CVR Energy, Inc. (NYSE:CVI) Q2 2024 Earnings Conference Call July 30, 2024 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

John Royall - JPMorgan
Neil Mehta - Goldman Sachs
Paul Cheng - Scotiabank
Matthew Blair - Tudor, Pickering

Operator

Greetings. And welcome to the CVR Energy Second Quarter 2024 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 Investor Relations. Thank you, sir. You may begin.

Richard Roberts

Thank you, Christine. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy second quarter 2024 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 2024 second 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 our latest earnings release. As a result, actual operation of the results may differ materially from 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 to the extent required by law.

This call also includes various non-GAAP financial measures. The disclosures lettered in such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2024 second quarter earnings release that we filed with the SEC in 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 second quarter consolidated net income $38 million and earnings per share of $0.21. EBITDA was $103 million.

Our results for the quarter reflect the weakness in refining product tracks in the Mid-Con, in addition to the downtime and increased expenses associated with the fire at Wynnewood. We estimate total pre-tax impact of our second quarter results from the fire was approximately $50 million, which does not include the impact of any insurance recoveries that may be achieved in the future.