Forward-Looking Statements This presentation contains forward-looking statements (FLS) which are protected as FLS under the PSLRA, and which are based on managements current expectations and beliefs, as well as a number of assumptions…
Mission and Values Our Guiding Principles Our mission is to be a top-tier North American petroleum refining and nitrogen-based fertilizer company as measured by safe and reliable operations, superior financial performance and profitable…
Company Overview Mid-Continent Focused Refining & Fertilizer Businesses CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries. CVR Energys Petroleum…
Strategic Priorities Focus on Operating Safely, Controlling Costs and Maintaining Balance Sheet & Liquidity Continuing to improve in all Environmental, Health and Safety matters - Safety is Job 1 Environmental, Health and Safety…
PETROLEUM SEGMENT
Asset Footprint Strategically Located Assets near Cushing and SCOOP/STACK Mid-Continent Refineries Nameplate crude oil capacity of 206,500 bpd across two refineries 3Q20 total throughput of 201,168 bpd (total throughput impacted by…
Strategically Located Mid-Con Refineries Multiple Takeaway Options Provide Product Placement Flexibility Marketing Network Optionality Marketing activities focused in central mid- continent area via rack marketing, supplying…
High-Quality Refining Assets Consistent High Margin Generation and Low-Cost Operations Consolidated Top-Tier Refining Margin(1) Consolidated Low-Cost Operator(2) Total Throughput(1) Total Production(1) (4) Heavy Canadian (3)…
Challenging Macro Environment Mid Con Supply and Demand Fundamentals Better than US Average US Gasoline Demand Magellan System Gasoline Demand US Diesel Demand Magellan System Diesel Demand Source: EIA, Magellan 10
Challenging Macro Environment Mid Con Supply and Demand Fundamentals Better than US Average US Gasoline Inventories Magellan System Gasoline Inventories US Diesel Inventories Magellan System Diesel Inventories Source: EIA,…
Challenging Macro Environment Expect Crack Spreads to Improve as Product Demand Recovers and Inventories Decline 2-1-1 Crack Spreads & Brent-WTI Differentials (/bbl) WTI-Based Gasoline and ULSD Crack Spreads (/bbl) 30 5 NYMEX 2-1-1…
Progressing Renewable Diesel Project(1) Potential Multi-Phase Project Utilizing Existing Assets at Both Refineries Convert the existing hydrocracker at Wynnewood to Renewable Diesel service Retool the Wynnewood Refinery for maximum…
Progressing Renewable Diesel Project Board Authorized Spending for Detailed Cost Estimates for Phase 1 KSAAT Project at Wynnewood Wynnewood Hydrocracker Conversion Renewable Diesel Margin Proxy Project Highlights: Convert 19,000…
Progressing Renewable Diesel Project Renewable Diesel Project Economics and Sensitivities Project Economics: KSAAT Project at Wynnewood Renewable diesel margins impacted by several factors: Crude oil price and spread between ULSD…
Capital Expenditures and Turnarounds Disciplined Approach to Capital Spending 250 2020 Petroleum Segment Capex budget of 86M - 92M 200 Reduced 2020 planned spending by approximately 20% from original budget. 150 M 100…
FERTILIZER SEGMENT
Stable Trends in Fertilizer Demand Global and Domestic Demand for Nitrogen Remains Steady Global nitrogen consumption increased by 15% between 2009 and 2019 driven by: Global Nitrogen Consumption Population growth 140 130 Decrease…
U.S Nitrogen Supply & Demand Domestic Supply and Demand Picture is More Balanced Corn Stocks to Use Compared to Netback Fertilizer Pricing US Nitrogen Supply Nitrogen fertilizers represent approximately 15% of Major global nitrogen…
Strong Demand for Corn in the U.S. Increasing Corn Consumption is Positive for Nitrogen Demand Corn has a variety of uses and applications, U.S. Domestic Corn Use including feed grains, ethanol for fuel and 14.0 food, seed and…
Strategically Located Assets Well-Positioned in Premium Pricing Regions Large geographic footprint serving the Southern Plains and Corn Belt region Well positioned to minimize distribution costs and maximize net back pricing…
Key Operating Statistics Consistent High Utilization at Both Facilities Consolidated Production Volumes (1) Ammonia Utilization(2) Ammonia (gross produced) Ammonia (net avail. for sale) UAN 100% Coffeyville East Dubuque Consolidated…
Capital Expenditures and Turnaround Expenses Primarily Focused on Maintenance Spending East Dubuque Merger on 2020 Total Capex budget of 18M - 21M April 1, 2016 25 20 Reduced 2020 planned spending by over 20% from original…
APPENDIX
Non-GAAP Financial Measures Available Cash for Distribution - EBITDA for the quarter excluding non-cash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the board of directors (the Board) of…
Non-GAAP Financial Measures (In USD Millions) CVR Energy, Inc. 2015 2016 2017 2018 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 TTM Net Income 350 10 258 366 362 28 (101) (32) (108) (213) Add: Interest expense and other financing costs, net of…
Non-GAAP Financial Measures Three Months Ended Twelve Months (In USD Millions) December 31, March 31, June 30, September 30, Ended 2019 2020 2020 2020 September 30, 2020 Consolidated Net income (loss) 28 (101) (32) (108) (213)…
Non-GAAP Financial Measures Reconciliation of Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer (In USD Millions) Twelve Months Ended September 30, 2020 Total debt and finance lease…
Non-GAAP Financial Measures (In USD Millions) CVR Partners, LP 2015 2016 2017 2018 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 TTM Net Income (loss) 62 (27) (73) (50) (35) (25) (21) (42) (19) (107) Add: Interest expense and other financing…
2020 Estimated Capital Expenditures 2019 Actual 2020 Estimate (1) Maintenance Growth Total Maintenance Growth Total Low High Low High Low High Petroleum 79 10 89 73 77 13 15 86 92 Nitrogen Fertilizer 18 2 20 13 15 5 6 18 21 Other (2)…
Simplified Organizational Structure Public Icahn Enterprises L.P. and Affiliates 29% 71% CVR Energy, Inc. (NYSE:CVI) Wynnewood Insurance Corporation CVR Energy Holdings, Inc. CVR Aviation, LLC Public 34.1% 65.9% CVR…
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