CVI Reports Record EBITDA of $1.4 Billion in 2023

CVR Energy, Inc. has reported its fourth quarter and full-year 2023 financial results, as well as declared a cash dividend. The company's full-year 2023 net income attributable to CVR Energy stockholders was $769 million with EBITDA of $1.4 billion. Dave Lamp, CVR Energy's Chief Executive Officer, commented on the results, stating, "CVR Energy reported record EBITDA for 2023 driven by high utilization of our assets, improved capture rates, record premium gasoline production, record crude oil gathering volumes and our continued peer-leading distillate yield."

For the fourth quarter of 2023, CVR Energy reported net income attributable to CVR Energy stockholders of $91 million, compared to $112 million in the fourth quarter of 2022. The company declared a quarterly cash dividend of 50 cents for the fourth quarter 2023, bringing the cumulative cash dividends declared for 2023 to $4.50 per share.

In the petroleum segment, the company reported a decline in refining margin, driven by factors such as a decrease in crack spreads and unfavorable inventory valuation impacts. However, the renewable diesel unit at the Wynnewood refinery increased production significantly.

In the nitrogen fertilizer segment, CVR Partners reported a decline in operating income and average realized gate prices for UAN and ammonia. The company's fertilizer facilities produced a combined 864,000 tons of ammonia for full-year 2023.

CVR Energy's shares have moved 0.7%, and are now trading at a price of $34.71.

The company's full 8-K submission is available here.

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