Attached files
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| 8-K - 8-K - CVR Refining, LP | cvrr8-kq32017earningsprese.htm |
3rd Quarter 2017 Earnings Report
November 1, 2017
Forward Looking Statements
2
This presentation should be reviewed in conjunction with CVR Refining, LP’s Third Quarter earnings conference call
held on November 1, 2017. The following information contains forward-looking statements based on management’s
current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are
subject to risks, uncertainties, assumptions and other important factors. You are cautioned not to put undue reliance
on such forward-looking statements (including forecasts and projections regarding our future performance) because
actual results may vary materially from those expressed or implied as a result of various factors, including, but not
limited to those set forth under “Risk Factors” in CVR Refining, LP’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and any other filings CVR Refining, LP makes with the Securities and Exchange Commission. CVR
Refining, LP assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
All information in this earnings report is unaudited other than the consolidated statement of operations data for the
years ended December 31, 2014 through 2016 and the balance sheet data as of December 31, 2014 through 2016.
Consolidated Financial Results Third Quarter Year to Date
(In millions, except for throughput and market data)
9/30/2017 9/30/2016 9/30/2017 9/30/2016
Net Income $ 70.0 $ 15.9 $ 117.8 $ 26.0
Gross Profit $ 118.7 $ 47.1 $ 217.7 $ 117.8
Refining Margin(1)(2)(3) $ 256.5 $ 183.7 $ 624.6 $ 480.5
Operating Income $ 98.7 $ 28.4 $ 157.3 $ 62.5
Adjusted EBITDA(4)(5) $ 138.6 $ 75.3 $ 296.2 $ 195.1
NYMEX 2-1-1 Crack Spread $ 20.73 $ 14.03 $ 17.49 $ 14.64
PADD II Group 3 2-1-1 Crack Spread $ 20.57 $ 14.78 $ 16.09 $ 12.65
Refining Margin (per crude oil throughput barrel)(1)(2)(6) $ 13.72 $ 10.09 $ 10.87 $ 8.99
Direct Operating Expenses excluding Major Scheduled Turnaround Expenses (per
crude oil throughput barrel)(7) $ 5.31 $ 5.33 $ 4.73 $ 5.00
Consolidated Selected Financials and Key Performance Indicators
Balance Sheet and Cash Flow Data Third
Quarter(In millions, except per unit data)
9/30/2017
Cash and Cash Equivalents $ 560.4
Total Debt, including current portion(8) $ 545.5
Partners' Capital $ 1,414.5
Cash Flow from Operations $ 63.0
Available Cash for Distribution(5)(9) $ 138.6
Available Cash for Distribution, per unit(9) $ 0.94
(1) Adjusted for FIFO impact
(2) Definition on slide 12
(3) Non-GAAP reconciliation on slide 13
3
(4) Non-GAAP reconciliation on slide 18
(5) Definition on slide 11
(6) Non-GAAP reconciliation on slide 16
(7) Non-GAAP reconciliation on slide 17
(8) Amounts presented are gross debt not net of unamortized debt issuance costs
(9) Non-GAAP reconciliation on slide 19
Q3 2017 Q3 2016 YTD 2017 YTD 2016
128.5 130.4 131.0 121.4
Q3 2017 Q3 2016 YTD 2017 YTD 2016
136.8 140.3 142.2 133.7
Refinery Crude Throughput
(mbpd)
(1) Adjusted for FIFO impact
(2) Definition on slide 12
(3) Non-GAAP reconciliation on slide 16
(4) Non-GAAP reconciliation on slide 17
Barrels Sold
(mbpd)
Q3 2017 Q3 2016 YTD 2017 YTD 2016
$13.66
$10.19 $11.25 $9.27
Refining Margin(1)(2)(3)
(per crude throughput barrel)
Q3 2017 Q3 2016 YTD 2017 YTD 2016
$4.80 $4.23 $4.33 $4.34
Direct Operating Expenses Excluding Major Scheduled
Turnaround Expenses(4)
(per crude throughput barrel)
Coffeyville Refinery
4
Q3 2017 Q3 2016 YTD 2017 YTD 2016
74.6
67.6
79.4
73.5
Q3 2017 Q3 2016 YTD 2017 YTD 2016
73.2
69.0
80.7
74.5
Refinery Crude Throughput
(mbpd)
Barrels Sold
(mbpd)
Q3 2017 Q3 2016 YTD 2017 YTD 2016
$13.63
$9.71 $10.08 $8.38
Refining Margin(1)(2)(3)
(per crude throughput barrel)
Q3 2017 Q3 2016 YTD 2017 YTD 2016
$6.18
$7.45
$5.40 $6.10
Direct Operating Expenses Excluding Major Scheduled
Turnaround Expenses(4)
(per crude throughput barrel)
Wynnewood Refinery
5
(1) Adjusted for FIFO impact
(2) Definition on slide 12
(3) Non-GAAP reconciliation on slide 16
(4) Non-GAAP reconciliation on slide 17
Consolidated Third Quarter Year to Date
($ in millions, except per barrel data) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Direct operating expenses and major scheduled turnaround expenses $ 120.9 $ 97.0 $ 309.3 $ 298.7
Less: major scheduled turnaround expenses 21.7 — 37.4 31.5
Direct operating expenses excluding major scheduled turnaround expenses $ 99.2 $ 97.0 $ 271.9 $ 267.2
Direct operating expenses excluding major scheduled turnaround expenses per
barrel of crude throughput(1) $ 5.31 $ 5.33 $ 4.73 $ 5.00
6
Direct Operating Expenses
Coffeyville Third Quarter Year to Date
($ in millions, except per barrel data) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Direct operating expenses and major scheduled turnaround expenses $ 56.7 $ 50.7 $ 154.9 $ 176.0
Less: major scheduled turnaround expenses — — — 31.5
Direct operating expenses excluding major scheduled turnaround expenses $ 56.7 $ 50.7 $ 154.9 $ 144.5
Direct operating expenses excluding major scheduled turnaround expenses per
barrel of crude throughput(1) $ 4.80 $ 4.23 $ 4.33 $ 4.34
Wynnewood Third Quarter Year to Date
($ in millions, except per barrel data) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Direct operating expenses and major scheduled turnaround expenses $ 64.2 $ 46.3 $ 154.4 $ 122.7
Less: major scheduled turnaround expenses 21.7 — 37.4 —
Direct operating expenses excluding major scheduled turnaround expenses $ 42.5 $ 46.3 $ 117.0 $ 122.7
Direct operating expenses excluding major scheduled turnaround expenses per
barrel of crude throughput(1) $ 6.18 $ 7.45 $ 5.40 $ 6.10
(1) Non-GAAP reconciliation on slide 17
$500
$400
$300
$200
$100
$0
-$100
2014 2015 2016 Q3 2017
$211.2
$392.7
$232.8
$(14.9)
Note: Refer to slide 20 for metrics used in calculations
Debt Metrics
7
Financial Metrics 2014 2015 2016 Q3 2017 LTM
w Debt to Capital 29% 31% 30% 28%
w Debt to Adj. EBITDA 0.9 1.0 2.5 1.7
w Net Debt to Adj. EBITDA 0.3 0.7 1.0 —
Net Debt (Cash)
($ in millions)
Coffeyville
($ in millions)
Note: Refer to slide 22 for metrics used in calculations
Wynnewood
($ in millions)
Capital Spending
8
n Environmental & Maintenance n Growth
$150
$100
$50
$0
2014 2015 2016 2017 E
$150
$100
$50
$0
2014 2015 2016 2017 E
Consolidated Capital Spending Summary
2014 2015 2016 2017 Estimate
Environmental & Maintenance $140.3 $103.4 $63.6 $95.0
Growth 51.0 91.3 38.7 15.0
Total Capital Spending $191.3 $194.7 $102.3 $110.0
n Environmental & Maintenance n Growth
Commodity Swaps
Distillate Gasoline 2-1-1 Total
Barrels Fixed Price(2) Barrels Fixed Price(2) Barrels Fixed Price(2) Barrels Fixed Price(2)
Fourth Quarter 2017 2,175,000 $ 20.98 2,175,000 $ 14.41 2,700,000 $ 17.98 7,050,000 $ 17.80
First Quarter 2018 2,325,000 20.66 2,325,000 16.71 2,400,000 18.61 7,050,000 18.66
Second Quarter 2018 375,000 20.52 375,000 21.70 1,200,000 21.08 1,950,000 21.09
Third Quarter 2018 — — — — 150,000 19.22 150,000 19.22
Total 4,875,000 $ 20.79 4,875,000 $ 16.07 6,450,000 $ 18.82 16,200,000 $ 18.59
(1) As of September 30, 2017
(2) Weighted-average price of all positions for period indicated
9
Hedging Position(1)
Appendix
Non-GAAP Financial Measures
11
To supplement the actual results in accordance with GAAP for the applicable periods, the Partnership also uses
non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP
financial measures should not be considered an alternative for GAAP results. The adjustments are provided to
enhance an overall understanding of the Partnership’s financial performance for the applicable periods and are
indicators management believes are relevant and useful for planning and forecasting future periods.
EBITDA and Adjusted EBITDA. EBITDA represents 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 represents
EBITDA adjusted for (i) FIFO impact (favorable) unfavorable; (ii) major scheduled turnaround expenses (that many
of our competitors capitalize and thereby exclude from their measure of EBITDA and adjusted EBITDA); (iii) (gain)
loss on derivatives, net and (iv) current period settlements on derivative contracts. We present Adjusted EBITDA because
it is the starting point for our calculation of available cash for distribution. EBITDA and Adjusted EBITDA are not
recognized terms under GAAP and should not be substituted for net income or cash flow from operations. Management
believes that EBITDA and Adjusted EBITDA enable investors to better understand our ability to make distributions to
our common unitholders, help investors evaluate our ongoing operating results and allow for greater transparency in
reviewing our overall financial, operational and economic performance. EBITDA and Adjusted EBITDA presented by
other companies may not be comparable to our presentation, since each company may define these terms differently.
Available cash for distribution is not a recognized term under GAAP. Available cash should not be considered in
isolation or as an alternative to net income or operating income as a measure of operating performance. In addition,
available cash for distribution is not presented as, and should not be considered, an alternative to cash flows from
operations or as a measure of liquidity. Available cash as reported by the Partnership may not be comparable to
similarly titled measures of other entities, thereby limiting its usefulness as a comparative measure.
Non-GAAP Financial Measures (cont'd)
12
Refining margin per crude oil throughput barrel is a measurement calculated as the difference between net sales and
cost of material and other. Refining margin is a non-GAAP measure that we believe is important to investors in evaluating
our refineries' performance as a general indication of the amount above our cost of materials and other at which we
are able to sell refined products. Each of the components used in this calculation (net sales and cost of materials and
other) can be taken directly from our Statements of Operations. Our calculation of refining margin may differ from
similar calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure. In
order to derive the refining margin per crude oil throughput barrel, we utilize the total dollar figures for refining margin
as derived above and divide by the applicable number of crude oil throughput barrels for the period. We believe that
refining margin is important to enable investors to better understand and evaluate our ongoing operating results and
allow for greater transparency in the review of our overall financial, operational and economic performance.
Refining margin per crude oil throughput barrel adjusted for FIFO impact is a measurement calculated as the difference
between net sales and cost of materials and other adjusted for FIFO impact. Refining margin adjusted for FIFO impact
is a non-GAAP measure that we believe is important to investors in evaluating our refineries’ performance as a general
indication of the amount above our cost of materials and other (taking into account the impact of our utilization of
FIFO) at which we are able to sell refined products. Our calculation of refining margin adjusted for FIFO impact may
differ from calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure.
Under our FIFO accounting method, changes in crude oil prices can cause fluctuations in the inventory valuation of
our crude oil, work in process and finished goods, thereby resulting in a favorable FIFO impact when crude oil prices
increase and an unfavorable FIFO impact when crude oil prices decrease.
Calculation of Consolidated Refining Margin adjusted for FIFO
impact(1) Third Quarter Year to Date
($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Net sales $ 1,385.8 $ 1,163.5 $ 4,147.5 $ 3,161.9
Cost of materials and other 1,114.4 987.5 3,523.7 2,651.7
Direct operating expenses (exclusive of depreciation and amortization and major
scheduled turnaround expenses as reflected below) 99.2 97.0 271.9 267.2
Major scheduled turnaround expenses 21.7 — 37.4 31.5
Depreciation and amortization 31.8 31.9 96.8 93.7
Gross profit 118.7 47.1 217.7 117.8
Add:
Direct operating expenses (exclusive of depreciation and amortization and major
scheduled turnaround expenses as reflected below) 99.2 97.0 271.9 267.2
Major scheduled turnaround expenses 21.7 — 37.4 31.5
Depreciation and amortization 31.8 31.9 96.8 93.7
Refining margin(1) 271.4 176.0 623.8 510.2
FIFO impact, (favorable) unfavorable (14.9) 7.7 0.8 (29.7)
Refining margin adjusted for FIFO impact(1) $ 256.5 $ 183.7 $ 624.6 $ 480.5
Consolidated Non-GAAP Financial Measures
(1) Definition on slide 12
13
Calculation of Coffeyville Refinery Refining Margin adjusted for
FIFO impact(1) Third Quarter Year to Date
($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Net sales $ 939.3 $ 788.1 $ 2,750.5 $ 2,094.1
Cost of materials and other 767.7 669.9 2,349.7 1,763.3
Direct operating expenses (exclusive of depreciation and amortization and major
scheduled turnaround expenses as reflected below) 56.7 50.7 154.9 144.5
Major scheduled turnaround expenses — — — 31.5
Depreciation and amortization 17.4 17.7 53.8 51.2
Gross profit 97.5 49.8 192.1 103.6
Add:
Direct operating expenses (exclusive of depreciation and amortization and major
scheduled turnaround expenses as reflected below) 56.7 50.7 154.9 144.5
Major scheduled turnaround expenses — — — 31.5
Depreciation and amortization 17.4 17.7 53.8 51.2
Refining margin(1) 171.6 118.2 400.8 330.8
FIFO impact, (favorable) unfavorable (10.1) 4.0 1.5 (22.4)
Refining margin adjusted for FIFO impact(1) $ 161.5 $ 122.2 $ 402.3 $ 308.4
Coffeyville Non-GAAP Financial Measures
(1) Definition on slide 12
14
Calculation of Wynnewood Refinery Refining Margin adjusted for
FIFO impact(1) Third Quarter Year to Date
($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Net sales $ 445.3 $ 374.3 $ 1,393.7 $ 1,064.4
Cost of materials and other 346.9 317.7 1,174.6 888.5
Direct operating expenses (exclusive of depreciation and amortization and major
scheduled turnaround expenses as reflected below) 42.5 46.3 117.0 122.7
Major scheduled turnaround expenses 21.7 — 37.4 —
Depreciation and amortization 12.9 12.7 38.5 37.9
Gross profit (loss) 21.3 (2.4) 26.2 15.3
Add:
Direct operating expenses (exclusive of depreciation and amortization and major
scheduled turnaround expenses as reflected below) 42.5 46.3 117.0 122.7
Major scheduled turnaround expenses 21.7 — 37.4 —
Depreciation and amortization 12.9 12.7 38.5 37.9
Refining margin(1) 98.4 56.6 219.1 175.9
FIFO impact, (favorable) unfavorable (4.8) 3.8 (0.7) (7.3)
Refining margin adjusted for FIFO impact(1) $ 93.6 $ 60.4 $ 218.4 $ 168.6
(1) Definition on slide 12
Wynnewood Non-GAAP Financial Measures
15
16
Non-GAAP Financial Measures
Calculation of Consolidated Refining Margin adjusted for FIFO
impact per crude oil throughput barrel(1) Third Quarter Year to Date
($ in millions except per barrel data) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Total crude oil throughput barrels per day 203,093 197,955 210,393 194,893
Days in the period 92 92 273 274
Total crude oil throughput barrels 18,684,556 18,211,860 57,437,289 53,400,682
Refining margin adjusted for FIFO impact(1)(2) $ 256.5 $ 183.7 $ 624.6 $ 480.5
Divided by: crude oil throughput barrels (in millions) 18.7 18.2 57.4 53.4
Refining margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 13.72 $ 10.09 $ 10.87 $ 8.99
Coffeyville
Total crude oil throughput barrels per day 128,461 130,393 131,004 121,422
Days in the period 92 92 273 274
Total crude oil throughput barrels 11,818,412 11,996,156 35,764,092 33,269,628
Refining margin adjusted for FIFO impact(1)(3) $ 161.5 $ 122.2 $ 402.3 $ 308.4
Divided by: crude oil throughput barrels (in millions) 11.8 12.0 35.8 33.3
Refining margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 13.66 $ 10.19 $ 11.25 $ 9.27
Wynnewood
Total crude oil throughput barrels per day 74,632 67,562 79,389 73,471
Days in the period 92 92 273 274
Total crude oil throughput barrels 6,866,144 6,215,704 21,673,197 20,131,054
Refining margin adjusted for FIFO impact(1)(4) $ 93.6 $ 60.4 $ 218.4 $ 168.6
Divided by: crude oil throughput barrels (in millions) 6.9 6.2 21.7 20.1
Refining margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 13.63 $ 9.71 $ 10.08 $ 8.38
(1) Definition on slide 12
(2) Non-GAAP reconciliation on slide 13
(3) Non-GAAP reconciliation on slide 14
(4) Non-GAAP reconciliation on slide 15
17
Non-GAAP Financial Measures
Calculation of Consolidated Direct Operating Expenses excluding
Major Scheduled Turnaround expenses per crude oil throughput barrel Third Quarter Year to Date
($ in millions except per barrel data) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Total crude oil throughput barrels per day 203,093 197,955 210,393 194,893
Days in the period 92 92 273 274
Total crude oil throughput barrels 18,684,556 18,211,860 57,437,289 53,400,682
Direct operating expenses excluding major scheduled turnaround expenses(1) $ 99.2 $ 97.0 $ 271.9 $ 267.2
Divided by: crude oil throughput barrels (in millions) 18.7 18.2 57.4 53.4
Direct operating expenses excluding major scheduled turnaround expenses per crude oil
throughput barrel $ 5.31 $ 5.33 $ 4.73 $ 5.00
Coffeyville
Total crude oil throughput barrels per day 128,461 130,393 131,004 121,422
Days in the period 92 92 273 274
Total crude oil throughput barrels 11,818,412 11,996,156 35,764,092 33,269,628
Direct operating expenses excluding major scheduled turnaround expenses(1) $ 56.7 $ 50.7 $ 154.9 $ 144.5
Divided by: crude oil throughput barrels (in millions) 11.8 12.0 35.8 33.3
Direct operating expenses excluding major scheduled turnaround expenses per crude oil
throughput barrel $ 4.80 $ 4.23 $ 4.33 $ 4.34
Wynnewood
Total crude oil throughput barrels per day 74,632 67,562 79,389 73,471
Days in the period 92 92 273 274
Total crude oil throughput barrels 6,866,144 6,215,704 21,673,197 20,131,054
Direct operating expenses excluding major scheduled turnaround expenses(1) $ 42.5 $ 46.3 $ 117.0 $ 122.7
Divided by: crude oil throughput barrels (in millions) 6.9 6.2 21.7 20.1
Direct operating expenses excluding major scheduled turnaround expenses per crude oil
throughput barrel $ 6.18 $ 7.45 $ 5.40 $ 6.10
(1) Non-GAAP reconciliation on slide 6
Financials Third Quarter Year to Date
($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016
Net income $ 70.0 $ 15.9 $ 117.8 $ 26.0
Interest expense and other financing costs, net of interest income 11.8 10.8 34.8 31.7
Income tax expense — — — —
Depreciation and amortization 33.0 32.5 99.5 95.6
EBITDA(1) 114.8 59.2 252.1 153.3
FIFO impact, (favorable) unfavorable (14.9) 7.7 0.8 (29.7)
Major scheduled turnaround expenses 21.7 — 37.4 31.5
Loss on derivatives, net 17.0 1.7 4.8 4.8
Current period settlements on derivative contracts(2) — 6.7 1.1 35.2
Adjusted EBITDA(1) $ 138.6 $ 75.3 $ 296.2 $ 195.1
(1) Definition on slide 11
(2) Represents the portion of 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 and upon settlement, there is no cost recovery associated with these contracts.
18
Consolidated Non-GAAP Financial Measures
Financials
Third
Quarter
(In millions, except for per unit data)
9/30/2017
Adjusted EBITDA(1) $ 138.6
Less:
Cash needs for debt service (10.0)
Reserves for environmental and maintenance capital expenditures (25.0)
Reserves for major scheduled turnaround expenses (15.0)
Add:
Release of previously established cash reserves 50.0
Available cash for distribution(1) $ 138.6
Available cash for distribution, per unit $ 0.94
Common units outstanding 147.6
(1) Definition on slide 11
19
Consolidated Non-GAAP Financial Measures
Financials Full Year LTM
($ in millions) 2014 2015 2016 Q3 2017
n Cash $ 370.2 $ 187.3 $ 314.1 $ 560.4
n Total debt, including current portion(1) 581.4 580.0 546.9 545.5
n Net debt (cash) 211.2 392.7 232.8 (14.9)
n Partners' capital 1,450.1 1,281.4 1,296.7 1,414.5
n Adjusted EBITDA(2)(3) $ 621.6 $ 602.0 $ 222.8 $ 323.9
(1) Amounts presented are gross debt not net of unamortized debt issuance costs
(2) Non-GAAP reconciliation on slide 21
(3) Definition on slide 11
20
Capital Structure
Financials Full Year LTM
($ in millions) 2014 2015 2016 Q3 2017
Net income $ 358.7 $ 291.2 $ 15.3 $ 107.1
Interest expense and other financing costs, net of interest income 33.9 42.2 43.3 46.4
Income tax expense — — — —
Depreciation and amortization 122.5 130.2 129.0 132.9
EBITDA(1) 515.1 463.6 187.6 286.4
FIFO impact, (favorable) unfavorable 160.8 60.3 (52.1) (21.6)
Share-based compensation, non-cash 2.3 0.6 — —
Major scheduled turnaround expenses 6.8 102.2 31.5 37.4
(Gain) loss on derivatives, net (185.6) 28.6 19.4 19.4
Current period settlements on derivative contracts(2) 122.2 (26.0) 36.4 2.3
Flood insurance recovery(3) — (27.3) — —
Adjusted EBITDA(1) $ 621.6 $ 602.0 $ 222.8 $ 323.9
(1) Definition on slide 11
(2) 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 and upon settlement, there is no cost recovery associated with these contracts.
(3) Represents an insurance recovery from environmental insurance carriers as a result of the flood and crude oil discharge at the Coffeyville refinery on June/July 2007.
21
Consolidated Non-GAAP Financial Measures
Financials
($ in millions) 2014 2015 2016 2017 Estimate
Coffeyville refinery
Environmental and Maintenance $ 74.8 $ 69.7 $ 39.1 $ 45.0
Growth 5.5 73.2 37.2 10.0
Coffeyville refinery total capital $ 80.3 $ 142.9 $ 76.3 $ 55.0
Wynnewood refinery
Environmental and Maintenance $ 58.5 $ 25.6 $ 20.6 $ 45.0
Growth 38.9 6.4 0.5 5.0
Wynnewood refinery total capital $ 97.4 $ 32.0 $ 21.1 $ 50.0
Other Petroleum
Environmental and Maintenance $ 7.0 $ 8.1 $ 3.9 $ 5.0
Growth 6.6 11.7 1.0 —
Other petroleum total capital $ 13.6 $ 19.8 $ 4.9 $ 5.0
Total capital spending $ 191.3 $ 194.7 $ 102.3 $ 110.0
22
Capital Spending