CVR Energy Inc.

Greetings, and welcome to the CVR Energy Inc. Third Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President of FP&A and IR. Thank you, Mr. Roberts. You may begin.

Thank you, Camilo. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy Third Quarter 2022 Earnings Call. With me today are Dave Lamp, our Chief Executive Officer, Dane Newman, our Chief Financial Officer, and other members of management. Prior to discussing our 2022 Third Quarter results, let me remind you that this conference call may contain forward-looking statements, as that term is defined under federal securities laws. For this purpose, Any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. Your caution of these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law. Let me also remind you that CVR Partners completed a 1 for 10 reverse split of its common units on November 23, 2020. Any per-unit references made on this call are on a split-adjusted basis. This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2022 third quarter earnings release that we filed with the SEC and Form 10-Q for the period and will be discussed during the call. With that said, I'll turn the call over to Dave.

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. Yesterday, we reported third quarter consolidated net income of $80 million and earnings per share of $0.92. EBITDA for the quarter was $181 million. Our strong results for the quarter were driven primarily by the refining segment due to high distillate cracks and our best-in-class distillate yield, somewhat offset by turnarounds at both fertilizer plants during the quarter. We are pleased to announce the Board of Directors has authorized a third quarter regular dividend of 40 cents per share and a special dividend of $1 per share, both of which will be paid on November 21st to shareholders of record at close of market on November 14th. Year to date, the Board has authorized regular and special dividends totaling $4.80 per share representing a yield of over 12% based on yesterday's closed price. In our petroleum segment, combined total throughput for the third quarter of 2022 was approximately 202,000 barrels per day, and like product yield was 97% on crude oil process. Benchmark crack spreads remained elevated during the quarter, with Group 3-211 averaging $43.94 per barrel. The distillate crack remained significantly above the gas crack in the quarter, and we continued to operate our refineries in max distillate mode. RIN prices also remained stubbornly high at $8 per barrel, thereby adding approximately $0.30 per gallon to fuel costs at the pump due to EPA's continued mismanagement of the RFS regulations. We have filed petitions in the Fifth Circuit seeking judicial review of our EPA's ridiculous and misguided denial of Winnie Wood small refinery exemptions for the years 2017 through 2021. We will continue to fight for the rights we believe Winnie Wood is entitled to, as intended by Congress when the RFS regulation was passed and became the law of the land. We expect to file for an exemption for 2022 soon. We continue to increase throughput rates at the Winnie Wood Renewable Diesel Unit in the quarter, processing approximately 18 million gallons of vegetable oil feedstock. The hobo spread averaged a negative $1.48 per gallon for the third quarter, an improvement of approximately 50 cents per gallon from the second quarter. For the third quarter, our financial results also improved for renewable diesel business, which currently is included in our corporate and other segments. In the fertilizer segment, we completed planned turnarounds at both facilities in the third quarter. We currently do not have any other planned turnaround scheduled for fertilizer until fall of 24. Fertilizer markets remain tight, and we have seen a steady increase in prices over the past few months, which is carried through to the fall, and we expect to carry through through the fall and into 2023. Now let me turn the call over to Dane to discuss our financial highlights. Thank you, Dave, and good afternoon, everyone.