CVR Energy, the owner of the Wynnewood Refinery in southern Oklahoma and other refineries across the country recently reported a fourth quarter 2020 net loss of $67 million or 67 cents a diluted share.
For all of 2020, the company had a net loss of $256 million or $2.54 a diluted share. The full-year EBITDA was a negative $7 million compared to $880 million for all of 2019.
The fourth quarter net income compared to $44 million and 44 cents a diluted share on the fourth quarter of 2019. CVR’s fourth quarter 2020 EBITDA was $1 million, far below the $142 million reported in the fourth quarter of the previous year.
“CVR Energy’s 2020 fourth quarter and full-year results were negatively impacted by demand destruction caused by the global COVID-19 pandemic,” said Dave Lamp, CVR Energy’s Chief Executive Officer.
What helped the company was record ammonia production for the year at the Coffeyville and East Dubuque fertilizer plants.
Still, it was the petroleum segment that suffered with a fourth quarter 2020 operating loss of $120 million on $1 billion in net sales. It compared to $82 million in operating income in the fourth quarter of 2019.
The company said what hurt its bottom line was increased RIN prices and its Renewable Fuel Standard obligation, something it has challenged in the courts. One positive gain in the company’s Petroleum Segment was a $10 million gain on the sale of its crude oil terminal at the Cushing hub.
Click here for CVR release.
