CVR Energy, Inc.

What they do

CVR Energy operates two refineries (Coffeyville, Kansas and Wynnewood, Oklahoma) that refine crude oil into gasoline, diesel, and jet fuel, plus supporting crude gathering and logistics. It also owns a controlling interest in CVR Partners, which produces ammonia and UAN fertilizer. The company reverted its renewable diesel unit to hydrocarbon processing in December 2025, ending renewable feedstock refining.

Revenue drivers

• Petroleum Segment — Refining and marketing of gasoline, diesel, jet fuel, and distillates; the largest segment, with total throughput of 212,965 bpd in Q2 2026 and a refining margin of $9.94 per barrel.
• Nitrogen Fertilizer Segment (CVR Partners) — Produces and sells ammonia and UAN; Q2 2026 ammonia pricing at gate $791/ton, UAN $392/ton, with ammonia utilization at 99%.
• Renewables Segment (discontinued) — Previously refined soybean oil, corn oil, and other feedstocks into renewable diesel; reverted to hydrocarbon service in December 2025 and no longer a reportable segment in 2026.

Recent performance

For Q2 2026, CVR Energy reported a net loss attributable to stockholders of $3 million (-$0.03/diluted share) on net income of $46 million, with Adjusted EBITDA of $209 million. This compares to a net loss of $114 million (-$1.14/share) and Adjusted EBITDA of $99 million in Q2 2025. The Petroleum Segment swung to a net income of $12 million (from -$137 million), while Nitrogen Fertilizer net income rose to $78 million (from $39 million). For the six months ended June 30, 2026, Petroleum net loss was $182 million and Nitrogen Fertilizer net income was $127 million.

Strategy

Management is considering potential strategic transactions, including acquisitions of refining assets and options involving CVR Partners, but provides no assurance any will occur. Key initiatives include replacing the hydrofluoric acid alkylation unit at Wynnewood with a fixed bed catalyst system (estimated $136 million, operational late 2027) and completing a brownfield ammonia expansion at East Dubuque to increase capacity by ~5%. The company reverted the renewable diesel unit to hydrocarbon processing to optimize feedstock and relieve logistical constraints. It declared a Q2 2026 cash dividend of $0.10 per share.

Risks

• Commodity price volatility — Refining margins and fertilizer prices are highly volatile, driven by crude oil prices, regional supply/demand, and global conflicts, directly impacting results.
• Majority ownership concentration — Icahn Enterprises owns ~71% of common stock, giving it significant influence over corporate actions and potential conflicts of interest.
• Regulatory and environmental exposure — Ongoing EPA settlements and RFS obligations have required significant costs; future regulatory changes could affect operations and profitability.
• Operational and project execution risk — Refinery turnarounds, the alkylation unit replacement, and the ammonia expansion carry cost and schedule risks that could impact cash flows.

Outlook

Management cites tight energy and fertilizer markets due to global conflicts, which it believes position its assets favorably. It plans to begin the East Dubuque turnaround in August 2026, during which it will complete the ammonia expansion. It remains focused on pursuing accretive growth and reducing leverage, but provides no specific guidance.