(20) Selected Quarterly Financial Information (unaudited)

Summarized quarterly financial data for December 31, 2014 and 2013.



	Year Ended December 31, 2014
	Quarter
	First			Second			Third			Fourth
	(in millions except per share data)
Net sales	$	2,447.4		$	2,540.3		$	2,279.9		$	1,841.8
Operating costs and expenses:
Cost of product sold (exclusive of depreciation and amortization)	2,076.9			2,189.0			2,066.7			1,733.4
Direct operating expenses (exclusive of depreciation and amortization)	123.4			120.1			136.8			134.7
Selling, general and administrative (exclusive of depreciation and amortization)	26.3			28.0			31.8			23.5
Depreciation and amortization	37.3			38.6			37.8			40.8
Total operating costs and expenses	2,263.9			2,375.7			2,273.1			1,932.4
Operating income (loss)	183.5			164.6			6.8			(90.6		)
Other income (expense):
Interest expense and other financing costs	(10.1		)	(9.3		)	(9.4		)	(11.2		)
Interest income	0.2			0.2			0.3			0.2
Gain on derivatives, net	109.4			35.9			25.7			14.5
Other income (expense), net	0.1			(2.2		)	2.1			(3.6		)
Total other income (expense)	99.6			24.6			18.7			(0.1		)
Income (loss) before income taxes	283.1			189.2			25.5			(90.7		)
Income tax expense (benefit)	69.4			45.2			4.2			(21.0		)
Net income (loss)	213.7			144.0			21.3			(69.7		)
Less: Net income (loss) attributable to noncontrolling interest	87.0			60.3			13.4			(25.3		)
Net income (loss) attributable to CVR Energy Stockholders	$	126.7		$	83.7		$	7.9		$	(44.4	)

Basic earnings (loss) per share	$	1.46		$	0.96		$	0.09		$	(0.51	)
Diluted earnings (loss) per share	$	1.46		$	0.96		$	0.09		$	(0.51	)
Dividends declared per share	$	0.75		$	0.75		$	2.75		$	0.75

Weighted-average common shares outstanding
Basic	86.8			86.8			86.8			86.8
Diluted	86.8			86.8			86.8			86.8



	Year Ended December 31, 2013
	Quarter
	First			Second			Third			Fourth
	(in millions except per share data)
Net sales	$	2,352.4		$	2,220.3		$	1,977.1		$	2,436.0
Operating costs and expenses:
Cost of product sold (exclusive of depreciation and amortization)	1,813.6			1,785.4			1,744.4			2,219.7
Direct operating expenses (exclusive of depreciation and amortization)	108.5			108.3			128.4			110.6
Selling, general and administrative (exclusive of depreciation and amortization)	28.4			28.9			27.7			28.6
Depreciation and amortization	34.2			35.0			36.2			37.4
Total operating costs and expenses	1,984.7			1,957.6			1,936.7			2,396.3
Operating income	367.7			262.7			40.4			39.7
Other income (expense):
Interest expense and other financing costs	(15.4		)	(12.5		)	(11.7		)	(10.9		)
Interest income	0.3			0.3			0.3			0.3
Gain (loss) on derivatives, net	(20.0		)	120.5			72.5			(115.9		)
Loss on extinguishment of debt	(26.1		)	—			—			—
Other income, net	—			0.2			6.2			7.1
Total other income (expense)	(61.2		)	108.5			67.3			(119.4		)
Income (loss) before income taxes	306.5			371.2			107.7			(79.7		)
Income tax expense (benefit)	93.8			99.5			29.5			(39.1		)
Net income (loss)	212.7			271.7			78.2			(40.6		)
Less: Net income (loss) attributable to noncontrolling interest	47.7			88.3			34.2			(18.9		)
Net income (loss) attributable to CVR Energy Stockholders	$	165.0		$	183.4		$	44.0		$	(21.7	)

Basic earnings (loss) per share	$	1.90		$	2.11		$	0.51		$	(0.25	)
Diluted earnings (loss) per share	$	1.90		$	2.11		$	0.51		$	(0.25	)
Dividends declared per share	$	5.50		$	7.25		$	0.75		$	0.75

Weighted-average common shares outstanding
Basic	86.8			86.8			86.8			86.8
Diluted	86.8			86.8			86.8			86.8

Factors Impacting the Comparability of Quarterly Results of Operations

As discussed in Note 8 ("Insurance Claims"), the fire at the Coffeyville refinery's isomerization unit adversely impacted production of refined products for the petroleum business in the third quarter of 2014. Total gross repair and other costs recorded related to the incident for the year ended December 31, 2014 were approximately $6.3 million and are included in direct operating expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Operations.

During the fourth quarter of 2014, the FCCU at the Wynnewood refinery was offline for approximately 16 days for necessary repairs. As a result of the FCCU outage, crude throughput and production at the Wynnewood refinery was significantly reduced during the fourth quarter of 2014. Additionally, the Refining Partnership incurred approximately $8.5 million in costs to repair the FCCU for the year ended December 31, 2014. These costs are included in direct operating expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Operations.

As discussed in Note 5 ("Inventories"), the Refining Partnership recorded a lower of FIFO cost or market inventory adjustment of approximately $36.8 million during the fourth quarter of 2014, which is included in cost of product sold (exclusive of depreciation and amortization) in the Consolidated Statements of Operations.

During the third quarter of 2013, the FCCU at the Coffeyville refinery was offline for approximately 55 days for necessary repairs. As a result of the FCCU outage, crude throughput and production at the Coffeyville refinery was significantly reduced during the third quarter of 2013. Additionally, the Refining Partnership incurred approximately $21.1 million in costs to repair the FCCU for the year ended December 31, 2013. These costs are included in direct operating expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Operations.