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Q4 2014 EARNINGS CALL – Cvr Refining Lp

Cvr Refining Lp · Feb 19, 2015 · 17 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. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 1
    4th Quarter 2014 Earnings Report February 19, 2015
  2. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 2
    Actual Consolidated Results EBITDA(1) Adjusted EBITDA(1) (In millions) (In millions) 800 800 600 600 400 400 748 712 622 515 200 200 -72 105 118 -66 0 0 Q4 2014 Q4 2013 FY 2014 FY 2013 Q4 2014 Q4 2013 FY 2014 FY…
  3. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 3
    Consolidated Results (In millions, except for EPU/Distributions) Fourth Quarter Full Year Percent Percent Q4 2014 Q4 2013 2014 2013 Change Change EBITDA(1) (66.3) (71.9) 8% 515.1 748.4 -31% Adjusted EBITDA(1) 104.6 117.5…
  4. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 4
    Quarterly Coffeyville Refinery Petroleum Segment (In millions except for throughput and barrels sold data) Q4 2014 Q4 2013 Net Sales 1,214.2 1,536.8 Gross Profit (Loss)(1) (45.7) 28.0 Crude Oil Throughput (barrels per day) 126,874…
  5. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 5
    Quarterly Wynnewood Refinery Petroleum Segment (In millions except for throughput and barrels sold data) Q4 2014 Q4 2013 Net Sales 557.5 823.0 Gross Profit (Loss)(1) (49.5) 7.3 Crude Oil Throughput (barrels per day) 69,272 79,527…
  6. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 6
    Debt Metrics Net Debt ( in millions) 800 727.2 700 620.1 600 466.7 500 400 302.9 300 211.2 200 100 0 2010 2011 2012 2013 2014 Financial Metrics 2010 2011 2012 2013 2014 Debt to Capital 53% 42% 44% 28% 29% Debt…
  7. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 7
    Hedging Position(1) Commodity Swaps Barrels Fixed Price(2) First Quarter 2015 1,800,000 25.60 Second Quarter 2015 2,775,000 23.71 Third Quarter 2015 1,575,000 23.50 Fourth Quarter 2015 450,000 30.05 First Quarter 2016 615,000…
  8. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 8
    Appendix
  9. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 9
    Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Partnership also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results.…
  10. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 10
    Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income (loss) before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization.…
  11. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 11
    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…
  12. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 12
    Coffeyville Refinery Calculation of Gross Profit (Loss) (1) Fourth Quarter ( in millions) 12/31/2014 12/31/2013 Net sales 1,214.2 1,536.8 Cost of product sold 1,186.3 1,442.2 Refining margin 27.9 94.6 Direct operating expenses…
  13. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 13
    Wynnewood Refinery Calculation of Gross Profit (Loss) (1) Fourth Quarter ( in millions) 12/31/2014 12/31/2013 Net sales 557.5 823.0 Cost of product sold 537.1 767.3 Refining margin 20.4 55.7 Direct operating expenses 57.1 38.5…
  14. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 14
    Capital Structure Full Year Financials ( in millions) 2010 2011 2012 2013 2014 Cash 2.3 2.7 153.1 279.8 370.2 Total debt, including current portion 469.0 729.9 773.2 582.7 581.4 Net Debt 466.7 727.2 620.1 302.9 211.2 Partners…
  15. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 15
    Consolidated Non-GAAP Financial Measures Full Year Financials ( in millions) 2010 2011 2012 2013 2014 Net Income 38.2 480.3 595.3 590.4 358.7 Interest expense and other financing costs, net of interest income 49.7 53.0 76.2 43.7…
  16. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 16
    Consolidated Non-GAAP Financial Measures Fourth Quarter Financials ( in millions) 12/31/2014 12/31/2013 Net loss (108.5) (110.2) Interest expense and other financing costs, net of interest income 9.6 9.2 Depreciation and…
  17. Q4 2014 EARNINGS CALL – Cvr Refining Lp – slide 17
    Consolidated Non-GAAP Financial Measures Fourth Quarter Financials ( in millions, except for per unit data) 12/31/2014 Adjusted EBITDA 104.6 Less: Cash needs for debt service (10.0) Reserves for environmental and maintenance…

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