CVR Energy Files Q2 2024 10-Q

Ticker: CVI · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1376139

Cvr Energy INC 10-Q Filing Summary
FieldDetail
CompanyCvr Energy INC (CVI)
Form Type10-Q
Filed DateJul 30, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, petroleum-refining, financials

TL;DR

CVR Energy dropped its Q2 10-Q. Check financials.

AI Summary

CVR Energy Inc. filed its 10-Q for the period ending June 30, 2024. The company, based in Sugar Land, TX, operates in petroleum refining. Key financial data and operational details for the second quarter and first half of 2024 are presented in this filing.

Why It Matters

This filing provides investors with crucial financial performance data for CVR Energy, Inc. during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a petroleum refining company, CVR Energy is subject to volatile commodity prices and regulatory changes.

Key Numbers

Key Players & Entities

FAQ

What is CVR Energy's primary business segment?

CVR Energy's primary business segment is Petroleum Refining, as indicated by its Standard Industrial Classification code [2911].

What is the fiscal year end for CVR Energy?

CVR Energy's fiscal year ends on December 31st.

What is the SEC file number for CVR Energy?

The SEC file number for CVR Energy is 001-33492.

What is the reporting period for this 10-Q filing?

The conformed period of report for this 10-Q filing is June 30, 2024.

Where is CVR Energy headquartered?

CVR Energy's business and mail address is located at 2277 Plaza Drive, Suite 500, Sugar Land, TX 77479.

Filing Stats: 4,616 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-07-30 16:25:00

Key Financial Figures

Filing Documents

Financial Information PART II. Other Information

PART I. Financial Information PART II. Other Information Item 1.

Financial Statements

Financial Statements 6 Item 1.

Legal Proceedings

Legal Proceedings 51 Condensed Consolidated Balance Sheets - June 30, 2024 and December 31, 2023 (unaudited) 6 Item 1A.

Risk Factors

Risk Factors 51 Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 7 Item 5. Other Information 51 Condensed Consolidated Statements of Changes in Equity - Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 8 Item 6. Exhibits 51 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2024 and 2023 (unaudited) 9

Signatures

Signatures 52 Notes to the Condensed Consolidated Financial Statements (unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 49 This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to our expectations or beliefs as to future events. These types of statements are "forward-looking" and subject to uncertainties. See "Important Information Regarding Forward-Looking Statements" section of this filing. June 30, 2024 | 2 Table of Contents Important Information Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, but not limited to, those under Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, stock or unit repurchases, impacts of legal proceedings, projected costs, prospects, plans and objectives of management are forward looking statements. The words "could", "believe", "anticipate", "intend", "estimate", "expect", "may", "continue", "predict", "potential", "project", and similar terms and phrases are intended to identify forward-looking statements. Although we believe our assumptions concerning future events are reasonable, a number of risks, uncertainties, and other factors could cause actual results and trends to differ materially from those projected or forward looking. Forward looking statements, as well as certain risks, contingencies or uncertainties that may impact our forward-looking statements, include but are not limited to the following: volatile

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CVR ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents (including $ 48 and $ 45 , respectively, of consolidated variable interest entity ("VIE")) $ 586 $ 581 Reserved funds for debt payment — 598 Accounts receivable, net (including $ 48 and $ 42 , respectively, of VIE) 298 286 Inventories (including $ 81 and $ 69 , respectively, of VIE) 543 604 Prepaid expenses (including $ 6 and $ 8 , respectively, of VIE) 36 59 Other current assets (including $ 1 and $ 1 , respectively, of VIE) 29 51 Total current assets 1,492 2,179 Property, plant, and equipment, net (including $ 728 and $ 761 , respectively, of VIE) 2,192 2,221 Other long-term assets (including $ 48 and $ 48 , respectively, of VIE) 319 307 Total assets $ 4,003 $ 4,707 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt and finance lease obligations $ 8 $ 606 Accounts payable (including $ 30 and $ 39 , respectively, of VIE) 523 530 Other current liabilities (including $ 29 and $ 37 , respectively, of VIE) 491 546 Total current liabilities 1,022 1,682 Long-term liabilities: Long-term debt and finance lease obligations, net of current portion (including $ 548 and $ 547 , respectively, of VIE) 1,576 1,579 Deferred income taxes 278 327 Other long-term liabilities (including $ 49 and $ 50 , respectively, of VIE) 86 81 Total long-term liabilities 1,940 1,987 Commitments and contingencies ( See Note 13 ) CVR Energy stockholders' equity: Common stock, $ 0.01 par value per share; 350,000,000 shares authorized; 100,629,209 and 100,629,209 shares issued as of June 30, 2024 and December 31, 2023, respectively 1 1 Additional paid-in-capital 1,508 1,508 Accumulated deficit ( 658 ) ( 660 ) Treasury stock, 98,610 shares at cost ( 2 ) ( 2 ) Total CVR stockholders' equity 849 847 Noncontrolling

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