Slide 1: 1st Quarter 2012 Earnings Report
Exhibit 99.1 1st Quarter 2012 Earnings Report May 2, 2012
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter earnings conference call held on May 2, 2012. The following information contains forward- looking statements based on management’s current expectations and beliefs, as well as a numbe
Slide 3: Consolidated Results
Consolidated Results (In millions, except for EPS/Distributions) Q1 2012 Q1 2011 Percent (1) Adjusted EBITDA $ 166.8 $ 113.3 + 47% (2) Adjusted Fully Diluted EPS $ 0.76 $ 0.56 + 36% (3) CVR Partners Adjusted EBITDA $ 38.0 $ 25.9 + 47% CVR Partners Distributions $ 0.523 N/A N/A Note: Adjusted EBITDA
Slide 4: First Quarter Highlights
First Quarter Highlights • Completion of our turnaround at Coffeyville; under budget and ahead of schedule • Continued balance sheet improvement • Net debt improvement, $352 million as of March 31, 2012 versus $466 million at year end • Working capital improved $28 million since year end due to lowe
Slide 5: Market Environment
Market Environment • Expanding crude differentials Q1 Average Q1 High Current(1) • WTI vs. WCS ($26.81) ($35.23) (16.56) • WTI vs. Brent $15.34 $19.02 15.60 • WTI vs. WTS ($3.95) ($6.67) (4.77) • WTI vs. LSB ($16.23) ($28.99) (5.86) • Group cracks stronger • Additional 540,000 barrels brought offlin
Slide 6: Market Environment - Petroleum
Market Environment - Petroleum NYMEX 2-1-1 Crack & Brent - WTI Differential(1) $40 $35 $30 $25 $20 $15 $10 $5 $0 ($5) Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 NYMEX 2-1-1 Crack Brent-WTI Differential 2010 2011 Q1 2012 Current(1) Average Differential $ 0.77 $ 15.89 $ 15.34 $ 15.
Slide 7: Crack Spread vs. Historical Norm
Crack Spread vs. Historical Norm (1) Note: The trendline does not include 2011 or 2012 data points 7 (1) As of April 26, 2012
Slide 8: Crack Spread Hedging
Crack Spread Hedging Volume Hedged (1) 6.0 $30 $26.12 $24.23 $24.74 5.0 $23.87 4.8 $23.68 $23.67 $25 $22.23 4.7 $20.54 4.0 $20 3.1 3.0 2.9 $15 2.0 2.0 $10 1.1 1.1 1.1 1.0 $5 0.0 $0 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Base Level 11/28/2011 As of 12/31/2011 As of 1/31/2012 As of 2/
Slide 9: Market Environment - Fertilizer
Market Environment - Fertilizer UAN, Ammonia & Urea Prices $800 $700 $606 $613 $600 $564 $574 $568 $491 $500 $400 $344 $312 $317 $300 $294 $313 $300 $282 $167 $205 $207 $200 $168 $171 $100 $0 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Ammonia UAN Urea CVRP Plant Gate Pricing - Am
Slide 10: Financial
Financial
Slide 11: Financial Results
Financial Results (In millions, except for EPS/EPU) Q1 2012 Q1 2011 Net earnings (loss) attributable to CVR $ (25.2) $ 45.8 stockholders Earnings (loss) per diluted share $ (0.29) $ 0.52 EBITDA(1) $ 14.4 $ 107.8 Adjusted EBITDA(2) $ 166.8 $ 113.3 Adjusted Fully diluted EPS (3) $ 0.76 $ 0.56 CVR Part
Slide 12: Coffeyville Refinery Petroleum Segment
Coffeyville Refinery Petroleum Segment (In millions except for barrels sold data) Operating Earnings Bridge Q1 2012 Q4 2011(1) Q1 2011 $120 Net Sales $ 1,295.7 $ 979.5 $ 1,111.1 Operating Income $ 67.8 $ (3.3) $ 106.3 $100 Segment SG&A $ 10.4 $ 11.1 $ 12.9 $80 Crude Oil Throughput 88,403 93,705 98,6
Slide 13: Wynnewood Refinery Petroleum Segment
Wynnewood Refinery Petroleum Segment (In millions except for barrels sold data) Q1 2012 Net Sales $ 825.5 Operating Income $ 67.5 Segment SG&A $ 3.4 Crude Oil Throughput (barrels per day) 58,255 Barrels Sold 73,919 (barrels per day) Refining margin $ 19.57 (per crude oil throughput barrel) (1) (2) D
Slide 14: Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment (in millions except for tons sold data) Operating Earnings Bridge Q1 2012 Q4 2011 Q1 2011 $40 Net Sales $ 78.3 $ 87.6 $ 57.4 $35 Operating Income $ 31.4 $ 42.6 $ 16.8 Adjusted EBITDA (1) $ 38.0 $ 48.4 $ 25.9 $30 Segment SG&A $ 6.0 $ 4.6 $ 8.3 $25 Ammonia Sales (000 tons)
Slide 15: Capital Spend Summary
Capital Spend Summary Refinery turnaround years Capital Summary* ($ in millions) 2010 2011 Estimated 2012 Petroleum Discretionary $ 1.6 $ 18.1 $ 29.3 Non-Discretionary (1) 18.2 50.5 147.0 Other 2.5 1.8 2.7 Total Petroleum $ 22.3 $ 70.4 $ 180.0 Nitrogen (CVR Partners) Discretionary (2) $ 1.2 $ 12.9 $
Slide 16: Cash Flow Waterfall – Q4 2011 to Q1 2012
Cash Flow Waterfall – Q4 2011 to Q1 2012 December 2011 to March 2012 $600 $46 $60 $500 $110 $16 $400 $300 $501 $200 $388 $100 $0 Q4 '11 Cash NI & D&A AP, AR, SBC, Inventory Cap Ex Q1 '12 Cash Prepaids & Other 16
Slide 17: Debt Metrics
Debt Metrics Consolidated Net Debt ($ in millions) $600 470.3 486.9 $500 454.4 465.6 $400 352.0 277.0 $300 $200 $100 $0 2007 2008 2009 2010 2011 2012 Q1 2012 Financial Metrics 2007 2008 2009 2010 2011 LTM Debt to Capital 54% 46% 43% 41% 43% 43% Debt to Adj. 3.6 2.3 2.4 2.5 1.2 1.2 EBITDA 17 Note: Re
Slide 18: Appendix
Appendix
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with U.S. generally accepted accounting principles (GAAP), for the applicable periods, the Company also uses certain non-GAAP financial measures as discussed below, which are adjusted for GAAP-based results. The use of non-GA
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA: EBITDA represents net income before the effect of interest expense, interest income, income tax expense (benefit) and depreciation and amortization. EBITDA is not a calculation based upon GAAP; however, the amounts included in EBITDA are derived from amounts inclu
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Refining margin : Refining margin per crude oil throughput barrel is a measurement calculated as the difference between net sales and cost of product sold (exclusive of depreciation and amortization). Refining margin is a non- GAAP measure that we believe is important to
Slide 22: Coffeyville Margin Realization
Coffeyville Margin Realization Coffeyville Refinery Quarter ($ per crude oil throughput barrel) 3/31/2012 12/31/2012 3/31/2011 NYMEX 2-1-1 $ 27.53 $ 23.49 $ 20.99 Purchased crude discount 1.18 1.92 4.13 Group 3 basis (4.21) 0.05 (0.45) Liquid Volume yield loss (4.62) (5.34) (5.31) Yield structure di
Slide 23: Wynnewood Margin Realization
Wynnewood Margin Realization Wynnewood Refinery First Quarter ($ per crude oil throughput barrel) 3/31/2012 NYMEX 2-1-1 $ 27.53 Purchased crude discount 1.03 Group 3 basis (4.21) Liquid Volume yield loss (3.40) Yield structure difference (1) (5.10) Other cost of product sold (1.36) Other 5.08 Refini
Slide 24: Capital Structure
Capital Structure* Full Year Financials ($ in millions) Q1 2012 2007 2008 2009 2010 2011 LTM Cash $ 30.5 $ 8.9 $ 36.9 $ 200.0 $ 388.3 $ 500.9 Long Term Debt 500.8 495.9 491.3 477.0 853.9 852.9 Net Debt 470.3 486.9 454.4 277.0 465.6 352.0 CVR Stockholder’s 432.7 579.5 653.8 689.6 1,151.6 1,130.1 Equi
Slide 25: Consolidated Non-GAAP Financial Measures
Consolidated Non-GAAP Financial Measures Full Year Financials ($ in millions) Q1 2012 2007 2008 2009 2010 2011 LTM Consolidated net income (loss) attributable to CVR $ (67.6) $ 163.9 $ 69.4 $ 14.3 $ 345.8 $ 274.9 Energy Interest expense, net of interest income 60.0 37.6 42.5 48.1 55.3 61.8 Depreciat
Slide 26: Consolidated Non-GAAP Financial Measures
Consolidated Non-GAAP Financial Measures First Quarter Financials ($ in millions) 3/31/2012 3/31/2011 Consolidated net income (loss) attributable to CVR Energy $ (25.2) $ 45.8 Interest expense, net of interest income 19.2 12.9 Depreciation and amortization 32.1 22.0 Income tax expense (benefit) (9.7
Slide 27: Consolidated Non-GAAP Financial Measures
Consolidated Non-GAAP Financial Measures First Quarter Financials(1) ($ in millions) 3/31/2012 3/31/2011 Consolidated net income (loss) attributable to CVR Energy $ (25.2) $ 45.8 FIFO impact (favorable) unfavorable (11.7) (13.2) Share-based compensation 2.4 13.8 Loss on extinguishment of debt - 1.2
Slide 28: Petroleum Non-GAAP Financial Measures
Petroleum Non-GAAP Financial Measures Quarter Financials ($ in millions) 3/31/2012 12/31/2011 3/31/2011 Operating income $ 134.9 $ (3.3) $ 105.7 FIFO impact (favorable), unfavorable (19.3) (35.1) (21.9) Share-based compensation 1.0 0.7 6.6 Loss on disposal of fixed assets - 1.0 - Major scheduled tur
Slide 29: Fertilizer Non-GAAP Financial Measures
Fertilizer Non-GAAP Financial Measures Quarter Financials ($ in millions) 3/31/2012 12/31/2011 3/31/2011 Operating income $ 31.4 $ 42.6 $ 16.8 Depreciation and amortization 5.4 4.9 4.6 Other income (expense) - - (0.1) Share-based compensation 1.2 0.9 4.6 Loss on disposition of assets - - - Major sch