Good morning, and welcome to the Icahn Enterprises LP 4th Quarter 2020 Earnings Call with Jeffy Lin, General Counsel Keith Cozza, President and Chief Executive Officer and Sung hwan Cho, Chief Financial Officer. I would now like to hand the call over Jesse Lynn, who will read the opening statement.
Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward looking statements Maybe identified by words such as expects, anticipates, intends, plans, believes, seeks, Estimates will or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises, LP and its subsidiaries. Actual events, results and outcomes may differ materially from our Due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors, including the severity, magnitude and duration of the COVID-nineteen pandemic. Accordingly, there is no assurance that our expectations will be realized.
We assume no obligation to update or revise any forward looking statements This presentation also includes certain non GAAP financial measures. A reconciliation of such non GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. I'll now turn it over to Keith Cozza, our Chief Executive Officer.
Thanks, Jesse. Good morning, and welcome to the 4th Quarter 2020 Icahn Enterprises earnings conference call. Joining me on today's call is Seung Hwan Cho, our Chief Financial Officer. I will begin by providing some brief highlights. Sung will provide an in-depth review of our financial results and the performance of our business segments.
We will then be available to address your questions. For Q4 2020, we had net income attributable to Icahn Enterprises $146,000,000 or $0.61 per LP unit compared to a net loss of $157,000,000 or $0.74 per LP unit in the prior year period. The quarterly net income was primarily driven by gains in our Investment segment. Adjusted EBITDA attributable to Icahn Enterprises for Q4 2020 was $420,000,000 compared to 111,000,000 compared to a positive return of 0.2% for Q4 of 2019. The positive performance was driven by net gains in certain Long equity positions primarily in the energy industry, offset in part by net losses from our short index and short single name equity Net sales for our Energy segment decreased by $451,000,000 for for 2020 compared to the prior year period.
Our petroleum business was negatively impacted by narrow crack spreads, Tight crude oil differentials that resulted from the COVID-nineteen demand destruction and high RIN prices. Our fertilizer business had strong utilization rates at both facilities offset by a weaker price environment as agriculture markets continue to be $1,000,000 for Q4 of 2020. The COVID-nineteen pandemic and the impacts of actions taken by governments and others have significantly contributed The decline in revenues. ICON Automotive Group continues to push forward with a multi year transformational plan to restructure the operations and improve profitability. We have substantially completed the legal separation of our automotive service business from our aftermarket parts business, which will position the service business for new growth and value enhancing In December of 2020, we acquired all the outstanding common stock of VIVUS Inc.
Upon its Emergence from bankruptcy and begin reporting the results within our new pharma segment. We are excited to work with the VIVUS management team to grow sales of our 2 approved commercial drugs and to further advance the development of our pipeline product candidate. In January of 2021, we issued $750,000,000 of 4.375 percent senior unsecured notes due in 1029. Earlier this month, we repaid $750,000,000 of our 6.25 percent senior unsecured notes due in 20 We closed the quarter with cash and investments in the funds of over $5,200,000,000 and have been very active during the first 2 months of 2021 in making new investments that have a favorable risk reward profile. With that, let me turn it over to Sung.
Thanks, Keith. I will begin by briefly reviewing our consolidated results and then highlight the performance of our operating segments and comment on the strength of our balance sheet. For Q4 2020, Net income attributable to Icahn Enterprises was $146,000,000 as compared to net loss of 150 The performance of our investment funds was a significant driver of our net income for the quarter. Adjusted EBITDA attributable to Icahn Enterprises for Q4 2020 was $420,000,000 compared to $111,000,000 in the prior year period. I will now provide more detail regarding the performance of our individual segments.
Our Investment segment had net income attributable to Icahn Enterprises of $225,000,000 for Q4 2020. The investment funds had a positive return of 5.6 percent in Q4 2020 compared to a positive return of 0.2 for Q4 2019. Long positions had a positive performance attribution of 19.4% for the current quarter, while short positions had a negative performance attribution of 13.8%. Since inception in November 2004 through the end of Q4 2020, the investment funds gross return is 73% or 3.4% annualized. The investment funds had a net short notional exposure of 52% compared to net long of 8% at the end of Q3 2020.
Our investment in the funds was $4,300,000,000 as For Q4 2020, our Energy segment reported net sales of $1,100,000,000 and consolidated adjusted EBITDA of $1,000,000 compared to net sales of $1,600,000,000 and consolidated adjusted EBITDA of $142,000,000 for the prior year period. The Q4 2020 adjusted EBITDA includes a gain of $54,000,000 related to CVR's investment in Delek. Q4 2020 combined total throughput was approximately 219,000 barrels per day compared to approximately 2 13 barrels per day for Q4 2019. Refining margin per throughput barrel was $1.32 in the Q4 of 2020 compared to $12.47 during the same period in 2019. The refining margin was negatively impacted by the continued narrow crack spreads and increased cost of rents.
CVR has begun construction of its renewable diesel plant, which is expected to significantly mitigate future exposure to RINs. CVR Partners reported Q4 2020 EBITDA of $18,000,000 compared to $11,000,000 for Q4 2019. Results were driven by increased sales volume for UAN and ammonia and lower operating and turnaround expenses. Now turning to our Automotive segment. Q4 2020 net sales and service revenues for Icahn Automotive Group was $596,000,000 down $107,000,000 from the prior year period.
Q4 2020 adjusted EBITDA, which excludes the losses associated with closed stores, was a loss of $3,000,000 compared to a loss of $31,000,000 in the prior year period. ICON Auto continues to push forward with a multiyear transformational plan to restructure the operations and improve Profitability. ICON Auto accelerated closures of certain parts stores, implemented significant cost savings, reduce capital spending to minimum levels. All these initiatives helped Icon Auto offset the impact of significant sales decline and position the company for profitability as sales return. Now turning to our Food Packaging segment.
Q4 2020 net sales increased by $8,000,000 or 8% and consolidated adjusted EBITDA was $14,000,000 compared to $8,000,000 in the prior year period. Net sales increased due to an increase in volumes October 2020, this case completed an equity private placement with IEP for $100,000,000 This case also entered into a credit agreement which provided for a $150,000,000 term loan and a $30,000,000 revolving credit facility. The proceeds from the new term loan plus the equity private placement were used to repay in full the existing term loan. And now to our Metals Segment. Q4 2020 net sales increased by $40,000,000 And adjusted EBITDA increased by $16,000,000 compared to the prior year period.
Volume and prices continue to be strong, driven by high demand from steel mills. And now to our Real Estate segment. Q4 2020 net operating revenues increased by $12,000,000 compared to the prior year. Adjusted EBITDA for the quarter increased Q4 2019 were substantially derived from income from the sales of residential units and rental operations. Now turning to our Home Fashion segment.
Q4 2020 net sales decreased by $5,000,000 compared to the comparable prior year period. Sales to hospitality customers were down significantly due to weak demand as holiday travel was strongly discouraged. West Point's adjusted EBITDA was a loss of $2,000,000 in Q4 compared to a loss of $1,000,000 in the prior year period. Now turning to our Pharma segment. In December 2020, we acquired all of the outstanding common stock of VIVUS Upon its emergence from bankruptcy.
Prior to VIVUS' emergence from bankruptcy, we held an investment in all of results of Evus beginning December 2020 and report the results within our new Pharma segment. In this month of December, Pharma's adjusted EBITDA was 1,000,000 Now I will discuss our liquidity position. We maintain ample liquidity at the holding and at each of our operating subsidiaries to take advantage of attractive opportunities. We ended Q4 2020 with Cash, cash equivalents, our investment in the investment funds and revolver availability totaling approximately $6,600,000,000 Our subsidiaries have approximately $774,000,000 of cash $586,000,000 of undrawn credit facilities to enable them to take advantage of attractive opportunities. In summary, we continue to focus on building asset value and maintaining ample liquidity to enable us to capitalize on opportunities within and outside of our existing operating segments.
Thank you. Operator, can you please open the call for questions?
Thank you. Our first question comes from Dan Fannon with Jefferies. Your line is open.
Thanks. Good morning. I wanted to follow-up on Keith's comments about New investments here today and some of the opportunities you're seeing in the market today. I assume that's with the fund, but maybe if you could just flush that out a bit more.
Yes, sure. Hi, Dan. Yes, it is a lot of it has been at the fund level and a lot of it has been quite public. Frankly, the 1st couple of months here, We've been very active with some public filings on relatively large stakes and some new names at the fund like Bausch Health Care and Dana Corp. And in the news recently was FirstEnergy.
And so we're finding pockets of opportunity where we think Our model of finding deeply discounted positions that have the ability to Implement some activism where we can help unlock that value is ripe right now. And so We've been quite active in the early part of the year here.
Great. That's helpful. And then just the pharma segment, the purchase of VIVUS, a new segment for you guys at the Holdco. Is this something where you're thinking about as kind of a larger, broader pharma opportunity or something where I guess curious about how we should think about this over time.
Yes. I think We'd never take any possibilities off the table, so to speak. We have a lot of capital, So if there were ways to expand it that we thought would create value for our shareholders, We would certainly consider that. I'd say like in the near to intermediate term, we're very focused on what we have right now. Now that the company has the appropriate capital structure in place, we have 2 commercial drugs that we think Have more potential or have a lot of potential to grow and perform better than have historically.
And we have a very interesting pipeline candidate, that would require some investment. But if in Phase 2 studies and further developing it, but If it works, so to speak, it has a very large addressable market. So that's something we're looking heavily at right now as well. So I think in the interim, very focused on what we have right now, but and then continuing to work and get to know our management team. And then to the extent that they bring additional tack on opportunities to the table, we'll evaluate it the same we would evaluate any of our segments wanting to grow, if it makes sense.
It's not a capital issue, as you know. It's we just need to get our arms Around the value creating opportunity.
It makes sense. And I just want to clarify with this case, you mentioned I think a private placement plus debt. So where does your ownership like the equity investment in that today? And that today sits at what?
It sits at 89%. Okay.
And then just a clarification also on the hedge fund positioning. Typically, you're giving that as of Is that as of the twelvethirty one, the net short or is that as of now? I mean, just trying to kind of compare The bullishness in some of the activity you're seeing in terms of new investment opportunity versus the overall positioning of the fund.
Yes, I think, well, the disclosure As of December 31, as we go as we've added on long exposure, I don't want to get too specific, but you should assume that we continue to try to hedge out Individual risks as well as macro risks. So as we take on sort of new single name long Sure. We are, at the same time, putting on granular hedges that could Expose some of the industry risk related to some of those names.
Got it. Makes sense. That's it for me. Thanks for taking my questions.
Yes, you're welcome.
Thank you. Our next question comes from Chapin Meacham with Northeast Investors Trust. Your line is open.
Hi, good morning guys. Thanks for taking my question. I just have a quick one and it's probably more just of an accounting thing. On this case, the EBITDA was 14%, and I noticed that the attributable is only 9%, and I'm just wondering if you can explain what that is, why that, owning 89 percent?
Well, hopefully, I won't be too far over my skis here, but Acquity offering occurred in the 4th quarter, taking our ownership up to 89%. So I'm assuming that that's a weighted average. Sung, you confirm that or?
Yes, that's correct. So the earlier parts of the year, we Less than the 89%, so that's what that reflects.
But the year over year is kind of funky because last year It was 8% and you guys were attributable to 7%. So it's almost like the percentage has gone down, not up.
We can look into it. There may be some rounding in there as well, but We can get back to you on that one.
Okay, cool. Thank you.
Okay.
Thank you. And at this time, I'm showing no further questions in the queue. I'd like to hand call back over to Mr. Keith Cozza for any closing remarks.
Okay. Thank you, operator, and thank you everybody for your interest in IUP. We'll look
Thank you for your participation. You may now disconnect. Everyone have a wonderful day.