
|
20
|
|
|
37
|
|
|
41
|
|
||||
Direct operating expenses, excluding major turnaround expenses, per total throughput barrel
|
$
|
4.76
|
|
|
$
|
4.13
|
|
|
$
|
5.10
|
|
|
$
|
4.23
|
|
|
Six Months Ended June 30, 2018
|
|
Full Year 2018 Estimate
|
||||||||||||||||||||
|
Growth
|
|
Maintenance
|
|
Total
|
|
Growth
|
|
Maintenance
|
|
Total
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Coffeyville refinery
|
$
|
1
|
|
|
$
|
12
|
|
|
$
|
13
|
|
|
$
|
5
|
|
|
$
|
52
|
|
|
$
|
57
|
|
Wynnewood refinery
|
5
|
|
|
8
|
|
|
13
|
|
|
9
|
|
|
45
|
|
|
54
|
|
||||||
Other Petroleum
|
3
|
|
|
3
|
|
|
6
|
|
|
6
|
|
|
13
|
|
|
19
|
|
||||||
Total
|
$
|
9
|
|
|
$
|
23
|
|
|
$
|
32
|
|
|
$
|
20
|
|
|
$
|
110
|
|
|
$
|
130
|
|
|
Six Months Ended
June 30, |
||||||
|
2018
|
|
2017
|
||||
|
(unaudited)
|
||||||
|
(in millions)
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
258
|
|
|
$
|
252
|
|
Investing activities
|
(31
|
)
|
|
(49
|
)
|
||
Financing activities
|
(143
|
)
|
|
(1
|
)
|
||
Net increase in cash and cash equivalents
|
$
|
84
|
|
|
$
|
202
|
|
•
|
statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future;
|
•
|
statements relating to future financial or operational performance, future distributions, future capital sources and capital expenditures; and
|
•
|
any other statements preceded by, followed by or that include the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "projects," "could," "should," "may" or similar expressions.
|
•
|
our ability to make cash distributions on the common units;
|
•
|
the price volatility of crude oil, other feedstocks and refined products, and variable nature of our distributions;
|
•
|
the ability of our general partner to modify or revoke our distribution policy at any time;
|
•
|
our ability to forecast our future financial condition or results of operations and our future revenues and expenses;
|
•
|
the effects of transactions involving forward and derivative instruments;
|
•
|
our ability in the future to obtain an adequate crude oil supply pursuant to supply agreements or at all;
|
•
|
our continued access to crude oil and other feedstock and refined products pipelines;
|
•
|
the level of competition from other petroleum refiners;
|
•
|
changes in our credit profile;
|
•
|
potential operating hazards from accidents, fire, severe weather, tornadoes, floods, or other natural disasters, or other operating hazards resulting in unscheduled downtime at our facilities or those of our suppliers or customers;
|
•
|
our continued ability to secure RINs, as well as environmental and other governmental permits necessary for the operation of our business;
|
•
|
costs of compliance with existing, or compliance with new, environmental and other laws and regulations, as well as the potential liabilities arising from, and capital expenditures required to, remediate current or future contamination;
|
•
|
the seasonal nature of our business;
|
•
|
our dependence on significant customers and the creditworthiness and performance by counterparties;
|
•
|
our potential inability to obtain or renew permits;
|
•
|
our ability to continue safe, reliable operations without unplanned maintenance events prior to and when approaching the end-of-cycle turnaround operations;
|
•
|
new regulations concerning the transportation of hazardous chemicals, risks of terrorism, and the security of chemical manufacturing facilities and other matters beyond our control;
|
•
|
the risk of security breaches;
|
•
|
our lack of asset diversification;
|
•
|
the potential loss of our transportation cost advantage over our competitors;
|
•
|
our ability to comply with employee safety laws and regulations;
|
•
|
the overall demand for hydrocarbon products, fuels and other refined products;
|
•
|
existing and proposed laws and regulations relating to climate change, alternative energy or other fuel sources;
|
•
|
the price, availability and acceptance of alternative fuels and alternative fuel vehicles;
|
•
|
our ability to produce products and fuels that meet our customers' unique and precise specifications;
|
•
|
rulings, judgments or settlements in litigation, tax or legal or regulatory matters;
|
•
|
potential disruptions in the global or U.S. capital and credit markets;
|
•
|
the success of our acquisition and expansion strategies;
|
•
|
our reliance on CVR Energy's senior management team;
|
•
|
the risk of a substantial increase in costs or work stoppages associated with negotiating collective bargaining agreements with the unionized portion of our workforce;
|
•
|
the potential shortage of skilled labor or loss of key personnel;
|
•
|
successfully defending against third-party claims of intellectual property infringement;
|
•
|
our indebtedness;
|
•
|
our potential inability to generate sufficient cash to service all of our indebtedness;
|
•
|
the limitations contained in our debt agreements that limit our flexibility in operating our business;
|
•
|
the dependence on our subsidiaries for cash to meet our debt obligations;
|
•
|
our limited operating history as a stand-alone entity;
|
•
|
potential increases in costs and distraction of management resulting from the requirements of being a publicly traded partnership;
|
•
|
exemptions we will rely on in connection with the New York Stock Exchange ("NYSE") corporate governance requirements;
|
•
|
risks relating to our relationships with CVR Energy;
|
•
|
risks relating to the control of our general partner by CVR Energy;
|
•
|
the conflicts of interest faced by our senior management team, which operates both us and CVR Energy, and our general partner;
|
•
|
limitations on duties owed by our general partner that are included in the partnership agreement;
|
•
|
changes in our treatment as a partnership for U.S. income or state tax purposes; and
|
•
|
instability and volatility in the capital and credit markets.
|
•
|
our ability to produce or deliver products and fuels that meet current or future quality standards or product and fuel specifications.
|
Exhibit Number
|
|
Exhibit Description
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
101*
|
|
The following financial information for CVR Refining, LP's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 formatted in XBRL ("Extensible Business Reporting Language") includes: (i) Condensed Consolidated Balance Sheets (unaudited), (ii) Condensed Consolidated Statements of Operations (unaudited), (iii) Condensed Consolidated Statement of Changes in Partners' Capital (unaudited), (iv) Condensed Consolidated Statements of Cash Flows (unaudited), and (v) the Notes to Condensed Consolidated Financial Statements (unaudited), tagged in detail.
|
|
*
|
Filed herewith.
|
**
|
Previously filed.
|
†
|
Furnished herewith.
|
|
|
CVR Refining, LP
|
|
|
|
|
|
|
|
By:
|
CVR Refining GP, LLC, its general partner
|
|
|
|
|
July 26, 2018
|
|
By:
|
/s/ TRACY D. JACKSON
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
July 26, 2018
|
|
By:
|
/s/ MATTHEW W. BLEY
|
|
|
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Chief Accounting Officer and Corporate Controller
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(Principal Accounting Officer)
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1 Year Cvr Refining, LP Common Units Representing Limited Partner Interests Chart |
1 Month Cvr Refining, LP Common Units Representing Limited Partner Interests Chart |
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