SUGAR LAND, Texas, April 24, 2019 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI) today announced net income of $101 million, or $1.00 per diluted share, on net sales of $1,486 million for the first quarter of 2019, compared to net income of $60 million, or 69 cents per diluted share, on net sales of $1,537 million for the first quarter of 2018. First quarter 2019 EBITDA was $230 million, compared to first quarter 2018 EBITDA of $205 million.
“CVR Energy reported solid results for the first quarter 2019, driven by safe and reliable operations, wide Brent-WTI differentials, rising crude oil prices, hedging gains and lagging crude oil differentials,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “The Wynnewood refinery also completed its planned maintenance turnaround safely, on time and under budget. In addition, the BenFree repositioning project was completed during the turnaround and is now in service.
“Weather conditions continued to impact CVR Partners’ quarterly results by delaying the start of the spring fertilizer application,” Lamp said. “However, the spring fertilizer application is now in full swing and we have seen strong demand during the past few weeks. We also expect several million additional acres of corn to be planted this year.”
Petroleum
The petroleum segment reported first quarter 2019 operating income of $156 million on net sales of $1,397 million, compared to operating income of $143 million on net sales of $1,458 million in the first quarter of 2018.
Refining margin per total throughput barrel was $16.55 in the first quarter of 2019, compared to $17.58 during the same period in 2018. An increase in crude oil pricing during the quarter led to a favorable inventory valuation impact of $32 million, or $1.67 per total throughout barrel, compared to a favorable impact of $20 million, or $1.17 per total throughput barrel, in the first quarter of 2018. The petroleum segment also recognized a first quarter 2019 derivative gain of $16 million, or $0.84 per total throughput barrel, compared to a gain of $59 million, or $3.48 per total throughput barrel, for the prior year period. Included in the total derivative gain for the first quarter of 2019 was an unrealized loss of $7 million, compared to an unrealized gain of $46 million a year earlier.
First quarter 2019 combined total throughput was approximately 213,000 barrels per day (bpd), compared to approximately 190,000 bpd of combined total throughput for the first quarter of 2018.
Nitrogen Fertilizers
The nitrogen fertilizer segment reported operating income of $9 million on net sales of $92 million for the first quarter of 2019, compared to an operating loss of $3 million on net sales of $80 million for the first quarter of 2018.
For the first quarter of 2019, CVR Partners’ consolidated average realized gate prices for UAN improved significantly over the prior year, up 45 percent to $222 per ton, while ammonia was up 14 percent over the prior year to $367 per ton. Average realized gate prices for UAN and ammonia were $153 per ton and $322 per ton, respectively, for the first quarter 2018.
CVR Partners’ fertilizer facilities produced a combined 179,000 tons of ammonia during the first quarter 2019, of which 41,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 335,000 tons of urea ammonium nitrate (UAN). During the first quarter 2018, the fertilizer facilities produced 199,000 tons of ammonia, of which 59,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 339,000 tons of UAN.
Cash, Debt and Dividend
Consolidated cash and cash equivalents was $467 million at March 31, 2019. Consolidated total debt was $1,191 million at March 31, 2019, with no debt other than the Company’s segments’ debt.
CVR Energy also announced a first quarter 2019 cash dividend of 75 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on May 13, 2019, to stockholders of record on May 6, 2019. The annualized dividend of $3.00 per share represents an industry leading dividend yield of 7 percent based on the April 23 closing stock price.
Today, CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2019 cash distribution of 7 cents per common unit, which will be paid on May 13, 2019, to common unitholders of record on May 6, 2019.
First Quarter 2019 Earnings Conference Call
CVR Energy previously announced that it will host its first quarter 2019 Earnings Conference Call on Thursday, April 25, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The first quarter 2019 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/m6/p/eayyvpao. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13689665.
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 concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: crude oil prices and differentials; crack spreads; timing of the spring planting season and demand relating thereto; corn planting; distributions including the amount and timing thereof; refinery throughput, direct operating expenses, capital spending, depreciation and amortization, turnaround expense and continued safe and reliable operations; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. 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 various factors may affect these forward-looking statements, including (among others) price volatility of crude oil, other feedstocks and refined products; the ability of CVR Refining and CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing, or compliance with new, laws and regulations and potential liabilities arising therefrom; impacts of planting season on CVR Partners; general economic and business conditions; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other 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 included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 34 percent of the common units of CVR Partners.
For further information, please contact:
Investor Contact:
Richard Roberts
CVR Energy, Inc.
(281) 207-3205
[email protected]
Media Relations:
Brandee Stephens
CVR Energy, Inc.
(281) 207-3516
[email protected]
Non-GAAP Measures
Our management uses certain non-GAAP performance measures to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.
Effective January 1, 2019, the Company revised its accounting policy method for the costs of planned major maintenance activities (turnarounds) specific to the Petroleum Segment from being expensed as incurred (the direct expensing method) to the deferral method. As a result of this change in accounting policy, the non-GAAP measures of Adjusted EBITDA, Petroleum Adjusted EBITDA, Nitrogen Fertilizer Adjusted EBITDA, Adjusted Net Income (Loss) and Direct Operating Expenses per Total Throughput Barrel net of Turnaround Expense are no longer being presented.
The following are non-GAAP measures that continue to be presented for the period ended March 31, 2019:
EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum EBITDA and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization expense.
Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.
Refining Margin, excluding Inventory Valuation Impacts – Refining Margin adjusted to exclude the impact of current period market price and volume fluctuations on crude oil and refined product inventories recognized in prior periods. We record our commodity inventories on the first-in-first-out (FIFO) basis. As a result, significant current period fluctuations in market prices and the volumes we hold in inventory can have favorable or unfavorable impacts on our refining margins as compared to similar metrics used by other publicly-traded companies in the refining industry.
Refining Margin and Refining Margin, excluding Inventory Valuation Impacts, per Total Throughput Barrel – Refining Margin, adjusted to exclude the impact of current period market price and volume fluctuations on crude oil and refined product inventories recognized in prior periods, divided by the total throughput barrels during period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly-traded companies in the refining industry, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” section included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
CVR Energy, Inc. | |||||||
(all information in this release is unaudited) | |||||||
Financial and Operational Data | |||||||
Three Months Ended March 31, |
|||||||
(in millions, except per share data) | 2019 | 2018 | |||||
Consolidated Statement of Operations Data | |||||||
Net sales | $ | 1,486 | $ | 1,537 | |||
Operating costs and expenses: | |||||||
Cost of materials and other (exclusive of depreciation and amortization) | 1,101 | 1,180 | |||||
Direct operating expenses (exclusive of depreciation and amortization) | 126 | 130 | |||||
Depreciation and amortization | 65 | 64 | |||||
Cost of sales | 1,292 | 1,374 | |||||
Selling, general and administrative expenses | 30 | 24 | |||||
Depreciation and amortization | 2 | 3 | |||||
Loss on asset disposals | 2 | — | |||||
Operating income | 160 | 136 | |||||
Other income (expense): | |||||||
Interest expense, net | (26 | ) | (27 | ) | |||
Other income, net | 3 | 2 | |||||
Income before income tax expense | 137 | 111 | |||||
Income tax expense | 35 | 18 | |||||
Net income | 102 | 93 | |||||
Less: Net income attributable to noncontrolling interest | 1 | 33 | |||||
Net income attributable to CVR Energy stockholders | $ | 101 | $ | 60 | |||
Basic and diluted earnings per share | $ | 1.00 | $ | 0.69 | |||
Dividends declared per share | $ | 0.75 | $ | 0.50 | |||
EBITDA* | $ | 230 | $ | 205 | |||
Weighted-average common shares outstanding – basic and diluted | 100.5 | 86.8 |
_____________
* See “Non-GAAP Reconciliations” section below.
Selected Balance Sheet Data
(in millions) | March 31, 2019 | December 31, 2018 | |||||
Cash and cash equivalents | $ | 467 | $ | 668 | |||
Working capital | 545 | 797 | |||||
Total assets | 3,874 | 4,000 | |||||
Total debt | 1,191 | 1,167 | |||||
Total liabilities | 2,216 | 2,057 | |||||
Total CVR stockholders’ equity | 1,343 | 1,286 | |||||
Selected Cash Flow Data
Three Months Ended March 31, |
|||||||
(in millions) | 2019 | 2018 | |||||
Net cash flow provided by (used in): | |||||||
Operating activities | $ | 228 | $ | 26 | |||
Investing activities | (42 | ) | (21 | ) | |||
Financing activities | (387 | ) | (67 | ) | |||
Net decrease in cash and cash equivalents | $ | (201 | ) | $ | (62 | ) | |
Selected Segment Data
(in millions) | Petroleum | Nitrogen Fertilizer |
Consolidated | ||||||||
Three Months Ended March 31, 2019 | |||||||||||
Net sales | $ | 1,397 | $ | 92 | $ | 1,486 | |||||
Operating income | 156 | 9 | 160 | ||||||||
Net income (loss) | 149 | (6 | ) | 102 | |||||||
EBITDA* | 209 | 26 | 230 | ||||||||
Capital expenditures | |||||||||||
Maintenance capital expenditures | $ | 23 | $ | 3 | $ | 26 | |||||
Growth capital expenditures | 3 | — | 3 | ||||||||
Total capital expenditures | $ | 26 | $ | 3 | $ | 29 | |||||
(in millions) | Petroleum | Nitrogen Fertilizer |
Consolidated | ||||||||
Three Months Ended March 31, 2018 | |||||||||||
Net sales | $ | 1,458 | $ | 80 | $ | 1,537 | |||||
Operating income (loss) | 143 | (3 | ) | 136 | |||||||
Net income (loss) | 133 | (19 | ) | 93 | |||||||
EBITDA* | 192 | 13 | 205 | ||||||||
Capital expenditures | |||||||||||
Maintenance capital expenditures | $ | 12 | $ | 2 | $ | 15 | |||||
Growth capital expenditures | 4 | 1 | 5 | ||||||||
Total capital expenditures | $ | 16 | $ | 3 | $ | 20 |
_____________
* See “Non-GAAP Reconciliations” section below.
Selected Balance Sheet Data
(in millions) | Petroleum | Nitrogen Fertilizer |
Consolidated | ||||||||
March 31, 2019 | |||||||||||
Cash and cash equivalents | $ | 314 | $ | 97 | $ | 467 | |||||
Total assets | 2,714 | 1,247 | 3,874 | ||||||||
Total debt | 561 | 630 | 1,191 | ||||||||
December 31, 2018 | |||||||||||
Cash and cash equivalents | $ | 353 | $ | 62 | $ | 668 | |||||
Total assets | 2,452 | 1,254 | 4,000 | ||||||||
Total debt | 497 | 629 | 1,167 | ||||||||
Petroleum Segment
Key Operating Metrics per Total Throughput Barrel
Three Months Ended March 31, |
|||||||
2019 | 2018 | ||||||
Refining margin* | $ | 16.55 | $ | 17.58 | |||
Refining margin, excluding inventory valuation impacts * | 14.88 | 16.41 | |||||
Direct operating expenses * | 4.75 | 5.39 |
_____________
* See “Non-GAAP Reconciliations” section below.
Throughput Data by Refinery
Three Months Ended March 31, |
|||||
(in bpd) | 2019 | 2018 | |||
Coffeyville | |||||
Regional crude | 41,591 | 29,698 | |||
WTI | 67,016 | 50,829 | |||
Midland WTI | 12,702 | — | |||
Condensate | 5,293 | 17,714 | |||
Heavy Canadian | 7,563 | 490 | |||
Other feedstocks and blendstocks | 9,293 | 6,134 | |||
Wynnewood | |||||
Regional crude | 44,363 | 48,520 | |||
WTI | — | 6,947 | |||
Midland WTI | 12,507 | 19,153 | |||
Condensate | 7,754 | 4,349 | |||
Other feedstocks and blendstocks | 4,725 | 5,764 | |||
Total throughput | 212,807 | 189,598 | |||
Production Data by Refinery
Three Months Ended March 31, |
|||||
(in bpd) | 2019 | 2018 | |||
Coffeyville | |||||
Gasoline | 73,856 | 49,222 | |||
Distillate | 59,529 | 44,245 | |||
Other liquid products | 6,473 | 8,588 | |||
Solids | 4,970 | 4,244 | |||
Wynnewood | |||||
Gasoline | 34,312 | 43,595 | |||
Distillate | 27,356 | 34,620 | |||
Other liquid products | 6,123 | 4,510 | |||
Solids | 28 | 54 | |||
Total production | 212,647 | 189,078 |
Liquid volume yield (as % of total throughput) | 97.6 | % | 97.5 | % | |
Three Months Ended March 31, |
|||||||
2019 | 2018 | ||||||
Market Indicators (dollars per barrel) | |||||||
West Texas Intermediate (WTI) NYMEX | $ | 54.90 | $ | 62.89 | |||
Crude Oil Differentials: | |||||||
WTI less WTS (light/medium sour) | 0.94 | 1.43 | |||||
WTI less WCS (heavy sour) | 10.51 | 25.74 | |||||
WTI less condensate | 1.17 | 0.38 | |||||
Midland Cushing Differential | 1.18 | 0.38 | |||||
NYMEX Crack Spreads: | |||||||
Gasoline | 11.75 | 15.35 | |||||
Heating Oil | 26.38 | 20.46 | |||||
NYMEX 2-1-1 Crack Spread | 19.07 | 17.91 | |||||
PADD II Group 3 Basis: | |||||||
Gasoline | (2.05 | ) | (1.87 | ) | |||
Ultra Low Sulfur Diesel | (1.56 | ) | (0.61 | ) | |||
PADD II Group 3 Product Crack Spread: | |||||||
Gasoline | 9.70 | 13.48 | |||||
Ultra Low Sulfur Diesel | 24.82 | 19.85 | |||||
PADD II Group 3 2-1-1 | 17.26 | 16.67 | |||||
Q2 2019 Petroleum Segment Outlook
The table below summarizes our outlook for certain refining statistics and financial information for the second quarter of 2019. See “forward looking statements.”
Q2 2019 | |||||||
Low | High | ||||||
Refinery Statistics: | |||||||
Total throughput (bpd) | 217,000 | 227,000 | |||||
Direct operating expenses (1) (in millions) | $ | 85 | $ | 95 | |||
Total capital spending (in millions) | $ | 35 | $ | 40 |
_____________
(1) Direct operating expenses are shown exclusive of depreciation and amortization and turnaround expenses.
Nitrogen Fertilizer Segment:
Key Operating Data:
Ammonia Utilization Rates (1)
Two Years Ended March 31, | |||||
(percent of capacity utilization) | 2019 | 2018 | |||
Consolidated | 92 | % | 94 | % | |
Coffeyville | 94 | % | 94 | % | |
East Dubuque | 91 | % | 95 | % |
_____________
- Reflects ammonia utilization rates on a consolidated basis and at each of the Nitrogen Fertilizer facilities. Utilization is an important measure used by management to assess operational output at each of the facilities. Utilization is calculated as actual tons produced divided by capacity. The Nitrogen Fertilizer Segment presents utilization on a two-year rolling average to take into account the impact of current turnaround cycles on any specific period. The two-year rolling average is a more useful presentation of the long-term utilization performance of our plants. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With the Nitrogen Fertilizer Segments’ efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well the facilities operate.
Sales and Production Data
Three Months Ended March 31, |
|||||||
2019 | 2018 | ||||||
Consolidated sales (thousand tons): | |||||||
Ammonia | 36 | 36 | |||||
UAN | 288 | 345 | |||||
Consolidated product pricing at gate (dollars per ton) (1): | |||||||
Ammonia | $ | 367 | $ | 322 | |||
UAN | $ | 222 | $ | 153 | |||
Consolidated production volume (thousand tons): | |||||||
Ammonia (gross produced) (2) | 179 | 199 | |||||
Ammonia (net available for sale) (2) | 41 | 59 | |||||
UAN | 335 | 339 | |||||
Feedstock: | |||||||
Petroleum coke used in production (thousand tons) | 132 | 118 | |||||
Petroleum coke used in production (dollars per ton) | $ | 38 | $ | 18 | |||
Natural gas used in production (thousands of MMBtus)(3) | 1,440 | 1,850 | |||||
Natural gas used in production (dollars per MMBtu)(3) | $ | 3.83 | $ | 3.24 | |||
Natural gas in cost of materials and other (thousands of MMBtus)(3) | 1,008 | 1,258 | |||||
Natural gas in cost of materials and other (dollars per MMBtu)(3) | $ | 3.87 | $ | 3.48 |
_____________
- 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.
- Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
- The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
Key Market Indicators
Three Months Ended March 31, |
|||||||
2019 | 2018 | ||||||
Ammonia — Southern Plains (dollars per ton) | $ | 427 | $ | 382 | |||
Ammonia — Corn belt (dollars per ton) | 497 | 427 | |||||
UAN — Corn belt (dollars per ton) | 229 | 210 | |||||
Natural gas NYMEX (dollars per MMBtu) | $ | 2.88 | $ | 2.85 | |||
Non-GAAP Reconciliations:
Reconciliation of Consolidated Net Income to EBITDA
Three Months Ended March 31, |
|||||||
(in millions) | 2019 | 2018 | |||||
Net income | $ | 102 | $ | 93 | |||
Add: | |||||||
Interest expense, net | 26 | 27 | |||||
Income tax expense | 35 | 18 | |||||
Depreciation and amortization | 67 | 67 | |||||
EBITDA | $ | 230 | $ | 205 | |||
Reconciliation of Petroleum Net Income to Petroleum EBITDA
Three Months Ended March 31, |
|||||||
(in millions) | 2019 | 2018 | |||||
Petroleum net income | $ | 149 | $ | 133 | |||
Add: | |||||||
Interest expense, net | 11 | 11 | |||||
Depreciation and amortization | 49 | 48 | |||||
Petroleum EBITDA | $ | 209 | $ | 192 | |||
Reconciliation of Petroleum Gross Profit to Refining Margin
Three Months Ended March 31, |
|||||||
(in millions) | 2019 | 2018 | |||||
Net sales | $ | 1,397 | $ | 1,458 | |||
Cost of materials and other | 1,080 | 1,158 | |||||
Direct operating expenses (exclusive of depreciation and amortization) | 91 | 92 | |||||
Depreciation and amortization | 49 | 48 | |||||
Gross profit | 177 | 160 | |||||
Add: | |||||||
Direct operating expenses (exclusive of depreciation and amortization) | 91 | 92 | |||||
Depreciation and amortization | 49 | 48 | |||||
Refining margin | $ | 317 | $ | 300 | |||
Exclude: (favorable) unfavorable inventory valuation impacts | (32 | ) | (20 | ) | |||
Refining margin, excluding inventory valuation impacts | $ | 285 | $ | 280 | |||
Reconciliation of Refining Margin and Refining Margin, excluding Inventory Valuation Impacts, per Total Throughput Barrel
Three Months Ended March 31, |
|||||
2019 | 2018 | ||||
Total throughput barrels per day | 212,806 | 189,598 | |||
Days in the period | 90 | 90 | |||
Total throughput barrels | 19,152,540 | 17,063,820 | |||
Three Months Ended March 31, |
|||||||
(in millions, except for per throughput barrel data) | 2019 | 2018 | |||||
Refining margin | $ | 317 | $ | 300 | |||
Divided by: total throughput barrels | 19 | 17 | |||||
Refining margin per total throughput barrel | $ | 16.55 | $ | 17.58 | |||
Three Months Ended March 31, |
|||||||
(in millions, except for per throughput barrel data) | 2019 | 2018 | |||||
Refining margin, excluding inventory valuation impacts | $ | 285 | $ | 280 | |||
Divided by: total throughput barrels | 19 | 17 | |||||
Refining margin, excluding inventory valuation impacts, per total throughput barrel | $ | 14.88 | $ | 16.41 | |||
Reconciliation of Petroleum Direct Operating Expenses to Direct Operating Expenses per Total Throughput Barrel
Three Months Ended March 31, |
|||||||
(in millions, except for per throughput barrel data) | 2019 | 2018 | |||||
Direct operating expenses (exclusive of depreciation and amortization) | $ | 91 | $ | 92 | |||
Divided by: total throughput barrels | 19 | 17 | |||||
Direct operating expense per total throughput barrel | $ | 4.75 | $ | 5.39 | |||
Reconciliation of Nitrogen Fertilizer Net Loss to Nitrogen Fertilizer EBITDA
Three Months Ended March 31, |
|||||||
(in millions) | 2019 | 2018 | |||||
Nitrogen Fertilizer net loss | $ | (6 | ) | $ | (19 | ) | |
Add: | |||||||
Interest expense, net | 16 | 16 | |||||
Depreciation and amortization | 16 | 16 | |||||
Nitrogen Fertilizer EBITDA | $ | 26 | $ | 13 |
Share This: