Welcome to our dedicated page for CVR Energy news (Ticker: CVI), a resource for investors and traders seeking the latest updates and insights on CVR Energy stock.
CVR Energy, Inc. reports operating and financial developments tied to its petroleum refining business and its nitrogen fertilizer interests. The company operates through subsidiaries that include complex full-coking refineries, crude oil gathering, pipeline and storage assets, and marketing and supply activities. Its refineries process crude oil blends and sell refined products to nearby customers and throughput terminals, including retailers, railroads and farm cooperatives.
Recurring updates cover refinery operations, derivative and crack-spread exposure, dividends, debt and capital-allocation actions, and the nitrogen fertilizer segment associated with CVR Partners, LP. Company news also addresses UAN solution and industrial raw material production, distributions by CVR Partners, planned turnarounds, and the completed return of the Wynnewood refinery renewable diesel unit to hydrocarbon processing.
CVR Energy (NYSE: CVI) announced a virtual presentation at the Barclays CEO Energy-Power Conference on September 10, 2020, scheduled for 11:05 a.m. Eastern Time. The presentation will be available for live streaming on the Investor Relations section of CVR Energy’s website, along with accompanying slides. The archived webcast will be accessible for 14 days post-event. CVR Energy operates in petroleum refining and nitrogen fertilizer manufacturing, holding a 34% interest in CVR Partners.
CVR Energy reported a net loss of $5 million (5 cents per diluted share) for Q2 2020, attributed to a $41 million goodwill impairment in its Nitrogen Fertilizer Segment. This contrasts with a net income of $116 million for Q2 2019. Net sales were $675 million, down from $1.7 billion a year prior, with EBITDA falling to $68 million from $273 million. The Petroleum Segment's operating income dropped to $5 million, and the Nitrogen Fertilizer Segment reported an operating loss of $26 million. The company aims to focus on cash flow and cost management.
CVR Energy (NYSE: CVI) will release its second quarter 2020 results on August 3 after market close, followed by a teleconference on August 4 at 1 p.m. Eastern. This call will feature forward-looking statements and will be accessible via the investor relations section of CVR Energy’s website. Investors can also participate by dialing in. The earnings release will be distributed through GlobeNewswire and available on the company’s website.
CVR Energy reported a net loss of $87 million for Q1 2020, translating to 87 cents per diluted share, compared to a net income of $101 million in Q1 2019. Total net sales decreased to $1.1 billion from $1.5 billion a year earlier. EBITDA was negative $38 million, reflecting the impact of the global crude oil price war and COVID-19. The Board declared a dividend of 40 cents per share, reducing it to conserve cash. Total throughput dropped to 157,000 barrels per day from 213,000 bpd.