CVR Refining, LP Reports Audited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Production Guidance for the Third Quarter of 2017
For the six months, the company reported net sales of USD 2,761.7 million compared to USD 1,998.4 million a year ago. Operating income was USD 58.6 million compared to USD 34.1 million a year ago. Income before income tax expense was USD 47.8 million compared to USD 10.1 million a year ago. Net income was USD 47.8 million or USD 0.32 per basic and diluted share compared to USD 10.1 million or USD 0.07 per basic and diluted share a year ago. Adjusted EBITDA was USD 157.6 million compared to USD 119.8 million a year ago. Net cash flow provided by operating activities was USD 251.3 million compared to USD 40.8 million a year ago. Total capital expenditures were USD 47.4 million compared to USD 68.0 million a year ago.
For the quarter, the company's total throughput was 221,954 barrels per day compared to 210,488 barrels per day a year ago. Total refining production (excluding internally produced fuel) was 222,637 barrels per day compared to 211,232 barrels per day a year ago.
For the six months, the company's total throughput was 225,264 barrels per day compared to 203,172 barrels per day a year ago. Total refining production (excluding internally produced fuel) was 225,879 barrels per day compared to 203,314 barrels per day a year ago.
For the third quarter of 2017, the company expects total crude oil throughput from 180,000 bpd to 200,000 bpd and total refining production from 190,000 bpd to 210,000 bpd.
In 2017, the company estimate total capital spending to be approximately USD 150 million, of which USD 130 million is estimated to be environmental and maintenance capital.