The following is a summary of the CVR Energy, Inc. (CVI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• CVR Energy reported a Q2 2024 consolidated net income of $38 million with earnings per share of $0.21.

• EBITDA for the quarter was $103 million, despite the impact of a fire at the Wynnewood refinery which resulted in a pre-tax loss impact of approximately $50 million.

• Notably, the company declared a dividend of $0.50 per share with a high annualized yield of about 7% among independent refiners.

Business Progress:

• Resumed operations at Wynnewood refinery following a fire, with the Number One crude unit back within two weeks and Number Two unit in mid-June, operating currently at normal rates.

• Despite the challenges, the company processed approximately 12 million gallons of vegetable fuel oil through its pretreater and renewable diesel unit at Wynnewood.

• Looking ahead, CVR Energy estimates third quarter 2024 total throughputs for the Petroleum segment to be approximately 200,000 to 215,000 barrels per day.

Opportunities:

• Positive court rulings on small refinery exemptions which could benefit CVR Energy by potentially reducing costs or enhancing operational flexibility.

• Continued strong demand in the Fertilizer segment evidenced by a solid order book and favorable ammonia utilization rates.

• Potential strategic transactions in refining or related to CVR Partners, along with possible renewable diesel and sustainable aviation fuel projects.

Risks:

• Ongoing challenges from the Renewable Fuel Standard (RFS) program and market manipulations which impact the economics of renewable diesel.

• The fire at Wynnewood refinery significantly impacted Q2 performance, elucidating operational risks.

More details: CVR Energy IR

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