News Release

CVR Refining Reports Third Quarter 2018 Results and Announces Cash Distribution of 90 Cents
For the first nine months of 2018, net income was
“CVR Refining reported solid results for the 2018 third quarter,” said
“Looking forward, we will remain focused on safe and reliable operations while taking advantage of favorable product margins and crude oil spreads,” Lamp said.
Third quarter 2018 combined total throughput was approximately 219,000 barrels per day (bpd). Combined total throughput was approximately 214,000 bpd for the same period in 2017.
Refining margin adjusted for FIFO impact per combined total throughput, a non-GAAP financial measure, was
Distributions
Third Quarter 2018 Earnings Conference Call
The third quarter 2018 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Refining’s website at www.CVRRefining.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8289. The webcast will be archived and available through
Qualified Notice
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Refining’s distributions to foreign investors are attributable to income that is effectively connected with a
Forward-Looking Statements
This news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: crude oil differentials or spreads; RINs, crude oil, feedstock and product prices; distributions; operating performance; reserves; fourth quarter performance including throughput, production, direct operating expenses, capital spending and depreciation; safe and reliable operations; favorable product margins; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) price volatility of crude oil, other feedstocks and refined products; our ability to make cash distributions; potential operating hazards; costs of compliance with existing, or compliance with new, laws and regulations and potential liabilities arising therefrom; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other
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Investor Contact:
(281) 207-3588
IR@CVRRefining.com
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(281) 207-3516
MediaRelations@CVRRefining.com
Financial and Operational Data (all information in this release is unaudited other than the balance sheet data as of
Three Months Ended September 30, |
Nine Months Ended September 30, |
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(In millions, except per unit data) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Statement of Operations Data: | |||||||||||||||
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 (1)(2) | 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 (1) | 18 | 19 | 56 | 58 | |||||||||||
Depreciation and amortization | 1 | 1 | 3 | 3 | |||||||||||
Loss on asset disposals | — | 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 | — | 6 | — | |||||||||||
Net income | $ | 174 | $ | 70 | $ | 439 | $ | 118 | |||||||
Net income per common unit - basic and diluted | $ | 1.18 | $ | 0.47 | $ | 2.97 | $ | 0.80 | |||||||
Adjusted EBITDA* | $ | 221 | $ | 139 | $ | 494 | $ | 296 | |||||||
Available cash for distribution* | 133 | 139 | 306 | 139 | |||||||||||
Weighted average, number of common units outstanding: | |||||||||||||||
Basic and diluted |
147.6 | 147.6 | 147.6 | 147.6 |
______________________________
* See “Use of Non-GAAP Financial Measures” below.
(1) Direct operating expenses and selling, general and administrative expenses for the three and nine months ended September 30, 2018 and 2017 are shown exclusive of depreciation and amortization.
(2) Direct operating expenses includes
(In millions) |
As of September 30, 2018 | As of December 31, 2017 | |||||
Balance Sheet Data: | |||||||
Cash and cash equivalents | $ | 398 | $ | 174 | |||
Working capital | 482 | 218 | |||||
Total assets | 2,505 | 2,270 | |||||
Total debt, including current portion | 539 | 541 | |||||
Total partners’ capital | 1,446 | 1,247 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
(In millions) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Cash Flow Data: | |||||||||||||||
Net cash flow provided by (used in): | |||||||||||||||
Operating activities | $ | 256 | $ | 63 | $ | 514 | $ | 314 | |||||||
Investing activities | (18 | ) | (18 | ) | (49 | ) | (67 | ) | |||||||
Financing activities | (98 | ) | — | (241 | ) | (1 | ) | ||||||||
Net increase in cash and cash equivalents | $ | 140 | $ | 45 | $ | 224 | $ | 246 | |||||||
Capital expenditures for property, plant and equipment: | |||||||||||||||
Maintenance | $ | 16 | $ | 15 | $ | 39 | $ | 58 | |||||||
Growth | 2 | 4 | 11 | 8 | |||||||||||
Total capital expenditures | $ | 18 | $ | 19 | $ | 50 | $ | 66 |
Operating Data
The following tables set forth information about our consolidated operations and our
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
(In dollars per total throughput barrel) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Key Operating Statistics: | |||||||||||||||
Gross profit | $ | 9.70 | $ | 6.07 | $ | 7.99 | $ | 3.61 | |||||||
Refining margin* | $ | 15.54 | $ | 13.81 | $ | 14.50 | $ | 10.32 | |||||||
FIFO impact, (favorable) unfavorable | $ | (0.13 | ) | $ | (0.76 | ) | $ | (0.79 | ) | $ | 0.01 | ||||
Refining margin adjusted for FIFO impact* | $ | 15.41 | $ | 13.05 | $ | 13.71 | $ | 10.33 | |||||||
Direct operating expenses and major turnaround expenses | $ | 4.23 | $ | 6.12 | $ | 4.79 | $ | 5.11 | |||||||
Direct operating expenses excluding major turnaround expenses | $ | 4.17 | $ | 5.02 | $ | 4.77 | $ | 4.49 |
______________________________
* See “Use of Non-GAAP Financial Measures” below.
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
(In dollars per barrel) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Market Indicators: | |||||||||||||||
West Texas Intermediate (WTI) NYMEX | $ | 69.43 | $ | 48.20 | $ | 66.79 | $ | 49.36 | |||||||
Crude Oil Differentials: | |||||||||||||||
WTI less WTS (light/medium sour) | 14.26 | 0.97 | 8.14 | 1.15 | |||||||||||
WTI less WCS (heavy sour) | 27.76 | 10.48 | 23.77 | 11.42 | |||||||||||
WTI less Condensate | 0.37 | 0.12 | 0.40 | 0.12 | |||||||||||
Midland Cushing Differential | 14.33 | 0.79 | 7.69 | 0.54 | |||||||||||
NYMEX Crack Spreads: | |||||||||||||||
Gasoline | 16.96 | 20.42 | 17.69 | 17.74 | |||||||||||
Heating Oil | 22.03 | 21.05 | 21.59 | 17.24 | |||||||||||
NYMEX 2-1-1 Crack Spread | 19.50 | 20.73 | 19.64 | 17.49 | |||||||||||
PADD II Group 3 Basis: | |||||||||||||||
Gasoline | (0.13 | ) | (1.18 | ) | (2.16 | ) | (2.37 | ) | |||||||
Ultra Low Sulfur Diesel | 0.89 | 0.85 | 0.08 | (0.44 | ) | ||||||||||
PADD II Group 3 Product Crack Spread: | |||||||||||||||
Gasoline | 16.83 | 19.23 | 15.53 | 15.37 | |||||||||||
Ultra Low Sulfur Diesel | 22.92 | 21.90 | 21.67 | 16.80 | |||||||||||
PADD II Group 3 2-1-1 | $ | 19.88 | $ | 20.57 | $ | 18.60 | $ | 16.09 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
% | % | % | % | ||||||||||||||||||||
Refining Throughput and Production Data (bpd): | |||||||||||||||||||||||
Throughput: | |||||||||||||||||||||||
Condensate | 8,425 | 3.8 | 1 | - | 13,156 | 6.3 | 2,893 | 1.3 | |||||||||||||||
Sweet | 193,727 | 88.5 | 196,341 | 91.9 | 179,964 | 86.5 | 195,857 | 88.5 | |||||||||||||||
Heavy sour | 6,746 | 3.1 | 6,751 | 3.2 | 4,518 | 2.2 | 11,643 | 5.3 | |||||||||||||||
Total crude oil throughput | 208,898 | 95.4 | 203,093 | 95.1 | 197,638 | 95.0 | 210,393 | 95.1 | |||||||||||||||
All other feedstocks and blendstocks | 10,008 | 4.6 | 10,513 | 4.9 | 10,454 | 5.0 | 10,943 | 4.9 | |||||||||||||||
Total throughput | 218,906 | 100.0 | 213,606 | 100.0 | 208,092 | 100.0 | 221,336 | 100.0 | |||||||||||||||
Production: | |||||||||||||||||||||||
Gasoline | 111,087 | 50.8 | 105,712 | 49.5 | 103,258 | 49.6 | 112,268 | 50.6 | |||||||||||||||
Distillate | 94,157 | 43.0 | 89,655 | 42.0 | 89,325 | 42.9 | 92,046 | 41.5 | |||||||||||||||
Other (excluding internally produced fuel) | 13,497 | 6.2 | 18,107 | 8.5 | 15,486 | 7.5 | 17,385 | 7.9 | |||||||||||||||
Total refining production (excluding internally produced fuel) | 218,741 | 100.0 | 213,474 | 100.0 | 208,069 | 100.0 | 221,699 | 100.0 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
% | % | % | % | ||||||||||||||||||||
Coffeyville Refinery Throughput and Production Data (bpd): | |||||||||||||||||||||||
Throughput: | |||||||||||||||||||||||
Condensate | 273 | 0.2 | 1 | - | 6,448 | 5.1 | 2,893 | 2.1 | |||||||||||||||
Sweet | 127,792 | 90.3 | 121,709 | 89.6 | 109,937 | 86.4 | 116,468 | 83.7 | |||||||||||||||
Heavy sour | 6,746 | 4.8 | 6,751 | 5.0 | 4,518 | 3.6 | 11,643 | 8.4 | |||||||||||||||
Total crude oil throughput | 134,811 | 95.3 | 128,461 | 94.6 | 120,903 | 95.1 | 131,004 | 94.2 | |||||||||||||||
All other feedstocks and blendstocks | 6,664 | 4.7 | 7,415 | 5.4 | 6,238 | 4.9 | 8,124 | 5.8 | |||||||||||||||
Total throughput | 141,475 | 100.0 | 135,876 | 100.0 | 127,141 | 100.0 | 139,128 | 100.0 | |||||||||||||||
Production: | |||||||||||||||||||||||
Gasoline | 72,337 | 50.7 | 67,598 | 49.1 | 62,543 | 48.7 | 70,697 | 50.1 | |||||||||||||||
Distillate | 60,521 | 42.4 | 57,654 | 41.9 | 54,914 | 42.7 | 58,927 | 41.7 | |||||||||||||||
Other (excluding internally produced fuel) | 9,900 | 6.9 | 12,355 | 9.0 | 11,066 | 8.6 | 11,619 | 8.2 | |||||||||||||||
Total refining production (excluding internally produced fuel) | 142,758 | 100.0 | 137,607 | 100.0 | 128,523 | 100.0 | 141,243 | 100.0 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
% | % | % | % | ||||||||||||||||||||
Wynnewood Refinery Throughput and Production Data (bpd): | |||||||||||||||||||||||
Throughput: | |||||||||||||||||||||||
Condensate | 8,152 | 10.5 | - | - | 6,708 | 8.3 | - | - | |||||||||||||||
Sweet | 65,936 | 85.2 | 74,632 | 96.0 | 70,026 | 86.5 | 79,389 | 96.6 | |||||||||||||||
Total crude oil throughput | 74,088 | 95.7 | 74,632 | 96.0 | 76,734 | 94.8 | 79,389 | 96.6 | |||||||||||||||
All other feedstocks and blendstocks | 3,344 | 4.3 | 3,098 | 4.0 | 4,216 | 5.2 | 2,819 | 3.4 | |||||||||||||||
Total throughput | 77,432 | 100.0 | 77,730 | 100.0 | 80,950 | 100.0 | 82,208 | 100.0 | |||||||||||||||
Production: | |||||||||||||||||||||||
Gasoline | 38,750 | 51.0 | 38,114 | 50.2 | 40,715 | 51.2 | 41,571 | 51.6 | |||||||||||||||
Distillate | 33,636 | 44.3 | 32,001 | 42.2 | 34,411 | 43.2 | 33,119 | 41.2 | |||||||||||||||
Other (excluding internally produced fuel) | 3,597 | 4.7 | 5,752 | 7.6 | 4,420 | 5.6 | 5,766 | 7.2 | |||||||||||||||
Total refining production (excluding internally produced fuel) | 75,983 | 100.0 | 75,867 | 100.0 | 79,546 | 100.0 | 80,456 | 100.0 |
Use of Non-GAAP Financial Measures
Our management uses certain non-GAAP performance measures to analyze operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include performance and liquidity measures along with certain key operating metrics.
Performance and Liquidity Measures
We use the following performance and liquidity measures:
EBITDA is a performance measure representing net income before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization.
Adjusted EBITDA. Adjusted EBITDA is a performance measure representing EBITDA adjusted for (i) (favorable) unfavorable FIFO impacts associated with our crude oil and refined product inventories, (ii) major turnaround expenses (that many of our competitors capitalize and thereby exclude from their measures of EBITDA and adjusted EBITDA), (iii) (gain) loss on derivatives, net and (iv) current period settlements on derivative contracts. Adjusted EBITDA represents the starting point for determining of available cash for distribution. Refer to discussion below for the Refining margin, adjusted for FIFO impact non-GAAP measure for discussion of why management adjusted for the FIFO impact of our inventories. We exclude major turnaround expenses because these amounts are required expenditures for our refineries, are not closely related to current period operations, and many of our peer companies capitalize these amounts thereby excluding these amounts from their EBITDA-related measures. For derivatives, we adjust EBITDA to exclude the unrealized or non-cash portion of our derivative gain or loss from our results in order to arrive at our starting point for available cash for distribution.
Refining margin. This performance measure represents the difference between net sales and cost of materials and other as reported on our Condensed Consolidated Statements of Operations.
Refining margin, adjusted for FIFO impact. This performance measure represents our refining margin adjusted to exclude the impact of price changes in our crude oil and refined products inventories. Under our FIFO accounting method for crude oil and refined products, changes in crude oil prices can cause fluctuations in the inventory valuation of our raw material, work in process and finished good inventories, thereby resulting in a favorable FIFO impact when crude oil prices increase and an unfavorable FIFO impact when crude oil prices decrease. In periods of significant price volatility, these price changes have a significant impact on the valuation on our inventories and thus our results.
Available cash for distribution. This performance and liquidity measure is equal to Adjusted EBITDA reduced for cash needed for (i) debt service, (ii) reserves for environmental and maintenance capital expenditures, (iii) reserves for major turnaround expenses and, to the extent applicable, (iv) reserves for future operating or capital needs that the board of directors of our general partner deems necessary or appropriate, if any. Available cash for distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the board of directors of our general partner.
Operating Metrics
During the second quarter of 2018, we changed the metrics discussed below from a crude oil throughput barrel basis to a total throughput barrel basis. Prior period information has been revised to conform to current presentation.
Refining margin and refining margin adjusted for FIFO impact per total throughput barrel. For both refining margin and refining margin adjusted for FIFO impact, we present these measures on a per total throughput barrel basis. In order to calculate these non-GAAP operating metrics, we utilize the total dollar figures for refining margin and refining margin adjusted for FIFO impact, as derived above and divide by the applicable number of total throughput barrels for the period.
Direct operating expenses, excluding major turnaround expenses, per total throughput barrel. We provide this performance measure to exclude major turnaround expenses from the reported amounts of direct operating expense during a given period. Major turnaround expenses are required are not directly correlated to our current period operations and thus excluding them provides investors and analysts with the current period cost, exclusive of depreciation and amortization, we incur to convert a barrel of crude oil into refined product.
We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining industry, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures.
A reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA for the three and nine months ended September 30, 2018 and 2017 is as follows:
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
(In millions) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Net income | $ | 174 | $ | 70 | $ | 439 | $ | 118 | |||||||
Add: | |||||||||||||||
Interest expense, net | 10 | 12 | 32 | 34 | |||||||||||
Depreciation and amortization | 34 | 33 | 101 | 100 | |||||||||||
EBITDA | 218 | 115 | 572 | 252 | |||||||||||
Add: | |||||||||||||||
FIFO impact, (favorable) unfavorable | (3 | ) | (15 | ) | (45 | ) | 1 | ||||||||
Major turnaround expenses | 1 | 22 | 1 | 37 | |||||||||||
Gain (loss) on derivatives, net | (5 | ) | 17 | (75 | ) | 5 | |||||||||
Current period settlements on derivative contracts (1) | 10 | — | 41 | 1 | |||||||||||
Adjusted EBITDA | $ | 221 | $ | 139 | $ | 494 | $ | 296 |
_________________________
- Represents the portion of (gain) loss on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts. Upon settlement there is no cost recovery associated with these contracts.
A reconciliation of Adjusted EBITDA to Available cash for distribution is as follows:
(In millions, except per unit data) |
Three Months Ended September 30, 2018 |
Nine Months Ended September 30, 2018 |
|||||
Adjusted EBITDA | $ | 221 | $ | 494 | |||
Adjustments: | |||||||
Less: | |||||||
Cash needs for debt service | (10 | ) | (30 | ) | |||
Reserves for environmental and maintenance capital expenditures | (25 | ) | (75 | ) | |||
Reserves for major turnaround expenses | (15 | ) | (45 | ) | |||
Reserves for projects | (38 | ) | (38 | ) | |||
Available cash for distribution | $ | 133 | $ | 306 | |||
Distribution declared, per common unit | $ | 0.90 | $ | 2.07 | |||
Common units outstanding | 147.6 | 147.6 |
The calculation of refining margin, refining margin adjusted for FIFO impact, refining margin per total throughput barrel, refining margin adjusted for FIFO impact per total throughput barrel and direct operating expenses (exclusive of depreciation and amortization and major turnaround expenses) per total throughput barrel (each a non-GAAP financial measure), including a reconciliation to the most directly comparable GAAP financial measure for the three and nine months ended September 30, 2018 and 2017 is as follows:
Consolidated Operating Data | |||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
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(In millions) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Net sales | $ | 1,857 | $ | 1,386 | $ | 5,139 | $ | 4,148 | |||||||
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 | |||||||||||
Gross profit | 195 | 120 | 454 | 219 | |||||||||||
Add: | |||||||||||||||
Direct operating expenses (exclusive of depreciation and amortization as reflected below) | 85 | 120 | 272 | 308 | |||||||||||
Depreciation and amortization | 33 | 32 | 98 | 97 | |||||||||||
Refining margin | 313 | 272 | 824 | 624 | |||||||||||
FIFO impact, (favorable) unfavorable | (3 | ) | (15 | ) | (45 | ) | 1 | ||||||||
Refining margin adjusted for FIFO impact | $ | 310 | $ | 257 | $ | 779 | $ | 625 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Total throughput barrels per day | 218,906 | 213,606 | 208,092 | 221,336 | |||||||
Days in the period | 92 | 92 | 273 | 273 | |||||||
Total throughput barrels | 20,139,352 | 19,651,752 | 56,809,116 | 60,424,728 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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(In millions, except for per throughput barrel data) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Refining margin | $ | 313 | $ | 272 | $ | 824 | $ | 624 | |||||||
Divided by: total throughput barrels | 20 | 20 | 57 | 60 | |||||||||||
Refining margin per total throughput barrel | $ | 15.54 | $ | 13.81 | $ | 14.50 | $ | 10.32 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
(In millions, except for per throughput barrel data) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Refining margin adjusted for FIFO impact | $ | 310 | $ | 257 | $ | 779 | $ | 625 | |||||||
Divided by: total throughput barrels | 20 | 20 | 57 | 60 | |||||||||||
Refining margin adjusted for FIFO impact per total throughput barrel | $ | 15.41 | $ | 13.05 | $ | 13.71 | $ | 10.33 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
(In millions, except for per throughput barrel data) |
2018 | 2017 | 2018 | 2017 | |||||||||||
Direct operating expenses (exclusive of depreciation and amortization) | $ | 85 | $ | 120 | $ | 272 | $ | 308 | |||||||
Major turnaround expenses | 1 | 22 | 1 | 37 | |||||||||||
Direct operating expenses (1) | $ | 84 | $ | 98 | $ | 271 | $ | 271 | |||||||
Divided by: total throughput barrels | 20 | 20 | 57 | 60 | |||||||||||
Direct operating expenses, excluding major turnaround expenses, per total throughput barrel | $ | 4.17 | $ | 5.02 | $ | 4.77 | $ | 4.49 |
Q4 2018 Outlook. The table below summarizes our outlook for certain refining statistics and financial information for the fourth quarter of 2018. See “forward looking statements.”
Q4 2018 | |||||
Low | High | ||||
Refinery Statistics: | |||||
Total throughput (bpd) | 215,000 | 225,000 | |||
Direct operating expenses (1) (in millions) | 85 | 95 | |||
Total capital spending (in millions) | 30 | 40 |
_________________________
(1) Direct operating expenses are shown exclusive of depreciation and amortization and major turnaround expenses.