From GlobeNewswire: 2024-04-29 16:57:00

CVR Energy reported a net income of $82 million for Q1 2024, down from $195 million in Q1 2023. Adjusted earnings were 4 cents per share, compared to $1.44 per share in Q1 2023. The Petroleum segment’s operating income decreased to $118 million, with a refining margin of $16.29 per throughput barrel.

The Nitrogen Fertilizer segment reported operating income of $20 million in Q1 2024, down from $109 million in Q1 2023. CVR Partners produced 193,000 tons of ammonia and 305,000 tons of UAN in Q1 2024. Average realized gate prices for UAN and ammonia were lower in Q1 2024 compared to Q1 2023.

CVR Energy’s income tax expense decreased to $17 million in Q1 2024. Cash and cash equivalents increased to $644 million, while total debt was $1.6 billion in Q1 2024. The company declared a cash dividend of 50 cents per share, payable on May 20, 2024. CVR Partners declared a cash distribution of $1.92 per common unit.

The renewable diesel unit at the Wynnewood refinery had 6.9 million gallons of vegetable oil throughputs in Q1 2024. CVR Energy will host an Earnings Conference Call on April 30, 2024, to discuss Q1 2024 results and provide forward-looking information. Forward-looking statements in the news release discuss potential future results, performance, and financial matters.



Read more at GlobeNewswire:: CVR Energy Reports First Quarter 2024 Results and Announces