CVR Energy Files Q3 2024 10-Q

Ticker: CVI · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 1376139

Cvr Energy INC 10-Q Filing Summary
FieldDetail
CompanyCvr Energy INC (CVI)
Form Type10-Q
Filed DateOct 29, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, energy, financials

TL;DR

CVR Energy's Q3 2024 10-Q is in. Check financials.

AI Summary

CVR Energy Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with crucial financial and operational data for CVR Energy, enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company in the energy sector, CVR Energy is subject to market volatility, regulatory changes, and operational risks inherent in its industry.

Key Numbers

Key Players & Entities

FAQ

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

The reporting period for this 10-Q filing is for the period ending September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 29, 2024.

What is the company's primary industry classification?

The company's primary industry classification is PETROLEUM REFINING [2911].

Where is CVR Energy Inc. headquartered?

CVR Energy Inc.'s business address is located in Sugar Land, TX.

What is the fiscal year end for CVR Energy Inc.?

The fiscal year end for CVR Energy Inc. is December 31.

Filing Stats: 4,669 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-10-29 16:29:28

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 53 Condensed Consolidated Balance Sheets - September 30, 2024 and December 31, 2023 (unaudited) 6 Item 1A.

Risk Factors

Risk Factors 53 Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 7 Item 5. Other Information 53 Condensed Consolidated Statements of Changes in Equity - Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 8 Item 6. Exhibits 53 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 (unaudited) 9

Signatures

Signatures 54 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 52 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. September 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: vol

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CVR ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents (including $ 111 and $ 45 , respectively, of consolidated variable interest entity ("VIE")) $ 534 $ 581 Reserved funds for debt payment — 598 Accounts receivable, net (including $ 36 and $ 42 , respectively, of VIE) 281 286 Inventories (including $ 75 and $ 69 , respectively, of VIE) 498 604 Prepaid expenses (including $ 4 and $ 8 , respectively, of VIE) 25 59 Other current assets (including $ 1 and $ 1 , respectively, of VIE) 70 51 Total current assets 1,408 2,179 Property, plant, and equipment, net (including $ 715 and $ 761 , respectively, of VIE) 2,164 2,221 Other long-term assets (including $ 45 and $ 48 , respectively, of VIE) 306 307 Total assets $ 3,878 $ 4,707 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt and finance lease obligations $ 8 $ 606 Accounts payable (including $ 34 and $ 39 , respectively, of VIE) 464 530 Other current liabilities (including $ 71 and $ 37 , respectively, of VIE) 583 546 Total current liabilities 1,055 1,682 Long-term liabilities: Long-term debt and finance lease obligations, net of current portion (including $ 548 and $ 547 , respectively, of VIE) 1,574 1,579 Deferred income taxes 309 327 Other long-term liabilities (including $ 46 and $ 50 , respectively, of VIE) 84 81 Total long-term liabilities 1,967 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 September 30, 2024 and December 31, 2023, respectively 1 1 Additional paid-in-capital 1,508 1,508 Accumulated deficit ( 832 ) ( 660 ) Treasury stock, 98,610 shares at cost ( 2 ) ( 2 ) Total CVR stockholders' equity 675 847 Non

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