You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Let me also remind you that CVR Partners completed a 1-for-10 reverse split of its common units on November 23, 2020.
Yesterday, we reported the second quarter consolidated net loss of $2 million and a loss per share of $0.06.
Adjusted EBITDA for the quarter was $66 million.
Our facilities ran well during the quarter, with both the petroleum and fertilizer segments posting increased in adjusted EBITDA year-over-year.
However, once again, rising RIN prices were considerable headwinds to our results, including a $58 million non-cash mark-to-market on our estimated outstanding RIN obligation.
In May, our Board of Directors approved a special dividend totaling $492 million, comprised of a combination of cash and our interest in Delek US Holdings.
As I have stated over the past few quarters, absent any material acquisitions, we had too much cash on the balance sheet that wasn't earning a return.
When we completed the senior notes offering in January of 2020, we evaluated a number of acquisitions -- we were evaluating a number of acquisition opportunities at the time and elected to raise additional cash to fund the potential transaction.
Since that time, the market has changed significantly.
The bid-ask spread for refinery acquisitions remained too wide.
The US and Europe are now in a position of excess refining capacity and we believe more refinery closures are needed.
And we are shifting our strategy to focus on -- more on renewables.
As a result, in accordance with the provisions of the senior notes, the Board elected to distribute the excess cash proceeds.
In addition to providing shareholders with nearly $5 per share of cash and Delek stock, this structure also allowed us to recognize a net gain of $87 million that we made on our Delek investment, while providing us with an efficient exit.
With the continued uncertainties around RINs and small refinery exemptions, the Board has elected not to reinstate the regular dividend.
We'll continue our discussions with the Board around the best uses of our cash and the appropriate level of cash to return to our shareholders.
For our petroleum segment, the combined total throughput for the second quarter of 2021 was approximately 217,000 barrels per day, as compared to 156,000 barrels per day in the second quarter of 2020, which was impacted by a planned turnaround at Coffeyville.
Both refineries ran well during the quarter.
And we resumed processing WCS at Coffeyville due to the weak WCS prices in Cushing.
Benchmark cracks have increased since the beginning of the year.
However, elevated RIN prices continued to consume much of that increase in cracks.
The Group three 2-1-1 crack averaged $19.15 per barrel in the second quarter as compared to $8.75 in the second quarter of 2020.
On a 2020 RVO basis, RIN prices averaged approximately $8.15 per barrel in the second quarter a 267% increase, from the second quarter of 2020.
The Brent-TI differential averaged $2.91 per barrel in the second quarter as compared to $5.39 in the prior year period.
The Midland Cushing differential was $0.24 over WTI in the quarter as compared to $0.40 per barrel over WTI in the second quarter of 2020.
And the WCS to WTI differential was $12.84 compared to $9.45 in the same period last year.
Light product yield for the quarter was 99% on crude processed.
We optimized crude runs to ensure maximum capture via maximizing premium gasoline production, light product yield, LPG recovery and RINs generation.
In total we gathered approximately 118,000 barrels a day of crude oil during the second quarter of 2021 compared to 82,000 barrels per day in the same period last year, when production levels were disrupted by low crude oil prices at the onset of the COVID pandemic.
We have seen some declines in production across our system due to limited drilling activity although, additional rigs were added in both Oklahoma and Kansas during the second quarter.
In the Fertilizer segment both plants ran well during the quarter with consolidated ammonia utilization of 98%.
The rally in crop prices has driven a significant increase in prices for nitrogen fertilizers this year and prices have remained firm through the spring planting season and into summer.
Domestic fertilizer inventories are low following the shutdown from Winter Storm Uri earlier this year.
And deferred turnaround activity from 2020, is now taking place.
USDA estimates for corn planting and yields continues to imply one of the lowest inventory carryouts in the last 10 years.
With low fertilizer inventories and continued strong demand for crop inputs, the setup remains positive for fertilizer demand as well as pricing.
Before I get into our results, I would like to highlight that during the second quarter of 2021 we revised our reporting to include adjusted EBITDA, which excludes significant non-cash items not attributable to ongoing operations that we believe may obscure our underlying results and trends.
For the second quarter of 2021, our consolidated net loss was $2 million loss per diluted share was $0.06 and EBITDA was $102 million.
Our second quarter results include a negative mark-to-market impact on our estimated outstanding rent obligation of $58 million, unrealized derivative gains of $37 million, favorable inventory valuation impacts of $36 million and a mark-to-market gain of $21 million related to our investment in Delek.
Excluding these items, adjusted EBITDA for the quarter was $66 million.
The Petroleum segment's adjusted EBITDA for the second quarter of 2021 was $18 million compared to negative $1 million in the second quarter of 2020.
The year-over-year increase in adjusted EBITDA was driven by higher throughput volumes and increased product cracks offset by elevated RINs prices and realized derivative losses.
In the second quarter of 2021 our Petroleum segment's reported refining margin was $6.72 per barrel.
Excluding favorable inventory impacts of $1.81 per barrel, unrealized derivative gains of $1.87 per barrel and the mark-to-market impact of our estimated outstanding RIN obligation of $2.92 per barrel, our refining margin would have been approximately $5.99 per barrel.
On this basis capture rate for the second quarter of 2021 was 31% compared to 75% in the second quarter of 2020.
RINs expense excluding mark-to-market impact reduced our second quarter capture rate by approximately 30%.
Derivative losses for the second quarter of 2021 totaled $2 million, which includes unrealized gains of $37 million primarily associated with crack spread derivatives.
In the second quarter of 2020, we had total derivative gains of $20 million, which included unrealized gains of less than $0.5 million.
In total RINs expense in the second quarter of 2021 was $173 million or $8.77 per barrel of total throughput compared to $16 million or $1.12 per barrel for the same period last year, an increase of over 680%.
Our second quarter RINs expense was inflated by $58 million from the mark-to-market impact on our estimated RFS obligation, which was mark-to-market at an average RIN price of $1.67 at quarter end.
Our estimated RFS obligation at the end of the second quarter approximates Wynnewood's obligations for 2019 through the first half of 2021 as we continue to believe Wynnewood's obligation should be exempt under the RFS regulation.
We have applications for small refinery exemptions for Wynnewood outstanding with the EPA for 2019 and 2020 and we'll soon submit for 2021.
For the full year 2021, we forecast an obligation based on the 2020 RVO levels of approximately 255 million RINs.
This includes RINs generated from internal blending and approximately 19 million RINs we could generate from renewable diesel production later this year, but does not include the impact of expected waivers.
The petroleum segment's direct operating expenses were $4.23 per barrel in the second quarter of 2021 as compared to $5.52 per barrel in the prior year period.
This decline in direct operating expenses was primarily driven by higher throughput volumes and our continued focus on controlling costs.
For the second quarter of 2021, the fertilizer segment reported operating income of $30 million, net income of $7 million or $0.66 per common unit and adjusted EBITDA of $51 million.
This is compared to second quarter 2020 operating losses of $26 million, a net loss of $42 million or $3.68 per common unit and adjusted EBITDA of $39 million.
The year-over-year increase in adjusted EBITDA was primarily driven by higher UAN and ammonia sales prices.
The partnership declared a distribution of $1.72 per common unit for the second quarter of 2021.
As CVR Energy owns approximately 36% of CVR Partners' common units, we will receive a proportionate cash distribution of approximately $7 million.
Total consolidated capital spending for the second quarter of 2021 was $83 million, which included $9 million from the petroleum segment, $4 million from the fertilizer segment and $69 million on the renewable diesel unit.
Environmental and maintenance capital spending comprised $12 million, including $8 million in the petroleum segment and $3 million in the fertilizer segment.
We estimate total consolidated capital spending for 2021 to be approximately $226 million to $242 million, of which approximately $83 million to $91 million is expected to be environmental and maintenance capital.
Our consolidated capital spending plan excludes planned turnaround spending, which we estimate will be approximately $7 million for the year in preparation for the planned turnaround at Wynnewood in 2022 and Coffeyville in 2023.
Cash provided by operations for the second quarter of 2021 was $147 million and free cash flow was $54 million.
Working capital was a source of approximately $100 million in the quarter due primarily to an increase in our estimated RINs obligation, partially offset by a decrease in derivative liabilities and increased crude oil and refined products inventory valuation.
Subsequent to quarter end, we received an income tax refund of $32 million related to the NOL carryback provisions of the CARES Act.
Turning to the balance sheet.
At June 30th, we ended the quarter with approximately $519 million of cash.
As a reminder the cash portion of the second quarter special dividend paid on June 10 was $242 million.
Our consolidated cash balance includes $43 million in the fertilizer segment.
As of June 30th, excluding CVR Partners, we had approximately $652 million of liquidity, which was comprised of approximately $483 million of cash and availability under the ABL of approximately $364 million less cash included in the borrowing base of $195 million.
Looking ahead to the third quarter of 2021 for our petroleum segment, we estimate total throughput to be approximately 190,000 to 210,000 barrels per day.
We expect total direct operating expenses to range between $75 million and $85 million and total capital spending to be between $18 million and $24 million.
For the fertilizer segment, we estimate our third quarter 2021 ammonia utilization rate to be greater than 95%, direct operating expenses to be approximately $38 million to $43 million, excluding inventory impacts and total capital spending to be between $9 million and $12 million.
While benchmark cracks increased nearly $3 per barrel during the second quarter, RIN prices increased by nearly the same amount, leaving the underlying margin available to refineries mostly unchanged.
Demand trends have been positive for gasoline diesel and jet fuel.
However, increasing the refinery utilization has driven an increase in product inventories as well.
We continue to believe further rationalization of refining capacity both in the US and Europe will be required to drive further inventory tidy and sustained rebound of crack spreads.
Looking at current market fundamentals adjusted for RINs, cracks have been generally flat since the spring.
RIN prices peaked in the second quarter and have declined since the favorable Supreme Court ruling.
However, RIN prices remained way too high.
Gasoline and diesel demand are within a few percentage points of pre-pandemic levels although jet remains well below, which continues to weigh on the distillate crack.
The return on international travel is key to increasing jet fuel demand and this should come along with continued growth in vaccinations and loosening travel restrictions although the recent uptick in COVID cases from the Delta variant may present a near-term risk.
However, we remain cautiously optimistic on market fundamentals that we see.
Starting with crude oil.
Crude oil inventory draws weak domestic production and strong exports of light crude have all caused the Brent-TI spread to narrow.
Sour and heavy crude spreads have improved, but are still weak especially for WCS in Canada.
We believe European refiners have come to appreciate the quality of -- quality advantage of the US shale oil and are playing more imports from the US further pressuring the Brent-TI spread.
Looking at refined products, markets are all oversupplied due to high runs in the face of weak jet demand.
Despite refinery closures in the US, global refining capacity has actually increased in 2020 and more capacity is preparing to start up in 2021 and 2022.
More closures are necessary in US and Europe as these new chemical integrated refineries come online.
RIN prices remain too high and continue to distort the crack spread for all refiners.
With the cost of RINs, cracks are weak at best considering the season.
Taking into account RIN costs, interest on debt, SG&A, sustaining capital and turnaround costs over the cycle most refineries in the US and Europe are not generating free cash flow at these levels.
Construction on the Wynnewood renewable diesel unit has been progressing as planned.
We have reached a point where we are ready to bring the hydrocracker down to complete the final steps of the conversion process.
However, renewable diesel feedstock prices have increased considerably, particularly for refined bleached and deodorized soybean oil to a level where the economics do not make sense for us to complete the conversion at this time.
We should be ready to take the unit down to complete the conversion in the September time frame.
However, the economics must be favorable based on available feedstocks before we proceed.
As we have continually stated, one of the key benefits of our project versus our peers is our ability to run the hydrocracker either renewable diesel service or traditional petroleum service.
Our current plan is to keep the unit additional petroleum service for now.
As we near the completion of Phase one of our renewable diesel strategy, we continue to develop Phase 2, which involves adding pretreatment capabilities for low-cost and lower-CI feedstocks.
We have started the process design engineering on the PTU, which will take approximately three months to complete.
We are also completing the process design of potential Phase three of developing a similar renewable diesel conversion project at Coffeyville.
The recent spike in renewable diesel feedstock prices, particularly for soybean oil, can likely be attributed to the recent start-up of two new renewable diesel plants in the US.
As more RD plants are constructed in the US, we expect the feedstock market to react to increasing demand and begin pricing according to low carbon fuel standard credit values and freight economics.
We believe RD producers with feedstock contracts expirations coming up will be forced to give up some of the margin they currently enjoy.
With the installation of a pre-treating unit, we should have the flexibility to run any type of feedstock that we can access and we are talking to a variety of feedstock suppliers that are in our backyard.
Looking at the third quarter of 2021, quarter-to-date metrics are as follows.
The Group 3 2-1-1 cracks have averaged $18.75 per barrel with RINs averaging $7.77 on a 2020 RVO basis; the Brent-TI spread has averaged $1.72, with the Midland Cushing differential at $0.14 under WTI and the WTL differential at $0.68 under Cushing WTI, and the WCS differential at $13.04 per barrel under WTI; ammonia prices have increased to around $600 a ton, while UAN prices are over $300 a ton.
As of yesterday, Group 3 2-1-1 cracks were $20.84 per barrel Brent-TI was $1.63 and the WCS differential was $14.45 under WTI.
On the 2020 RVO basis RINs were approximately $8.40 per barrel.
In June, the Supreme Court ruled to overturn the Tenth Circuit court ruling on small refinery exemptions related to continuity.
As we have previously stated, the Antenna Congress was that no small refinery should go bankrupt from the impact of RFS compliance and that small refineries like ours with high diesel output, remote location, and lack of meaningful retail and wholesale infrastructure are entitled to relief at any time.
The Wynnewood refinery was originally granted small refinery exemptions for 2017 and 2018, and we do not see any legal reason why its 2017 exemption should not be reinstated and why it should not be granted should why it should not be granted exemptions for 2019, 2020 and 2021.
In addition to failing to have timely rule on the pending small refinery exemption, EPA has yet to issue the renewable volume obligation for 2021, despite being more than nine months past their deadline.
The recent E15 ruling by the D.C. Circuit makes EPA's decisions around the RVO that much more important given the industry's inability to meet ethanol blending mandates and the pressure that puts on D6 RIN prices.
Of course, the best short-term outcome for CVI is for EPA to issue small refinery waivers for qualifying refineries now without reallocation.
Other alternatives are to issue a nationwide waiver to substantially reduce the RVO, or cap D6 RIN prices and place emphasis on D4 RINs.
I think the best long-term solution for all stakeholders is to decouple D6s RINs from D4s.
EPA should act now to reduce the ethanol mandate and increase the renewable diesel and biodiesel mandate.
It should also implement a 95 octane standard for all new ICE engines internal combustion engines.
And should harden all ICE, internal combustion engines vehicles for E30 or higher.
These actions would not only advance the reduction of carbon emissions now, but would also ensure the viability of liquid fuels in the future.

user
compname reports q2 loss per share of $0.06.
q2 loss per share $0.06.

assistant