CVR Energy reports Q4 EPS 65c, consensus 34c

Reports Q4 revenue $2.20B, consensus $2.26B. “CVR Energy reported record EBITDA for 2023 driven by high utilization of our assets, improved capture rates, record premium gasoline production, record crude oil gathering volumes and our continued peer-leading distillate yield,” said Dave Lamp, CEO. “We are pleased that our results for the year enabled our Board of Directors to authorize regular and special dividends for 2023 totaling $4.50 per share, representing a payout ratio of 64 percent of free cash flow generation for the year. CVR Partners also had a strong 2023, achieving a combined ammonia production rate of 100 percent and setting multiple production records at both facilities,” Lamp said. “Nitrogen fertilizer prices remained elevated throughout the year, supporting declared distributions to unitholders for 2023 of $17.80 per common unit.”