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H.S. junior Avg
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New words:
achieve, ahead, aircraft, ambition, assuming, ASU, aviation, commonly, conventional, conversion, converted, decline, document, expansion, FASB, Fatty, freight, half, HEFA, Hydrotreated, Iran, kerosene, lead, long, method, Mountain, neat, November, paraffinic, progressing, ramping, relevant, repaid, repayment, Russia, SAF, shipping, short, SPK, syndicate, synthetic, Topic, unrecognized, vegetable, Venezuela, workshop
Financial report summary
?Competition
Comstock • Quantum Energy • Calumet Specialty Products Partners • CVR Energy • Blueknight Energy Partners • Gevo • Pledge Petroleum • Renewable Energy • CVR RefiningManagement Discussion
- Revenues decreased by $4.7 billion in the first quarter of 2024 compared to the first quarter of 2023 primarily due to decreases in product prices for the petroleum-based transportation fuels associated with sales made by our Refining segment. This decrease in revenues was partially offset by a decrease in cost of sales of $2.4 billion primarily due to decreases in crude oil and other feedstock costs. These changes resulted in a $2.4 billion decrease in operating income, from $4.0 billion in the first quarter of 2023 to $1.7 billion in the first quarter of 2024.
- Adjusted operating income decreased by $2.3 billion, from $4.1 billion in the first quarter of 2023 to $1.7 billion in the first quarter of 2024. The components of this $2.3 billion decrease in adjusted operating income are discussed by segment in the segment analyses that follow.
- Income tax expense decreased by $527 million in the first quarter of 2024 compared to the first quarter of 2023 primarily as a result of a decrease in income before income tax expense.