CVR Energy, Inc. reported significant declines in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Net sales for the third quarter of 2024 were $1,833 million, down from $2,522 million in 2023. For the nine months, net sales decreased to $5,663 million from $7,045 million. The company experienced an operating loss of $113 million in Q3 2024, contrasting sharply with an operating income of $445 million in Q3 2023. For the nine-month period, operating income fell to $37 million from $1,000 million.
The net loss attributable to CVR Energy stockholders for Q3 2024 was $(124) million, compared to a net income of $353 million in the prior year. For the nine months, the net loss was $(22) million, down from a net income of $678 million. Basic and diluted loss per share for Q3 2024 was $(1.24), compared to earnings of $3.51 in Q3 2023.
The decline in performance was primarily attributed to decreased gasoline and distillate crack spreads, unplanned outages at refineries, and increased Renewable Fuel Standard (RFS) related expenses. The Petroleum Segment reported a net sales figure of $1,645 million for Q3 2024, down from $2,293 million in Q3 2023, with an operating loss of $(119) million compared to an operating income of $431 million in the prior year. The refining margin for Q3 2024 was $44 million, a significant drop from $607 million in Q3 2023.
In contrast, the Nitrogen Fertilizer Segment showed some resilience, reporting an operating income of $11 million for Q3 2024, up from $8 million in Q3 2023. However, for the nine-month period, operating income decreased to $65 million from $184 million in 2023, primarily due to lower product sales prices.
CVR Energy's total stockholders' equity decreased to $675 million as of September 30, 2024, from $957 million a year earlier. The company also reported an accumulated deficit of $(832) million, up from $(550) million in the previous year. Cash and cash equivalents at the end of Q3 2024 were $534 million, down from $896 million at the same time in 2023.
Strategically, CVR Energy has suspended cash dividend payments and deferred new growth capital spending due to volatile commodity pricing and operational challenges, including a fire incident at the Wynnewood Refinery in Q2 2024. The company is exploring additional cost control measures to maintain financial discipline and has increased its available credit under its ABL facility to $345 million.
About CVR ENERGY INC
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