CVR Energy (CVI) Q1 2025 earnings summary

Executive summary

• Reported a consolidated net loss of $105 million and a loss per share of $1.22 for Q1 2025, with EBITDA at a loss of $61 million, impacted by a planned turnaround at Coffeyville, unplanned events, and unfavorable RFS mark-to-market impacts.

• Results impacted by a major turnaround at the Coffeyville Refinery, lower crack spreads, and increased RFS compliance costs.

• No dividends declared for Q1 2025; Board continues to evaluate capital allocation and liquidity measures.

• Renewable segment processed 14 million gallons of vegetable oil at Wynnewood, with gross margin up to $1.13 per gallon from $0.65 year-over-year.

• Fertilizer segment achieved 101% ammonia utilization, with higher ammonia prices and strong demand heading into spring.

Financial highlights

• Q1 2025 net loss: $105 million; loss per share: $1.22; EBITDA loss: $61 million.

• Adjusted EBITDA: $24 million; adjusted loss per share: $0.58, excluding $112 million negative RFS mark-to-market, $24 million inventory gain, and $3 million derivative gains.

• Revenue declined to $1.65 billion from $1.86 billion year-over-year.

• Cash and cash equivalents decreased to $695 million from $987 million at year-end 2024.

• Free cash flow was negative $285 million, compared to positive $121 million in Q1 2024.

Outlook and guidance

• Q2 2025 petroleum throughput expected at 160,000-180,000 barrels/day; direct operating expenses $105-$115 million; capital spending $35-$40 million.

• Fertilizer ammonia utilization rate forecast at 93%-97% with some planned downtime; capital spending $18-$22 million.

• Renewable segment Q2 throughput guidance: 16-20 million gallons; direct operating expenses $8-$10 million; capital spending $2-$4 million.

• No further refinery turnarounds planned until 2027; focus on debt reduction and restoring leverage ratios.

• Board suspended dividends and deferred new growth capital spending to preserve liquidity.