CVR Refining hits record $106m biofuel bill in second quarter

July 30, 2017 |

In Texas, CVR Refining told investors on an earnings call that it paid $106 million to meet the U.S. biofuel regulations during the second quarter, spending much more than the previous record of $65.5 million back in 2013. CVR plans on paying a total of anywhere from $200 million to $250 million in biofuels costs for 2017, higher than its original forecast of $170 million. They had a record $205.9 million outstanding from last year but deferred much of it to this year hoping that credit prices would decrease and lower their total amount. Obviously, that didn’t happen and now CVR is literally paying for it.

When asked for more information on CVR’s current credit short position, Jack Lipinski, the chief executive of CVR told Reuters that he would answer that question “when Chevron, Exxon and when the traders that are manipulating the RINs market open up their books and say what they’re doing.”

 

Category: Fuels

Thank you for visting the Digest.