Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Investor Presentation (March 2025)
27 slides from Cvr Energy's investor presentation, Mar 3, 2025
Slide 1: Investor Presentation March 2025
Investor Presentation March 2025
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: Mission and Values
Mission and Values Safety - We always put safety first. The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to safety above all else. If it’s not safe, then we don’t do it. Environment - We care for our environment. Complying with all regulatio
Slide 4: CVR Energy diversified holding company overview
3 CVR Energy (NYSE: CVI) is a diversified holding company, formed in 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partners
Slide 5: Strategic Priorities
Strategic Priorities Focus on EH&S Performance Preserve Cash Flow Maintain Balance Sheet & Liquidity Focus on Crude Oil Quality & Differentials Improve Margin Capture Focusing on improvements in Environmental, Health and Safety Matters – Safety is Job #1 Consolidated Total Recordable Incident Rate (
Slide 6: Capital Allocation Strategy
Capital Allocation Strategy Safety, reliability and environmental compliance are core to CVR’s management philosophy Approximately $100MM in annual sustaining and regulatory capex, allocated to assets through a continuous assessment process. Run-rate annual refining turnaround investment of $75M
Slide 7: Petroleum Segment Asset Footprint
Petroleum Segment Asset Footprint 6 Nameplate crude oil capacity of 206,500 bpd across two refineries 4Q 2024 total throughput of 213,703 bpd; Crude oil capacity utilization of approximately 94% FY 2024 total throughput of 196,278 bpd, impacted by Wynnewood planned turnaround and unplanned downt
Slide 8: Strategically Located Mid-Con Refineries
Strategically Located Mid-Con Refineries Multiple Product Sales Outlets Focused on maximizing refined product netbacks and participating in renewable fuel blending economics and internal generation of RINs whenever possible. While the two refineries have different opportunities and blending constrai
Slide 9: High-Quality Refining Assets
High-Quality Refining Assets Consolidated High Utilization Rates (1) Total Throughput and Production Mix(1) (1) Based on total throughputs and production for the twelve months ended December 31, 2024. (2) CVR Energy has contracted pipeline space up to 35,000 bpd but it has historically been more eco
Slide 10: Constructive Refining Macro Environment
Constructive Refining Macro Environment 9 Source: EIA (1) Regional product demand data lagged by approximately 3 months US Gasoline Demand PADD II Gasoline Demand(1) US Diesel Demand PADD II Diesel Demand(1)
Slide 11: Constructive Refining Macro Environment
Constructive Refining Macro Environment 10Source: EIA US Gasoline Inventories PADD II Gasoline Inventories US Diesel Inventories PADD II Diesel Inventories
Slide 12: Renewables Segment
Renewables Segment 11 KSAAT Project at Wynnewood Renewable diesel margins impacted by several factors: HOBO spread - spread between ULSD and Soybean oil prices Feedstock basis - transportation cost + premium for pretreated material RINs prices - 1.7 D4 Biodiesel RINs generated per gallon of re
Slide 13: Capital Expenditures and Turnarounds
Capital Expenditures and Turnarounds Note: As of December 31, 2024. Maintenance capex estimated at $73MM to $87MM. Growth capex estimated at $37MM to $48MM. Wynnewood Alky Project accounts for a significant portion of the expected 2025 growth capex spend. Other margin capture investments inc
Slide 14: Nitrogen Fertilizer Facilities and Geographic Footprint
Large geographic footprint serving the Southern Plains and Corn Belt regions Well positioned to minimize distribution costs and maximize net back pricing Rail loading rack at the Coffeyville facility provides significant logistics optionality west of the Mississippi River due to access to both
Slide 15: Stable Trends in Fertilizer Supply & Demand
14 Stable Trends in Fertilizer Supply & Demand Source: USDA, Fertecon US Nitrogen SupplyCorn Stocks to Use Fertilizers typically represent approximately 15% of farmers’ cost structure and significantly improve yields. USDA projecting stocks to use ratio for 2024/2025 at approximately 10%. Nitrog
Slide 16: Strong Demand for Corn in the U.S.
Strong Demand for Corn in the U.S. Source: USDA Economic Research Service and USDA WASDE. (1) Based on 2020 – 2024 average. 15 Corn has a variety of uses and applications, including feed grains, ethanol for fuel, and food, seed and industrial (FSI) Feed grains ~96% of domestic feed grains are
Slide 17: Corn and nitrogen fertilizer market update
USDA estimated 90.7 million acres of corn were planted in 2024 with harvested acres of 82.7 million and yields of 183.1 bushels per acre, resulting in carryout inventories below the ten-year average. Harvest completed in early November and demand was high for Fall ammonia application, although w
Slide 18: Key Operating Statistics
Consolidated Production Volumes(1) Consolidated Ammonia Utilization Consolidated Feedstock Costs(1) (1) For the twelve months ended December 31, 2024. (2) Excludes freight and other. Key Operating Statistics Consolidated Product Revenue(1)(2) 17
Slide 19: Capital Expenditures and Turnaround Expenses
Capital Expenditures and Turnaround Expenses 18 Maintenance capex estimated at $35MM - $45MM. Growth capex estimated at $20MM - $25MM. Growth capex projects planned for 2025 primarily focused on debottlenecking and reliability projects, including water and electricity upgrades at both faciliti
Slide 20: Appendix
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Slide 21: Non-GAAP measure definitions
20 Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends that we deem useful. Adjusted Refining Margin and A
Slide 22: Non-GAAP Financial Measures: CVR Energy, Inc.
Non-GAAP Financial Measures 21 (In USD Millions) CVR Energy, Inc. 2020 2021 2022 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 2024 Net Income (loss) (320)$ 74$ 644$ 878$ 90$ 38$ (122)$ 40$ 45 Add: Interest expense and other financing costs, net of interest income 130 117 85 52 20 19 18 20 77 Add: Income tax
Slide 23: Petroleum Segment Refining Margin and Adjusted Refining Margin
Non-GAAP Financial Measures 22 Petroleum Segment Refining Margin and Adjusted Refining Margin ($ in Millions) 2020 2021 2022 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 2024 Net sales 3,586$ 6,721$ 9,919$ 8,287$ 1,722$ 1,795$ 1,648$ 1,755$ 6,920$ Less: Cost of materials and other (3,288) (6,100) (8,488) (6
Slide 24: Renewables Segment Renewables Margin and Adjusted Renewables Margin
Non-GAAP Financial Measures 23 Renewables Segment Renewables Margin and Adjusted Renewables Margin ($ in Millions) 2022 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 2024 Net sales 338$ 559$ 33$ 63$ 99$ 93$ 289$ Less: Cost of materials and other (342) (537) (29) (58) (78) (79) (245) Direct operating expenses
Slide 25: Non-GAAP Financial Measures: CVR Partners, LP
Non-GAAP Financial Measures 24 (In USD Millions) CVR Partners, LP 2020 2021 2022 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 2024 Net Income (loss) (98)$ 78$ 287$ 172$ 13$ 26$ 4$ 18$ 61$ Add: Interest expense and other financing costs, net of interest income 63 61 34 29 8 8 7 7 30 Add: Depreciation and amo
Slide 26: 2024 & 2025 Est. Capital Expenditures
2024 & 2025 Est. Capital Expenditures 25 Growth Total Low High Low High Low High Petroleum 90$ 38$ 128$ 70$ 80$ 35$ 45$ 105$ 125$ Renewables 3 8 11 3 5 1 2 4 7 Nitrogen Fertilizer 30 7 37 35 45 20 25 55 70 Other 4 1 5 - 2 1 1 1 3 Total 127$ 54$ 181$ 108$ 132$ 57$ 73$ 165$ 205$ 2025 Estimate Maintena
Slide 27: Simplified Organizational Structure
CVR Energy, Inc. NYSE: CVI Icahn Enterprises L.P. & Affiliates Public CVR GP, LLC CVR Partners, LP NYSE: UAN Nitrogen Fertilizer Segment Subsidiaries Public 61.5 % N-E GP Interest • Non-Economic General Partner Interest (“N-E GP Interest”) • All ownership percentages are 100% unless otherwise noted