SUNNY ISLES BEACH - Icahn Enterprises L.P. (Nasdaq: IEP) believes activism is the best paradigm for investing.
We are putting our activist principles into effect at our majority-controlled companies as well as the minority positions held in our investment segment, and currently have representatives on fourteen public company boards. Additionally, we believe strongly in hedging our positions to mitigate risk, especially in markets that we are living in today.
Icahn Enterprises L.P. is reporting revenues of $7.6 billion and net income attributable to Icahn Enterprises of $195 million, or $0.64 per depositary unit, for the six months ended June 30, 2022. For the six months ended June 30, 2021, revenues were $6.4 billion and net income attributable to Icahn Enterprises was $26 million, or $0.10 per depositary unit. Adjusted EBITDA attributable to Icahn Enterprises was $742 million for the six months ended June 30, 2022, compared to $627 million for the six months ended June 30, 2021.
Second quarter 2022 revenues were $3.5 billion and net loss attributable to Icahn Enterprises was $128 million, or a loss of $0.41 per depositary unit. For the three months ended June 30, 2021, revenues were $3.0 billion and net loss attributable to Icahn Enterprises was $136 million, or a loss of $0.53 per depositary unit. For the three months ended June 30, 2022, Adjusted EBITDA attributable to Icahn Enterprises was $126 million compared to $192 million for the three months ended June 30, 2021.
For the six months ended June 30, 2022, indicative net asset value increased by $1.5 billion to $6.6 billion. The change in indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings reported above.
On August 3, 2022, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about September 28, 2022, to depositary unitholders of record at the close of business on August 19, 2022. Depositary unitholders will have until September 16, 2022, to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending September 23, 2022. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.
Caution Concerning Forward-Looking Statements
Results for any interim period are not necessarily indicative of results for any full fiscal period. This release may contain certain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be 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 and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; the impacts from the Russia/Ukraine conflict, including economic volatility and the impacts of export controls and other economic sanctions; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels as a result of the COVID-19 pandemic, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping, including as a result of the Russia/Ukraine conflict; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
Contact:
Ted Papapostolou
Tel: (305) 422-4100
ICAHN ENTERPRISES L.P. 
