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(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2015
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OR
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¨
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
.
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Delaware
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61-1512186
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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2277 Plaza Drive, Suite 500
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Sugar Land, Texas
(Address of principal executive offices)
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77479
(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if smaller reporting company.)
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Page No.
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June 30, 2015
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December 31, 2014
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||||
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(unaudited)
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||||
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(in millions, except share data)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
937.7
|
|
|
$
|
753.7
|
|
Accounts receivable, net of allowance for doubtful accounts of $0.5 and $0.4
|
179.8
|
|
|
136.7
|
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||
Inventories
|
349.5
|
|
|
329.6
|
|
||
Prepaid expenses and other current assets
|
86.2
|
|
|
174.7
|
|
||
Income tax receivable
|
4.3
|
|
|
11.1
|
|
||
Deferred income taxes
|
2.4
|
|
|
6.3
|
|
||
Due from parent
|
—
|
|
|
44.5
|
|
||
Total current assets
|
1,559.9
|
|
|
1,456.6
|
|
||
Property, plant and equipment, net of accumulated depreciation
|
1,916.5
|
|
|
1,916.0
|
|
||
Intangible assets, net
|
0.2
|
|
|
0.2
|
|
||
Goodwill
|
41.0
|
|
|
41.0
|
|
||
Deferred financing costs, net
|
7.2
|
|
|
8.4
|
|
||
Other long-term assets
|
22.8
|
|
|
40.3
|
|
||
Total assets
|
$
|
3,547.6
|
|
|
$
|
3,462.5
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Note payable and capital lease obligations
|
$
|
1.5
|
|
|
$
|
1.4
|
|
Current portion of long-term debt
|
125.0
|
|
|
—
|
|
||
Accounts payable
|
284.2
|
|
|
275.0
|
|
||
Personnel accruals
|
34.8
|
|
|
38.3
|
|
||
Accrued taxes other than income taxes
|
30.2
|
|
|
26.7
|
|
||
Due to parent
|
20.8
|
|
|
—
|
|
||
Deferred revenue
|
1.9
|
|
|
13.6
|
|
||
Other current liabilities
|
53.3
|
|
|
68.6
|
|
||
Total current liabilities
|
551.7
|
|
|
423.6
|
|
||
Long-term liabilities:
|
|
|
|
||||
Long-term debt and capital lease obligations, net of current portion
|
547.7
|
|
|
673.5
|
|
||
Deferred income taxes
|
615.9
|
|
|
638.3
|
|
||
Other long-term liabilities
|
53.0
|
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|
51.8
|
|
||
Total long-term liabilities
|
1,216.6
|
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|
1,363.6
|
|
||
Commitments and contingencies
|
|
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|
||||
Equity:
|
|
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|
||||
CVR stockholders' equity:
|
|
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|
||||
Common stock $0.01 par value per share, 350,000,000 shares authorized, 86,929,660 shares issued
|
0.9
|
|
|
0.9
|
|
||
Additional paid-in-capital
|
1,174.7
|
|
|
1,174.7
|
|
||
Retained deficit
|
(115.1
|
)
|
|
(184.9
|
)
|
||
Treasury stock, 98,610 shares at cost
|
(2.3
|
)
|
|
(2.3
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
(0.2
|
)
|
|
(0.3
|
)
|
||
Total CVR stockholders' equity
|
1,058.0
|
|
|
988.1
|
|
||
Noncontrolling interest
|
721.3
|
|
|
687.2
|
|
||
Total equity
|
1,779.3
|
|
|
1,675.3
|
|
||
Total liabilities and equity
|
$
|
3,547.6
|
|
|
$
|
3,462.5
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(unaudited)
|
||||||||||||||
|
(in millions, except per share data)
|
||||||||||||||
Net sales
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$
|
1,624.2
|
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|
$
|
2,540.3
|
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$
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3,013.1
|
|
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$
|
4,987.8
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of product sold (exclusive of depreciation and amortization)
|
1,192.2
|
|
|
2,189.0
|
|
|
2,265.8
|
|
|
4,265.9
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization)
|
115.4
|
|
|
120.1
|
|
|
226.9
|
|
|
243.5
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Selling, general and administrative expenses (exclusive of depreciation and amortization)
|
27.2
|
|
|
28.0
|
|
|
52.4
|
|
|
54.4
|
|
||||
Depreciation and amortization
|
42.5
|
|
|
38.6
|
|
|
84.5
|
|
|
75.9
|
|
||||
Total operating costs and expenses
|
1,350.0
|
|
|
2,375.7
|
|
|
2,602.3
|
|
|
4,639.7
|
|
||||
Operating income
|
274.2
|
|
|
164.6
|
|
|
410.8
|
|
|
348.1
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense and other financing costs
|
(11.9
|
)
|
|
(9.3
|
)
|
|
(24.6
|
)
|
|
(19.4
|
)
|
||||
Interest income
|
0.3
|
|
|
0.2
|
|
|
0.4
|
|
|
0.4
|
|
||||
Gain (loss) on derivatives, net
|
(12.6
|
)
|
|
35.9
|
|
|
(64.0
|
)
|
|
145.3
|
|
||||
Other income (expense), net
|
0.2
|
|
|
(2.2
|
)
|
|
36.3
|
|
|
(2.1
|
)
|
||||
Total other income (expense)
|
(24.0
|
)
|
|
24.6
|
|
|
(51.9
|
)
|
|
124.2
|
|
||||
Income before income taxes
|
250.2
|
|
|
189.2
|
|
|
358.9
|
|
|
472.3
|
|
||||
Income tax expense
|
58.1
|
|
|
45.2
|
|
|
82.1
|
|
|
114.6
|
|
||||
Net income
|
192.1
|
|
|
144.0
|
|
|
276.8
|
|
|
357.7
|
|
||||
Less: Net income attributable to noncontrolling interest
|
90.2
|
|
|
60.3
|
|
|
120.1
|
|
|
147.3
|
|
||||
Net income attributable to CVR Energy stockholders
|
$
|
101.9
|
|
|
$
|
83.7
|
|
|
$
|
156.7
|
|
|
$
|
210.4
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
1.17
|
|
|
$
|
0.96
|
|
|
$
|
1.80
|
|
|
$
|
2.42
|
|
Diluted earnings per share
|
$
|
1.17
|
|
|
$
|
0.96
|
|
|
$
|
1.80
|
|
|
$
|
2.42
|
|
Dividends declared per share
|
$
|
0.50
|
|
|
$
|
0.75
|
|
|
$
|
1.00
|
|
|
$
|
1.50
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
||||
Diluted
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(unaudited)
|
||||||||||||||
|
(in millions)
|
||||||||||||||
Net income
|
$
|
192.1
|
|
|
$
|
144.0
|
|
|
$
|
276.8
|
|
|
$
|
357.7
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Unrealized gain on available-for-sale securities, net of tax of $0, $0, $12.6 and $0
|
—
|
|
|
—
|
|
|
19.2
|
|
|
—
|
|
||||
Net gain reclassified into income on sale of available-for-sale securities, net of tax of $0, $0, $(8.0) and $0 (Note 11)
|
—
|
|
|
—
|
|
|
(12.1
|
)
|
|
—
|
|
||||
Net gain reclassified into income on reclassification of available-for-sale securities to trading securities, net of tax of $0, $0, $(4.6) and $0 (Note 11)
|
—
|
|
|
—
|
|
|
(7.1
|
)
|
|
—
|
|
||||
Change in fair value of interest rate swap, net of tax of $0, $0, $0 and $(0.1)
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Net loss reclassified into income on settlement of interest rate swap, net of tax of $0.1, $0.1, $0.1 and $0.1 (Note 12)
|
0.2
|
|
|
0.2
|
|
|
0.4
|
|
|
0.4
|
|
||||
Total other comprehensive income
|
0.2
|
|
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
Comprehensive income
|
192.3
|
|
|
144.1
|
|
|
277.1
|
|
|
358.0
|
|
||||
Less: Comprehensive income attributable to noncontrolling interest
|
90.4
|
|
|
60.4
|
|
|
120.3
|
|
|
147.5
|
|
||||
Comprehensive income attributable to CVR Energy stockholders
|
$
|
101.9
|
|
|
$
|
83.7
|
|
|
$
|
156.8
|
|
|
$
|
210.5
|
|
|
Common Stockholders
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Shares
Issued
|
|
$0.01 Par
Value
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Deficit
|
|
Treasury
Stock
|
|
Accumulated Other
Comprehensive
Loss
|
|
Total CVR
Stockholders'
Equity
|
|
Noncontrolling
Interest
|
|
Total
Equity
|
|||||||||||||||||
|
(unaudited)
|
|||||||||||||||||||||||||||||||||
|
(in millions, except share data)
|
|||||||||||||||||||||||||||||||||
Balance at December 31, 2014
|
86,929,660
|
|
|
$
|
0.9
|
|
|
$
|
1,174.7
|
|
|
$
|
(184.9
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
988.1
|
|
|
$
|
687.2
|
|
|
$
|
1,675.3
|
|
Dividends paid to CVR Energy stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
(86.8
|
)
|
|
—
|
|
|
—
|
|
|
(86.8
|
)
|
|
—
|
|
|
(86.8
|
)
|
||||||||
Distributions from CVR Partners to public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.4
|
)
|
|
(29.4
|
)
|
||||||||
Distributions from CVR Refining to public unitholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56.8
|
)
|
|
(56.8
|
)
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
156.7
|
|
|
—
|
|
|
—
|
|
|
156.7
|
|
|
120.1
|
|
|
276.8
|
|
||||||||
Net gain on interest rate swaps, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
||||||||
Balance at June 30, 2015
|
86,929,660
|
|
|
$
|
0.9
|
|
|
$
|
1,174.7
|
|
|
$
|
(115.1
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
1,058.0
|
|
|
$
|
721.3
|
|
|
$
|
1,779.3
|
|
|
Six Months Ended
June 30, |
||||||
|
2015
|
|
2014
|
||||
|
(unaudited)
|
||||||
|
(in millions)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
276.8
|
|
|
$
|
357.7
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
84.5
|
|
|
75.9
|
|
||
Allowance for doubtful accounts
|
0.1
|
|
|
(0.4
|
)
|
||
Amortization of deferred financing costs
|
1.4
|
|
|
1.4
|
|
||
Deferred income taxes
|
(17.6
|
)
|
|
(25.1
|
)
|
||
Loss on disposition of assets
|
1.4
|
|
|
0.4
|
|
||
Share-based compensation
|
5.9
|
|
|
8.9
|
|
||
Gain on sale of available-for-sale securities
|
(20.1
|
)
|
|
—
|
|
||
(Gain) loss on derivatives, net
|
64.0
|
|
|
(145.3
|
)
|
||
Current period settlements on derivative contracts
|
(34.8
|
)
|
|
55.0
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(43.7
|
)
|
|
(6.6
|
)
|
||
Inventories
|
(19.9
|
)
|
|
(2.1
|
)
|
||
Prepaid expenses and other current assets
|
34.2
|
|
|
6.3
|
|
||
Other long-term assets
|
(0.3
|
)
|
|
(0.9
|
)
|
||
Accounts payable
|
9.6
|
|
|
28.6
|
|
||
Accrued income taxes
|
6.8
|
|
|
11.0
|
|
||
Due to parent
|
65.3
|
|
|
27.9
|
|
||
Deferred revenue
|
(11.7
|
)
|
|
(0.3
|
)
|
||
Other current liabilities
|
(25.8
|
)
|
|
13.1
|
|
||
Other long-term liabilities
|
0.3
|
|
|
—
|
|
||
Net cash provided by operating activities
|
376.4
|
|
|
405.5
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(86.7
|
)
|
|
(114.9
|
)
|
||
Proceeds from sale of assets
|
—
|
|
|
0.2
|
|
||
Purchase of available-for-sale securities
|
—
|
|
|
(78.3
|
)
|
||
Proceeds from sale of available-for-sale securities
|
68.0
|
|
|
—
|
|
||
Net cash used in investing activities
|
(18.7
|
)
|
|
(193.0
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payment of capital lease obligations
|
(0.7
|
)
|
|
(0.7
|
)
|
||
Proceeds from CVR Refining's June 2014 offering, net of offering costs
|
—
|
|
|
163.9
|
|
||
Dividends to CVR Energy's stockholders
|
(86.8
|
)
|
|
(130.2
|
)
|
||
Distributions to CVR Refining's noncontrolling interest holders
|
(56.8
|
)
|
|
(61.2
|
)
|
||
Distributions to CVR Partners' noncontrolling interest holders
|
(29.4
|
)
|
|
(27.7
|
)
|
||
Net cash used in financing activities
|
(173.7
|
)
|
|
(55.9
|
)
|
||
Net increase in cash and cash equivalents
|
184.0
|
|
|
156.6
|
|
||
Cash and cash equivalents, beginning of period
|
753.7
|
|
|
842.1
|
|
||
Cash and cash equivalents, end of period
|
$
|
937.7
|
|
|
$
|
998.7
|
|
Supplemental disclosures:
|
|
||||||
Cash paid for income taxes, net of refunds
|
$
|
27.7
|
|
|
$
|
100.7
|
|
Cash paid for interest net of capitalized interest of $1.2 and $5.2 in 2015 and 2014, respectively
|
$
|
23.1
|
|
|
$
|
17.9
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Construction in process additions included in accounts payable
|
$
|
21.3
|
|
|
$
|
23.5
|
|
Change in accounts payable related to construction in process additions
|
$
|
(0.3
|
)
|
|
$
|
(9.3
|
)
|
|
Shares
|
|
Weighted-Average Grant-Date
Fair Value |
|||
Non-vested at January 1, 2015
|
48,011
|
|
|
$
|
45.89
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
(3,630
|
)
|
|
32.44
|
|
|
Forfeited
|
(3,671
|
)
|
|
47.68
|
|
|
Non-vested at June 30, 2015
|
40,710
|
|
|
$
|
46.93
|
|
|
Phantom Units
|
|
Weighted-Average Grant-Date
Fair Value |
|||
Non-vested at January 1, 2015
|
243,946
|
|
|
$
|
11.07
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(2,388
|
)
|
|
10.99
|
|
|
Non-vested at June 30, 2015
|
241,558
|
|
|
$
|
11.08
|
|
|
Units
|
|
Weighted-Average Grant-Date
Fair Value
|
|||
Non-vested at January 1, 2015
|
403,947
|
|
|
$
|
18.89
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(33,260
|
)
|
|
19.13
|
|
|
Non-vested at June 30, 2015
|
370,687
|
|
|
$
|
18.87
|
|
|
Incentive Units
|
|
Weighted-Average Grant-Date
Fair Value
|
|||
Non-vested at January 1, 2015
|
435,515
|
|
|
$
|
18.95
|
|
Granted
|
18,750
|
|
|
19.42
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(13,649
|
)
|
|
19.72
|
|
|
Non-vested at June 30, 2015
|
440,616
|
|
|
$
|
18.95
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||
|
(in millions)
|
||||||
Finished goods
|
$
|
158.2
|
|
|
$
|
176.2
|
|
Raw materials and precious metals
|
124.1
|
|
|
88.0
|
|
||
In-process inventories
|
18.5
|
|
|
20.6
|
|
||
Parts and supplies
|
48.7
|
|
|
44.8
|
|
||
|
$
|
349.5
|
|
|
$
|
329.6
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||
|
(in millions)
|
||||||
Land and improvements
|
$
|
37.8
|
|
|
$
|
37.4
|
|
Buildings
|
51.5
|
|
|
50.4
|
|
||
Machinery and equipment
|
2,617.2
|
|
|
2,581.2
|
|
||
Automotive equipment
|
23.4
|
|
|
22.1
|
|
||
Furniture and fixtures
|
19.9
|
|
|
19.0
|
|
||
Leasehold improvements
|
3.4
|
|
|
3.4
|
|
||
Aircraft
|
3.6
|
|
|
3.7
|
|
||
Railcars
|
14.9
|
|
|
14.5
|
|
||
Construction in progress
|
113.7
|
|
|
71.5
|
|
||
|
2,885.4
|
|
|
2,803.2
|
|
||
Accumulated depreciation
|
968.9
|
|
|
887.2
|
|
||
Total property, plant and equipment, net
|
$
|
1,916.5
|
|
|
$
|
1,916.0
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||
|
(in millions)
|
||||||
6.5% Senior Notes due 2022
|
$
|
500.0
|
|
|
$
|
500.0
|
|
CRNF credit facility
|
125.0
|
|
|
125.0
|
|
||
Capital lease obligations
|
49.2
|
|
|
49.9
|
|
||
Total debt
|
674.2
|
|
|
674.9
|
|
||
Current portion of long-term debt and capital lease obligations
|
(126.5
|
)
|
|
(1.4
|
)
|
||
Long-term debt, net of current portion
|
$
|
547.7
|
|
|
$
|
673.5
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions, except per share data)
|
||||||||||||||
Net income attributable to CVR Energy stockholders
|
$
|
101.9
|
|
|
$
|
83.7
|
|
|
$
|
156.7
|
|
|
$
|
210.4
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares of common stock outstanding - Basic
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
||||
Weighted-average shares of common stock outstanding - Diluted
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
1.17
|
|
|
$
|
0.96
|
|
|
$
|
1.80
|
|
|
$
|
2.42
|
|
Diluted earnings per share
|
$
|
1.17
|
|
|
$
|
0.96
|
|
|
$
|
1.80
|
|
|
$
|
2.42
|
|
|
Operating
Leases
|
|
Unconditional
Purchase
Obligations
(1)
|
||||
|
(in millions)
|
||||||
Six Months Ending December 31, 2015
|
$
|
4.4
|
|
|
$
|
104.2
|
|
Year Ending December 31,
|
|
|
|
||||
2016
|
7.9
|
|
|
126.7
|
|
||
2017
|
5.4
|
|
|
119.9
|
|
||
2018
|
3.8
|
|
|
116.7
|
|
||
2019
|
2.1
|
|
|
115.7
|
|
||
Thereafter
|
4.0
|
|
|
795.2
|
|
||
|
$
|
27.6
|
|
|
$
|
1,378.4
|
|
|
(1)
|
This amount includes approximately
$836.7 million
payable ratably over
sixteen years
pursuant to petroleum transportation service agreements between Coffeyville Resources Refining & Marketing, LLC ("CRRM") and each of TransCanada Keystone Pipeline Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of
June 30, 2015
, where applicable. Under the agreements, CRRM receives transportation of at least
25,000
barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of
twenty years
on TransCanada's Keystone pipeline system.
|
•
|
Level 1 — Quoted prices in active markets for identical assets and liabilities
|
•
|
Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities)
|
•
|
Level 3 — Significant unobservable inputs (including the Company's own assumptions in determining the fair value)
|
|
June 30, 2015
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Location and Description
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
61.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61.0
|
|
Other current assets (investments)
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||
Other current assets (other derivative agreements)
|
—
|
|
|
14.4
|
|
|
—
|
|
|
14.4
|
|
||||
Other long-term assets (other derivative agreements)
|
—
|
|
|
8.5
|
|
|
—
|
|
|
8.5
|
|
||||
Total Assets
|
$
|
61.3
|
|
|
$
|
22.9
|
|
|
$
|
—
|
|
|
$
|
84.2
|
|
Other current liabilities (other derivative agreements)
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
(4.8
|
)
|
||||
Other current liabilities (interest rate swaps)
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
||||
Other current liabilities (biofuel blending obligations)
|
—
|
|
|
(13.8
|
)
|
|
—
|
|
|
(13.8
|
)
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
(19.2
|
)
|
|
$
|
—
|
|
|
$
|
(19.2
|
)
|
|
December 31, 2014
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Location and Description
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
69.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
69.0
|
|
Other current assets (investments)
|
73.9
|
|
|
2.7
|
|
|
—
|
|
|
76.6
|
|
||||
Other current assets (other derivative agreements)
|
—
|
|
|
25.0
|
|
|
—
|
|
|
25.0
|
|
||||
Other long-term assets (other derivative agreements)
|
—
|
|
|
22.3
|
|
|
—
|
|
|
22.3
|
|
||||
Total Assets
|
$
|
142.9
|
|
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
192.9
|
|
Other current liabilities (interest rate swaps)
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
||||
Other current liabilities (biofuel blending obligation)
|
—
|
|
|
(49.6
|
)
|
|
—
|
|
|
(49.6
|
)
|
||||
Other long-term liabilities (interest rate swaps)
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
(50.6
|
)
|
|
$
|
—
|
|
|
$
|
(50.6
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Current period settlements on derivative contracts
|
$
|
(28.5
|
)
|
|
$
|
33.9
|
|
|
$
|
(34.8
|
)
|
|
$
|
55.0
|
|
Gain (loss) on derivatives, net
|
(12.6
|
)
|
|
35.9
|
|
|
(64.0
|
)
|
|
145.3
|
|
|
As of June 30, 2015
|
||||||||||||||||||
Description
|
Gross
Current Assets
|
|
Gross
Amounts
Offset
|
|
Net
Current Assets
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Swaps
|
$
|
16.4
|
|
|
$
|
(2.0
|
)
|
|
$
|
14.4
|
|
|
$
|
—
|
|
|
$
|
14.4
|
|
Total
|
$
|
16.4
|
|
|
$
|
(2.0
|
)
|
|
$
|
14.4
|
|
|
$
|
—
|
|
|
$
|
14.4
|
|
|
As of June 30, 2015
|
||||||||||||||||||
Description
|
Gross
Non-Current Assets
|
|
Gross
Amounts
Offset
|
|
Net
Non-Current Assets
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Swaps
|
$
|
8.6
|
|
|
$
|
(0.1
|
)
|
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
Total
|
$
|
8.6
|
|
|
$
|
(0.1
|
)
|
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
|
As of June 30, 2015
|
||||||||||||||||||
Description
|
Gross
Current Liabilities |
|
Gross
Amounts Offset |
|
Net
Current Liabilities Presented |
|
Cash
Collateral Not Offset |
|
Net
Amount |
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Swaps
|
$
|
7.8
|
|
|
$
|
(4.5
|
)
|
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
3.3
|
|
Other Derivative Activity
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
(1.5
|
)
|
|
—
|
|
|||||
Total
|
$
|
9.3
|
|
|
$
|
(4.5
|
)
|
|
$
|
4.8
|
|
|
$
|
(1.5
|
)
|
|
$
|
3.3
|
|
|
As of December 31, 2014
|
||||||||||||||||||
Description
|
Gross
Current Assets
|
|
Gross
Amounts
Offset
|
|
Net
Current Assets
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Swaps
|
$
|
25.3
|
|
|
$
|
(0.3
|
)
|
|
$
|
25.0
|
|
|
$
|
—
|
|
|
$
|
25.0
|
|
Total
|
$
|
25.3
|
|
|
$
|
(0.3
|
)
|
|
$
|
25.0
|
|
|
$
|
—
|
|
|
$
|
25.0
|
|
|
As of December 31, 2014
|
||||||||||||||||||
Description
|
Gross
Non-Current Assets
|
|
Gross
Amounts
Offset
|
|
Net
Non-Current Assets
Presented
|
|
Cash
Collateral
Not Offset
|
|
Net
Amount
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Commodity Swaps
|
$
|
22.3
|
|
|
$
|
—
|
|
|
$
|
22.3
|
|
|
$
|
—
|
|
|
$
|
22.3
|
|
Total
|
$
|
22.3
|
|
|
$
|
—
|
|
|
$
|
22.3
|
|
|
$
|
—
|
|
|
$
|
22.3
|
|
|
December 31, 2014
|
|
March 31, 2015
|
|
Total Dividends Paid in 2015
|
||||||
|
(in millions, except per share data)
|
||||||||||
Amount paid to IEP
|
$
|
35.6
|
|
|
$
|
35.6
|
|
|
$
|
71.2
|
|
Amounts paid to public stockholders
|
7.8
|
|
|
7.8
|
|
|
15.6
|
|
|||
Total amount paid
|
$
|
43.4
|
|
|
$
|
43.4
|
|
|
$
|
86.8
|
|
Per common share
|
$
|
0.50
|
|
|
$
|
0.50
|
|
|
$
|
1.00
|
|
Shares outstanding
|
86.8
|
|
|
86.8
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
1,547.5
|
|
|
$
|
2,466.3
|
|
|
$
|
2,852.0
|
|
|
$
|
4,841.7
|
|
Nitrogen Fertilizer
|
80.8
|
|
|
77.2
|
|
|
173.9
|
|
|
157.5
|
|
||||
Intersegment elimination
|
(4.1
|
)
|
|
(3.2
|
)
|
|
(12.8
|
)
|
|
(11.4
|
)
|
||||
Total
|
$
|
1,624.2
|
|
|
$
|
2,540.3
|
|
|
$
|
3,013.1
|
|
|
$
|
4,987.8
|
|
Cost of product sold (exclusive of depreciation and amortization)
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
1,180.9
|
|
|
$
|
2,172.6
|
|
|
$
|
2,237.1
|
|
|
$
|
4,236.0
|
|
Nitrogen Fertilizer
|
15.4
|
|
|
19.4
|
|
|
41.2
|
|
|
41.1
|
|
||||
Intersegment elimination
|
(4.1
|
)
|
|
(3.0
|
)
|
|
(12.5
|
)
|
|
(11.2
|
)
|
||||
Total
|
$
|
1,192.2
|
|
|
$
|
2,189.0
|
|
|
$
|
2,265.8
|
|
|
$
|
4,265.9
|
|
Direct operating expenses (exclusive of depreciation and amortization)
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
90.3
|
|
|
$
|
93.2
|
|
|
$
|
177.3
|
|
|
$
|
192.4
|
|
Nitrogen Fertilizer
|
25.1
|
|
|
26.9
|
|
|
49.6
|
|
|
51.1
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
115.4
|
|
|
$
|
120.1
|
|
|
$
|
226.9
|
|
|
$
|
243.5
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
34.2
|
|
|
$
|
30.7
|
|
|
$
|
68.2
|
|
|
$
|
60.2
|
|
Nitrogen Fertilizer
|
7.0
|
|
|
6.8
|
|
|
13.8
|
|
|
13.5
|
|
||||
Other
|
1.3
|
|
|
1.1
|
|
|
2.5
|
|
|
2.2
|
|
||||
Total
|
$
|
42.5
|
|
|
$
|
38.6
|
|
|
$
|
84.5
|
|
|
$
|
75.9
|
|
Operating income
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
250.8
|
|
|
$
|
151.9
|
|
|
$
|
360.0
|
|
|
$
|
316.5
|
|
Nitrogen Fertilizer
|
28.7
|
|
|
18.8
|
|
|
60.2
|
|
|
41.9
|
|
||||
Other
|
(5.3
|
)
|
|
(6.1
|
)
|
|
(9.4
|
)
|
|
(10.3
|
)
|
||||
Total
|
$
|
274.2
|
|
|
$
|
164.6
|
|
|
$
|
410.8
|
|
|
$
|
348.1
|
|
Capital expenditures
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
36.4
|
|
|
$
|
47.4
|
|
|
$
|
78.1
|
|
|
$
|
105.3
|
|
Nitrogen Fertilizer
|
3.4
|
|
|
4.1
|
|
|
6.0
|
|
|
7.5
|
|
||||
Other
|
1.4
|
|
|
1.5
|
|
|
2.6
|
|
|
2.1
|
|
||||
Total
|
$
|
41.2
|
|
|
$
|
53.0
|
|
|
$
|
86.7
|
|
|
$
|
114.9
|
|
|
As of June 30, 2015
|
|
As of December 31, 2014
|
||||
|
(in millions)
|
||||||
Total assets
|
|
|
|
||||
Petroleum
|
$
|
2,516.3
|
|
|
$
|
2,417.8
|
|
Nitrogen Fertilizer
|
560.0
|
|
|
578.8
|
|
||
Other
|
471.3
|
|
|
465.9
|
|
||
Total
|
$
|
3,547.6
|
|
|
$
|
3,462.5
|
|
Goodwill
|
|
|
|
||||
Petroleum
|
$
|
—
|
|
|
$
|
—
|
|
Nitrogen Fertilizer
|
41.0
|
|
|
41.0
|
|
||
Other
|
—
|
|
|
—
|
|
||
Total
|
$
|
41.0
|
|
|
$
|
41.0
|
|
•
|
statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future;
|
•
|
statements relating to future financial or operational performance, future dividends, future capital sources and capital expenditures; and
|
•
|
any other statements preceded by, followed by or that include the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "projects," "could," "should," "may" or similar expressions.
|
•
|
volatile margins in the refining industry;
|
•
|
exposure to the risks associated with volatile crude oil prices;
|
•
|
the availability of adequate cash and other sources of liquidity for our capital needs;
|
•
|
our ability to forecast our future financial condition or results of operations and our future revenues and expenses;
|
•
|
the effects of transactions involving forward and derivative instruments;
|
•
|
disruption of our ability to obtain an adequate supply of crude oil;
|
•
|
changes in laws, regulations and policies with respect to the export of crude oil or other hydrocarbons;
|
•
|
interruption of the pipelines supplying feedstock and in the distribution of our products;
|
•
|
competition in the petroleum and nitrogen fertilizer businesses;
|
•
|
capital expenditures and potential liabilities arising from environmental laws and regulations;
|
•
|
changes in our credit profile;
|
•
|
the cyclical nature of the nitrogen fertilizer business;
|
•
|
the seasonal nature of the petroleum business;
|
•
|
the supply and price levels of essential raw materials;
|
•
|
the risk of a material decline in production at our refineries and nitrogen fertilizer plant;
|
•
|
potential operating hazards from accidents, fire, severe weather, floods or other natural disasters;
|
•
|
the risk associated with governmental policies affecting the agricultural industry;
|
•
|
the volatile nature of ammonia, potential liability for accidents involving ammonia that cause interruption to our businesses, severe damage to property and/or injury to the environment and human health and potential increased costs relating to the transport of ammonia;
|
•
|
the dependence of the nitrogen fertilizer operations on a few third-party suppliers, including providers of transportation services and equipment;
|
•
|
new regulations concerning the transportation of hazardous chemicals, risks of terrorism and the security of chemical manufacturing facilities;
|
•
|
the risk of security breaches;
|
•
|
our dependence on significant customers;
|
•
|
the potential loss of the nitrogen fertilizer business' transportation cost advantage over its competitors;
|
•
|
our potential inability to successfully implement our business strategies, including the completion of significant capital programs;
|
•
|
our ability to continue to license the technology used in our operations;
|
•
|
our petroleum business' ability to purchase gasoline and diesel RINs on a timely and cost effective basis;
|
•
|
our petroleum business' continued ability to secure environmental and other governmental permits necessary for the operation of our business;
|
•
|
existing and proposed environmental laws and regulations, including those relating to climate change, alternative energy or fuel sources, and existing and future regulations related to the end-use and application of fertilizers;
|
•
|
refinery and nitrogen fertilizer facility operating hazards and interruptions, including unscheduled maintenance or downtime, and the availability of adequate insurance coverage;
|
•
|
instability and volatility in the capital and credit markets; and
|
•
|
potential exposure to underfunded pension obligations of affiliates as a member of the controlled group of Mr. Icahn.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Share-based compensation (a)
|
$
|
1.9
|
|
|
$
|
4.7
|
|
|
$
|
5.9
|
|
|
$
|
8.9
|
|
(Gain) loss on derivatives, net
|
12.6
|
|
|
(35.9
|
)
|
|
64.0
|
|
|
(145.3
|
)
|
||||
Major scheduled turnaround expenses (b)
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
||||
Flood insurance recovery (c)
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
(a)
|
Represents impact of share-based compensation awards.
|
(b)
|
Represents expense associated with major scheduled turnaround activities performed at the Coffeyville refinery (
$1.7 million
during the three and
six
months ended
June 30, 2015
) and the nitrogen fertilizer plant (
$0.4 million
during the three and
six
months ended
June 30, 2015
).
|
(c)
|
Represents an insurance recovery from CRRM's environmental insurance carriers as a result of the flood and crude oil discharge at the Coffeyville refinery on June/July 2007. Refer to Part I, Item 1,
Note 10 ("Commitments and Contingencies")
for further details.
|
|
December 31, 2014
|
|
March 31, 2015
|
|
Total Cash Distributions Paid in 2015
|
||||||
|
($ in millions, expect per common unit data)
|
||||||||||
Amount paid to CRLLC
|
$
|
16.0
|
|
|
$
|
17.5
|
|
|
$
|
33.5
|
|
Amounts paid to public unitholders
|
14.0
|
|
|
15.4
|
|
|
29.4
|
|
|||
Total amount paid
|
$
|
30.0
|
|
|
$
|
32.9
|
|
|
$
|
62.9
|
|
Per common unit
|
$
|
0.41
|
|
|
$
|
0.45
|
|
|
$
|
0.86
|
|
Common units outstanding
|
73.1
|
|
|
73.1
|
|
|
|
|
December 31, 2014
|
|
March 31, 2015
|
|
Total Cash Distributions Paid in 2015
|
||||||
|
($ in millions, expect per common unit data)
|
||||||||||
Amount paid to CVR Refining Holdings, LLC
|
$
|
36.0
|
|
|
$
|
74.0
|
|
|
$
|
109.9
|
|
Amounts paid to public unitholders
|
18.6
|
|
|
38.2
|
|
|
56.8
|
|
|||
Total amount paid
|
$
|
54.6
|
|
|
$
|
112.2
|
|
|
$
|
166.7
|
|
Per common unit
|
$
|
0.37
|
|
|
$
|
0.76
|
|
|
$
|
1.13
|
|
Common units outstanding
|
147.6
|
|
|
147.6
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions, except per share data)
|
||||||||||||||
Consolidated Statement of Operations Data
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
1,624.2
|
|
|
$
|
2,540.3
|
|
|
$
|
3,013.1
|
|
|
$
|
4,987.8
|
|
Cost of product sold(1)
|
1,192.2
|
|
|
2,189.0
|
|
|
2,265.8
|
|
|
4,265.9
|
|
||||
Direct operating expenses(1)
|
115.4
|
|
|
120.1
|
|
|
226.9
|
|
|
243.5
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Selling, general and administrative expenses(1)
|
27.2
|
|
|
28.0
|
|
|
52.4
|
|
|
54.4
|
|
||||
Depreciation and amortization
|
42.5
|
|
|
38.6
|
|
|
84.5
|
|
|
75.9
|
|
||||
Operating income
|
274.2
|
|
|
164.6
|
|
|
410.8
|
|
|
348.1
|
|
||||
Interest expense and other financing costs
|
(11.9
|
)
|
|
(9.3
|
)
|
|
(24.6
|
)
|
|
(19.4
|
)
|
||||
Interest income
|
0.3
|
|
|
0.2
|
|
|
0.4
|
|
|
0.4
|
|
||||
Gain (loss) on derivatives, net
|
(12.6
|
)
|
|
35.9
|
|
|
(64.0
|
)
|
|
145.3
|
|
||||
Other income (expense), net
|
0.2
|
|
|
(2.2
|
)
|
|
36.3
|
|
|
(2.1
|
)
|
||||
Income before income tax expense
|
250.2
|
|
|
189.2
|
|
|
358.9
|
|
|
472.3
|
|
||||
Income tax expense
|
58.1
|
|
|
45.2
|
|
|
82.1
|
|
|
114.6
|
|
||||
Net income
|
192.1
|
|
|
144.0
|
|
|
276.8
|
|
|
357.7
|
|
||||
Less: Net income attributable to noncontrolling interest
|
90.2
|
|
|
60.3
|
|
|
120.1
|
|
|
147.3
|
|
||||
Net income attributable to CVR Energy stockholders
|
$
|
101.9
|
|
|
$
|
83.7
|
|
|
$
|
156.7
|
|
|
$
|
210.4
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
1.17
|
|
|
$
|
0.96
|
|
|
$
|
1.80
|
|
|
$
|
2.42
|
|
Diluted earnings per share
|
$
|
1.17
|
|
|
$
|
0.96
|
|
|
$
|
1.80
|
|
|
$
|
2.42
|
|
Dividends declared per share
|
$
|
0.50
|
|
|
$
|
0.75
|
|
|
$
|
1.00
|
|
|
$
|
1.50
|
|
Adjusted EBITDA(2)
|
$
|
145.7
|
|
|
$
|
147.2
|
|
|
$
|
309.4
|
|
|
$
|
301.4
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
||||
Diluted
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
86.8
|
|
|
As of June 30, 2015
|
|
As of December 31, 2014
|
||||
|
|
|
(audited)
|
||||
|
(in millions)
|
||||||
Balance Sheet Data
|
|
|
|
||||
Cash and cash equivalents
|
$
|
937.7
|
|
|
$
|
753.7
|
|
Working capital
|
1,008.2
|
|
|
1,033.0
|
|
||
Total assets
|
3,547.6
|
|
|
3,462.5
|
|
||
Total debt, including current portion
|
674.2
|
|
|
674.9
|
|
||
Total CVR Energy stockholders' equity
|
1,058.0
|
|
|
988.1
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Cash Flow Data
|
|
|
|
|
|
|
|
||||||||
Net cash flow provided by (used in):
|
|
|
|
|
|
|
|
||||||||
Operating activities
|
$
|
198.2
|
|
|
$
|
124.2
|
|
|
$
|
376.4
|
|
|
$
|
405.5
|
|
Investing activities
|
(15.3
|
)
|
|
(131.1
|
)
|
|
(18.7
|
)
|
|
(193.0
|
)
|
||||
Financing activities
|
(97.4
|
)
|
|
43.5
|
|
|
(173.7
|
)
|
|
(55.9
|
)
|
||||
Net cash flow
|
$
|
85.5
|
|
|
$
|
36.6
|
|
|
$
|
184.0
|
|
|
$
|
156.6
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures for property, plant and equipment
|
$
|
41.2
|
|
|
$
|
53.0
|
|
|
$
|
86.7
|
|
|
$
|
114.9
|
|
|
(1)
|
Amounts are shown exclusive of depreciation and amortization.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Depreciation and amortization excluded from cost of product sold
|
$
|
1.8
|
|
|
$
|
1.5
|
|
|
$
|
3.6
|
|
|
$
|
3.0
|
|
Depreciation and amortization excluded from direct operating expenses
|
38.8
|
|
|
35.6
|
|
|
77.3
|
|
|
70.0
|
|
||||
Depreciation and amortization excluded from selling, general and administrative expenses
|
1.9
|
|
|
1.5
|
|
|
3.6
|
|
|
2.9
|
|
||||
Total depreciation and amortization
|
$
|
42.5
|
|
|
$
|
38.6
|
|
|
$
|
84.5
|
|
|
$
|
75.9
|
|
(2)
|
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. Adjusted EBITDA represents EBITDA adjusted for (i) FIFO impacts (favorable) unfavorable, (ii) share-based compensation, (iii) loss on extinguishment of debt, (iv) major scheduled turnaround expenses, (v) (gain) loss on derivatives, net, (vi) current period settlements on derivative contracts and (vii) flood insurance recovery. EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be substituted for net income or cash flow from operations. Management believes that EBITDA and Adjusted EBITDA enable investors to better understand and evaluate our ongoing operating results and allow for greater transparency in reviewing our overall financial, operational and economic performance. EBITDA and Adjusted EBITDA presented by other companies may not be comparable to our presentation, since each company may define these terms differently. Below is a reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA for the three and
six
months ended
June 30, 2015
and
2014
:
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Net income attributable to CVR Energy stockholders
|
$
|
101.9
|
|
|
$
|
83.7
|
|
|
$
|
156.7
|
|
|
$
|
210.4
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense and other financing costs, net of interest income
|
11.6
|
|
|
9.1
|
|
|
24.2
|
|
|
19.0
|
|
||||
Income tax expense
|
58.1
|
|
|
45.2
|
|
|
82.1
|
|
|
114.6
|
|
||||
Depreciation and amortization
|
42.5
|
|
|
38.6
|
|
|
84.5
|
|
|
75.9
|
|
||||
EBITDA adjustments included in noncontrolling interest
|
(19.2
|
)
|
|
(15.1
|
)
|
|
(38.7
|
)
|
|
(30.2
|
)
|
||||
EBITDA
|
194.9
|
|
|
161.5
|
|
|
308.8
|
|
|
389.7
|
|
||||
Add:
|
|
|
|
|
|
|
|
||||||||
FIFO impacts, (favorable) unfavorable
|
(36.4
|
)
|
|
(24.3
|
)
|
|
(11.9
|
)
|
|
(45.9
|
)
|
||||
Share-based compensation
|
1.9
|
|
|
4.7
|
|
|
5.9
|
|
|
8.9
|
|
||||
Major scheduled turnaround expenses
|
2.1
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
||||
(Gain) loss on derivatives, net
|
12.6
|
|
|
(35.9
|
)
|
|
64.0
|
|
|
(145.3
|
)
|
||||
Current period settlement on derivative contracts(a)
|
(28.5
|
)
|
|
33.9
|
|
|
(34.8
|
)
|
|
55.0
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Adjustments included in noncontrolling interest
|
26.4
|
|
|
7.3
|
|
|
2.6
|
|
|
39.0
|
|
||||
Adjusted EBITDA
|
$
|
145.7
|
|
|
$
|
147.2
|
|
|
$
|
309.4
|
|
|
$
|
301.4
|
|
|
(a)
|
Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Petroleum Segment Summary Financial Results
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
1,547.5
|
|
|
$
|
2,466.3
|
|
|
$
|
2,852.0
|
|
|
$
|
4,841.7
|
|
Cost of product sold(1)
|
1,180.9
|
|
|
2,172.6
|
|
|
2,237.1
|
|
|
4,236.0
|
|
||||
Direct operating expenses(1)(2)
|
88.6
|
|
|
93.2
|
|
|
175.6
|
|
|
192.4
|
|
||||
Major scheduled turnaround expenses
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Selling, general and administrative expenses(1)
|
18.6
|
|
|
17.9
|
|
|
36.7
|
|
|
36.6
|
|
||||
Depreciation and amortization
|
34.2
|
|
|
30.7
|
|
|
68.2
|
|
|
60.2
|
|
||||
Operating income
|
250.8
|
|
|
151.9
|
|
|
360.0
|
|
|
316.5
|
|
||||
Interest expense and other financing costs
|
(10.4
|
)
|
|
(7.9
|
)
|
|
(21.7
|
)
|
|
(16.6
|
)
|
||||
Interest income
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
||||
Gain (loss) on derivatives, net
|
(12.6
|
)
|
|
35.9
|
|
|
(64.0
|
)
|
|
145.3
|
|
||||
Other expense, net
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Income before income tax expense
|
227.8
|
|
|
180.0
|
|
|
274.5
|
|
|
445.4
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income
|
$
|
227.8
|
|
|
$
|
180.0
|
|
|
$
|
274.5
|
|
|
$
|
445.4
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit(3)
|
$
|
269.4
|
|
|
$
|
169.8
|
|
|
$
|
396.7
|
|
|
$
|
353.1
|
|
Refining margin(4)
|
$
|
366.6
|
|
|
$
|
293.7
|
|
|
$
|
614.9
|
|
|
$
|
605.7
|
|
Adjusted Petroleum EBITDA(5)
|
$
|
194.3
|
|
|
$
|
192.9
|
|
|
$
|
356.0
|
|
|
$
|
387.0
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(dollars per barrel)
|
||||||||||||||
Key Operating Statistics
|
|
|
|
|
|
|
|
||||||||
Per crude oil throughput barrel:
|
|
|
|
|
|
|
|
||||||||
Refining margin(4)
|
$
|
19.12
|
|
|
$
|
15.22
|
|
|
$
|
16.47
|
|
|
$
|
16.17
|
|
Gross profit(3)
|
$
|
14.05
|
|
|
$
|
8.80
|
|
|
$
|
10.63
|
|
|
$
|
9.42
|
|
Direct operating expenses and major scheduled turnaround expenses(1)(2)
|
$
|
4.71
|
|
|
$
|
4.83
|
|
|
$
|
4.75
|
|
|
$
|
5.14
|
|
Direct operating expenses and major scheduled turnaround expenses per barrel sold(1)(6)
|
$
|
4.43
|
|
|
$
|
4.57
|
|
|
$
|
4.43
|
|
|
$
|
4.82
|
|
Barrels sold (barrels per day)(6)
|
224,031
|
|
|
224,295
|
|
|
220,876
|
|
|
220,760
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||||||
Refining Throughput and Production Data (bpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sweet
|
192,691
|
|
|
87.1
|
|
193,032
|
|
|
87.2
|
|
184,082
|
|
|
84.4
|
|
185,412
|
|
|
85.2
|
||||
Medium
|
1,082
|
|
|
0.5
|
|
1
|
|
|
—
|
|
3,841
|
|
|
1.8
|
|
1,789
|
|
|
0.8
|
||||
Heavy sour
|
16,954
|
|
|
7.7
|
|
19,014
|
|
|
8.6
|
|
18,298
|
|
|
8.4
|
|
19,803
|
|
|
9.1
|
||||
Total crude oil throughput
|
210,727
|
|
|
95.3
|
|
212,047
|
|
|
95.8
|
|
206,221
|
|
|
94.6
|
|
207,004
|
|
|
95.1
|
||||
All other feedstocks and blendstocks
|
10,368
|
|
|
4.7
|
|
9,422
|
|
|
4.2
|
|
11,855
|
|
|
5.4
|
|
10,780
|
|
|
4.9
|
||||
Total throughput
|
221,095
|
|
|
100.0
|
|
221,469
|
|
|
100.0
|
|
218,076
|
|
|
100.0
|
|
217,784
|
|
|
100.0
|
||||
Production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
107,439
|
|
|
48.3
|
|
108,977
|
|
|
48.8
|
|
108,263
|
|
|
49.3
|
|
106,727
|
|
|
48.7
|
||||
Distillate
|
95,881
|
|
|
43.1
|
|
94,931
|
|
|
42.6
|
|
92,675
|
|
|
42.1
|
|
91,933
|
|
|
41.9
|
||||
Other (excluding internally produced fuel)
|
19,160
|
|
|
8.6
|
|
19,255
|
|
|
8.6
|
|
19,011
|
|
|
8.6
|
|
20,665
|
|
|
9.4
|
||||
Total refining production (excluding internally produced fuel)
|
222,480
|
|
|
100.0
|
|
223,163
|
|
|
100.0
|
|
219,949
|
|
|
100.0
|
|
219,325
|
|
|
100.0
|
||||
Product price (dollars per gallon):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
$
|
1.87
|
|
|
|
|
$
|
2.87
|
|
|
|
|
$
|
1.67
|
|
|
|
|
$
|
2.77
|
|
|
|
Distillate
|
1.81
|
|
|
|
|
2.97
|
|
|
|
|
1.75
|
|
|
|
|
2.98
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Market Indicators (dollars per barrel)
|
|
|
|
|
|
|
|
||||||||
West Texas Intermediate (WTI) NYMEX
|
$
|
57.95
|
|
|
$
|
102.99
|
|
|
$
|
53.34
|
|
|
$
|
100.84
|
|
Crude Oil Differentials:
|
|
|
|
|
|
|
|
|
|||||||
WTI less WTS (light/medium sour)
|
(0.71
|
)
|
|
7.15
|
|
|
0.12
|
|
|
6.38
|
|
||||
WTI less WCS (heavy sour)
|
9.57
|
|
|
19.22
|
|
|
11.60
|
|
|
20.05
|
|
||||
NYMEX Crack Spreads:
|
|
|
|
|
|
|
|
|
|||||||
Gasoline
|
26.02
|
|
|
23.20
|
|
|
22.34
|
|
|
20.70
|
|
||||
Heating Oil
|
21.69
|
|
|
20.90
|
|
|
24.33
|
|
|
24.37
|
|
||||
NYMEX 2-1-1 Crack Spread
|
23.85
|
|
|
22.05
|
|
|
23.33
|
|
|
22.53
|
|
||||
PADD II Group 3 Basis:
|
|
|
|
|
|
|
|
|
|||||||
Gasoline
|
(6.19
|
)
|
|
(7.06
|
)
|
|
(4.87
|
)
|
|
(5.98
|
)
|
||||
Ultra Low Sulfur Diesel
|
(3.69
|
)
|
|
0.23
|
|
|
(4.10
|
)
|
|
(0.84
|
)
|
||||
PADD II Group 3 Product Crack Spread:
|
|
|
|
|
|
|
|
|
|||||||
Gasoline
|
19.83
|
|
|
16.14
|
|
|
17.47
|
|
|
14.72
|
|
||||
Ultra Low Sulfur Diesel
|
18.00
|
|
|
21.13
|
|
|
20.23
|
|
|
23.53
|
|
||||
PADD II Group 3 2-1-1
|
18.91
|
|
|
18.64
|
|
|
18.85
|
|
|
19.13
|
|
|
(1)
|
Amounts are shown exclusive of depreciation and amortization.
|
(2)
|
Direct operating expense is presented on a per crude oil throughput barrel basis. In order to derive the direct operating expenses per crude oil throughput barrel, we utilize total direct operating expenses, which does not include depreciation or amortization expense, and divide by the applicable number of crude oil throughput barrels for the period.
|
(3)
|
Gross profit is a measurement calculated as the difference between net sales and cost of product sold (exclusive of depreciation and amortization), direct operating expenses (exclusive of depreciation and amortization), major scheduled turnaround expenses, flood insurance recovery and depreciation and amortization. Each of the components used in this calculation are taken directly from the petroleum business' financial results. In order to derive the gross profit per crude oil throughput barrel, we utilize the total dollar figures for gross profit as derived above and divide by the applicable number of crude oil throughput barrels for the period.
|
(4)
|
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 non-GAAP measure that we believe is important to investors in evaluating the refineries' performance as a general indication of the amount above the cost of product sold at which it is able to sell refined products. Each of the components used in this calculation (net sales and cost of product sold (exclusive of depreciation and amortization)) are taken directly from the petroleum business' financial results. Our calculation of refining margin may differ from similar calculations of other companies in the industry, thereby limiting its usefulness as a comparative measure. In order to derive the refining margin per crude oil throughput barrel, we utilize the total dollar figures for refining margin as derived above and divide by the applicable number of crude oil throughput barrels for the period. We believe that refining margin and refining margin per crude oil throughput barrel are important to enable investors to better understand and evaluate the petroleum business' ongoing operating results and for greater transparency in the review of our overall business, financial, operational and economic performance.
|
(5)
|
Petroleum EBITDA represents net income for the petroleum segment before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted Petroleum EBITDA represents Petroleum EBITDA adjusted for (i) FIFO impacts (favorable) unfavorable, (ii) share-based compensation, non-cash, (iii) loss on extinguishment of debt, (iv) major scheduled turnaround expenses, (v) (gain) loss on derivatives, net, (vi) current period settlements on derivative contracts and (vii) flood insurance recovery.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Petroleum:
|
|
|
|
|
|
|
|
||||||||
Petroleum net income
|
$
|
227.8
|
|
|
$
|
180.0
|
|
|
$
|
274.5
|
|
|
$
|
445.4
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense and other financing costs, net of interest income
|
10.3
|
|
|
7.8
|
|
|
21.5
|
|
|
16.4
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Depreciation and amortization
|
34.2
|
|
|
30.7
|
|
|
68.2
|
|
|
60.2
|
|
||||
Petroleum EBITDA
|
272.3
|
|
|
218.5
|
|
|
364.2
|
|
|
522.0
|
|
||||
Add:
|
|
|
|
|
|
|
|
||||||||
FIFO impacts (favorable), unfavorable(a)
|
(36.4
|
)
|
|
(24.3
|
)
|
|
(11.9
|
)
|
|
(45.9
|
)
|
||||
Share-based compensation, non-cash
|
(0.1
|
)
|
|
0.7
|
|
|
0.1
|
|
|
1.2
|
|
||||
Major scheduled turnaround expenses(b)
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
||||
(Gain) loss on derivatives, net
|
12.6
|
|
|
(35.9
|
)
|
|
64.0
|
|
|
(145.3
|
)
|
||||
Current period settlements on derivative contracts(c)
|
(28.5
|
)
|
|
33.9
|
|
|
(34.8
|
)
|
|
55.0
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Adjusted Petroleum EBITDA
|
$
|
194.3
|
|
|
$
|
192.9
|
|
|
$
|
356.0
|
|
|
$
|
387.0
|
|
|
(a)
|
FIFO is the petroleum business' basis for determining inventory value on a GAAP basis. Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods thereby resulting in favorable FIFO impacts when crude oil prices increase and unfavorable FIFO impacts when crude oil prices decrease. The FIFO impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. In order to derive the FIFO impact per crude oil throughput barrel, we utilize the total dollar figures for the FIFO impact and divide by the number of crude oil throughput barrels for the period.
|
(b)
|
Represents expense associated with certain major scheduled turnaround activities performed at the Coffeyville refinery.
|
(c)
|
Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts.
|
(6)
|
Direct operating expense is presented on a per barrel sold basis. Barrels sold are derived from the barrels produced and shipped from the refineries. We utilize total direct operating expenses, which does not include depreciation or amortization expense, and divide by the applicable number of barrels sold for the period to derive the metric.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Coffeyville Refinery Financial Results
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
1,006.3
|
|
|
$
|
1,585.5
|
|
|
$
|
1,858.0
|
|
|
$
|
3,157.8
|
|
Cost of product sold (exclusive of depreciation and amortization)
|
764.8
|
|
|
1,398.5
|
|
|
1,465.7
|
|
|
2,757.2
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization)
|
51.2
|
|
|
53.7
|
|
|
101.5
|
|
|
107.1
|
|
||||
Major scheduled turnaround expenses
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Depreciation and amortization
|
19.5
|
|
|
18.8
|
|
|
38.9
|
|
|
36.8
|
|
||||
Gross profit
|
$
|
196.4
|
|
|
$
|
114.5
|
|
|
$
|
277.5
|
|
|
$
|
256.7
|
|
Plus:
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses and major scheduled turnaround expenses (exclusive of depreciation and amortization)
|
52.9
|
|
|
53.7
|
|
|
103.2
|
|
|
107.1
|
|
||||
Flood insurance recovery
|
(27.3
|
)
|
|
—
|
|
|
(27.3
|
)
|
|
—
|
|
||||
Depreciation and amortization
|
19.5
|
|
|
18.8
|
|
|
38.9
|
|
|
36.8
|
|
||||
Refining margin
|
$
|
241.5
|
|
|
$
|
187.0
|
|
|
$
|
392.3
|
|
|
$
|
400.6
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(dollars per barrel)
|
||||||||||||||
Coffeyville Refinery Key Operating Statistics
|
|
|
|
|
|
|
|
||||||||
Per crude oil throughput barrel:
|
|
|
|
|
|
|
|
||||||||
Refining margin
|
$
|
20.27
|
|
|
$
|
15.61
|
|
|
$
|
16.82
|
|
|
$
|
17.31
|
|
Gross profit
|
$
|
16.49
|
|
|
$
|
9.55
|
|
|
$
|
11.89
|
|
|
$
|
11.09
|
|
Direct operating expenses and major scheduled turnaround expenses (exclusive of depreciation and amortization)
|
$
|
4.43
|
|
|
$
|
4.48
|
|
|
$
|
4.43
|
|
|
$
|
4.63
|
|
Direct operating expenses and major scheduled turnaround expenses (exclusive of depreciation and amortization) per barrel sold
|
$
|
4.03
|
|
|
$
|
4.12
|
|
|
$
|
4.00
|
|
|
$
|
4.19
|
|
Barrels sold (barrels per day)
|
144,183
|
|
|
143,412
|
|
|
142,587
|
|
|
141,226
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||
Coffeyville Refinery Throughput and Production Data (bpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sweet
|
112,867
|
|
|
81.2
|
|
112,670
|
|
|
80.6
|
|
106,734
|
|
|
77.3
|
|
107,294
|
|
|
78.5
|
Medium
|
1,082
|
|
|
0.8
|
|
1
|
|
|
—
|
|
3,841
|
|
|
2.8
|
|
744
|
|
|
0.5
|
Heavy sour
|
16,954
|
|
|
12.2
|
|
19,014
|
|
|
13.6
|
|
18,298
|
|
|
13.3
|
|
19,803
|
|
|
14.5
|
Total crude oil throughput
|
130,903
|
|
|
94.2
|
|
131,685
|
|
|
94.2
|
|
128,873
|
|
|
93.4
|
|
127,841
|
|
|
93.5
|
All other feedstocks and blendstocks
|
8,122
|
|
|
5.8
|
|
8,133
|
|
|
5.8
|
|
9,168
|
|
|
6.6
|
|
8,897
|
|
|
6.5
|
Total throughput
|
139,025
|
|
|
100.0
|
|
139,818
|
|
|
100.0
|
|
138,041
|
|
|
100.0
|
|
136,738
|
|
|
100.0
|
Production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gasoline
|
66,374
|
|
|
46.6
|
|
68,348
|
|
|
47.9
|
|
67,110
|
|
|
47.5
|
|
67,338
|
|
|
48.2
|
Distillate
|
62,257
|
|
|
43.7
|
|
61,403
|
|
|
43.0
|
|
60,843
|
|
|
43.0
|
|
59,624
|
|
|
42.6
|
Other (excluding internally produced fuel)
|
13,722
|
|
|
9.7
|
|
13,023
|
|
|
9.1
|
|
13,477
|
|
|
9.5
|
|
12,899
|
|
|
9.2
|
Total refining production (excluding internally produced fuel)
|
142,353
|
|
|
100.0
|
|
142,774
|
|
|
100.0
|
|
141,430
|
|
|
100.0
|
|
139,861
|
|
|
100.0
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Wynnewood Refinery Financial Results
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
540.1
|
|
|
$
|
879.7
|
|
|
$
|
991.8
|
|
|
$
|
1,681.7
|
|
Cost of product sold (exclusive of depreciation and amortization)
|
415.9
|
|
|
774.2
|
|
|
771.4
|
|
|
1,478.7
|
|
||||
Direct operating expenses (exclusive of depreciation and amortization)
|
37.5
|
|
|
39.8
|
|
|
74.1
|
|
|
85.4
|
|
||||
Major scheduled turnaround expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Depreciation and amortization
|
12.5
|
|
|
10.1
|
|
|
25.1
|
|
|
20.1
|
|
||||
Gross profit
|
$
|
74.2
|
|
|
$
|
55.6
|
|
|
$
|
121.2
|
|
|
$
|
97.5
|
|
Plus:
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses and major scheduled turnaround expenses (exclusive of depreciation and amortization)
|
37.5
|
|
|
39.8
|
|
|
74.1
|
|
|
85.4
|
|
||||
Depreciation and amortization
|
12.5
|
|
|
10.1
|
|
|
25.1
|
|
|
20.1
|
|
||||
Refining margin
|
$
|
124.2
|
|
|
$
|
105.5
|
|
|
$
|
220.4
|
|
|
$
|
203.0
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(dollars per barrel)
|
||||||||||||||
Wynnewood Refinery Key Operating Statistics
|
|
|
|
|
|
|
|
||||||||
Per crude oil throughput barrel:
|
|
|
|
|
|
|
|
||||||||
Refining margin
|
$
|
17.10
|
|
|
$
|
14.42
|
|
|
$
|
15.74
|
|
|
$
|
14.16
|
|
Gross profit
|
$
|
10.21
|
|
|
$
|
7.60
|
|
|
$
|
8.66
|
|
|
$
|
6.80
|
|
Direct operating expenses and major scheduled turnaround expenses (exclusive of depreciation and amortization)
|
$
|
5.16
|
|
|
$
|
5.44
|
|
|
$
|
5.29
|
|
|
$
|
5.96
|
|
Direct operating expenses and major scheduled turnaround expenses (exclusive of depreciation and amortization) per barrel sold
|
$
|
5.16
|
|
|
$
|
5.41
|
|
|
$
|
5.23
|
|
|
$
|
5.93
|
|
Barrels sold (barrels per day)
|
79,848
|
|
|
80,883
|
|
|
78,289
|
|
|
79,534
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
|
|
|
%
|
||||
Wynnewood Refinery Throughput and Production Data (bpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sweet
|
79,824
|
|
|
97.3
|
|
80,362
|
|
|
98.4
|
|
77,348
|
|
|
96.6
|
|
78,118
|
|
|
96.4
|
Medium
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
1,045
|
|
|
1.3
|
Heavy sour
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
Total crude oil throughput
|
79,824
|
|
|
97.3
|
|
80,362
|
|
|
98.4
|
|
77,348
|
|
|
96.6
|
|
79,163
|
|
|
97.7
|
All other feedstocks and blendstocks
|
2,246
|
|
|
2.7
|
|
1,289
|
|
|
1.6
|
|
2,687
|
|
|
3.4
|
|
1,883
|
|
|
2.3
|
Total throughput
|
82,070
|
|
|
100.0
|
|
81,651
|
|
|
100.0
|
|
80,035
|
|
|
100.0
|
|
81,046
|
|
|
100.0
|
Production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gasoline
|
41,065
|
|
|
51.2
|
|
40,629
|
|
|
50.5
|
|
41,153
|
|
|
52.4
|
|
39,389
|
|
|
49.6
|
Distillate
|
33,624
|
|
|
42.0
|
|
33,528
|
|
|
41.7
|
|
31,832
|
|
|
40.5
|
|
32,309
|
|
|
40.6
|
Other (excluding internally produced fuel)
|
5,438
|
|
|
6.8
|
|
6,232
|
|
|
7.8
|
|
5,534
|
|
|
7.1
|
|
7,766
|
|
|
9.8
|
Total refining production (excluding internally produced fuel)
|
80,127
|
|
|
100.0
|
|
80,389
|
|
|
100.0
|
|
78,519
|
|
|
100.0
|
|
79,464
|
|
|
100.0
|
|
Three Months Ended
June 30, 2015 |
|
Three Months Ended
June 30, 2014 |
|
Total Variance
|
|
Price
Variance |
|
Volume
Variance |
|||||||||||||||||||||||||||
|
Volume(1)
|
|
$ per barrel
|
|
Sales $(2)
|
|
Volume(1)
|
|
$ per barrel
|
|
Sales $(2)
|
|
Volume(1)
|
|
Sales $(2)
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|||||||||||||||||||
Gasoline
|
10.3
|
|
|
$
|
78.59
|
|
|
$
|
812.4
|
|
|
10.4
|
|
|
$
|
120.59
|
|
|
$
|
1,253.6
|
|
|
(0.1
|
)
|
|
$
|
(441.2
|
)
|
|
$
|
(434.2
|
)
|
|
$
|
(7.0
|
)
|
Distillates
|
9.0
|
|
|
$
|
76.03
|
|
|
$
|
682.6
|
|
|
8.9
|
|
|
$
|
124.86
|
|
|
$
|
1,117.9
|
|
|
0.1
|
|
|
$
|
(435.3
|
)
|
|
$
|
(438.4
|
)
|
|
$
|
3.1
|
|
|
(1)
|
Barrels in millions
|
(2)
|
Sales dollars in millions
|
|
Six Months Ended
June 30, 2015 |
|
Six Months Ended
June 30, 2014 |
|
Total Variance
|
|
Price
Variance |
|
Volume
Variance |
|||||||||||||||||||||||||||
|
Volume(1)
|
|
$ per barrel
|
|
Sales $(2)
|
|
Volume(1)
|
|
$ per barrel
|
|
Sales $(2)
|
|
Volume(1)
|
|
Sales $(2)
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|||||||||||||||||||
Gasoline
|
21.1
|
|
|
$
|
70.33
|
|
|
$
|
1,480.0
|
|
|
20.3
|
|
|
$
|
116.21
|
|
|
$
|
2,354.0
|
|
|
0.8
|
|
|
$
|
(874.0
|
)
|
|
$
|
(965.4
|
)
|
|
$
|
91.4
|
|
Distillate
|
17.2
|
|
|
$
|
73.57
|
|
|
$
|
1,263.6
|
|
|
18.1
|
|
|
$
|
125.36
|
|
|
$
|
2,269.4
|
|
|
(0.9
|
)
|
|
$
|
(1,005.8
|
)
|
|
$
|
(890.4
|
)
|
|
$
|
(115.4
|
)
|
|
(1)
|
Barrels in millions
|
(2)
|
Sales dollars in millions
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Nitrogen Fertilizer Business Financial Results
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
80.8
|
|
|
$
|
77.2
|
|
|
$
|
173.9
|
|
|
$
|
157.5
|
|
Cost of product sold(1)
|
15.4
|
|
|
19.4
|
|
|
41.2
|
|
|
41.1
|
|
||||
Direct operating expenses(1)
|
24.7
|
|
|
26.9
|
|
|
49.2
|
|
|
51.1
|
|
||||
Major scheduled turnaround expenses
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
Selling, general and administrative(1)
|
4.6
|
|
|
5.3
|
|
|
9.1
|
|
|
9.9
|
|
||||
Depreciation and amortization
|
7.0
|
|
|
6.8
|
|
|
13.8
|
|
|
13.5
|
|
||||
Operating income
|
28.7
|
|
|
18.8
|
|
|
60.2
|
|
|
41.9
|
|
||||
Interest expense and other financing costs
|
(1.7
|
)
|
|
(1.7
|
)
|
|
(3.4
|
)
|
|
(3.3
|
)
|
||||
Income before income tax expense
|
27.0
|
|
|
17.1
|
|
|
56.8
|
|
|
38.6
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income
|
$
|
27.0
|
|
|
$
|
17.1
|
|
|
$
|
56.8
|
|
|
$
|
38.6
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Nitrogen Fertilizer EBITDA(2)
|
$
|
36.1
|
|
|
$
|
25.7
|
|
|
$
|
74.5
|
|
|
$
|
55.7
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Key Operating Statistics
|
|
|
|
|
|
|
|
||||||||
Production (thousand tons):
|
|
|
|
|
|
|
|
||||||||
Ammonia (gross produced)(3)
|
107.1
|
|
|
92.2
|
|
|
203.0
|
|
|
183.3
|
|
||||
Ammonia (net available for sale)(3)(4)
|
4.4
|
|
|
3.2
|
|
|
19.1
|
|
|
12.1
|
|
||||
UAN
|
253.5
|
|
|
223.4
|
|
|
505.6
|
|
|
480.6
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Pet coke consumed (thousand tons)
|
128.2
|
|
|
117.3
|
|
|
253.1
|
|
|
242.1
|
|
||||
Pet coke consumed (cost per ton)
|
$
|
25
|
|
|
$
|
27
|
|
|
$
|
27
|
|
|
$
|
28
|
|
|
|
|
|
|
|
|
|
||||||||
Sales (thousand tons):
|
|
|
|
|
|
|
|
||||||||
Ammonia
|
6.3
|
|
|
2.9
|
|
|
19.1
|
|
|
8.3
|
|
||||
UAN
|
249.8
|
|
|
239.2
|
|
|
524.3
|
|
|
493.9
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Product pricing at gate (dollars per ton)(5):
|
|
|
|
|
|
|
|
||||||||
Ammonia
|
$
|
546
|
|
|
$
|
521
|
|
|
$
|
551
|
|
|
$
|
493
|
|
UAN
|
$
|
269
|
|
|
$
|
283
|
|
|
$
|
265
|
|
|
$
|
267
|
|
|
|
|
|
|
|
|
|
||||||||
On-stream factor(6):
|
|
|
|
|
|
|
|
||||||||
Gasification
|
100.0
|
%
|
|
94.2
|
%
|
|
99.7
|
%
|
|
96.5
|
%
|
||||
Ammonia
|
99.3
|
%
|
|
88.1
|
%
|
|
96.9
|
%
|
|
90.1
|
%
|
||||
UAN
|
96.6
|
%
|
|
85.9
|
%
|
|
97.2
|
%
|
|
91.4
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net sales (dollars in millions):
|
|
|
|
|
|
|
|
||||||||
Sales net at gate
|
$
|
70.5
|
|
|
$
|
69.2
|
|
|
$
|
149.7
|
|
|
$
|
136.2
|
|
Freight in revenue
|
7.8
|
|
|
6.7
|
|
|
14.8
|
|
|
13.5
|
|
||||
Hydrogen revenue
|
2.0
|
|
|
0.9
|
|
|
8.5
|
|
|
6.8
|
|
||||
Other revenue
|
0.5
|
|
|
0.4
|
|
|
0.9
|
|
|
1.0
|
|
||||
Total net sales
|
$
|
80.8
|
|
|
$
|
77.2
|
|
|
$
|
173.9
|
|
|
$
|
157.5
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Market Indicators
|
|
|
|
|
|
|
|
||||||||
Natural gas NYMEX (dollars per MMBtu)
|
$
|
2.74
|
|
|
$
|
4.58
|
|
|
$
|
2.77
|
|
|
$
|
4.65
|
|
Ammonia — Southern Plains (dollars per ton)
|
546
|
|
|
561
|
|
|
550
|
|
|
501
|
|
||||
UAN — Corn belt (dollars per ton)
|
305
|
|
|
333
|
|
|
309
|
|
|
332
|
|
|
(1)
|
Amounts are shown exclusive of depreciation and amortization.
|
(2)
|
Nitrogen Fertilizer EBITDA represents nitrogen fertilizer net income adjusted for (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted Nitrogen Fertilizer EBITDA represents Nitrogen Fertilizer EBITDA adjusted for (i) share-based compensation, non-cash (ii) major scheduled turnaround expenses and (iii) loss on extinguishment of debt, as applicable. We present Adjusted Nitrogen Fertilizer EBITDA because we have found it helpful to consider an operating measure that excludes expenses, such as major scheduled turnaround expense, relating to transactions not reflective of the Nitrogen Fertilizer Partnership's core operations. In addition, we believe that it is useful to exclude from Adjusted Nitrogen Fertilizer EBITDA share-based compensation, non-cash, although it is a recurring cost incurred in the ordinary course of business. We believe share-based compensation, non-cash, reflects a non-cash cost which may obscure, for a given period, trends in the underlying business, due to the timing and nature of the equity awards.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in millions)
|
||||||||||||||
Nitrogen Fertilizer:
|
|
|
|
|
|
|
|
||||||||
Nitrogen fertilizer net income
|
$
|
27.0
|
|
|
$
|
17.1
|
|
|
$
|
56.8
|
|
|
$
|
38.6
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
Interest expense and other financing costs, net
|
1.7
|
|
|
1.7
|
|
|
3.4
|
|
|
3.3
|
|
||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Depreciation and amortization
|
7.0
|
|
|
6.8
|
|
|
13.8
|
|
|
13.5
|
|
||||
Nitrogen Fertilizer EBITDA
|
35.7
|
|
|
25.6
|
|
|
74.0
|
|
|
55.4
|
|
||||
Add:
|
|
|
|
|
|
|
|
||||||||
Share-based compensation, non-cash
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
||||
Major scheduled turnaround expenses
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
Adjusted Nitrogen Fertilizer EBITDA
|
$
|
36.1
|
|
|
$
|
25.7
|
|
|
$
|
74.5
|
|
|
$
|
55.7
|
|
(3)
|
Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into UAN. Net tons available for sale represent ammonia available for sale that was not upgraded into UAN.
|
(4)
|
In addition to the produced ammonia, the Nitrogen Fertilizer Partnership acquired approximately
600
and
2,700
tons of ammonia during the three months ended
June 30, 2015
and
2014
, respectively. The Nitrogen Fertilizer Partnership acquired approximately
21,800
and
25,600
tons of ammonia during the
six
months ended
June 30, 2015
and
2014
, respectively.
|
(5)
|
Product pricing at gate represents net sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
|
(6)
|
On-stream factor is the total number of hours operated divided by the total number of hours in the reporting period and is a measure of operating efficiency. Excluding the impact of the shutdown for installation of the waste heat boiler, PSA unit upgrade and the Linde air separation unit maintenance, the on-stream factors for the three months ended
June 30, 2014
would have been
100.0%
for gasifier,
94.9%
for ammonia and
92.9%
for UAN, and the on-stream factors for the
six
months ended
June 30, 2014
would have been
99.4%
for gasifier,
93.5%
for ammonia and
95.0%
for UAN.
|
|
Three Months Ended
June 30, 2015 |
|
Three Months Ended
June 30, 2014 |
|
Total Variance
|
|
Price
Variance |
|
Volume
Variance |
|||||||||||||||||||||||||||
|
Volume(1)
|
|
$ per ton(2)
|
|
Sales $(3)
|
|
Volume(1)
|
|
$ per ton(2)
|
|
Sales $(3)
|
|
Volume(1)
|
|
Sales $(3)
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|||||||||||||||||||
UAN
|
249,790
|
|
|
$
|
299
|
|
|
$
|
74.8
|
|
|
239,216
|
|
|
$
|
311
|
|
|
$
|
74.4
|
|
|
10,574
|
|
|
$
|
0.4
|
|
|
$
|
(2.9
|
)
|
|
$
|
3.3
|
|
Ammonia
|
6,307
|
|
|
$
|
560
|
|
|
$
|
3.5
|
|
|
2,854
|
|
|
$
|
542
|
|
|
$
|
1.5
|
|
|
3,453
|
|
|
$
|
2.0
|
|
|
$
|
0.1
|
|
|
$
|
1.9
|
|
Hydrogen
|
207,543
|
|
|
$
|
10
|
|
|
$
|
2.0
|
|
|
92,967
|
|
|
$
|
10
|
|
|
$
|
0.9
|
|
|
114,576
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
1.1
|
|
|
|
Six Months Ended
June 30, 2015 |
|
Six Months Ended
June 30, 2014 |
|
Total Variance
|
|
Price
Variance |
|
Volume
Variance |
|||||||||||||||||||||||||||
|
Volume(1)
|
|
$ per ton(2)
|
|
Sales $(3)
|
|
Volume(1)
|
|
$ per ton(2)
|
|
Sales $(3)
|
|
Volume(1)
|
|
Sales $(3)
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|||||||||||||||||||
UAN
|
524,330
|
|
|
$
|
293
|
|
|
$
|
153.7
|
|
|
493,886
|
|
|
$
|
295
|
|
|
$
|
145.5
|
|
|
30,444
|
|
|
$
|
8.2
|
|
|
$
|
(0.8
|
)
|
|
$
|
9.0
|
|
Ammonia
|
19,128
|
|
|
$
|
562
|
|
|
$
|
10.8
|
|
|
8,301
|
|
|
$
|
511
|
|
|
$
|
4.2
|
|
|
10,827
|
|
|
$
|
6.6
|
|
|
$
|
1.0
|
|
|
$
|
5.6
|
|
Hydrogen
|
807,821
|
|
|
$
|
11
|
|
|
$
|
8.5
|
|
|
671,431
|
|
|
$
|
10
|
|
|
$
|
6.8
|
|
|
136,390
|
|
|
$
|
1.7
|
|
|
$
|
0.3
|
|
|
$
|
1.4
|
|
|
|
Six Months Ended
June 30, 2015 |
|
2015 Estimate
(1)
|
||||||||
|
Actual
|
|
Low
|
|
High
|
||||||
|
(in millions)
|
||||||||||
Petroleum Business (the Refining Partnership):
|
|
|
|
|
|
||||||
Coffeyville refinery:
|
|
|
|
|
|
||||||
Maintenance
|
$
|
21.4
|
|
|
$
|
104.0
|
|
|
$
|
110.0
|
|
Growth
|
26.3
|
|
|
88.0
|
|
|
95.0
|
|
|||
Coffeyville refinery total capital spending
|
47.7
|
|
|
192.0
|
|
|
205.0
|
|
|||
Wynnewood refinery:
|
|
|
|
|
|
||||||
Maintenance
|
13.8
|
|
|
44.0
|
|
|
48.0
|
|
|||
Growth
|
5.9
|
|
|
10.0
|
|
|
12.0
|
|
|||
Wynnewood refinery total capital spending
|
19.7
|
|
|
54.0
|
|
|
60.0
|
|
|||
Other Petroleum
:
|
|
|
|
|
|
||||||
Maintenance
|
5.5
|
|
|
16.0
|
|
|
20.0
|
|
|||
Growth
|
5.2
|
|
|
18.0
|
|
|
20.0
|
|
|||
Other petroleum total capital spending
|
10.7
|
|
|
34.0
|
|
|
40.0
|
|
|||
Petroleum business total capital spending
|
78.1
|
|
|
280.0
|
|
|
305.0
|
|
|||
Nitrogen Fertilizer Business (the Nitrogen Fertilizer Partnership):
|
|
|
|
|
|
||||||
Maintenance
|
3.6
|
|
|
10.0
|
|
|
12.0
|
|
|||
Growth
|
2.4
|
|
|
6.0
|
|
|
10.0
|
|
|||
Nitrogen fertilizer business total capital spending
|
6.0
|
|
|
16.0
|
|
|
22.0
|
|
|||
Corporate
|
2.6
|
|
|
8.0
|
|
|
10.0
|
|
|||
Total capital spending
|
$
|
86.7
|
|
|
$
|
304.0
|
|
|
$
|
337.0
|
|
|
(1)
|
Includes amounts already spent during the
six
months ended
June 30, 2015
.
|
|
Six Months Ended
June 30, |
||||||
|
2015
|
|
2014
|
||||
|
(unaudited)
|
||||||
|
(in millions)
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
376.4
|
|
|
$
|
405.5
|
|
Investing activities
|
(18.7
|
)
|
|
(193.0
|
)
|
||
Financing activities
|
(173.7
|
)
|
|
(55.9
|
)
|
||
Net increase in cash and cash equivalents
|
$
|
184.0
|
|
|
$
|
156.6
|
|
Exhibit Number
|
|
Exhibit Title
|
10.1*
|
|
First Amendment to Amended and Restated Crude Oil Supply Agreement, dated as of June 8, 2015, by and between Vitol Inc. and Coffeyville Resources Refining & Marketing, LLC.
|
31.1*
|
|
Rule 13a-14(a)/15(d)-14(a) Certification of Chief Executive Officer and President.
|
31.2*
|
|
Rule 13a-14(a)/15(d)-14(a) Certification of Chief Financial Officer and Treasurer.
|
32.1*
|
|
Section 1350 Certification of Chief Executive Officer and President.
|
32.2*
|
|
Section 1350 Certification of Chief Financial Officer and Treasurer.
|
101*
|
|
The following financial information for CVR Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015
formatted in XBRL ("Extensible Business Reporting Language") includes: (1) Condensed Consolidated Balance Sheets (unaudited), (2) Condensed Consolidated Statements of Operations (unaudited), (3) Condensed Consolidated Statements of Comprehensive Income (unaudited), (4) Condensed Consolidated Statement of Changes in Equity (unaudited), (5) Condensed Consolidated Statements of Cash Flows (unaudited) and (6) the Notes to Condensed Consolidated Financial Statements (unaudited), tagged in detail.
|
|
*
|
Filed herewith.
|
July 30, 2015
|
|
By:
|
/s/ JOHN J. LIPINSKI
|
|
|
|
|
Chief Executive Officer and President
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
July 30, 2015
|
|
By:
|
/s/ SUSAN M. BALL
|
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
Vitol Inc.
|
|
|
|
By:
|
/s/ Sebastian Moretti
|
Title:
|
Operations Manager
|
Date:
|
6/24/2015
|
Coffeyville Resources Refining & Marketing, LLC
|
|
|
|
By:
|
/s/ Martin J. Power
|
Title:
|
Chief Commercial Officer
|
Date:
|
6/16/15
|
By:
|
/s/ JOHN J. LIPINSKI
|
|
John J. Lipinski
|
|
Chief Executive Officer and President
|
|
(Principal Executive Officer)
|
By:
|
/s/ SUSAN M. BALL
|
|
Susan M. Ball
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial and Accounting Officer)
|
By:
|
/s/ JOHN J. LIPINSKI
|
|
John J. Lipinski
|
|
Chief Executive Officer and President
|
|
(Principal Executive Officer)
|
By:
|
/s/ SUSAN M. BALL
|
|
Susan M. Ball
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial and Accounting Officer)
|