Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q3 2026 Earnings Presentation
14 slides from Cvr Energy's earnings presentation, Nov 3, 2026
Slide 1: Acquisition of St. Paul Park and Mandan Refineries - Third Quarter 2026 Earnings
Exhibit 99.2 PRELIMINARY DRAFT Acquisition of St. Paul Park and Mandan Refineries, Including Associated Marketing & Logistics Assets Third Quarter 2026 Earnings November 3, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. Forward-looking statements are st
Slide 3: Transaction Overview
Transaction Overview Transaction Highlights A Asse sset t M Ma ap p SK • St. Paul Park, MN Refinery MB ON Acquired Assets • Mandan, ND Refinery Williston Basin • Access to up to 590 branded locations Clearbrook ND MT MN • $4.2bn purchase price, plus net working capital Mandan § Purchase price is sub
Slide 4: Key Investment Highlights
Key Investment Highlights A transformational acquisition that nearly doubles crude processing capacity, creating a more scaled, diversified and resilient business Key Investment Highlights Compelling • Unique opportunity to acquire high-quality, geographically advantaged assets from an established o
Slide 5: Transformative Increase in Scale
Transformative Increase in Scale Substantially larger enterprise with enhanced access to Northern PADD II regions U.S. Refining Landscape (mbpd) 2,986 2,515 2,809 1,714 1,023 678 384 302 219 207 (2) (3) (3) (3) Pro Forma Status Quo 983 (mbpd) 806 573 440 384 375 365 285 267 260 207 183 180 (2) (3) (
Slide 6: Compelling Global Market Outlook
Compelling Global Market Outlook Compelling forward margin outlook, supported by continuing global supply dislocations and historically low inventory levels U.S. Gross Refining Margins Overview (1) (WTI 3-2-1 Crack Spread , $/bbl) Compelling forward margins supported by supply / demand imbalances ge
Slide 7: PADD II Refining Landscape Continues to Benefit
PADD II Refining Landscape Continues to Benefit Strong PADD II margin environment reflects global dynamic (3) Overview Mid Con Gasoline Margin $/bbl • Large supply region with advantaged crude oil access $60 § Diversified regions with limited consolidation outside the top players § Proximity to the
Slide 8: Asset Overview | St. Paul Park Refinery
Asset Overview | St. Paul Park Refinery St. Paul Park, MN 105 mbpd | 8.3 NCI 17% 101% ~72% ~25% ~80% Minnesota Pipeline Interest Avg. Crude Utilization Avg. Margin Capture Canadian Heavy Crude Clean Product Yield Supports Sourcing (1) (2023A – 2025A) (2023A – 2025A) Processed Canadian / Bakken Crude
Slide 9: Asset Overview | Mandan Refinery
Asset Overview | Mandan Refinery Mandan, ND 72 mbpd | 6.9 NCI 93% ~83% 50% 96% ~93% Avg. Crude Utilization Avg. Margin Capture RFS SRE Received Bakken Light Crude Clean Product Yield (1) (2) 2023 – 2025 Processed (2023A – 2025A) (2023A – 2025A) Product Charges & Yields Key Highlights LPG Only refine
Slide 10: Integrated Marketing and Logistics Platform
Integrated Marketing and Logistics Platform Up to 590 150 mbpd 14% 17% Branded locations across Avg. gasoline and diesel volumes Branded share of volumes Interest in the Minnesota Pipeline (1) (2) MN, ND, WI, SD and IA (2023A – 2025A) (2023A – 2025A avg.) Marketing: Branded Network Logistics: Crude
Slide 11: Third Quarter Earnings Updates
rd 3 Quarter Earnings Updates Third Quarter Highlights Three Months Ended $ in Millions (unless otherwise noted) September 30, 2026 Consolidated Net Income (Attributable To CVR Energy) $570 Adjusted EBITDA $582 UAN Distributions to CVR Energy $7 Petroleum Segment Net Income $746 Adjusted EBITDA $565
Slide 12: Questions & Answers
Questions & Answers Integrated Marketing Platform Compelling Acquisition in Transformative Increase in Scale Supports Stable, Diversified Attractive Regions and Scope Earnings High-Quality, Well-Maintained Diversified Earnings Support Improved Strategic Assets Financial Resilience Positioning 11
Slide 13: Non-GAAP Reconciliation: Adjusted EBITDA to Net Income
Non-GAAP Reconciliation CVR Energy Adjusted EBITDA Reconciliation To Net Income $800 (79) $700 222 (155) (87) $600 1 582 570 $500 459 $400 $300 $200 209 $100 $0 2Q 2026 Adj. EBITDA Petroleum Nitrogen Fertilizer Corporate & Other 3Q 2026 Adj. EBITDA RFS, Derivatives & D&A Interest, Taxes & NCI3Q 2026
Slide 14: Non-GAAP Reconciliation: Pro Forma EBITDA
Non-GAAP Reconciliation Nine Months Ended $ in Millions September 30, 2026 Target Assets Before Target Assets as 9/30/2026 YTD EBITDA Reconciliation Reclassification CVR Pro Forma Total Reclassification Reclassified (1) Net Income $697 $71 $768 $449 $1,032 (+) Interest Expense - - - 105 261 (2) (+)