SUGAR LAND, Texas, May 14, 2024 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced that it will update certain operating statistics and financial statements for the oil company. We have announced an information outlook. This information was not included in the company's first quarter 2024 results announcement as the company was not yet able to determine the impact of the fire that occurred at its Wynnewood refinery the previous day. announcement. As previously announced, the fire was quickly extinguished, no employees or contractors were injured, and Coffeyville Refinery operations were not affected by the fire. Further evaluation of the incident determined that damage was limited to pipe racks and pumps in the naphtha processing equipment area, with damage to the pipe racks impacting service to other equipment. Currently, one crude oil unit, fluid catalytic cracker, and alkylation unit have been restarted, and a reformer is being started up. The company does not currently expect the fire to have a material impact on its overall financial condition, and management expects operations to return to normal by the end of the second quarter of 2024.
Outlook for Q2 2024
The table below summarizes our outlook regarding certain operating statistics and financial information for the second quarter of 2024. See “Forward-Looking Statements” below.
|
Q2 2024 |
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|
low |
expensive |
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|
oil |
|||||||
|
Total throughput (bpd) |
170,000 |
190,000 |
|||||
|
direct operating expenses (in millions) (1) |
$ |
105 |
$ |
115 |
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|
turn around (2) |
Five |
Ten |
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|
Renewable energy (3) |
|||||||
|
Total throughput (in millions of gallons) |
7 |
Ten |
|||||
|
direct operating expenses (in millions) (1) |
$ |
8 |
$ |
12 |
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|
Capital expenditure (in millions) (2) |
|||||||
|
oil |
$ |
35 |
$ |
50 |
|||
|
Renewable energy (3) |
3 |
6 |
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__________________
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(1) |
Direct operating expenses are presented excluding the effects of depreciation, remanufacturing costs and inventory valuation. |
|
(2) |
Restructuring and capital expenditures are disclosed on an accrual basis. |
|
(3) |
Renewable energy reflects spending on the Wynnewood Renewable Diesel segment and the Wynnewood Renewable Feedstock Preprocessing Project. As of March 31, 2024, renewable energy does not meet the definition of a reportable segment as defined in Accounting Standards Codification Topic 280. |
Forward-looking statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding current estimates, expectations and projections regarding future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts, as that term is defined below. As such, these are “forward-looking statements.” Federal securities laws. These forward-looking statements include, without limitation, statements regarding the future. Impact of the Wynnewood Refinery Fire. This includes, but is not limited to, the impact on employees, contractors, property, equipment and other units (by pipe racks or otherwise). Operations at the Coffeyville Refinery. Restart and continue operations at the Wynnewood Refinery, including, but not limited to, the crude oil unit, fluid catalytic cracker, alkylation unit and reformer. our overall financial condition; Wynnewood will return to normal operations by the end of the second quarter of 2024 or not at all. the impact on throughput, direct operating expenses, capital expenditures, depreciation, reclamation costs and inventory valuation for each of our oil and renewable energy businesses; Other matters. Forward-looking statements generally include the words “outlook,” “anticipate,” “believe,” “continue,” “may,” “estimate,” “expect,” “seek,” ” “evaluate”, “intend”, “may”, “might”, “plan”, “could”, “anticipate”, “seek”, “should”, ” “will”, or its negative or other variations, or equivalent terms. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that a variety of factors can affect these forward-looking statements, including demand for fossil fuels and changes in the prices of crude oil, other feedstocks and refined products. potential operational hazards, including the effects of fire at our facilities; the costs of, and potential liability arising from, compliance with existing or new laws and regulations; the intentions of our controlling shareholders regarding ownership of our common stock and potential strategic transactions involving us or our CVR partners; general economic and business conditions; political turmoil, geopolitical instability and tensions; Impact of plant outages, weather conditions, and events. and other risks. For more information about the risk factors that may affect our results of operations, please refer to our most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q, and our other Please see risk factors and other disclosures contained in the Securities and Exchange Commission. (“SEC”) Filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this news release are made only as of the date of this news release. CVR Energy disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. I am not responsible.
About CVR Energy Co., Ltd.
CVR Energy, headquartered in Sugar Land, Texas, is a diversified holding company primarily engaged in renewable energy, petroleum refining and marketing, and nitrogen fertilizer manufacturing operations through its interest in CVR Partners. A subsidiary of CVR Energy acts as the general partner and owns 37 percent of the common units of CVR Partners.
Investors and others should be aware that CVR Energy may announce important information in SEC filings, press releases, public conference calls, webcasts and through the Investor Relations page of its website. Must be kept in mind. CVR Energy may use these channels to distribute important information about us or to communicate important information about our company, our corporate initiatives, or other matters. Information posted by CVR Energy on its website may be considered material. CVR Energy therefore encourages investors, media, customers, business partners and other persons interested in our company to review the information published on our website.
For more information, please contact us below.
PR for investors
Richard Roberts
CVR Energy Co., Ltd.
(281) 207-3205
InvestorRelations@CVREnergy.com
Media contact point
brandy stevens
CVR Energy Co., Ltd.
(281) 207-3516
MediaRelations@CVREnergy.com
