CVR Energy, Inc. has released its second quarter 2024 results, reporting a net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share, and EBITDA of $103 million. This is a significant decline from the second quarter of 2023, during which the company reported a net income attributable to CVR Energy stockholders of $130 million, or $1.29 per diluted share, and EBITDA of $300 million. Adjusted earnings per diluted share for the second quarter of 2024 was 9 cents, and adjusted EBITDA was $87 million, compared to adjusted earnings per diluted share of $1.64 and adjusted EBITDA of $347 million in the second quarter of 2023.
In the petroleum segment, net income for the second quarter of 2024 was $18 million, and EBITDA was $56 million, compared to net income of $194 million and EBITDA of $220 million for the second quarter of 2023. The petroleum segment's combined total throughput for the second quarter of 2024 was approximately 186,000 barrels per day, a decrease from approximately 201,000 barrels per day in the second quarter of 2023. Additionally, the refining margin for the second quarter of 2024 was $185 million, or $10.94 per total throughput barrel, compared to $333 million, or $18.21 per total throughput barrel, during the same period in 2023.
The nitrogen fertilizer segment reported net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024, compared to net income of $60 million and EBITDA of $87 million on net sales of $183 million for the second quarter of 2023. The decrease in net income and EBITDA in this segment reflects a reduction in average realized gate prices for UAN and ammonia compared to the prior year.
CVR Energy reported consolidated cash and cash equivalents of $586 million at June 30, 2024, an increase of $5 million from December 31, 2023. Consolidated total debt and finance lease obligations were $1.6 billion at June 30, 2024, including $548 million held by the nitrogen fertilizer segment.
The company has announced a second quarter 2024 cash dividend of 50 cents per share, and CVR Partners, LP, declared a second quarter 2024 cash distribution of $1.90 per common unit.
The earnings conference call for the second quarter of 2024 will be webcast live and can be accessed on the investor relations section of CVR Energy’s website. The market has reacted to these announcements by moving the company's shares -1.8% to a price of $26.92. If you want to know more, read the company's complete 8-K report here.
