The following is a summary of the CVR Energy, Inc. (CVI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• CVR Energy reported a significant net loss of $122 million in Q3 2024, compared to a loss per share of $1.24.

• EBITDA reported a loss of $35 million, with negative adjustments from mark-to-market impacts and inventory valuation.

• Despite challenging conditions, the Fertilizer segment showed a positive result, driven by higher prices for ammonia and UAN.

• Cash provided by operations stood at $48 million, predominantly from the Fertilizer segment.

Business Progress:

• CVR struggles with unplanned refinery outages, primarily due to external power supply issues, leading to a net loss of profit opportunities estimated at $23 million for Q3.

• The company is preparing for a major turnaround at Coffeyville in the forthcoming year, aiming to preserve liquidity and strengthen the balance sheet in a challenging refining market.

• CVR Energy has suspended its quarterly dividend to manage near-term cash needs better and stabilize financials.

• The Renewable Diesel Unit at Wynnewood processed approximately 20 million gallons of vegetable oil feedstocks, showing a slight improvement despite lowered diesel prices.

Opportunities:

• The company focuses on maintaining operational efficiencies and preparing for potential market improvements post-turnaround.

• Efforts are ongoing to optimize the business, including non-core asset sales and potential capital market opportunities, to navigate the challenging refining environment effectively.

Risks:

• CVR Energy faces significant challenges due to refining market downturns and the need for substantial capital for upcoming turnarounds.

• Unplanned outages and external power supply issues led to significant lost profit opportunities, reflecting the operational vulnerabilities.

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