CVR Energy Inc. · NYSE:CVI
CVR Energy — Investor Presentation (March 2025)
27 slides from CVR Energy's investor presentation, March 2025
Slide 1: Investor Presentation
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 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 4: Company Overview
Company Overview CVR Energy, Inc. (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 tra
Slide 5: Strategic Priorities
Strategic Priorities Focus on EH&S Focusing on improvements in Environmental, Health and Safety Matters – Safety is Job #1 Performance Consolidated Total Recordable Incident Rate (“TRIR”) declined approximately 20% in 2024 compared to 2023, including declines of approximately 18% in the Petroleum Se
Slide 6: Capital Allocation Strategy
Capital Allocation Strategy Key Priorities: Create long-term value through safe, reliable operations while continuously optimizing core refining, renewables, fertilizer and associated logistics assets; Invest in high return projects that are complimentary to existing assets and improve feedstock
Slide 7: Petroleum Segment Asset Footprint
Petroleum Segment Asset Footprint Mid-Continent Refineries 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 turnaro
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 CVR’s high-quality and complex assets allow us to source and process a variety of feedstocks allowing CVR optionality to navigate crack spread volatility while maintaining high utilization rates Consolidated High Utilization Rates (1) Total Throughput and Production Mix(
Slide 10: Constructive Refining Macro Environment
Constructive Refining Macro Environment US Gasoline Demand PADD II Gasoline Demand(1) US Diesel Demand PADD II Diesel Demand(1) Source: EIA (1) Regional product demand data lagged by approximately 3 months 9
Slide 11: Constructive Refining Macro Environment
Constructive Refining Macro Environment US Gasoline Inventories PADD II Gasoline Inventories US Diesel Inventories PADD II Diesel Inventories Source: EIA 10
Slide 12: Renewables Segment
Renewables Segment Wynnewood Renewable KSAATDiesel Highlights 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 RIN prices – 1.7 D4 Biodiese
Slide 13: Capital Expenditures and Turnarounds
Capital Expenditures and Turnarounds Petroleum & Renewables estimated 2025 Capex of $110MM - $135MM 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. Othe
Slide 14: Fertilizer Segment Asset Footprint
Fertilizer Segment Asset Footprint Large geographic footprint serving the Southern Plains and Corn Belt regions Well positioned to minimize distribution costs and maximize East Dubuque, IL netback pricing Rail loading rack at the Coffeyville facility provides significant logistics optionality
Slide 15: Stable Trends in Fertilizer Supply & Demand
Stable Trends in Fertilizer Supply & Demand Corn Stocks to Use US Nitrogen Supply Fertilizers typically represent approximately 15% of Major global nitrogen-capacity build cycle largely farmers’ cost structure and significantly improve complete in 2017/2018, and additional tons have yields. been
Slide 16: Strong Demand for Corn in the U.S.
Strong Demand for Corn in the U.S. U.S. Domestic Corn Use 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 supplied by corn Consumes ~39% of annual corn crop(1) Ethanol Dome
Slide 17: Recent Domestic Nitrogen Fertilizer Market Conditions
Recent Domestic Nitrogen Fertilizer Market Conditions Fertilizer application started earlier than normal and activity levels were high through March; sporadic activity in April and May allowed enough downtime for producer inventories to rebuild across the system. Spring USDA was estimating plant
Slide 18: Key Operating Statistics
Key Operating Statistics Consolidated Production Volumes(1) Consolidated Ammonia Utilization Consolidated Feedstock Costs(1) Consolidated Product Revenue(1)(2) (1) For the twelve months ended December 31, 2024. (2) Excludes freight and other. 17
Slide 19: Capital Expenditures and Turnaround Expenses
Capital Expenditures and Turnaround Expenses 2025 Total Capex budget of $55MM - $70MM 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
Slide 20: Appendix
APPENDIX
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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. Adjus
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures (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: Incom
Slide 23: Non-GAAP Financial Measures: Petroleum Segment
Non-GAAP Financial Measures 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) (8,4
Slide 24: Non-GAAP Financial Measures: Renewables Segment
Non-GAAP Financial Measures 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 expe
Slide 25: Non-GAAP Financial Measures: CVR Partners
Non-GAAP Financial Measures (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 a
Slide 26: 2024 & 2025 Est. Capital Expenditures
2024 & 2025 Est. Capital Expenditures 2024 Actual 2025 Estimate Maintenance Growth Total Maintenance 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 T
Slide 27: Simplified Organizational Structure
Simplified Organizational Structure Icahn Public Enterprises L.P. & Affiliates 32.8 % 67.2 % CVR Energy, Inc. NYSE: CVI CVR GP, LLC Public N-E GP Interest 1.7 % Other Renewables Petroleum CVR Partners, LP Subsidiaries Segment Segment 36.8 % NYSE: UAN 61.5 % Subsidiaries Subsidiaries 40% JV Entity: N