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Wednesday, November 1, 2017

=CVR Refining (CVRR) reported earnings on Wed 1 Nov 2017 (b/o)

CVR Refining misses by $0.04, beats on revs; announces distribution, CEO to retire, forms 50/50 JV with Plains All American Pipeline (PAA) 
  • Reports Q3 (Sep) GAAP earnings of $0.47 per share, $0.04 worse than the Capital IQ GAAP Consensus of $0.51; revenues rose 19.1% year/year to $1.39 bln vs the $1.2 bln two analyst estimate.
  • Third quarter 2017 throughputs of crude oil and all other feedstocks and blendstocks totaled 213,606 bpd. Throughputs of crude oil and all other feedstocks and blendstocks for both refineries totaled 206,733 bpd for the same period in 2016.
  • Adjusted EBITDA, a non-GAAP financial measure, for the 2017 third quarter was $138.6 million compared to adjusted EBITDA of $75.3 million for the 2016 third quarter.
  • The co announced that Jack Lipinski, chief executive officer and president, will retire on Dec. 31, 2017. Lipinski, who also serves as the chief executive officer and president of CVR Refining, LP and the executive chairman of CVR Partners, LP, will be succeeded by David Lamp. At first, and to facilitate a transition, Mr. Lamp will assume the role of co-CEO effective Dec. 1, 2017. Effective Jan. 1, 2018, Mr. Lamp will assume the role of CEO. Most recently, Mr. Lamp was President and COO of Western Refining Company.
  • The co and Plains All American Pipeline, L.P. (PAA) announced the formation of a 50/50 joint venture, Midway Pipeline, LLC, which has acquired the approximately 100-mile, 16-inch Cushing to Broome pipeline system from Plains. The Cushing to Broome pipeline system connects CVR Refining's Coffeyville, Kansas, refinery, which has a rated capacity of 115,000 barrels per calendar day, to the Cushing, Oklahoma, oil hub. Midway will contract with Plains to continue its role as operator of the pipeline.
  • CVR Refining also announced today a third quarter 2017 distribution of 94 cents per common unit. The distribution, as set by the board of CVR Refining GP, LLC, the general partner of CVR Refining, will be paid on Nov. 17, 2017, to unitholders of record on Nov. 10, 2017.

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