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CVR Refining reports on 4Q14 and 2014 performance

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Hydrocarbon Engineering,

CVR Refining, LP reported net income of US$358.7 million on net sales of US$8829.7 million for 2014, compared to net income of US$590.4 million on net sales of US$8683.5 million for 2013. Adjusted EBITDA stood at US$621.6 million, compared to US$712.0 million recorded in the previous year. For 4Q14, the company reported a net loss of US$108.5 million on net sales of US$1772.8 million, compared to a net loss of US$110.2 million on net sales of US$2360.9 million for 4Q13. Net income for 4Q14 was negatively affected by an unfavourable first-in, first-out (FIFO) accounting impact of US$154.6 million. 4Q14 adjusted EBITDA was US$104.6 million compared to adjusted EBITDA of US$117.5 million for 4Q13.

“Our fourth quarter results were significantly impacted by volatile crude and product markets, which resulted in low refining margins in December,” said Jack Lipinski, Chief Executive Officer. “Our results were further impacted by a 16-day outage of the Fluid Catalytic Cracking Unit at the Wynnewood refinery.

“Refining margins have significantly improved since mid-January. In addition, our refineries have operated well year to date.”

Throughputs of crude oil and all other feedstocks and blendstocks totalled 212 263 bpd in 4Q14. Throughputs of crude oil and all other feedstocks and blendstocks for both refineries totalled 216 876 bpd for the same period in 2013. Refining margin adjusted for FIFO impact per crude oil throughput barrel was US$11.28 in 4Q14, compared to US$11.48 during the same period in 2013. Direct operating expenses, including major scheduled turnaround expenses, per barrel sold, exclusive of depreciation and amortisation, for 4Q14 was US$5.76, compared to US$4.27 in 4Q13.

Adapted from press release by Rosalie Starling

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