CV Refining’s EBITDA
CVR Refining (CVRR) reported its 4Q17 results on February 22, 2018. The company’s adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) for 4Q17 rose to $76.4 million from $27.7 million in 4Q16. The available cash for distribution rose to $65.6 million—compared to no available cash for distribution in 4Q16.
The adjusted EBITDA for fiscal 2017 was $372.6 million—compared to $222.8 million for 2016.
CVR Refining’s RIN (renewable identification number) expenses for 2017 were $249 million.
“Stronger crack spreads and record operating rates resulted in overall solid results for CVR Refining in the 2017 full year and fourth quarter,” said Dave Lamp, CVR Refining’s CEO.
The above graph shows CVR Refining’s available cash for distribution, capital expenditures, and per unit distribution in the last three years.
Improved refining margins contributed to the higher earnings in 4Q17. We’ll discuss CVR Refining’s throughput volumes and refining margins in the next part of this series.
CVR Refining announced a distribution per unit of $0.45 for 4Q17. The company paid a distribution per unit of $0.94 for 3Q17. CVR Refining is a variable distribution MLP. CVR Refining didn’t pay distributions for seven quarters prior to 3Q17.
Next, we’ll discuss CVR Refining’s throughput volumes and refining margins.