UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 2, 2012
CVR ENERGY, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-33492 | 61-1512186 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
2277 Plaza Drive, Suite 500
Sugar Land, Texas 77479
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code:(281) 207-3200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On May 2, 2012, CVR Energy, Inc., or the “Company,” posted a presentation to its website at www.cvrenergy.com under the tab “Investor Relations” providing information regarding its results of operations and financial condition for the quarter ended March 31, 2012, as well as information concerning refining and fertilizer markets. The presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and will not, except to the extent required by applicable law or regulation, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
The information set forth under Item 2.02 is incorporated by reference as if fully set forth herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibit is being “furnished” as part of this Current Report on Form 8-K:
| 99.1 | Slides from presentation. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 2, 2012
| CVR ENERGY, INC. | ||
| By: | /s/ Frank A. Pici | |
| Frank A. Pici | ||
| Chief Financial Officer and Treasurer | ||
 1st
Quarter
2012
Earnings
Report
Exhibit 99.1
May
2,
2012 |
 2
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 number of assumptions concerning future events. These statements are subject to
risks, uncertainties, assumptions and other important factors. You are cautioned not to put
undue reliance on such forward-looking statements (including forecasts and projections
regarding our future performance) because actual results may vary materially from those expressed
or implied as a result of various factors, including, but not limited to (i) those set forth
under “Risk Factors” in CVR Energy, Inc.’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and any other filings CVR Energy, Inc. makes with the
Securities and Exchange Commission, and (ii) those set forth under “Risk Factors” in
the CVR Partners, LP Annual Report on form 10-K, Quarterly Reports on form 10-Q and
any other filings CVR Partners, LP makes with the Securities and Exchange Commission. CVR
Energy, Inc. assumes no obligation to, and expressly disclaims any obligation to, update or
revise any forward-looking statements, whether as a result of new information, future events
or otherwise.
|
 3
(In millions, except for EPS/Distributions)
Q1 2012
Q1 2011
Percent
Adjusted EBITDA
(1)
$ 166.8
$ 113.3
+ 47%
Adjusted Fully Diluted EPS
(2)
$ 0.76
$ 0.56
+ 36%
CVR Partners Adjusted EBITDA
(3)
$ 38.0
$ 25.9
+ 47%
CVR Partners Distributions
$ 0.523
N/A
N/A
Note:
Adjusted
EBITDA
for
the
first
quarter
2012
excludes
turnaround
expense
of
$21mm
(1)
Non-GAAP reconciliation on slide 26
(2)
Non-GAAP reconciliation on slide 27
(3)
Non-GAAP reconciliation on slide 29
Consolidated Results
|
 •
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
4
First Quarter Highlights
•
Working capital improved $28 million
since year end due to lower inventories
•
Completed construction on one million
barrels of owned crude storage in
Cushing
•
First full quarter of Wynnewood
ownership
•
UAN declared distribution of $0.523 |
 •
Expanding crude differentials
•
Group cracks stronger
•
Additional 540,000 barrels brought offline globally due to economics
•
Anticipate gathering 45,000+ bpd in the second quarter
•
Fertilizer pricing gaining strength
5
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)
(1) As of April 23, 2012
Market Environment |
 6
(1) As of April 23, 2012
2010
2011
Q1 2012
Current
(1)
Average Differential
$ 0.77
$ 15.89
$ 15.34
$ 15.60
Market Environment -
Petroleum
($5)
$0
$5
$10
$15
$20
$25
$30
$35
$40
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
(1)
NYMEX 2-1-1 Crack
Brent-WTI Differential |
 7
Note:
The
trendline
does
not
include
2011
or
2012
data
points
(1) As of April 26, 2012
(1)
Crack Spread vs. Historical Norm |
 8
(1) As of 4/16/2012
Crack Spread Hedging
2.9
4.8
4.7
3.1
2.0
1.1
1.1
1.1
$23.87
$26.12
$23.68
$20.54
$24.23
$24.74
$23.67
$22.23
$0
$5
$10
$15
$20
$25
$30
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Q1 '12
Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Q3 '13
Q4 '13
Volume Hedged
(1)
Base Level 11/28/2011
As of 12/31/2011
As of 1/31/2012
As of 2/17/2012
As of 4/16/2012
Hedged Crack Spread |
 Source:
Green
Markets
9
Market Environment -
Fertilizer
$0
$100
$200
$300
$400
$500
$600
$700
$800
Ammonia
UAN
Urea
$282
$312
$317
$491
$564
$574
$568
$606
$613
$167
$205
$168
$171
$207
$300
$294
$344
$313
Mar 10
Jun 10
Sep 10
Dec 10
Mar 11
Jun 11
Sep 11
Dec 11
Mar 12
CVRP Plant Gate Pricing -
Ammonia
CVRP Plant Gate Pricing -
UAN
UAN, Ammonia & Urea Prices |
 Financial
Financial |
 (In millions, except for EPS/EPU)
Q1 2012
Q1 2011
Net earnings (loss) attributable to CVR
stockholders
$ (25.2)
$ 45.8
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 Partners Distributions
$ 0.523
N/A
11
Note:
Adjusted
EBITDA
for
the
first
quarter
2012
excludes
turnaround
expense
of
$21mm
(1)
Definition on slide 20 and Non-GAAP reconciliation on slide 26
(2)
Non-GAAP reconciliation on slide 26
(3)
Non-GAAP reconciliation on slide 27
Financial Results
|
 (In millions except for
barrels sold data)
Q1 2012
Q4 2011
(1)
Q1 2011
Net Sales
$ 1,295.7
$ 979.5
$ 1,111.1
Operating Income
$ 67.8
$
(3.3) $ 106.3
Segment SG&A
$ 10.4
$ 11.1
$ 12.9
Crude Oil Throughput
(barrels per day)
88,403
93,705
98,684
Barrels Sold
(barrels per day)
102,077
89,953
103,200
Refining margin
(per crude oil throughput
barrel)
(2) (3)
$ 17.94
$ 11.05
$ 17.91
Direct Operating Expenses
(per Barrel of Crude
Throughput)
$ 7.94
$ 12.03
$ 5.11
Dir. Op. Ex. (per Barrel of
Crude Throughput) Less:
Turnaround Cost
$ 5.44
$ 5.74
$ 4.76
12
Coffeyville Refinery
Petroleum Segment
Operating Earnings Bridge
Note:
Adjusted
EBITDA
for
the
first
quarter
2012
excludes
turnaround
expense
of
$20mm
(1) Includes 16 days of Wynnewood operations
(2)
Adjusted for FIFO impact
(3)
Definition on slide 21 and Non-GAAP reconciliation on slide 22
$0
$20
$40
$60
$80
$100
$120
Q1 2011
Oper.
Inc.
Refining
Margin
Other
(D&A,
FIFO,
SG&A)
Volume
Direct
Oper.
Cost
Turn-
around
Q1 2012
Oper.
Inc. |
 (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
(barrels per day)
73,919
Refining margin
(per crude oil throughput barrel)
(1) (2)
$ 19.57
Direct Operating Expenses (per Barrel of
Crude Throughput)
$ 5.43
Dir. Op. Ex. (per Barrel of Crude Throughput)
Less: Turnaround Cost
$ 5.26
13
Note:
(1)
Adjusted for FIFO impact
(2)
Definition on slide 21 and Non-GAAP reconciliation on slide 23
Wynnewood Refinery
Petroleum Segment
Adjusted EBITDA for the first quarter 2012 excludes turnaround expense of
$1mm |
 (in millions except for tons
sold data)
Q1 2012
Q4 2011
Q1 2011
Net Sales
$ 78.3
$ 87.6
$ 57.4
Operating Income
$ 31.4
$ 42.6
$ 16.8
Adjusted EBITDA
(1)
$ 38.0
$ 48.4
$ 25.9
Segment SG&A
$ 6.0
$ 4.6
$ 8.3
Ammonia Sales (000 tons)
29.9
29.3
27.3
UAN Sales (000 tons)
158.3
184.6
179.3
Ammonia ASP (per ton)
$ 613
$ 606
$ 564
UAN ASP (per ton)
$ 313
$ 334
$
207 Pet Coke Cost (per ton)
$ 42
$ 42
$ 15
On-stream Factors:
Gasification
93.3%
97.6%
100.0%
Ammonia
91.5%
97.1%
96.7%
UAN
83.6%
94.1%
93.2%
14
(1)
Non-GAAP Reconciliation on slide 29
Nitrogen Fertilizer Segment
$0
$5
$10
$15
$20
$25
$30
$35
$40
Q1 2011
Oper.
Inc.
Aver.
Selling
Price
COGS
Volume
/ Mix
Direct
Oper.
Cost
Other
(D&A,
SG&A)
Q1 2012
Oper.
Inc.
Operating Earnings Bridge |
 Capital Summary*
15
($ 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
$ 87.3
Non-Discretionary
8.9
6.2
9.9
Other
-
1.7
2.2
Total Nitrogen (CVR Partners)
$ 10.1
$ 20.8
$ 99.4
Total Spending
$ 32.4
$ 91.2
$ 278.4
Note:
The
company
expenses
its
turnarounds,
turnaround
expense
for
2011
is
$66m
and
is
$20m
in
Q1
2012
for
Coffeyville
and
estimated
to
be
$85m
for
Wynnewood
in
2012
* Includes capitalized interest
(1)
Increase of approximately $30m in 2011 vs. 2010 due to sustaining maintenance
capital needs associated with turnaround (2)
Increase in 2011 and 2012 due to work performed on the UAN expansion project.
Project expected to complete by Q1 2013 Refinery
turnaround
years
Capital Spend Summary
|
 16
$388
$16
$110
$46
$60
$501
$0
$100
$200
$300
$400
$500
$600
Q4 '11 Cash
NI & D&A
AP, AR, SBC,
Prepaids &
Other
Inventory
Cap Ex
Q1 '12 Cash
December 2011 to March 2012
Cash Flow Waterfall –
Q4 2011 to
Q1 2012 |
 Financial Metrics
2007
2008
2009
2010
2011
Q1 2012
LTM
Debt to Capital
54%
46%
43%
41%
43%
43%
Debt to Adj.
EBITDA
3.6
2.3
2.4
2.5
1.2
1.2
17
Note:
Refer
to
slide
24
for
metrics
used
in
calculations
470.3
486.9
454.4
277.0
465.6
352.0
$0
$100
$200
$300
$400
$500
$600
2007
2008
2009
2010
2011
2012
Consolidated Net Debt
($ in millions)
Debt Metrics |
 Appendix
Appendix |
 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-GAAP adjustments are not in
accordance with or an alternative for GAAP. The adjustments
are
provided
to
enhance
the
overall
understanding
of
the
Company’s
financial
performance for the applicable periods and are also indicators that management
utilizes for planning and forecasting future periods. The non-GAAP
measures utilized by the Company are not necessarily comparable to similarly
titled measures of other companies. The Company believes that
the presentation of non-GAAP financial measures provides useful
information to investors regarding the Company’s financial condition and results of
operations
because
these
measures,
when
used
in
conjunction
with
related
GAAP
financial
measures (i) together provide a more comprehensive view of the Company’s core
operations and ability to generate cash flow, (ii) provide investors with
the financial analytical framework upon which management bases financial and
operational planning decisions, and (iii) presents measurements that
investors and rating agencies have indicated to management are useful to
them in assessing the Company and its results of operations. 19
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
included
in
the
consolidated
statement
of
operations
of the Company. Adjusted EBITDA by operating segment results from operating
income by segment adjusted for items that the company believes are needed in
order to evaluate results in a more comparative analysis from period to
period. Additional adjustments to EBITDA include major scheduled turnaround expense, the impact of
the Company’s use of accounting for its inventory under first-in,
first-out (FIFO), net realized gains/losses on derivative activities,
share-based compensation expense, loss on extinguishment of debt, and other income
(expense). Adjusted EBITDA is not a recognized term under GAAP and should not
be substituted for operating income or net income as a measure of
performance but should be utilized as a supplemental measure of liquidity in
evaluating our business. First-in,
first-out
(FIFO)
impact: The Company’s basis for determining inventory value on a GAAP
basis. Changes in crude oil prices can cause fluctuations in the
inventory valuation of our crude oil, work in process and finished
goods,
thereby
resulting
in
favorable
FIFO
impacts
when
crude
oil
prices
increase
and
unfavorable
FIFO
impacts when crude oil prices decrease. The FIFO impact is calculated based
upon inventory values at the beginning of the accounting period and at the
end of the accounting period. 20
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 investors in evaluating our refinery’s performance as a general
indication of the amount above our cost of product sold that we are able to sell
refined products. Each of the components used in this calculation (net sales
and cost of product sold (exclusive of depreciation and amortization)) are
taken directly from our Condensed Statement of Operations. Our calculation of refining margin
may differ from similar calculations of other companies in our industry, thereby
limiting its usefulness as a comparative measure. In order to derive the
refining margin per crude oil throughput barrel, we utilize the total dollar
figures for refining margin as derived above and divide by the applicable number of crude oil throughput
barrels for the period. We believe that refining margin and refining margin per
crude oil throughput barrel is important to enable investors to better
understand and evaluate our ongoing operating results and allow for greater
transparency in the review of our overall financial, operational and economic performance.
21
Refining
margin
per
crude
oil
throughput
barrel
adjusted
for
FIFO
:
Refining
margin
per
crude
oil
throughput
barrel
adjusted for FIFO impact is a measurement calculated as the difference between net
sales and cost of product sold (exclusive of depreciation and amortization)
adjusted for FIFO impacts. Under our FIFO accounting method, changes in
crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and
finished
goods,
thereby
resulting
in
favorable
FIFO
impacts
when
crude
oil
prices
increase
and
unfavorable
FIFO
impacts
when
crude
oil
prices
decrease.
Refining
margin
adjusted
for
FIFO
impact
is
a
non-GAAP
measure
that
we believe is important to investors in evaluating our refinery’s performance
as a general indication of the amount above our cost of product sold (taking
into account the impact of our utilization of FIFO) that we are able to sell
refined products. Our calculation of refining margin adjusted for FIFO impact may
differ from calculations of other companies in our industry, thereby
limiting its usefulness as a comparative measure Non-GAAP Financial Measures
|
 Coffeyville Refinery
($ per crude oil throughput barrel)
Quarter
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
difference
(1)
(2.71)
(7.05)
(4.39)
Other
cost
of
product
sold
(2)
(1.69)
(1.62)
(0.52)
Other
2.46
(0.40)
3.46
Refining margin (adj. for FIFO impact)
$
17.94
$
11.05
$
17.91 (1)
Impact of our refinery producing other products in addition to gasoline and
distillate. (2)
Includes cost such as RINS, sulfur credits, ethanol, transportation,
hydrogen. 22
Coffeyville Margin Realization |
 Wynnewood Refinery
($ per crude oil throughput barrel)
First Quarter
3/31/2012
NYMEX 2-1-1
$
Purchased crude
discount Group 3 basis
Liquid Volume yield loss
Yield
structure
difference
(1)
Other cost of product sold
Other
Refining margin (adj. for FIFO impact)
$
(1)
Impact of our refinery producing other products in addition to gasoline and
distillate. 23
Nitrogen Fertilizer Segment (CVR Partners)
($ per ton)
First Quarter
3/31/2012
3/31/2011
UAN / Ton (Sales)
$
$
Ammonia / Ton (Sales)
Pet Coke / Ton (Cost of Sales)
$
$
Wynnewood Margin Realization
27.53
1.03
(4.21)
(3.40)
(5.10)
(1.36)
5.08
19.57
313
613
42
207
564
15 |
 Financials
($ in millions)
Full Year
2007
2008
2009
2010
2011
Q1 2012
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
Equity
432.7
579.5
653.8
689.6
1,151.6
1,130.1
Adjusted
EBITDA
(1)(2)
$ 139.0
$ 218.1
$ 206.8
$ 192.0
$ 692.0
$ 744.5
24
Note:
2011
includes
debt
related
to
acquisition
of
Gary
Williams
but
only
16
days
of
EBITDA
contribution
*
Includes
cash
and
debt
of
Nitrogen
Fertilizer
segment,
which
is
held
separately
by
CVR
Partners
LP,
which
has
a
separate
capital
structure
(1)
Adjusted
for
FIFO,
turnaround
expense,
SBC,
financing
costs
and
gains/losses
on
derivatives,
asset
dispositions,
loss
on
extinguishment
of
debt,
Gary
Williams
acquisition
and
integration costs, and bridge loan expenses
(2)
Non-GAAP reconciliation on slide 25
Capital Structure* |
 Financials
($ in millions)
Full Year
2007
2008
2009
2010
2011
Q1 2012
LTM
Consolidated net income (loss) attributable to CVR
Energy
$ (67.6)
$ 163.9
$ 69.4
$ 14.3
$ 345.8
$ 274.9
Interest expense, net of interest income
60.0
37.6
42.5
48.1
55.3
61.8
Depreciation and amortization
68.4
82.2
84.9
86.8
90.3
100.3
Income tax expense (benefit)
(88.5)
63.9
29.2
13.8
209.5
172.7
EBITDA adjustments included in NCI
-
-
-
-
(5.3)
(7.3)
FIFO impact (favorable) unfavorable
(69.9)
102.5
(67.9)
(31.7)
(25.6)
(24.1)
Goodwill impairment
-
42.8
-
-
-
-
Unrealized (gain)/loss on all derivatives
113.5
(247.9)
37.8
(0.6)
(85.3)
39.7
Share-based compensation
44.1
(42.5)
8.8
37.2
27.2
12.0
Loss on disposal of fixed asset
1.3
2.3
-
2.7
2.5
2.5
Loss on extinguishment of debt
1.3
10.0
2.1
16.6
2.1
0.2
Major scheduled turnaround
76.4
3.3
-
4.8
66.4
84.2
Expenses related to proxy matter
-
-
-
-
-
14.8
Expenses related to Gary Williams acquisition
-
-
-
-
9.1
12.8
Adjusted EBITDA
$ 139.0
$ 218.1
$ 206.8
$ 192.0
$ 692.0
$ 744.5
25
Consolidated
Non-GAAP Financial Measures |
 Financials
($ in millions)
First Quarter
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)
27.1
EBITDA adjustments included in NCI
(2.0)
-
EBITDA
$
14.4
$
107.8 FIFO impact (favorable) unfavorable
(19.3)
(21.9)
Unrealized (gain)/loss on all derivatives
128.2
3.3
Share-based compensation
4.0
19.1
Loss on extinguishment of debt
-
1.9
Major scheduled turnaround
21.0
3.1
Expenses related to proxy matter
14.8
-
Expenses related to Gary Williams acquisition
3.7
-
Adjusted EBITDA
$
166.8 $
113.3 26
Consolidated
Non-GAAP Financial Measures |
 Financials
(1)
($ in millions)
First Quarter
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
Loss on disposition of assets
-
-
Major scheduled turnaround
12.7
1.9
Unrealized (gain)/loss on derivatives
77.7
-
Expenses associated with proxy matters
9.0
-
Expenses associated with the acquisition of Gary-Williams
(2)
2.2
-
Adjusted Net Income
$
67.1
$
49.5 Adjusted Net Income per diluted share
$
0.76
$ 0.56
27
(1)
All adjustments net of tax
(2)
Legal, professional and integration expenses related to acquisition of
Gary-Williams in December 2011 Consolidated
Non-GAAP Financial Measures |
 Financials
($ in millions)
Quarter
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 turnaround expense
21.0
54.1
3.1
Realized gain (loss) on derivatives, net
(19.1)
11.1
(18.8)
Depreciation and amortization
26.3
19.0
16.9
Other income (expense)
0.1
0.1
0.1
Adjusted EBITDA
$ 144.9
$ 47.6
$ 91.7
28
Petroleum
Non-GAAP Financial Measures
|
 Financials
($ in millions)
Quarter
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 scheduled turnaround expense
-
-
-
Adjusted EBITDA
$ 38.0
$ 48.4
$ 25.9
29
Fertilizer
Non-GAAP Financial Measures |