Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Investor Presentation (September 2025)
27 slides from Cvr Energy's investor presentation, Sep 2, 2025
Slide 1: Investor Presentation September 2025
Investor Presentation September 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: Company overview and segments
• CVR Energy owns the general partner and 37% of the common units of CVR Partners, LP (NYSE: UAN). • Two strategically located facilities serving the Southern Plains and Corn Belt. • Primarily engaged in the production of the nitrogen fertilizers ammonia and urea ammonium nitrate (UAN). • Diverse fe
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 ▪ 2Q 2025 total throughput of 172,149 bpd, impacted by completion of the planned turnaround at the Coffeyville Refinery in April 2025 ▪ FY 2024 total throughput of 196,278 bpd, impacted by Wynnewood
Slide 8: Strategically Located Mid-Con Refineries Multiple Product Sales Outlets
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. For the twelve months ended June 30, 2025: ▪ Approximately 23% of refined p
Slide 9: High-Quality Refining Assets Historically High Utilization Rates
High-Quality Refining Assets Historically High Utilization Rates Total Throughput and Production Mix(1) (1) Based on total throughput and production for the twelve months ended June 30, 2025. (2) CVR Energy has contracted pipeline space up to 35,000 bpd but it has historically been more economic to
Slide 10: Constructive Refining Macro Environment
Constructive Refining Macro Environment 9Source: EIA U.S. Gasoline Inventories U.S. Gasoline Days of Supply U.S. Diesel Inventories U.S. Distillate Days of Supply
Slide 11: Renewables Segment KSAAT Project at Wynnewood
Renewables Segment 10 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 12: Capital Expenditures and Turnarounds
Capital Expenditures and Turnarounds 11Note: As of June 30, 2025. ▪ Maintenance capex estimated at $73MM to $85MM. ▪ Growth capex estimated at $31MM to $43MM. ▪ Wynnewood Alky Project accounts for a significant portion of the expected 2025 growth capex spend. ▪ Other margin capture investments inclu
Slide 13: Nitrogen fertilizer geographic footprint and logistics
▪ 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 provides significant logistics optionality west of the Mississippi River due to access to both
Slide 14: Consolidated Key Operating Statistics
Consolidated High Ammonia Utilization Rate Consolidated UAN and Ammonia Sales Consolidated Feedstock Costs(1) (1) For the twelve months ended June 30, 2025. (2) Excludes freight and other. Key Operating Statistics Consolidated Product Revenue(1)(2) 13
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 2025/2026 at approximately 13%. 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 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: Capital Expenditures and Turnaround Expenses
Capital Expenditures and Turnaround Expenses 17 ▪ Maintenance capex estimated at $40MM - $45MM. ▪ Growth capex estimated at $15MM - $20MM. ▪ Growth capex projects planned for 2025 primarily focused on debottlenecking and reliability projects, including water and electricity upgrades at both faciliti
Slide 19: Appendix
APPENDIX
Slide 20: Non-GAAP measure definitions
19 Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Adjusted Refining Margin and Adjusted Renewables Margin repr
Slide 21: Non-GAAP Financial Measures CVR Energy, Inc.
Non-GAAP Financial Measures 20 (In USD Millions) CVR Energy, Inc. 2021 2022 2023 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 TTM Net income (loss) 74$ 644$ 878$ 45$ (122)$ 40$ (105)$ (90)$ (277) Add: Interest expense and other financing costs, net of interest income 117 85 52 77 18 20 25 30 93 Add: Income
Slide 22: Petroleum Segment Refining Margin and Adjusted Refining Margin
Non-GAAP Financial Measures 21 Petroleum Segment Refining Margin and Adjusted Refining Margin ($ in Millions) 2021 2022 2023 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 TTM Net sales 6,721$ 9,919$ 8,287$ 6,920$ 1,648$ 1,755$ 1,477$ 1,561$ 6,441$ Less: Cost of materials and other (6,100) (8,488) (6,629) (6,
Slide 23: Renewables Segment Renewables Margin and Adjusted Renewables Margin
Non-GAAP Financial Measures 22 Renewables Segment Renewables Margin and Adjusted Renewables Margin ($ in Millions) 2022 2023 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 TTM Net sales 338$ 559$ 289$ 99$ 93$ 66$ 76$ 334$ Less: Cost of materials and other (342) (537) (245) (78) (79) (50) (71) (278) Direct ope
Slide 24: Non-GAAP Financial Measures CVR Partners, LP
Non-GAAP Financial Measures 23 (In USD Millions) CVR Partners, LP 2021 2022 2023 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 TTM Net Income (loss) 78$ 287$ 172$ 61$ 4$ 18$ 27$ 39$ 88$ Add: Interest expense and other financing costs, net of interest income 61 34 29 30 7 7 8 7 29 Add: Depreciation and amorti
Slide 25: 2024 & 2025 Est. Capital Expenditures
2024 & 2025 Est. Capital Expenditures 24 Growth Total Low High Low High Low High Petroleum 90$ 38$ 128$ 70$ 80$ 30$ 40$ 100$ 120$ Renewables 3 8 11 3 5 1 3 4 8 Nitrogen Fertilizer 30 7 37 40 45 15 20 55 65 Other 4 1 5 5 7 1 2 6 9 Total 127$ 54$ 181$ 118$ 137$ 47$ 65$ 165$ 202$ 2024 Actual 2025 Estim
Slide 26: RINs Summary
RINs Summary 25 • 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 c
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 Petroleum Segment Subsidiaries Public 60.6 % N-E GP Interest • Non-Economic General Partner Interest (“N-E GP Interest”) • All ownership percentages a