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3rd Quarter 2014 Earnings Report – Cvr Partners Lp

Cvr Partners Lp · Oct 30, 2014 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 1
    3rd Quarter 2014 Earnings Report October 30, 2014 0
  2. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 2
    Actual Consolidated Results EBITDA(1) Adjusted EBITDA(1) (In millions) (In millions) 800 700 700 600 600 500 500 400 400 820 300 595 300 581 517 200 200 100 125 100 130 34 59 0 0 Q3 2014 Q3 2013 Q3 YTD Q3 YTD Q3…
  3. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 3
    Crude Differentials Third Quarter Q3 Average Q3 High Current(1) WTI vs. WCS (19.58) (27.64) (15.61) WTI vs. Brent 5.71 8.42 4.30 WTI vs. WTS (8.46) (13.62) (3.72) WTI vs. LSB (9.53) (14.88) (8.26) Source: ProphetX…
  4. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 4
    Crack Spread vs. Historical Norm NYMEX 2-1-1 Crack vs. NYMEX CL Yearly Averages 1997 to 2013 20112012 35 30 2013 NYMEX 2-1-1 Crack, /Bbl 25 20 2007 2008 2005 2006 15 2010 2009 2004 2000…
  5. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 5
    Hedging Position(1) Commodity Swaps Barrels Fixed Price(2) Fourth Quarter 2014 5,100,000 27.25 First Quarter 2015 525,000 32.09 Second Quarter 2015 975,000 30.20 Third Quarter 2015 300,000 29.95 Fourth Quarter 2015 450,000 30.05…
  6. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 6
    Financial
  7. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 7
    Consolidated Results (In millions, except for EPU/Distributions) Third Quarter Year to Date Percent Percent Q3 2014 Q3 2013 Q3 2014 Q3 2013 Change Change EBITDA(1) 59.3 124.7 -52% 581.3 820.3 -29% Adjusted EBITDA(1) 129.9…
  8. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 8
    Quarterly Coffeyville Refinery Petroleum Segment (In millions except for throughput and barrels sold data) Q3 2014 Q3 2013 Net Sales 1,383.5 992.2 Gross Profit (Loss)(1) (13.2) 12.3 Crude Oil Throughput (barrels per day) 96,525…
  9. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 9
    Quarterly Wynnewood Refinery Petroleum Segment (In millions except for throughput and barrels sold data) Q3 2014 Q3 2013 Net Sales 830.7 917.2 Gross Profit (1) 35.2 30.0 Crude Oil Throughput (barrels per day) 79,842 81,329 Barrels…
  10. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 10
    Debt Metrics Net Debt ( in millions) 800 727.2 700 620.1 600 466.7 500 400 302.9 300 222.6 200 100 0 2010 2011 2012 2013 9/30/2014 Q3 2014 Financial Metrics 2010 2011 2012 2013 LTM Debt to Capital 53% 42% 44%…
  11. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 11
    Appendix
  12. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 12
    Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non- GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP…
  13. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 13
    Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization.…
  14. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 14
    Non-GAAP Financials Measures Refining margin per crude oil throughput barrel is a measurement calculated as the difference between net sales and cost of product sold (exclusive of depreciation and amortization). Refining margin is a…
  15. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 15
    Coffeyville Refinery Calculation of Gross Profit (Loss) (1) Third Quarter ( in millions) 9/30/2014 9/30/2013 Net sales 1,383.5 992.2 Cost of product sold 1,311.4 893.8 Refining margin 72.1 98.4 Direct operating expenses 62.2 68.4…
  16. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 16
    Wynnewood Refinery Calculation of Gross Profit (1) Third Quarter ( in millions) 9/30/2014 9/30/2013 Net sales 830.7 917.2 Cost of product sold 742.3 841.1 Refining margin 88.4 76.1 Direct operating expenses 43.0 36.2 Depreciation…
  17. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 17
    Capital Structure Full Year LTM Financials ( in millions) 2010 2011 2012 2013 Q3 2014 Cash 2.3 2.7 153.1 279.8 359.2 Total debt, including current portion 469.0 729.9 773.2 582.7 581.8 Net Debt 466.7 727.2 620.1 302.9 222.6…
  18. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 18
    Consolidated Non-GAAP Financial Measures Full Year LTM Financials ( in millions) 2010 2011 2012 2013 Q3 2014 Net Income 38.2 480.3 595.3 590.4 357.0 Interest expense and other financing costs, net of interest income 49.7 53.0 76.2…
  19. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 19
    Consolidated Non-GAAP Financial Measures Third Quarter Financials ( in millions) 9/30/2014 9/30/2013 Net Income 21.8 86.0 Interest expense and other financing costs, net of interest income 7.8 9.9 Depreciation and amortization 29.7…
  20. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 20
    Consolidated Non-GAAP Financial Measures Year to Date Financials ( in millions) 9/30/2014 9/30/2013 Net Income 467.2 700.6 Interest expense and other financing costs, net of interest income 24.2 34.5 Depreciation and amortization…
  21. 3rd Quarter 2014 Earnings Report – Cvr Partners Lp – slide 21
    Consolidated Non-GAAP Financial Measures Third Quarter Financials ( in millions, except for per unit data) 9/30/2014 Adjusted EBITDA 129.9 Less: Cash needs for debt service (10.0) Reserves for environmental and maintenance…

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