Sugar Land, Texas-CVR Energy Inc. reported nitrogen operating income of $16.5 million for the second quarter ending June 30, 2010, level with the year-ago $16.5 million. Sales were up slightly, at $56.3 million versus $55.3 million. Second-quarter sales volumes moved up to 222,800 st from the year-ago 189,200 st. Ammonia sales were 50,600 st at an average price of $312/st, versus the year-ago 27,400 st and $351/st. UAN sales were 172,200 st ($205/st), versus the year-ago 161,800 st ($249/st). Six-month nitrogen income was off, at $19.5 million on sales of $94.6 million, versus the year-ago $45.8 million on sales of $123.1 million. Total nitrogen sales volumes were up, at 409,700 st from 380,100 st a year ago. Ammonia sales were 81,800 st ($300/st) versus the year-ago 75,400 st ($365/st), with UAN sales at 327,900 ($187/st) versus 304,700 st ($280/st). CVR’s petroleum business saw a huge drop in operating income for the second quarter, to $4.6 million from the year-ago $96.2 million. CVR-wide, second-quarter net income dropped to $1.2 million ($.01 per diluted share) on sales of $1 billion, versus the year-ago $42.7 million ($.49 per share) and $793.3 million. CVR had a six-month net loss of $11.2 million ($.13 per share) on sales of $1.9 billion, versus year-ago net income of $73.3 million ($.85 per share) and $1.4 billion.
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