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Q4 2013 EARNINGS REPORT – Cvr Refining Lp

Cvr Refining Lp · Feb 20, 2014 · 21 slides

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Slides

  1. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 1
    4th Quarter 2013 Earnings Report February 20, 2014 0
  2. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 2
    Actual Consolidated Results EBITDA(1) Adjusted EBITDA(1) 1,400 1,000 1,200 800 1,000 600 800 400 600 1,176 748 779 400 712 200 102 200 118 196 0 -72 0 Q4 2013 Q4 2012 FY 2013 FY 2012 Q4 2013 Q4 2012 FY 2013 FY 2012…
  3. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 3
    Crude Differentials Fourth Quarter Q4 Average Q4 High Current(1) WTI vs. WCS (31.55) (41.33) (25.37) WTI vs. Brent 11.98 18.52 8.72 WTI vs. WTS (4.26) (8.00) (4.23) WTI vs. LSB (16.43) (20.74) (9.87) Source: ProphetX…
  4. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 4
    Crack Spread vs. Historical Norm NYMEX 2-1-1 Crack vs. NYMEX CL Yearly Averages 1997 to 2011 20112012 35 30 NYMEX 2-1-1 Crack, /Bbl 25 20 2007 2008 2005 2006 15 2010 2009 2004 2000 2001 10…
  5. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 5
    Hedging Position(1) Commodity Swaps Barrels Fixed Price(2) First Quarter 2014 5,175,000 29.89 Second Quarter 2014 6,000,000 28.19 Third Quarter 2014 6,000,000 26.78 Fourth Quarter 2014 5,100,000 27.25 First Quarter 2015 525,000…
  6. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 6
    Financial
  7. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 7
    Consolidated Results (In millions, except for EPU/Distributions) Fourth Quarter Full Year Q4 2013 Q4 2012 Percent 2013 2012 Percent EBITDA(1) (71.9) 102.1 -170% 748.4 779.1 -4% Adjusted EBITDA(1) 117.5 196.2 -40% 712.0…
  8. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 8
    Quarterly Coffeyville Refinery Petroleum Segment (In millions except for barrels sold data) Q4 2013 Q4 2012 Net Sales 1,536.8 1,548.6 Gross Profit (1) 28.0 238.4 Crude Oil Throughput (barrels per day) 122,247 124,570 Barrels Sold…
  9. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 9
    Quarterly Wynnewood Refinery Petroleum Segment (In millions except for barrels sold data) Q4 2013 Q4 2012 Net Sales 823.0 266.5 Gross Profit (Loss)(1) 7.3 (97.9) Crude Oil Throughput (barrels per day) 79,527 23,245 Barrels Sold…
  10. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 10
    Debt Metrics Net Debt (Cash) ( in millions) 800 727.2 700 620.1 600 476.8 466.7 500 400 302.9 300 200 100 0 2009 2010 2011 2012 2013 Financial Metrics 2009 2010 2011 2012 2013 Debt to Capital 50% 53% 42% 44%…
  11. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 11
    Appendix
  12. Q4 2013 EARNINGS REPORT – Cvr Refining 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. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 13
    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.…
  14. Q4 2013 EARNINGS REPORT – Cvr Refining 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. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 15
    Coffeyville Refinery Fourth Quarter Calculation of Gross Profit 12/31/2013 12/31/2012 Net sales 1,536.8 1,548.6 Cost of product sold 1,442.2 1,238.3 Refining margin 94.6 310.3 Direct operating expenses (excluding major scheduled…
  16. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 16
    Wynnewood Refinery Fourth Quarter Calculation of Gross Profit 12/31/2013 12/31/2012 Net sales 823.0 266.5 Cost of product sold 767.3 236.4 Refining margin 55.7 30.1 Direct operating expenses (excluding major scheduled turnaround…
  17. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 17
    Capital Structure Full Year Financials ( in millions) 2009 2010 2011 2012 2013 Cash 2.7 2.3 2.7 153.1 279.8 Total debt, including current portion 479.5 469.0 729.9 773.2 582.7 Net Debt 476.8 466.7 727.2 620.1 302.9 Partners…
  18. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 18
    Consolidated Non-GAAP Financial Measures Full Year Financials ( in millions) 2009 2010 2011 2012 2013 Net Income 64.6 38.2 480.3 595.3 590.4 Interest expense and other financing costs, net of interest income 43.8 49.7 53.0 76.2…
  19. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 19
    Consolidated Non-GAAP Financial Measures Fourth Quarter Financials ( in millions) 12/31/2013 12/31/2012 Net Income (loss) (110.2) 54.6 Interest expense and other financing costs, net of interest income 9.2 20.2 Depreciation and…
  20. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 20
    Consolidated Non-GAAP Financial Measures Full Year Financials ( in millions) 12/31/2013 12/31/2012 Net Income 590.4 595.3 Interest expense and other financing costs, net of interest income 43.7 76.2 Depreciation and amortization…
  21. Q4 2013 EARNINGS REPORT – Cvr Refining Lp – slide 21
    Consolidated Non-GAAP Financial Measures Fourth Quarter Financials ( in millions) 12/31/2013 Adjusted EBITDA 117.5 Less: Cash needs for debt service (10.0) Reserves for environmental and maintenance capital expenditures (31.3)…

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