CVR Energy, Inc. (NYSE:CVI) Q3 2023 Earnings Conference Call October 31, 2023 1:00 PM ET

Company Participants

Richard Roberts - Vice President, FP&A and IR

Dave Lamp - Chief Executive Officer

Dane Neumann - Chief Financial Officer

Conference Call Participants

Manav Gupta - UBS

Matthew Blair - Tudor, Pickering & Holt

John Royall - JPMorgan

Operator

Greetings. And welcome to the CVR Energy, Inc. Third Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President of FP&A and IR. Thank you, Mr. Roberts. You may begin.

Richard Roberts

Thank you, Camilla. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy third quarter 2023 earnings call. With me today are Dave Lamp, our Chief Executive Officer; Dane Neumann, our Chief Financial Officer; and other members of management.

Prior to discussing our 2023 third quarter results, let me remind you that this conference call may contain forward-looking statements, as that term is defined under federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements.

You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except for the except required by law.

This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures are included in our 2023 third quarter earnings release that we filed with the SEC and Form 10-Q for the period and will be discussed during the call.

With that said, I’ll turn the call over to Dave.

Dave Lamp

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. Yesterday, we reported third quarter consolidated net income of $354 million and earnings per share of $3.51. EBITDA for the quarter was $530 million. Our solid results for the quarter were driven by continued strength in gas and diesel crack spreads, along with significant decline in the price of RINs at the quarter end.