CVR Refining, LP

CIK:0001558785|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net sales	$ 1,857	$ 1,386	$ 5,139	$ 4,148
Operating costs and expenses:
Cost of materials and other	1,544	1,114	4,315	3,524
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	85	120	272	308
Depreciation and amortization	33	32	98	97
Cost of sales	1,662	1,266	4,685	3,929
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	18	19	56	58
Depreciation and amortization	1	1	3	3
Loss on asset disposals	0	1	5	1
Operating income	176	99	390	157
Interest expense, net	(10)	(12)	(32)	(34)
Gain (loss) on derivatives, net	5	(17)	75	(5)
Other income, net	3	0	6	0
Net income	$ 174	$ 70	$ 439	$ 118
Net income per common unit – basic and diluted (in dollars per unit)	$ 1.18	$ 0.47	$ 2.97	$ 0.80
Weighted-average common units outstanding:
Basic and diluted (in units)	147.6	147.6	147.6	147.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 439	$ 118
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101	100
Share-based compensation	12	7
Other non-cash items	6	3
Income from equity method investments, net of distributions	(1)	0
Changes in assets and liabilities:
Current assets and liabilities	(48)	87
Non-current assets and liabilities	5	(1)
Net cash provided by operating activities	514	314
Cash flows from investing activities:
Capital expenditures	(50)	(66)
Other investing activities	1	(1)
Net cash used in investing activities	(49)	(67)
Cash flows from financing activities:
Distributions to common unitholders – affiliates	(181)	0
Distributions to common unitholders – non-affiliates	(58)	0
Other financing activities	(2)	(1)
Net cash used in financing activities	(241)	(1)
Net increase in cash and cash equivalents	224	246
Cash and cash equivalents, beginning of period	174	314
Cash and cash equivalents, end of period	$ 398	$ 560

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 398	$ 174
Accounts receivable	194	169
Inventories	370	331
Prepaid expenses and other current assets	31	26
Total current assets	993	700
Property, plant, and equipment, net of accumulated depreciation	1,396	1,479
Other long-term assets	116	91
Total assets	2,505	2,270
Current liabilities:
Note payable and capital lease obligations	2	2
Accounts payable	388	307
Accrued expenses and other current liabilities	103	153
Accounts payable and accrued expenses due to affiliates	18	20
Total current liabilities	511	482
Long-term liabilities:
Long-term debt and capital lease obligations, net of current portion	537	539
Other long-term liabilities	11	2
Total long-term liabilities	548	541
Commitments and contingencies (See Note 11)
Partners’ capital	1,446	1,247
Total liabilities and partners' capital	$ 2,505	$ 2,270