Investor Presentation
November 2025
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 do business each and every day and enhance our ability to
accomplish our mission and related strategic objectives.
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 regulations and minimizing any environmental impact from our operations is essential. We understand
our obligation to the environment and that it's our duty to protect it.
Integrity - We require high business ethics.
We comply with the law and practice sound corporate governance. We only conduct business one way - the right way with integrity.
Corporate Citizenship - We are proud members of the communities where we operate.
We are good neighbors and know that it's a privilege we can't take for granted. We seek to make a positive economic and social impact through our financial donations and contributions of time, knowledge and talent of our employees to the places where we live and work.
Continuous Improvement - We foster accountability under a performance-driven culture.
We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversity and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization.
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Company Overview
CVR Energy (NYSE: CVI) is a diversified holding company, formed in 2006, 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 partnership ("CVR Partners"). CVR Energy currently has three business segments: Petroleum, Renewables and Nitrogen Fertilizer.Renewable Diesel
Nitrogen Fertilizer
Two strategically located Mid-Continent refineries close to Cushing, Oklahoma.
Total nameplate crude oil capacity of 206,500 bpd; average complexity rating of 10.8.
Direct access to crude oil and condensate fields in the Anadarko and Arkoma Basins.
Complementary logistics assets and access to key pipelines provide opportunity to access a variety of price advantaged crude oil supply options -100% exposure to Brent - WTI crude differential.
Historically high product yield vs peers: 97% liquid volume yield and 91% yield of gasoline and distillate.(1)
Petroleum Refining
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 feedstock exposure through petroleum coke and natural gas.
Wynnewood hydrocracker converted to renewable diesel service in April of 2022 with rated capacity of 80 million gallons per year.
Feed pre-treater began operations in March of 2024 and enables processing of crude degummed soybean oil and inedible corn oil, providing lower cost feedstocks and improved yields of renewable diesel compared to purchasing pre-treated feeds.
Currently intending to revert the RDU back to hydrocarbon processing during the next catalyst change in December 2025, while retaining the ability to return to renewable diesel service in the future if economics dictate.
(1) Based on total throughputs; for the twelve months ended September 30, 2025. 3
Strategic Priorities
Focus on EHsS Performance | Focusing on improvements in Environmental, Health and Safety Matters - Safety is Job #1 Consolidated Total Recordable Incident Rate ("TRIR") declined approximately 20% in 2024 compared to 2023, including declines of approximately 18% in the Petroleum Segment and approximately 29% in the Nitrogen Fertilizer Segment. Safe, reliable operations in an environmentally responsible manner are the best ways to improve EHCS performance. |
Preserve Cash Flow | Refocusing capital spending on projects that are in flight and those critical to safe, reliable operations while also working on internal cost cutting initiatives Focusing capital spending on planned turnaround activities and projects supportive of safe, reliable operations as we seek to preserve liquidity. Also working on internal cost cutting initiatives, including limited hiring and eliminating waste wherever possible. |
Maintain Balance Sheet s Liquidity | Positioning to strengthen the balance sheet to navigate current market conditions Preserving our balance sheet with total liquidity position of approximately $830 million, excluding CVR Partners, at the end of 3Q 2025. Total liquidity comprised of $514 million of cash and availability under the CVR Energy ABL of $316 million. Progressing deleveraging strategy with a combined $90 million repayment on the Term Loan in June and July 2025, representing a 28% reduction and a remaining balance of $232 million. |
Focus on Crude Oil Quality s Differentials | Leveraging our strategic location and proprietary gathering system to deliver high value neat crude oils to our refineries Focusing on optimal refinery configurations to maximize the netbacks for the crude oils available in our operating regions. Leveraging our gathering systems, trucking operations and pipelines to create the greatest value over time. |
Improve Margin Capture | Exploring opportunities to improve margin capture across all businesses through feedstock and yield optimizations In the Petroleum Segment, we will aggressively pursue Small Refinery Exemptions at Wynnewood Refining Company, LLC while focusing on maximizing production of distillate (diesel and jet fuel) and premium gasoline at both refineries. We believe there could be additional opportunities to increase margin capture following the reversion of the RDU at Wynnewood back to hydrocarbon processing. In the Fertilizer Segment, we are investing to improve reliability at both facilities and optimizing feedstocks at Coffeyville. |
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Capital Allocation Strategy
Key Priorities:
Create long-term value through safe, reliable operations and continuously optimizing core refining, renewables, fertilizer and associated logistics assets;
Invest in high return projects that are complimentary to existing assets and improve feedstock supply, capture rate and product placement;
Protect the balance sheet by maintaining appropriate liquidity, reducing cost of capital and optimizing capital structure; and
Provide above average cash returns to investors through dividends/distributions when supported by market conditions and deemed appropriate by our Boards of Directors.
Non-Discretionary Asset Continuity
Discretionary Investment
Financial Discipline s Investor Returns
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 $75MM over a five-year cycle to maximize asset utilization and reduce downtime exposure.
Optimizing significant turnaround operations to be scheduled around periods with lower opportunity cost.
30% target IRR for traditional refining organic projects.
20% target IRR for renewables-focused investments as these assets typically garner higher multiples.
Evaluate merger and acquisition activity as opportunities arise that diversify market exposure or offer significant synergy.
Maintain an attractive investment profile by focusing on free cash flow generation and maintaining an appropriately strong balance sheet
Explore potential divestiture of non-core assets.
Support adequate liquidity to operate the business while returning or investing excess cash.
Seek to return debt levels and capital structure profile to be in line with or better than peer group.
Continually re-evaluate the Company's
dividend policy.
In the near term we will continue to prioritize efforts to reduce debt and restore our balance sheet to targeted levels as soon as we can, subject to market and other conditions.
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Petroleum Segment Asset Footprint
Mid-Continent Refineries
(1)
Nameplate crude oil capacity of 206,500 bpd across two refineries.
3Q 2025 total throughput of 215,968 bpd.
FY 2024 total throughput of 196,278 bpd, impacted by Wynnewood planned turnaround and unplanned downtime related to adverse weather events and external power supply outages at both refineries.
Average complexity of 10.8. Located in Group 3 of PADD II.Crude Oil Sourcing Optionality
Refineries are strategically located ~ 100 to 130 miles from Cushing, OK with access to domestic conventional and Canadian crude oils.
Crude oil pipeline and truck gathering systems with access to production at the wellhead across Kansas, Nebraska, Oklahoma and Missouri.
Historical space on key pipelines provide a variety of crude oil supply options in addition to gathered crude oils.
Contracted space on Keystone and Spearhead pipelines for up to 35,000 bpd of Canadian crude oil deliveries.
(1) Included assets owned and leased by CVR. 6
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 September 30, 2025:
Approximately 23% of refined product sales were across CVR's refinery racks where we have opportunities to participate in renewable blending economics and internal generation of RINs.
Approximately 33% of product sales were across ONEOK and NuStar racks where we have opportunities to participate in renewable blending economics and capture of RINs at certain locations.
Approximately 44% of product sales were to the bulk market where we do not participate in renewable blending.
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High-Quality Refining Assets
CVR's high-quality and complex assets allow us to source and process a variety of feedstocks allowing CVRTotal Throughput 180,GGG bpd Total Production 178,058 bpd
Historically High Utilization Rates
Total Throughput and Production Mix(1)
Based on total throughput and production for the twelve months ended September 30, 2025.
CVR Energy has contracted pipeline space up to 35,000 bpd but it has historically been more economic to sell heavy crude oils in Cushing, Oklahoma.
Other includes natural gasoline, isobutane, normal butane and gas oil.
Other includes pet coke, NGLs, slurry, sulfur and gas oil, and specialty products such as propylene and solvents; excludes internally produced fuels. 8
Constructive Refining Macro Environment
U.S. Gasoline Inventories
U.S. Gasoline Days of Supply
U.S. Diesel Inventories
U.S. Distillate Days of Supply
Source: EIA 9
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