CVR Refining Turns a Full Year Profit, Net Loss in Fourth Quarter

CVR Refining which owns the Wynnewood Refining Company reported a net income dropped to $291.2 million in 2015 compared to 2014’s net income of $358.7 million. Net sales in 2015 totaled nearly $5.2 million dollars.

While a profit is welcome during the tough conditions, CVR Refining actually had a net loss for the last three months of the year. It was $122.2 million compared to a net loss of $108.5 million during fourth quarter 2014. The fourth quarter loss was in part due to the downtime at the company’s Coffeyville, Kansas, refinery.

“As expected, our fourth quarter results were impacted by the downtime associated with the scheduled turnaround at the Coffeyville refinery as well as narrowing crack spreads,” said CVR Refining Chief Executive Officer Jack Lipinski.

Because of the downtime in Coffeyville and the narrowing crack spreads, the company will not pay a cash distribution for the quarter, however the total cash distributions for the year were $2.75 per common unit.



   

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