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Q3 2015 Earnings Call – Cvr Refining Lp

Cvr Refining Lp · Oct 29, 2015 · 18 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. Q3 2015 Earnings Call – Cvr Refining Lp – slide 1
    3rd Quarter 2015 Earnings Report October 29, 2015
  2. Q3 2015 Earnings Call – Cvr Refining Lp – slide 2
    Consolidated Selected Financials and Key Performance Indicators Consolidated Financial Results Third Quarter Year to Date (In millions, except for throughput and market data) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Net Income 138.9…
  3. Q3 2015 Earnings Call – Cvr Refining Lp – slide 3
    Coffeyville Refinery Refinery Crude Throughput Refining Margin(1)(2) (mbpd) ( / bpd) 125.5 18.42 118.8 117.3 17.02 14.87 12.54 96.5 Q3 2015 Q3 2014 YTD 2015 YTD 2014 Q3 2015 Q3 2014 YTD 2015 YTD 2014 Direct Operating…
  4. Q3 2015 Earnings Call – Cvr Refining Lp – slide 4
    Wynnewood Refinery Refinery Crude Throughput Refining Margin(1)(2) (mbpd) ( / bpd) 81.4 18.94 79.8 16.79 79.4 78.7 13.76 13.57 Q3 2015 Q3 2014 YTD 2015 YTD 2014 Q3 2015 Q3 2014 YTD 2015 YTD 2014 Barrels Sold Direct…
  5. Q3 2015 Earnings Call – Cvr Refining Lp – slide 5
    Debt Metrics Net Debt ( in millions) 700 620.1 600 500 400 302.9 300 211.2 200 79.3 100 0 2012 2013 2014 Q3 2015 Financial Metrics 2012 2013 2014 Q3 2015 LTM w Debt to Capital 44% 28% 29% 27% w Debt to Adj.…
  6. Q3 2015 Earnings Call – Cvr Refining Lp – slide 6
    Capital Spending Coffeyville Wynnewood ( in millions) ( in millions) 200 250 200 150 150 100 100 50 50 0 0 2012 2013 2014 2015 E 2012 2013 2014 2015 E n Environmental & Maintenance n Growth n Environmental & Maintenance…
  7. Q3 2015 Earnings Call – Cvr Refining Lp – slide 7
    Hedging Position(1) Distillate 29.5 29.0 0.6 0.6 0.6 0.6 0.6 28.5 28.0 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Hedged crack spread (/bbl) Hedged bbls (millions) Note: Refer to slide 19 for metrics used in…
  8. Q3 2015 Earnings Call – Cvr Refining Lp – slide 8
    Appendix
  9. Q3 2015 Earnings Call – Cvr Refining Lp – slide 9
    Non-GAAP Financial 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. These…
  10. Q3 2015 Earnings Call – Cvr Refining Lp – slide 10
    Non-GAAP Financial Measures (cont'd) 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…
  11. Q3 2015 Earnings Call – Cvr Refining Lp – slide 11
    Consolidated Non-GAAP Financial Measures Calculation of Refining Margin adjusted for Third Quarter Year to Date FIFO impact(1) ( in millions) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Net Sales 1,361.6 2,215.2 4,213.6 7,056.9…
  12. Q3 2015 Earnings Call – Cvr Refining Lp – slide 12
    Consolidated Non-GAAP Financial Measures Third Quarter Year to Date Financials ( in millions) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Net income 138.9 21.8 413.4 467.2 Interest expense and other financing costs, net of interest…
  13. Q3 2015 Earnings Call – Cvr Refining Lp – slide 13
    Non-GAAP Financial Measures Third Quarter Year to Date Consolidated ( in millions) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Direct operating expenses and major scheduled turnaround expenses 112.6 110.6 289.9 303.0 Less: major…
  14. Q3 2015 Earnings Call – Cvr Refining Lp – slide 14
    Consolidated Non-GAAP Financial Measures Third Quarter Financials ( in millions, except for per unit data) 9/30/2015 Adjusted EBITDA(1) 229.6 Less: Cash needs for debt service (10.0) Reserves for environmental and maintenance…
  15. Q3 2015 Earnings Call – Cvr Refining Lp – slide 15
    Capital Structure Full Year LTM Financials ( in millions) 2012 2013 2014 Q3 2015 n Cash 153.1 279.8 370.2 501.1 n Total debt, including current portion 773.2 582.7 581.4 580.4 n Net Debt 620.1 302.9 211.2 79.3 n Partners'…
  16. Q3 2015 Earnings Call – Cvr Refining Lp – slide 16
    Consolidated Non-GAAP Financial Measures Full Year LTM Financials ( in millions) 2012 2013 2014 Q3 2015 Net Income 595.3 590.4 358.7 304.9 Interest expense and other financing costs, net of interest income 76.2 43.7 33.9 41.5…
  17. Q3 2015 Earnings Call – Cvr Refining Lp – slide 17
    Capital Spending Financials 2015 Estimate 2015 Estimate 2012 2013 2014 ( in millions) Low High Coffeyville refinery Environmental and Maintenance 40.4 52.6 74.8 82.0 86.0 Growth 2.0 3.6 5.5 82.0 86.0 Coffeyville refinery total…
  18. Q3 2015 Earnings Call – Cvr Refining Lp – slide 18
    Hedging Position(1) Distillate Gasoline Total Commodity Swaps Barrels Fixed Price(2) Barrels Fixed Price(2) Barrels Fixed Price(2) Fourth Quarter 2015 600,000 28.48 600,000 28.48 First Quarter 2016 615,000 29.01 615,000 29.01 Second…

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