CVR Energy Inc.

At this time, all participants are in 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 CBR Energy fourth quarter 2024 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 2024 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. This call also includes various non-GAAP financial measures. Disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2024 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, and thank you for joining our earnings call. For the full year of 2024, we reported a consolidated net income of $45 million and an EBITDA of $394 million. At the segment level, we generated $223 million of EBITDA in our petroleum segment, $179 million of EBITDA in our fertilizer segment. We also began separately reporting results from our renewable segment, which generated $3 million of EBITDA for the full year of 2024. For the fourth quarter, consolidated net income was $40 million and EBITDA was $122 million. In the petroleum segment, Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day. Crude utilization for the quarter was approximately 94% of nameplate capacity, despite planned run cuts in December. And light product yield was 103 on crude oil processed. Benchmark cracks softened during the fourth quarter. with Group 3-211 averaging $14.32 per barrel. The bulk of the decrease from the third quarter came from a decline in gasoline crack, which is somewhat typical for the fourth quarter as demand slows seasonally and supply increases with the addition of butane blending. In addition, the U.S. refining fleet continued to run hard through the fourth quarter, averaging 91% utilization compared to a five-year average of 87%. RIN prices increased 17 cents per barrel from the third quarter of 2024 levels, averaging approximately $4.06 per barrel for the quarter. In early January, EPA denied Winnie Wood's 2023 small refinery exemption petition once again coming up with new reasons for the denial that we consider ludicrous and illegal, forcing us once again to seek protection of the Fifth Circuit through a stay. Our 2024 application for small refinery exemption is already filed, and EPA again missed the 90-day deadline to rule on it. We are pleased to report that last week, EPA advised the Fifth Circuit that EPA does not oppose the stay Winnie Wood requested. While the Fifth Circuit has not yet ruled on our now unopposed motion to stay, we expect them to do so soon. While we continue to aggressively pursue the small refinery exemptions Winnie Wood deserves, we are hopeful that EPA's Fifth Circuit filings last week signals a return to common sense to the agency. We welcome Administrator Zeldin to the EPA And we're hopeful that under the new administration, EPA will see the critical role that small refineries like ours play in rural communities across America, exactly why Congress included small refinery exemptions in the Renewable Fuel Standard legislation. For the fourth quarter of 2024, we processed approximately 17 million gallons of vegetable oil feedstock in the Renewable Diesel Unit at Winnie Wooden. Gross margin was approximately 79 cents per gallon for the fourth quarter and 80 cents per gallon for the full year of 2024. Although we have hydraulic capacity to produce 100 million gallons of renewable diesel, we are reducing the rated capacity of the unit to 80 million gallons per year going forward due to catalyst limitations. Based on the revised capacity, utilization for the quarter was approximately 73%. which was negatively impacted by catalyst degradation in December. The hobo spread declined slightly from the third quarter, primarily due to declines in California diesel prices. However, this was more than offset by increased D4s and LCFS credit prices. In the fertilizer segment, both facilities ran well during the quarter with ammonia utilization of 96%. Relative to the prior period, ammonia prices were higher despite some challenging weather conditions in the quarter. We saw good demand and had strong shipments from our facilities. Now let me turn the call over to Dane to discuss our financial highlights.