cvr energy inc (CVI) Key Developments
CVR Energy, Inc. Approves Appointment of Carl C. Icahn as Director
Jun 18 13
CVR Energy, Inc. at its annual meeting of the stockholders held on June 13, 2013, approved appointment of Carl C. Icahn as director of the company.
CVR Energy, Inc. Declares Special Dividend
May 28 13
CVR Energy, Inc. announced that its board of directors has declared a special dividend of $6.50 per share payable on June 10, 2013, to stockholders of record at the close of business on June 3, 2013. The total amount of the special dividend payment will be approximately $564 million and brings the company's cumulative dividends declared in 2013 to approximately $1.1 billion.
CVR Energy, Inc. Appoints Dennis Mccleary as Vice President of Project Management and Optimization
May 7 13
CVR Energy, Inc. announced that Dennis McCleary has been named vice president of project management and optimization, effective immediately. In his new role, McCleary will oversee capital projects for all CVR Energy companies, including nitrogen fertilizer manufacturer CVR Partners, LP and CVR Refining, LP, a refiner and marketer of petroleum fuels. McCleary has more than 35 years of experience in chemical plant operations, engineering and major projects management, most recently serving as a senior advisor for plant commissioning and turnaround process development with Turnaround Consulting Service.
CVR Energy, Inc. Presents at Citi's Global Energy and Utilities Conference, May-14-2013
May 3 13
CVR Energy, Inc. Presents at Citi's Global Energy and Utilities Conference, May-14-2013 . Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States.
CVR Energy, Inc. Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2013; Announces First Quarter 2013 Cash Dividend Payable on May 17, 2013
May 2 13
CVR Energy, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income attributable to the company's stockholders of $165.0 million or $1.90 per diluted share on net sales of $2,352.4 million compared to a net loss attributable to the company's stockholders of $25.2 million or 29 cents per diluted share on net sales of $1,968.6 million for the first quarter of 2012. Operating income was $367.7 million, up from $140.5 million in the same quarter of 2012. Income before income tax expense was $306.5 million compared to a loss of $25.8 million reported a year ago. Adjusted EBITDA was $286.6 million compared to $166.1 million reported a year ago. Adjusted net income was $156.8 million or $1.81 per diluted share compare to $67.1 million or $0.76 per diluted share reported a year ago. Net cash flow provided by operating activities was $278.3 million compared to $186.3 million reported a year ago. Capital expenditures for property, plant and equipment was $63.7 million compared to $59.5 million reported a year ago. The significant adjustments utilized to derive the adjusted net income were a loss on extinguishment of debt of $26.1 million for the first quarter of 2013 as well as unrealized derivative gain of $32.5 million.
The company posted a strong quarterly result of $26.44 for crude oil throughput barrel which is adjusted for the favorable FIFO impact as compared to $18.62 per barrel in the first quarter 2012 adjusted as well.
The company announced a first quarter 2013 cash dividend of 75 cents per share. The dividend, as declared by CVR Energy's Board of Directors, will be paid on May 17, 2013, to stockholders of record on May 10, 2013. The first quarter dividend brings cumulative 2013 cash dividends paid to $6.25 per share.