Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Investor Presentation (January 2026)
24 slides from Cvr Energy's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements (“FLS”) which are protected as FLS under the PSLRA, and which are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. The assumptions and estimates underl
Slide 3: Constructive Refining Macro Environment
Constructive Refining Macro Environment Favorable Refining Macro Environment Driven by Reduced Domestic Supply and Stable Demand Trends • U.S. operable refining capacity has declined over 800,000 bpd since 2020 as refineries converted to renewable fuels production or shuttered due to poor economics.
Slide 4: Company Overview
Company Overview CVR Energy (NYSE: CVI) is a diversified holding company, formed in 2006, primarily engaged in the petroleum refining and marketing industry and the fertilizer manufacturing industry through its interest in CVR Partners, LP (NYSE: UAN), a publicly traded limited partnership (“CVR Par
Slide 5: Petroleum Segment Overview
Petroleum Segment Overview Competitively Positioned Mid-Con Refineries ▪ Nameplate crude oil capacity of 206,500 bpd across two refineries with an average complexity rating of 10.8. ▪ Located in Group 3 of PADD II. ▪ Significant crude oil sourcing optionality via proprietary pipeline and truck gathe
Slide 6: Key Operating Statistics - Petroleum
Key Operating Statistics - Petroleum Consistent History of High Refinery Utilization Rates • Five-year average utilization of 90% including turnarounds • 1Q 2025 and 2Q 2025 impacted by the large turnaround at Coffeyville Advantaged Crude Oil and Feedstock Slate • Over 60% of crude oil throughputs s
Slide 7: Focused on Capture Rate Improvements
Focused on Capture Rate Improvements ▪ Group 3 2-1-1 crack spreads improved in 2025 – FY 2025 average of $22.60/bbl vs. FY 2024 average $18.05/bbl, although prices for Renewable Identification Numbers (“RINs”) in 2025 have increased as well. ▪ CVR adjusted margin capture averaged 45% for 1Q 2025 – 3
Slide 8: Capital Allocation Strategy
Capital Allocation Strategy Prioritize Sustaining Maintaining safe, reliable operations is priority #1. Capital Investments Focusing on debt reduction in the near-term to Maintain Strong Balance return to targeted leverage levels while maintaining Sheet and Liquidity sufficient cash balances. Discip
Slide 9: Capital Expenditures and Turnarounds
Capital Expenditures and Turnarounds Petroleum Segment estimated 2026 Capex of $130MM - $145MM ▪ Maintenance capex estimated at $80MM to $90MM. ▪ Growth capex estimated at $50MM to $55MM. ▪ Wynnewood Alky Project accounts for a significant portion of the expected 2026 growth capex spend. ▪ Currently
Slide 10: Recent Domestic Nitrogen Fertilizer Market Conditions
Recent Domestic Nitrogen Fertilizer Market Conditions ▪ Strong demand for nitrogen fertilizers in the U.S. combined with domestic and global nitrogen fertilizer supply issues led to elevated ammonia and UAN prices in 2025. ▪ U.S. Department of Agriculture (“USDA”) estimated 98.7 million acres of cor
Slide 11: Strong Demand for Corn in the U.S.
Strong Demand for Corn in the U.S. ▪ Corn has a variety of uses and applications, including feed grains, ethanol for fuel, and feed, seed and industrial (FSI). ▪ Feed Grains: Approximately 96% of domestic feed grains are supplied by corn. Feed grains consume approximately 39% of the annual corn crop
Slide 12: Nitrogen Fertilizer Segment Overview
Nitrogen Fertilizer Segment Overview Strategically Located Nitrogen Fertilizer Facilities ▪ Large geographic footprint serving the Southern Plains and Corn Belt regions. ▪ Well positioned to minimize distribution costs and maximize netback pricing. ▪ Rail loading rack at the Coffeyville facility pro
Slide 13: Key Operating Statistics – Nitrogen Fertilizer
Key Operating Statistics – Nitrogen Fertilizer Consistent History of High Ammonia Utilization Rates • Five-year average utilization of 93% including turnarounds. • Turnarounds typically completed every 2-3 years – Coffeyville turnaround completed in 4Q 2025 and East Dubuque scheduled for 3Q 2026. Di
Slide 14: Capital Expenditures and Turnaround Expenses
Capital Expenditures and Turnaround Expenses 2026 Total Capex budget of $60MM - $75MM ▪ Maintenance capex estimated at $35MM - $45MM. ▪ Growth capex estimated at $25MM - $30MM. ▪ Growth capex projects planned for 2026 primarily focused on margin improvement and debottlenecking projects at both plant
Slide 15: Appendix
APPENDIX
Slide 16: Mission and Values
Mission and Values Our mission is to be a top tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company as measured by safe and reliable operations, superior financial performance and profitable growth. Our core values are driven by our people, inform the way we
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA represents EBITDA adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Adjusted Refining Margin and Adjuste
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures (In USD Millions) CVR Energy, Inc. 2021 2022 2023 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 TTM Net income (loss) $ 74 $ 644 $ 878 $ 45 $ 40 $ (105) $ (90) $ 401 246 Add: Interest expense and other financing costs, net of interest income 117 85 52 77 20 25 30 25 100 Add: Incom
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Petroleum Segment Refining Margin and Adjusted Refining Margin ($ in Millions) 2021 2022 2023 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 TTM Net sales $ 6,721 $ 9,919 $ 8,287 $ 6,920 $ 1,755 $ 1,477 $ 1,561 $ 1,739 $ 6,532 Less: Cost of materials and other (6,100) (8,488) (6,62
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Renewables Segment Renewables Margin and Adjusted Renewables Margin ($ in Millions) 2022 2023 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 TTM Net sales $ 338 $ 559 $ 289 $ 93 $ 66 $ 76 $ 99 $ 334 Less: Cost of materials and other (342) (537) (245) (79) (50) (71) (99) (299) Direc
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures (In USD Millions) CVR Partners, LP 2021 2022 2023 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 TTM Net Income (loss) $ 78 $ 287 $ 172 $ 61 $ 18 $ 27 $ 39 $ 43 $ 127 Add: Interest expense and other financing costs, net of interest income 61 34 29 30 7 8 7 8 30 Add: Depreciation an
Slide 22: 2025 & 2026 Est. Capital Expenditures
2025 & 2026 Est. Capital Expenditures 2025 Estimate Maintenance Growth Total (in millions) Low High Low High Low High Petroleum $ 82 $ 87 $ 34 $ 38 $ 116 $ 125 Renewables 3 4 1 2 4 6 Nitrogen Fertilizer 39 42 19 23 58 65 Other 1 2 1 2 2 4 Total $ 125 $ 135 $ 55 $ 65 $ 180 $ 200 2026 Estimate Mainten
Slide 23: RINs Summary
RINs Summary • CVR’s Coffeyville and Wynnewood refineries are subject to the Renewable Fuel Standards (“RFS”) implemented by the U.S. Environmental Protection Agency (the “EPA”), which requires refineries to either blend renewable fuels into their transportation fuels or purchase renewable fuel cred
Slide 24: Simplified Organizational Structure
Simplified Organizational Structure Icahn Enterprises Public L.P. & Affiliates 30.0 % 70.0 % CVR Energy, Inc. NYSE: CVI CVR GP, LLC Public N-E GP Interest 2.6 % Other Renewables Segment Petroleum Segment Subsidiaries Subsidiaries Subsidiaries CVR Partners, LP 36.8 % NYSE: UAN 60.6 % 40% JV Entity: E