CVR Energy (CVI) Q4 2024 earnings summary

Executive summary

• Full-year 2024 consolidated net income was $45 million and EBITDA $394 million; net income attributable to stockholders was $7 million, down from $769 million in 2023.

• Q4 2024 net income was $40 million and EBITDA $122 million; net income attributable to stockholders was $28 million, down from $91 million in Q4 2023.

• Petroleum segment Q4 throughput was 214,000 barrels/day with 94% crude utilization; fertilizer and renewables segments contributed positively.

• Challenging refining market conditions in Q4 due to oversupply and lower crack spreads, but optimism for 2025 as supply/demand balance tightens.

• Cumulative 2024 cash dividends paid were $1.00 per share; liquidity enhanced by $408 million in Q4 via a term loan and sale of Midway Pipeline interest.

Financial highlights

• Q4 net income attributable to shareholders was $28 million; EPS $0.28; adjusted EBITDA $67 million after one-time items.

• Q4 free cash flow was $40 million; cash flow from operations $98 million, aided by $80 million working capital benefit.

• Q4 included a $24 million gain from the sale of Midway Pipeline and a $57 million RINs mark-to-market benefit.

• Consolidated cash and cash equivalents at year-end 2024 were $987 million; total debt and finance lease obligations were $1.9 billion.

• Free cash flow for 2024 was $181 million, down from $708 million in 2023.

Outlook and guidance

• 2025 capital spending expected at $165–$205 million; turnaround spending $170–$185 million.

• Q1 2025 petroleum throughput estimated at 120,000–135,000 barrels/day due to Coffeyville turnaround.

• Renewables throughput projected at 13–16 million gallons; ammonia utilization rate for fertilizer segment expected at 95–100%.

• Focus on deleveraging and restoring balance sheet post-turnaround; dividend return possible with sustained market strength.

• Cautious optimism for improved refining margins in 2025 due to tighter supply/demand and planned capacity closures.