CVR Energy Sees Q2 Petroleum Total Throughput 170K-190K Barrels/Day; Renuables Total Throughput 7M-10M
CVR Energy, Inc. ("CVR Energy" or the "Company") (NYSE:CVI) today announced its outlook for certain operational statistics and financial information for its Petroleum and Renewables businesses for the second quarter of 2024. This information was not included in the announcement of the results of the first quarter of 2024, as the Company was not yet able to determine the impacts from a fire the Wynnewood Refinery experienced the day prior to the announcement. As previously announced, the fire was extinguished shortly after it started, no employees or contractors were injured, and the operations at the Coffeyville Refinery were not impacted by the fire. After further assessment of this incident, it was determined the damages were limited to pipe racks and pumps in the area of the naphtha processing units, which damage to the pipe rack impacted service to other units. Currently, one crude unit, the fluid catalytic cracker, and the alkylation unit have been restarted and a reformer is in the process of starting up. The Company does not currently expect the fire to have a material impact to its overall financial position, and management expects that operations should return to normal by the end of the second quarter of 2024.
Q2 2024 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2024. See "Forward-Looking Statements" below.
| Q2 2024 | ||||||
| Low | High | |||||
| Petroleum | ||||||
| Total throughput (bpd) | 170,000 | 190,000 | ||||
| Direct operating expenses (in millions) (1) | $ | 105 | $ | 115 | ||
| Turnaround (2) | 5 | 10 | ||||
| Renewables (3) | ||||||
| Total throughput (in millions of gallons) | 7 | 10 | ||||
| Direct operating expenses (in millions) (1) | $ | 8 | $ | 12 | ||
| Capital Expenditures (in millions) (2) | ||||||
| Petroleum | $ | 35 | $ | 50 | ||
| Renewables (3) | 3 | 6 | ||||
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