CVR Refining LP (CVRR) has reported an 88.55 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $15.90 million, or $0.11 a share in the quarter, compared with $138.90 million, or $0.94 a share for the same period last year. Revenue during the quarter dropped 14.55 percent to $1,163.50 million from $1,361.60 million in the previous year period. Gross margin for the quarter contracted 682 basis points over the previous year period to 6.79 percent. Total expenses were 97.56 percent of quarterly revenues, up from 89.92 percent for the same period last year. That has resulted in a contraction of 764 basis points in operating margin to 2.44 percent.
Operating income for the quarter was $28.40 million, compared with $137.20 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $75.30 million compared with $229.60 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1039 basis points in the quarter to 6.47 percent from 16.86 percent in the last year period.
“A highlight of the 2016 third quarter was the signing of a definitive agreement with Velocity Midstream Partners for the construction of a crude oil pipeline directly linking the fairway of the South Central Oklahoma Oil Province (SCOOP) to CVR Refining’s Wynnewood refinery, which will further enhance our crude supply,” said Jack Lipinski, chief executive officer. “Our Coffeyville refinery also ran exceptionally well during the quarter with a total crude throughput of 130,393 barrels per day (bpd).
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