Commodities
CVR Energy Reports Q1 Production Gains as Utilization Reaches 97%
CVR Energy (CVI) reported Q1 earnings Wednesday, showing total production of 211,812 barrels per day, up from 116,575 b/d a year earlier.The company reported total throughput of 214,268 b/d for the quarter ended Mar. 31, up from 120,377 b/d, a year earlier.Coffeyville refinery gathered crude throughput rose to 50,723 b/d in the quarter, from 26,728 b/d a year earlier, CVR Energy said.Other domestic crude throughput increased to 62,045 b/d from 12,348 b/d, while Canadian crude throughput rose to 17,384 b/d, compared with 640 b/d a year earlier, the company said.Coffeyville produced 74,789 b/d of gasoline for the quarter versus 18,940 b/d a year earlier, while distillate output increased to 57,138 b/d from 20,233 b/d, the company said.Other liquid products declined to 4,439 b/d for Q1, down from 6,324 b/d a year earlier, while solids output rose to 5,981 b/d from 1,321 b/d, CVR Energy said.Wynnewood refinery throughput for gathered crude declined to 58,154 b/d compared with 68,572 b/d a year earlier, the company added.Other domestic crude throughput increased to 11,556 b/d for the quarter, up from 573 b/d, the company said.Wynnewood produced 36,699 b/d of gasoline for Q1, compared with 39,740 b/d a year earlier, while distillate output rose to 30,343 b/d from 24,948 b/d, the company said.Other liquid products declined to 2,413 b/d from 5,058 b/d, while solids output remained largely unchanged at 10 b/d versus 11 b/d, CVR Energy said.Crude utilization reached 96.8% of capacity, compared with 52.7% a year earlier, reflecting improved operating performance across refining assets, the company said.For Q2, the company expects total refining throughput between 200,000 b/d and 215,000 b/d, with crude utilization projected at 92% to 99%, it said.
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