CVR Energy Inc.

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 Financial Planning and Analysis in Investor Relations. Thank you, sir. You may begin.

Thank you, Christine. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy fourth 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 fourth quarter and four-year 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. You are cautioned that 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 fourth quarter earnings release that we filed with the SEC and form 10-K 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. Thank you for joining our earnings call. For the full year of 2022, we reported a consolidated net income of $644 million, earnings per share of $4.60, and an EBITDA of $1.2 billion. At the segment level, we generated $905 million of EBITDA at the petroleum segment and $403 million of EBITDA at the fertilizer segment. In addition to our strong results for the year, we are proud to report that we continue continued improvement in our environmental health and safety metrics in 2022, with a 63% year-over-year reduction in total recordable incident rate and a 7% decline in environmental events across the company. We completed planned turnaround at the Woody Wood refined rate in the spring on time and on budget, during which we also completed and started up the renewable diesel unit. With the conversion of Winnie Woods Hydrocracker to renewable diesel service, we reconfigured the refinery to enable it to efficiently run 100% shale oil. We also completed turnarounds at both our fertilizer plants in the third quarter on time and on budget. We saw strong utilization rates at both fertilizers in the fourth quarter, with the East Dubuque achieving record ammonia production for the month of December. We also published our first external ESG report in December, which is available on our website. Fourth quarter consolidated net income was $172 million and earnings per share were $1.11. EBITDA for the quarter was $313 million. Our solid results for the quarter were driven by both refining and fertilizer businesses with high utilization across all our facilities, along with strong pricing for refined products and nitrogen fertilizers. We are pleased to announce that the Board of Directors has authorized a 25% increase in the fourth quarter regular dividend to $0.50 per share, which will be paid on March 13, 2023, to shareholders of record at the close of market on March 6, 2023. For the full year 2020, the board authorized regular and special dividends totaling $5.30 per share for a total payout ratio of 55% of operating cash flow generated for the year. Total shareholder return for 2022, including dividends, was approximately 115%. In our petroleum segment, Combined total throughput for the fourth quarter of 2022 was approximately 221,000 barrels per day. Crude utilization for the quarter was approximately 97% of nameplate capacity, and light product yield was 103 on crude oil processed. Benchmark cracks remained elevated during the fourth quarter, with the Group 3-211 averaging $37.42 a barrel. Distillate crack remained significantly above the gasoline crack in the quarter, and we continue to operate the refineries in max distillate mode. RIN prices continued to be stubbornly high at $8.45 a barrel for the fourth quarter. With the release of the proposed RVOs early in December, the EPA missed yet another opportunity to modernize the RFS to focus on carbon reductions. The RFS's liquid fuels regulation in enabling EVs to earn rents is just another subsidy for EV industry, which is nowhere near carbon neutral. The point of obligation under the RFS also remains a significant issue and should be changed to align incentives between refiners, large retailers, and blenders. The bottom line is that the American consumers are paying more at the pump because of EPA's mismanagement of the RFS. We have filed petitions in the Fifth Circuit seeking judicial review of EPA's ridiculous and misguided denial of Winnie Wood small refinery exemptions for 2017 through 2021. We are encouraged by the recent Fifth Circuit ruling to stay the compliance obligations of two other small refiners after noting EPA's June 2022 SRE denial was likely contrary to the law. We continue to fight for the rights we believe Winnie Wood is entitled to, and yesterday we filed our own motion for a stay in the Fifth Circuit. We also filed our 2022 petition for small refinery exemption at Winnie Wood in December. and we expect to continue to accrue a liability on our balance sheet related to Woody Wood's RFS obligations while we pursue legal remedies. We completed our first catalyst change at the Woody Wood Renewable Diesel Unit in the quarter, which limited processing to approximately 13 million gallons of vegetable oil feedstocks. The hobo spread averaged a negative $1.97 per gallon for the fourth quarter, a decline from the third quarter as soybean prices increased, increases outpaced diesel prices for the quarter. As a reminder, our renewable diesel business is currently reported in our corporate and other segment. In the fertilizer segment, both facilities ran well following the completion of planned turnarounds in the third quarter. Fertilizer prices also increased in the fourth quarter, and we took advantage of tight market conditions to sell our fourth quarter production and more than half of our first quarter production at attractive prices. Fertilizer prices have softened some recently. However, we continue to expect strong fertilizer demand in the spring due to strong grain prices and farmer economics. Let me turn the call over now to Dane to discuss our financial highlights. Thank you, Dave, and good afternoon, everyone.