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| 8-K - 8-K - CVR Refining, LP | cvrr8-kq42017earningsprese.htm |
4th Quarter 2017 Earnings Report
February 22, 2018
This presentation should be reviewed in conjunction with CVR Refining, LP’s Fourth Quarter earnings
conference call held on February 22, 2018. 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 year ended December 31, 2016 and the balance sheet data as of December 31, 2014 through
2016.
Forward Looking Statements
2
Consolidated Financial Results Fourth Quarter Year to Date
(In millions, except for throughput and market data)
12/31/2017 12/31/2016 12/31/2017 12/31/2016
Net Income (Loss) $ (29.0) $ (10.7) $ 88.8 $ 15.3
Gross Profit $ 68.7 $ 34.6 $ 286.4 $ 152.4
Refining Margin(1)(2)(3) $ 205.3 $ 139.5 $ 829.9 $ 620.0
Operating Income $ 46.5 $ 15.3 $ 203.8 $ 77.8
Adjusted EBITDA(4)(5) $ 76.4 $ 27.7 $ 372.6 $ 222.8
NYMEX 2-1-1 Crack Spread $ 20.29 $ 14.70 $ 18.19 $ 14.66
PADD II Group 3 2-1-1 Crack Spread $ 19.96 $ 11.60 $ 17.03 $ 12.39
Refining margin (per crude oil throughput barrel)(1)(2)(6) $ 11.87 $ 7.32 $ 11.10 $ 8.55
Direct Operating Expenses excluding Major Scheduled
Turnaround Expenses (per crude oil throughput barrel)(7) $ 5.29 $ 4.96 $ 4.86 $ 4.99
Consolidated Selected Financials and Key Performance Indicators
Balance Sheet and Cash Flow Data Fourth
Quarter(In millions, except per unit data)
12/31/2017
Cash and Cash Equivalents $ 173.8
Total Debt, including current portion(8) $ 545.0
Partners' Capital $ 1,246.8
Cash Flow used in Operations $ (136.4)
Available Cash for Distribution(5)(9) $ 65.6
Distribution Declared, per common unit(9) $ 0.45
(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
Q4 2017 Q4 2016 YTD 2017 YTD 2016
147.6 146.9 143.6 137.0
(1) Adjusted for FIFO impact
(2) Definition on slide 12
(3) Non-GAAP reconciliation on slide 16
(4) Non-GAAP reconciliation on slide 17
Q4 2017 Q4 2016 YTD 2017 YTD 2016
$13.00
$7.29
$11.70
$8.74
Q4 2017 Q4 2016 YTD 2017 YTD 2016
$4.46 $4.27 $4.36 $4.32
Coffeyville Refinery
4
Refinery Crude Throughput
(mbpd)
Direct Operating Expenses Excluding Major Scheduled
Turnaround Expenses(4)
(per crude throughput barrel)
Refining Margin(1)(2)(3)
(per crude throughput barrel)
Barrels Sold
(mbpd)
Q4 2017 Q4 2016 YTD 2017 YTD 2016
133.2 132.4 131.6
124.2
Q4 2017 Q4 2016 YTD 2017 YTD 2016
54.8
75.1 73.2 73.9
Q4 2017 Q4 2016 YTD 2017 YTD 2016
59.5
75.0 75.3 74.6
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
Q4 2017 Q4 2016 YTD 2017 YTD 2016
$8.85
$7.19
$9.85
$8.07
Refining Margin(1)(2)(3)
(per crude throughput barrel)
Q4 2017 Q4 2016 YTD 2017 YTD 2016
$7.32
$6.19
$5.76
$6.12
Wynnewood Refinery
5
Direct Operating Expenses Excluding Major Scheduled
Turnaround Expenses(4)
(per crude throughput barrel)
Barrels Sold
(mbpd)
Consolidated Fourth Quarter Year to Date
($ in millions, except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Direct operating expenses and major scheduled turnaround expenses $ 134.5 $ 94.7 $ 443.8 $ 393.4
Less: major scheduled turnaround expenses 43.0 — 80.4 31.5
Direct operating expenses excluding major scheduled turnaround expenses $ 91.5 $ 94.7 $ 363.4 $ 361.9
Direct operating expenses excluding major scheduled turnaround expenses
per barrel of crude throughput(1) $ 5.29 $ 4.96 $ 4.86 $ 4.99
Coffeyville Fourth Quarter Year to Date
($ in millions, except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Direct operating expenses and major scheduled turnaround expenses $ 54.6 $ 52.0 $ 209.5 $ 227.9
Less: major scheduled turnaround expenses — — — 31.5
Direct operating expenses excluding major scheduled turnaround expenses $ 54.6 $ 52.0 $ 209.5 $ 196.4
Direct operating expenses excluding major scheduled turnaround expenses
per barrel of crude throughput(1) $ 4.46 $ 4.27 $ 4.36 $ 4.32
Wynnewood Fourth Quarter Year to Date
($ in millions, except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Direct operating expenses and major scheduled turnaround expenses $ 79.9 $ 42.7 $ 234.3 $ 165.5
Less: major scheduled turnaround expenses 43.0 — 80.4 —
Direct operating expenses excluding major scheduled turnaround expenses $ 36.9 $ 42.7 $ 153.9 $ 165.5
Direct operating expenses excluding major scheduled turnaround expenses
per barrel of crude throughput(1) $ 7.32 $ 6.19 $ 5.76 $ 6.12
6
Direct Operating Expenses
(1) Non-GAAP reconciliation on slide 17
$500
$400
$300
$200
$100
$0
2014 2015 2016 2017
$211.2
$392.7
$232.8
$371.2
Note: Refer to slide 20 for metrics used in calculations
Capital Structure
7
Financial Metrics 2014 2015 2016 2017
w Debt to Capital 29% 31% 30% 30%
w Debt to Adjusted EBITDA 0.9 1.0 2.5 1.5
w Net Debt to Adj. EBITDA 0.3 0.7 1.0 1.0
Net Debt
($ 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 2018 E
$150
$100
$50
$0
2014 2015 2016 2017 2018 E
Consolidated Capital Spending Summary
2014 2015 2016 2017(1) 2018 Estimate
Environmental & Maintenance $140.3 $103.4 $63.6 $77.7 $155.0
Growth 51.0 91.3 38.7 22.0 45.0
Total Capital Spending $191.3 $194.7 $102.3 $99.7 $200.0
n Environmental & Maintenance n Growth
Derivatives(1)
Commodity Swaps
Distillate Gasoline 2-1-1 Total
Barrels FixedPrice(2) Barrels
Fixed
Price(2) Barrels
Fixed
Price(2) Barrels
Fixed
Price(2)
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 525,000 20.51 525,000 21.78 2,550,000 21.21 3,600,000 21.19
Third Quarter 2018 750,000 20.37 750,000 18.02 2,100,000 19.21 3,600,000 19.21
Total 3,600,000 $ 20.58 3,600,000 $ 17.72 7,050,000 $ 19.73 14,250,000 $ 19.44
Note: As of December 31, 2017, the Partnership had open forward purchase and sale commitments for 5.8 million barrels of Canadian crude oil priced at a weighted average fixed differential of $14.49 that are
not considered probable of physical settlement and are accounted for as derivatives as of December 31, 2017. The fair value of the outstanding Canadian crude contracts at December 31, 2017 was a net unrealized
loss of $26.0 million
(1) As of December 31, 2017
(2) Weighted-average price of all positions for period indicated
9
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 (loss) 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 measures of EBITDA and adjusted EBITDA);
(iii) (gain) loss on derivatives, net; (iv) current period settlements on derivative contracts; (v) share-based
compensation, non-cash; and (vi) flood insurance recovery. We present Adjusted EBITDA because it is the starting
point for our determination of available cash for distribution. EBITDA and Adjusted EBITDA are not recognized terms
under GAAP and should not be substituted for net income (loss) 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 for distribution should not be
considered in isolation or as an alternative to net income (loss) or operating income (loss) 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 for distribution 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
materials and other. Refining margin is a non-GAAP measure that management believes is important to investors in evaluating
the performance of our refineries 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 and refining margin
per crude oil throughput barrel are 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. In order to derive the refining margin per crude oil throughput barrel adjusted for FIFO
impact, we utilize the total dollar figures for refining margin adjusted for FIFO impact as derived above and divide by the
applicable number of crude oil throughput barrels for the period. We believe that refining margin adjusted for FIFO impact
and refining margin per crude oil throughput barrel adjusted for FIFO impact are 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.
Calculation of Consolidated Refining Margin adjusted for
FIFO impact(1) Fourth Quarter Year to Date
($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Net Sales $ 1,516.7 $ 1,269.4 $ 5,664.2 $ 4,431.3
Cost of materials and other 1,281.0 1,107.5 4,804.7 3,759.2
Direct operating expenses (exclusive of depreciation and amortization
and major scheduled turnaround expenses as reflected below) 91.5 94.7 363.4 361.9
Major scheduled turnaround expenses 43.0 — 80.4 31.5
Depreciation and amortization 32.5 32.6 129.3 126.3
Gross Profit 68.7 34.6 286.4 152.4
Add:
Direct operating expenses (exclusive of depreciation and amortization
and major scheduled turnaround expenses as reflected below) 91.5 94.7 363.4 361.9
Major scheduled turnaround expenses 43.0 — 80.4 31.5
Depreciation and amortization 32.5 32.6 129.3 126.3
Refining Margin(1) 235.7 161.9 859.5 672.1
FIFO impact, favorable (30.4) (22.4) (29.6) (52.1)
Refining Margin adjusted for FIFO impact(1) $ 205.3 $ 139.5 $ 829.9 $ 620.0
Consolidated Non-GAAP Financial Measures
(1) Definition on slide 12
13
Calculation of Coffeyville Refinery Refining Margin
adjusted for FIFO impact(1) Fourth Quarter Year to Date
($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Net Sales $ 1,117.3 $ 854.7 $ 3,867.8 $ 2,948.9
Cost of materials and other 936.2 750.6 3,285.8 2,513.9
Direct operating expenses (exclusive of depreciation and amortization and
major scheduled turnaround expenses as reflected below) 54.6 52.0 209.5 196.4
Major scheduled turnaround expenses — — — 31.5
Depreciation and amortization 17.7 18.4 71.5 69.7
Gross Profit 108.8 33.7 301.0 137.4
Add:
Direct operating expenses (exclusive of depreciation and amortization and
major scheduled turnaround expenses as reflected below) 54.6 52.0 209.5 196.4
Major scheduled turnaround expenses — — — 31.5
Depreciation and amortization 17.7 18.4 71.5 69.7
Refining Margin(1) 181.1 104.1 582.0 435.0
FIFO impact, favorable (21.7) (15.4) (20.2) (37.8)
Refining Margin adjusted for FIFO impact(1) $ 159.4 $ 88.7 $ 561.8 $ 397.2
Coffeyville Non-GAAP Financial Measures
(1) Definition on slide 12
14
Calculation of Wynnewood Refinery Refining Margin
adjusted for FIFO impact(1) Fourth Quarter Year to Date
($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Net Sales $ 398.3 $ 413.6 $ 1,792.1 $ 1,478.0
Cost of materials and other 345.0 356.9 1,519.7 1,245.4
Direct operating expenses (exclusive of depreciation and amortization and
major scheduled turnaround expenses as reflected below) 36.9 42.7 153.9 165.5
Major scheduled turnaround expenses 43.0 — 80.4 —
Depreciation and amortization 13.2 12.8 51.7 50.7
Gross Profit (loss) (39.8) 1.2 (13.6) 16.4
Add:
Direct operating expenses (exclusive of depreciation and amortization and
major scheduled turnaround expenses as reflected below) 36.9 42.7 153.9 165.5
Major scheduled turnaround expenses 43.0 — 80.4 —
Depreciation and amortization 13.2 12.8 51.7 50.7
Refining Margin(1) 53.3 56.7 272.4 232.6
FIFO impact, favorable (8.7) (7.0) (9.4) (14.2)
Refining Margin adjusted for FIFO impact(1) $ 44.6 $ 49.7 $ 263.0 $ 218.4
Wynnewood Non-GAAP Financial Measures
(1) Definition on slide 12
15
Calculation of Consolidated Refining Margin adjusted for FIFO
impact per crude oil throughput barrel(1) Fourth Quarter Year to Date
($ in millions except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Total crude oil throughput barrels per day 187,996 207,422 204,748 198,042
Days in the period 92 92 365 366
Total crude oil throughput barrels 17,295,632 19,082,824 74,733,020 72,483,372
Refining Margin adjusted for FIFO impact(1)(2) $ 205.3 $ 139.5 $ 829.9 $ 620.0
Divided by: crude oil throughput barrels (in millions) 17.3 19.1 74.7 72.5
Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 11.87 $ 7.32 $ 11.10 $ 8.55
Coffeyville
Total crude oil throughput barrels per day 133,243 132,351 131,569 124,169
Days in the period 92 92 365 366
Total crude oil throughput barrels 12,258,356 12,176,292 48,022,685 45,445,854
Refining Margin adjusted for FIFO impact(1)(3) $ 159.4 $ 88.7 $ 561.8 $ 397.2
Divided by: crude oil throughput barrels (in millions) 12.3 12.2 48.0 45.4
Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 13.00 $ 7.29 $ 11.70 $ 8.74
Wynnewood
Total crude oil throughput barrels per day 54,753 75,071 73,179 73,873
Days in the period 92 92 365 366
Total crude oil throughput barrels 5,037,276 6,906,532 26,710,335 27,037,518
Refining Margin adjusted for FIFO impact(1)(4) $ 44.6 $ 49.7 $ 263.0 $ 218.4
Divided by: crude oil throughput barrels (in millions) 5.0 6.9 26.7 27.0
Refining Margin adjusted for FIFO impact per crude oil throughput barrel(1) $ 8.85 $ 7.19 $ 9.85 $ 8.07
16
Non-GAAP Financial Measures
(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
(1) Non-GAAP reconciliation on slide 6
Calculation of Consolidated Direct Operating Expenses excluding
Major Scheduled Turnaround expenses per crude oil throughput barrel Fourth Quarter Year to Date
($ in millions except per barrel data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Total crude oil throughput barrels per day 187,996 207,422 204,748 198,042
Days in the period 92 92 365 366
Total crude oil throughput barrels 17,295,632 19,082,824 74,733,020 72,483,372
Direct operating expenses excluding major scheduled turnaround expenses(1) $ 91.5 $ 94.7 $ 363.4 $ 361.9
Divided by: crude oil throughput barrels (in millions) 17.3 19.1 74.7 72.5
Direct operating expenses excluding major scheduled turnaround expenses per crude oil
throughput barrel $ 5.29 $ 4.96 $ 4.86 $ 4.99
Coffeyville
Total crude oil throughput barrels per day 133,243 132,351 131,569 124,169
Days in the period 92 92 365 366
Total crude oil throughput barrels 12,258,356 12,176,292 48,022,685 45,445,854
Direct operating expenses excluding major scheduled turnaround expenses(1) $ 54.6 $ 52.0 $ 209.5 $ 196.4
Divided by: crude oil throughput barrels (in millions) 12.3 12.2 48.0 45.4
Direct operating expenses excluding major scheduled turnaround expenses per crude oil
throughput barrel $ 4.46 $ 4.27 $ 4.36 $ 4.32
Wynnewood
Total crude oil throughput barrels per day 54,753 75,071 73,179 73,873
Days in the period 92 92 365 366
Total crude oil throughput barrels 5,037,276 6,906,532 26,710,335 27,037,518
Direct operating expenses excluding major scheduled turnaround expenses(1) $ 36.9 $ 42.7 $ 153.9 $ 165.5
Divided by: crude oil throughput barrels (in millions) 5.0 6.9 26.7 27.0
Direct operating expenses excluding major scheduled turnaround expenses per crude oil
throughput barrel $ 7.32 $ 6.19 $ 5.76 $ 6.12
Financials Fourth Quarter Year to Date
($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016
Net income (loss) (29.0) (10.7) 88.8 15.3
Interest expense and other financing costs, net of interest income 11.9 11.6 46.7 43.3
Income tax expense — — — —
Depreciation and amortization 33.6 33.4 133.1 129.0
EBITDA(1) 16.5 34.3 268.6 187.6
FIFO impact, favorable (30.4) (22.4) (29.6) (52.1)
Major scheduled turnaround expenses 43.0 — 80.4 31.5
Loss on derivatives, net 65.0 14.6 69.8 19.4
Current period settlements on derivative contracts(2) (17.7) 1.2 (16.6) 36.4
Adjusted EBITDA(1) $ 76.4 $ 27.7 $ 372.6 $ 222.8
(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.
18
Consolidated Non-GAAP Financial Measures
Financials
Fourth Quarter
($ in millions, except for per unit data)
12/31/2017
Adjusted EBITDA(1) $76.4
Less:
Cash needs for debt service (10.0)
Reserves for environmental and maintenance capital expenditures (25.0)
Reserves for major scheduled turnaround expenses —
Add:
Release of previously established cash reserves 24.2
Available cash for distribution(1) $65.6
Distribution declared, per common unit $0.45
Common units outstanding (in millions) 147.6
(1) Definition on slide 11
19
Consolidated Non-GAAP Financial Measures
Financials Full Year
($ in millions) 2014 2015 2016 2017
n Cash $ 370.2 $ 187.3 $ 314.1 $ 173.8
n Total debt, including current portion(1) 581.4 580.0 546.9 545.0
n Net Debt 211.2 392.7 232.8 371.2
n Partners' capital 1,450.1 1,281.4 1,296.7 1,246.8
n Adjusted EBITDA(2)(3) $ 621.6 $ 602.0 $ 222.8 $ 372.6
(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
($ in millions) 2014 2015 2016 2017
Net Income $ 358.7 $ 291.2 $ 15.3 $ 88.8
Interest expense and other financing costs, net of interest income 33.9 42.2 43.3 46.7
Income tax expense — — — —
Depreciation and amortization 122.5 130.2 129.0 133.1
EBITDA(1) 515.1 463.6 187.6 268.6
FIFO impact, (favorable) unfavorable 160.8 60.3 (52.1) (29.6)
Share-based compensation, non-cash 2.3 0.6 — —
Major scheduled turnaround expenses 6.8 102.2 31.5 80.4
(Gain) loss on derivatives, net (185.6) 28.6 19.4 69.8
Current period settlements on derivative contracts(2) 122.2 (26.0) 36.4 (16.6)
Flood insurance recovery(3) — (27.3) — —
Adjusted EBITDA(1) $ 621.6 $ 602.0 $ 222.8 $ 372.6
(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 in June/July 2007.
21
Consolidated Non-GAAP Financial Measures
Financials
($ in millions) 2014 2015 2016 2017
2018
Estimate
Coffeyville refinery
Environmental and Maintenance $ 74.8 $ 69.7 $ 39.1 $ 36.9 $ 75.0
Growth(1) 5.5 73.2 37.2 3.0 10.0
Coffeyville refinery total capital $ 80.3 $ 142.9 $ 76.3 $ 39.9 $ 85.0
Wynnewood refinery
Environmental and Maintenance $ 58.5 $ 25.6 $ 20.6 $ 38.1 $ 65.0
Growth 38.9 6.4 0.5 4.0 25.0
Wynnewood refinery total capital $ 97.4 $ 32.0 $ 21.1 $ 42.1 $ 90.0
Other Petroleum
Environmental and Maintenance $ 7.0 $ 8.1 $ 3.9 $ 2.7 $ 15.0
Growth 6.6 11.7 1.0 15.0 10.0
Other petroleum total capital $ 13.6 $ 19.8 $ 4.9 $ 17.7 $ 25.0
Total capital spending $ 191.3 $ 194.7 $ 102.3 $ 99.7 $ 200.0
22
Capital Spending
(1) Net of a refund received in the fourth quarter of 2017