UAN - CVR Energy Q4 results - weak results series of catalysts laid out for 2022
CVR Energy (NYSE:CVI) reported Q4 results before the open Tuesday, posting a net loss of 14c/s versus street expectations for a gain of 7c/s. Though management cited strong operating performance and improving industry fundamentals, CEO Dave Lamp indicated "ridiculously high RIN prices continued to weigh on our performance." Looking ahead, Management expects to benefit from bio-fuel / RIN production at the Company's Wynnewood renewable diesel unit in the second quarter of 2022. Management also plans to restructure the business to segregate the renewable operations, an event that's expected to occur later this year. The nitrogen fertilizer business (NYSE:UAN) performed well this quarter, with elevated crop prices, falling fertilizer inventories, and high energy prices leading fertilizer prices higher QoQ. Though debt repayments and a working capital headwind limited shareholder payouts during the period. Refinery fundamentals are clearly improving as we head towards summer driving season, something noted on almost every refinery and
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CVR Energy Q4 results - weak results, series of catalysts laid out for 2022