CVR Refining publishes second quarter results

CVR Refining, LP has announced 2Q15 net income of US$227.8 million on net sales of US$1,547.5 million, compared to net income of US$180.0 million on net sales of US$2,466.3 million for 2Q14. Adjusted EBITDA, a non-GAAP financial measure, for 2Q15 was US$194.3 million, compared to adjusted EBITDA of US$192.9 million for 2Q14.

For the first six months of 2015, net income was US$274.5 million on net sales of US$2,852.0 million, compared to net income of US$445.4 million on net sales of US$4,841.7 million for the comparable period a year earlier. Adjusted EBITDA for the first six months of 2015 was US$356.0 million, compared to adjusted EBITDA of US$387.0 million for the first six months of 2014.

"We are pleased with our 2015 second quarter results," said Jack Lipinski, Chief Executive Officer. "The Coffeyvilleand Wynnewood refineries ran well during the quarter, posting a combined crude throughput of 210 727 bpd. We also benefitted from favourable product margins during the quarter."

Operations

2Q15 throughputs of crude oil and all other feedstocks and blendstocks for the Coffeyville and Wynnewood refineries totalled 221 095 bpd. Throughputs of crude oil and all other feedstocks and blendstocks for both refineries reached 221 469 bpd for the same period in 2014.

Refining margin adjusted for FIFO impact per crude oil throughput barrel, a non-GAAP financial measure, was US$17.22 in 2Q15, compared to US$13.96 for the same period in 2014. Direct operating expenses, excluding major scheduled turnaround expenses, per crude oil throughput barrel, exclusive of depreciation and amortisation, for 2Q15 was US$4.62, compared to US$4.83 in 2Q14.

Distributions

CVR Refining also announced a 2Q15 distribution of 98 cents per common unit. The distribution, as set by the board of CVR Refining GP, LLC, the general partner of CVR Refining, will be paid on 17 August 2015, to unitholders of record on 10 August 2015.

CVR Refining's second quarter cash distribution brings the cumulative cash distributions paid or declared for the first six months of 2015 to US$1.74 per common unit.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.hydrocarbonengineering.com/refining/04082015/cvr-refining-publishes-second-quarter-results-1231/