CVR Energy has announced strong 2nd Quarter results along with a cash dividend of 75 cents. The company announced a net income of $166 million on net sales of $1,687 million for the second quarter of 2019. That compares to $43 million on net sales of $1,914 million for the second quarter a year ago.
CEO, Dave Lamp attributed the strong results to safe and reliable operations, lower Renewable Identification Number prices, higher crack spreads and increased fertilizer volumes and pricing. He also cited the successful sale of it’s crude oil terminal in Cushing, Oklahoma. Lamp went on to say the fertilizer segment continued to be impacted by wet weather across the Midwest in the second quarter but that the company did experience solid demand and was able to deliver significant volumes of products to customers at netback prices much higher than the same period last year.