CVR Energy, Inc. (NYSE:CVI) Q1 2022 Earnings Conference Call May 3, 2022 1:00 PM ET Company Participants Richard Roberts - IR Officer David Lamp - President, CEO & Director Dane Neumann - EVP, CFO, Treasurer & Assistant Secretary Conference Call Participants Philip Gresh - JPMorgan Chase & Co. Carly Davenport - Goldman Sachs Group Manav Gupta - Crédit Suisse Matthew Blair - Tudor, Pickering, Holt & Co. Matthew Vittorioso - Jefferies Paul Cheng - Scotiabank Operator Greetings, and welcome to the CVR Energy F ...

Part I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for CVR Energy, Inc. as of March 31, 2022, including balance sheets, operations, equity, and cash flows Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $1,766 | $1,369 | | **Total Assets** | $4,345 | $3,906 | | **Total Current Liabilities** | $1,552 | $1,156 | | **Total Liabilities** | $3,469 | $3,136 | | **Total Equity** | $876 | $770 | Condensed Consolidated Statement of Operations Highlights (in millions, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net Sales | $2,373 | $1,463 | | Operating Income (Loss) | $220 | $(135) | | Net Income (Loss) | $153 | $(55) | | Net Income (Loss) Attributable to CVR Energy Stockholders | $94 | $(39) | | Basic and Diluted Earnings (Loss) per Share | $0.93 | $(0.39) | Condensed Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $322 | $96 | | Net cash used in investing activities | $(41) | $(54) | | Net cash used in financing activities | $(115) | $(2) | | Net increase in cash and cash equivalents | $166 | $40 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes cover organization, accounting policies, segment performance, revenue, debt, RFS costs, litigation, and related party transactions - CVR Energy operates through Petroleum Refining and Nitrogen Fertilizer segments, with **Icahn Enterprises L.P. owning approximately 71% of common stock** as of March 31, 2022[28](index=28&type=chunk) Disaggregated Revenue by Segment (in millions) | Segment | Q1 2022 Revenue | Q1 2021 Revenue | | :--- | :--- | :--- | | Petroleum | $2,154 | $1,404 | | Nitrogen Fertilizer | $223 | $61 | | Other / Elimination | $(4) | $(2) | | **Consolidated Total** | **$2,373** | **$1,463** | - Accrued liability for Renewable Fuel Standards (RFS) obligation increased to **$585 million** as of March 31, 2022, from **$494 million** at year-end 2021[47](index=47&type=chunk) - CVR Partners redeemed all outstanding **9.25% Senior Secured Notes due 2023** on February 22, 2022, incurring a **$1 million loss** on debt extinguishment[49](index=49&type=chunk) - The company is involved in 'Call Option Lawsuits' with plaintiffs seeking **damages exceeding $300 million**, which the company disputes[74](index=74&type=chunk) - The Board declared a **cash dividend of $0.40 per share** for Q1 2022, payable in May 2022[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial condition and operations, covering business environment, segment performance, liquidity, capital resources, and non-GAAP reconciliations [Company Overview and Strategy](index=25&type=section&id=Company%20Overview%20and%20Strategy) CVR Energy initiated a business restructuring in Q1 2022 to segregate renewables operations by Q1 2023, aiming to be a top-tier North American energy company - The Board approved a plan to segregate renewables operations into new subsidiaries, targeting completion by **Q1 2023** for better alignment with management and financial reporting[97](index=97&type=chunk) - Key strategic objectives include continuous improvement in **EH&S**, achieving industry-leading utilization, maximizing market capture, and maintaining financial discipline[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [Industry Factors and Market Indicators](index=27&type=section&id=Industry%20Factors%20and%20Market%20Indicators) Global oil and fertilizer markets were disrupted by the Russia-Ukraine conflict, leading to higher commodity prices and improved crack spreads for Petroleum and rising prices for Nitrogen Fertilizer - The Russia-Ukraine conflict disrupted global oil, fertilizer, and agriculture markets, leading to higher prices and heightened uncertainty[110](index=110&type=chunk)[111](index=111&type=chunk) - The **NYMEX 2-1-1 crack spread averaged $28.67 per barrel in Q1 2022**, a significant increase from **$15.84 per barrel in Q1 2021**, indicating improved refining margins[123](index=123&type=chunk) - The Wynnewood Refinery's renewable diesel unit (RDU) conversion completed in **April 2022**, expected to significantly reduce RFS compliance costs with a planned pretreater unit[118](index=118&type=chunk) - Estimated open RFS obligation for 2020-2022 was approximately **426 million RINs**, with a potential liability of **$585 million** as of March 31, 2022[119](index=119&type=chunk) - USDA's preliminary 2022 report indicates a **4.1% decrease in corn acres** and a **4.3% increase in soybean acres** compared to 2021, influenced by higher input costs and strong demand for renewable diesel[134](index=134&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Consolidated operating income improved to **$220 million** in Q1 2022 from a **$135 million loss** in Q1 2021, driven by higher refining margins in Petroleum and increased pricing and volumes in Nitrogen Fertilizer Segment Operating Income (Loss) (in millions) | Segment | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Petroleum | $130 | $(115) | | Nitrogen Fertilizer | $104 | $(14) | | Other / Eliminations | $(14) | $(6) | | **Consolidated Total** | **$220** | **$(135)** | - The Petroleum segment's refining margin increased to **$16.75 per throughput barrel in Q1 2022** from **$3.05 in Q1 2021**, driven by higher product crack spreads and crude oil prices[162](index=162&type=chunk) - The Nitrogen Fertilizer segment experienced product sales price increases of **252% for ammonia** and **212% for UAN** in Q1 2022 due to strong market conditions[173](index=173&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity, primarily from operations, is deemed sufficient for the next 12 months, with estimated 2022 capital spending between **$209 million and $239 million**, including renewables, and a **$0.40 per share dividend** declared for Q1 2022 - The company believes cash from operations and existing cash will be sufficient to satisfy anticipated cash requirements for at least the next **12 months**[217](index=217&type=chunk) 2022 Estimated Capital Spending (in millions) | Category | Low Estimate | High Estimate | | :--- | :--- | :--- | | Petroleum | $91 | $105 | | Renewables | $73 | $83 | | Nitrogen Fertilizer | $38 | $42 | | Other | $7 | $9 | | **Total** | **$209** | **$239** | - For Q1 2022, the Board declared a **cash dividend of $0.40 per share** (**$40 million total**), payable May 23, 2022[234](index=234&type=chunk) - CVR Partners repurchased **111,695 common units for $12 million** in Q1 2022 under its Unit Repurchase Program, with nominal authority remaining[239](index=239&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred to the company's market risks as of March 31, 2022, compared to those disclosed in the 2021 Annual Report on Form 10-K - There were no material changes to the company's market risks during the **first quarter of 2022**[246](index=246&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of **March 31, 2022**[247](index=247&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal control[248](index=248&type=chunk) Part II. Other Information [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) Information on litigation, legal, and environmental matters is incorporated by reference from Note 12 of the financial statements - Details regarding legal proceedings are provided in **Note 12 (\"Commitments and Contingencies\")** of the financial statements[250](index=250&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) No material changes from previously disclosed risk factors in the 2021 Form 10-K, though the Russia-Ukraine conflict may influence these risks - There have been no material changes from the risk factors disclosed in the **2021 Form 10-K**, though the Russia-Ukraine conflict is noted as a potential influence[251](index=251&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No other information is reported for the period - No information was reported under this item[252](index=252&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) An index of all exhibits filed with the quarterly report is provided, including agreements, officer certifications, and Inline XBRL financial data files - An index of exhibits is provided, listing supplemental indentures, amendments to agreements, incentive plans, officer certifications, and **XBRL data files**[253](index=253&type=chunk)[254](index=254&type=chunk)

CVR Energy, Inc. (NYSE:CVI) Q4 2021 Earnings Conference Call February 22, 2022 1:00 PM ET Company Participants Richard Roberts - Senior Manager of FP&A & IR David Lamp - President & CEO Dane Neumann - EVP & CFO Conference Call Participants Phil Gresh - JPMorgan Manav Gupta - Credit Suisse Carly Davenport - Goldman Sachs Matthew Blair - Tudor, Pickering, Holt & Co. Paul Cheng - Scotiabank Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestam ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | |----------------------------------------------------------------------- ...

CVR Energy, Inc. (NYSE:CVI) Q3 2021 Earnings Conference Call November 2, 2021 1:00 PM ET Company Participants Richard Roberts - Senior Manager of FP&A and Investor Relations David Lamp - President and Chief Executive Officer Dane Neumann - Executive Vice President and Chief Financial Officer Conference Call Participants Carly Davenport - Goldman Sachs Group, Inc. Phil Gresh - JPMorgan Chase & Co. Prashant Rao - Citigroup Inc. Matthew Blair - Tudor, Pickering, Holt & Co. Securities, LLC Manav Gupta - Credit ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33492 CVR ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 61-1512186 (State ...

CVR Energy, Inc. (NYSE:CVI) Q2 2021 Earnings Conference Call August 3, 2021 3:00 PM ET Company Participants Richard Roberts - Senior Manager of FP&A & Investor Relations Dave Lamp - Chief Executive Officer Tracy Jackson - Chief Financial Officer Conference Call Participants Manav Gupta - Credit Suisse Paul Cheng - Scotiabank Phil Gresh - JPMorgan Carly Davenport - Goldman Sachs Operator Greetings and welcome to the CVR Energy Inc. Second Quarter 2021 Conference Call. At this time, all participants are in a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33492 CVR ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 61-1512186 (State or ot ...

June 2021 Investor Presentation 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 underlying FLS are inherently uncertain and are subject t o a wide variety of significant business and economic uncertainties and competitive risks that could cause actual results to dif ...

Financial Data and Key Metrics Changes - The company reported a consolidated net loss of $55 million for Q1 2021, with a loss per share of $0.39, impacted by unplanned downtime and increased operating costs due to a winter storm, which negatively affected results by approximately $41 million [7][8] - The Petroleum segment's EBITDA for Q1 2021 was negative $61 million, compared to negative $77 million in Q1 2020, with the decline primarily driven by elevated RIN prices and increased operating expenses [15][16] - Cash provided by operations for Q1 2021 was $96 million, generating free cash flow of $61 million despite elevated costs [23] Business Line Data and Key Metrics Changes - The Petroleum segment's combined throughput for Q1 2021 was approximately 186,000 barrels per day, up from 157,000 barrels per day in Q1 2020 [9] - In the Fertilizer segment, ammonia utilization rates were 87% at Coffeyville and 89% at East Dubuque, with an operating loss of $14 million reported for Q1 2021 [13][20] - The company gathered approximately 112,000 barrels per day of crude oil in Q1 2021, down from 136,000 barrels per day in the same period last year due to severe winter weather [12] Market Data and Key Metrics Changes - RIN prices averaged approximately $5.57 per barrel in Q1 2021, a 250% increase from Q1 2020 [11] - The Brent-WTI differential averaged $3.18 per barrel in Q1 2021, compared to $5.04 per barrel in the prior year [11] - Current market fundamentals indicate that global oil demand is projected at 96 million barrels per day for 2021, a year-over-year increase of 6 million barrels per day [28] Company Strategy and Development Direction - The company is focused on maximizing gasoline production and blending biofuels, with no turnarounds scheduled for 2021 [31] - The construction of the Wynnewood renewable diesel unit is underway, with expectations for it to be online by the end of Q3 2021, despite delays due to severe weather [33] - Future capital spending is expected to prioritize sustainability and renewable projects, with a focus on biomass and low-carbon fuel standards [65] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism based on market fundamentals, noting that refining margins have improved and gasoline demand is increasing [27][28] - The company anticipates a continued strength in crop prices, which will positively impact fertilizer demand and pricing [13] - Management highlighted the importance of the Supreme Court ruling regarding small refinery exemptions, which could significantly affect the company's RIN obligations [76][78] Other Important Information - The company ended Q1 2021 with approximately $707 million in cash, an increase of $40 million from the end of 2020 [24] - Total consolidated capital spending for Q1 2021 was $68 million, with expectations for 2021 capital spending to be approximately $235 million to $250 million [21][22] Q&A Session Summary Question: Comments on EPA's actions regarding small refinery exemptions - Management noted that the EPA's reversal of small refinery exemptions could lead to higher gasoline and diesel prices, indicating a political process that needs revision [40][42] Question: Feedstock cost escalation and securing alternatives - Management confirmed that they are close to selecting technology for Phase 2, which will allow flexibility in feedstock usage, including alternatives like corn oil and tallow [44] Question: Timing for Phase 2 of the renewable diesel project - Management indicated that Phase 2 could be completed within 18 months from the decision to proceed, maintaining the original timeline [49] Question: Approach to the 2020 RVO liability - Management explained that they are awaiting a Supreme Court ruling, which could significantly impact their RIN obligations and cash return strategies [76][78] Question: Carbon capture opportunities - Management discussed ongoing efforts to leverage 45Q tax credits for carbon capture at both the refining and fertilizer segments, indicating potential benefits for sustainability initiatives [85][87]