SUGAR LAND, Texas, Oct. 31, 2022 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) CVI today announced net income of $93 million, or 92 cents per diluted share, on net sales of $2.7 billion for the third quarter of 2022, compared to net income of $84 million, or 83 cents per diluted share on net sales of $1.9 billion for the third quarter of 2021. Adjusted earnings for the third quarter of 2022 were $1.90 per diluted share compared to an adjusted loss of 24 cents per diluted share in the third quarter of 2021 , which is mainly due to improved crack spreads. Third quarter 2022 EBITDA was $181 million compared to third quarter 2021 EBITDA of $243 million. On an adjusted basis, Adjusted EBITDA for the third quarter of 2022 was $313 million compared to $99 million in the third quarter of 2021.
“CVR Energy’s industry-leading distillate yield drove our strong results for the quarter and allowed us to continue our commitment to giving back value to our shareholders, many of whom have stayed with CVR Energy during tougher times in our industry. In addition to our In addition to a regular dividend of 40 cents for the third quarter of 2022, our Board of Directors was pleased to approve a special dividend of $1.00 per share, bringing our year-to-date declared dividend to $4.80 -dollars per share,” said Dave Lamp, chief executive officer of CVR Energy.
“Our results would have been even higher, but were negatively impacted by backwardation in crude oil and the high cost of the renewable energy identification number due to the EPA’s continued mismanagement of the Renewable Fuel Standard program,” Lamp continued. “However, we continue to advance our renewable energy initiatives and the corporate transformation to separate our renewable energy business, which we previously announced, remains on track to be completed in the first quarter of 2023.”
petroleum
The Petroleum segment reported operating income of $137 million on net sales of $2.5 billion for the third quarter of 2022 compared to operating income of $135 million on net sales of $1.7 billion. ..
