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Q1 2014 EARNINGS REPORT – Cvr Refining Lp

Cvr Refining Lp · May 1, 2014 · 20 slides

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Slides

  1. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 1
    1st Quarter 2014 Earnings Report May 1, 2014
  2. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 2
    Actual Consolidated Results EBITDA(1) Adjusted EBITDA(1) 320 350 300 315 250 310 200 318 150 310 305 100 194 300 304 50 295 0 Q1 2014 Q1 2013 Q1 2014 Q1 2013 (1) Non-GAAP reconciliation on slide 19 for first…
  3. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 3
    Crude Differentials First Quarter Q1 Average Q1 High Current(1) WTI vs. WCS (21.56) (26.93) (19.73) WTI vs. Brent 9.55 15.56 7.76 WTI vs. WTS (5.50) (17.22) (7.16) WTI vs. LSB (9.11) (12.87) (7.43) Source: ProphetX…
  4. Q1 2014 EARNINGS REPORT – Cvr Refining 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. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 5
    Hedging Position(1) Commodity Swaps Barrels Fixed Price(2) Second Quarter 2014 5,175,000 28.39 Third Quarter 2014 6,000,000 26.78 Fourth Quarter 2014 5,100,000 27.25 First Quarter 2015 525,000 32.09 Second Quarter 2015 975,000…
  6. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 6
    Financial
  7. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 7
    Consolidated Results (In millions, except for EPU/Distributions) First Quarter Percent Q1 2014 Q1 2013 Change EBITDA(1) 303.5 317.5 -4% Adjusted EBITDA(1) 194.1 309.9 -37% Available Cash for Distribution, per unit(2) (3)…
  8. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 8
    Quarterly Coffeyville Refinery Petroleum Segment (In millions except for barrels sold data) Q1 2014 Q1 2013 Net Sales 1,572.3 1,492.6 Gross Profit (1) 142.2 227.8 Crude Oil Throughput (barrels per day) 123,953 123,639 Barrels Sold…
  9. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 9
    Quarterly Wynnewood Refinery Petroleum Segment (In millions except for barrels sold data) Q1 2014 Q1 2013 Net Sales 802.0 780.4 Gross Profit(1) 41.9 126.9 Crude Oil Throughput (barrels per day) 77,949 71,177 Barrels Sold 78,170…
  10. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 10
    Debt Metrics Net Debt (Cash) ( in millions) 800 727.2 700 620.1 600 466.7 500 400 302.9 300 169.0 200 100 0 2010 2011 2012 2013 2014 Q1 2014 Financial Metrics 2010 2011 2012 2013 LTM Debt to Capital 53% 42%…
  11. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 11
    Appendix
  12. Q1 2014 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. Q1 2014 EARNINGS REPORT – Cvr Refining 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. Q1 2014 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. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 15
    Coffeyville Refinery First Quarter Calculation of Gross Profit 3/31/2014 3/31/2013 Net sales 1,572.3 1,492.6 Cost of product sold 1,358.8 1,195.1 Refining margin 213.5 297.5 Direct operating expenses 53.3 52.2 Depreciation and…
  16. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 16
    Wynnewood Refinery First Quarter Calculation of Gross Profit 3/31/2014 3/31/2013 Net sales 802.0 780.4 Cost of product sold 704.5 610.4 Refining margin 97.5 170.0 Direct operating expenses 45.6 33.8 Depreciation and amortization…
  17. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 17
    Capital Structure Full Year LTM Financials ( in millions) 2010 2011 2012 2013 Q1 2014 Cash 2.3 2.7 153.1 279.8 413.4 Total debt, including current portion 469.0 729.9 773.2 582.7 582.4 Net Debt 466.7 727.2 620.1 302.9 169.0…
  18. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 18
    Consolidated Non-GAAP Financial Measures Full Year LTM Financials ( in millions) 2010 2011 2012 2013 Q1 2014 Net Income 38.2 480.3 595.3 590.4 580.4 Interest expense and other financing costs, net of interest income 49.7 53.0 76.2…
  19. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 19
    Consolidated Non-GAAP Financial Measures First Quarter Financials ( in millions) 3/31/2014 3/31/2013 Net Income 265.4 275.4 Interest expense and other financing costs, net of interest income 8.6 14.1 Depreciation and amortization…
  20. Q1 2014 EARNINGS REPORT – Cvr Refining Lp – slide 20
    Consolidated Non-GAAP Financial Measures First Quarter Financials ( in millions, except for per unit data) 3/31/2014 Adjusted EBITDA 194.1 Less: Cash needs for debt service (10.0) Reserves for environmental and maintenance…

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