Financial Data and Key Metrics Changes - The company reported a consolidated net loss of $101 million for Q1 2020, with a loss per share of $0.87, compared to a net income of $102 million and earnings per share of $1 in Q1 2019 [8][19] - EBITDA for Q1 2020 was a negative $38 million, significantly down from positive EBITDA in the prior year [8][19] - The effective tax rate for Q1 2020 was 27%, slightly up from 26% in the previous year [20] Business Line Data and Key Metrics Changes - The Petroleum segment's EBITDA was a negative $77 million in Q1 2020, down from positive EBITDA of $209 million in Q1 2019, primarily due to lower throughput and product demand [21] - The Fertilizer segment reported an operating loss of $5 million and a net loss of $21 million in Q1 2020, compared to an operating income of $9 million and a net loss of $6 million in Q1 2019 [26] Market Data and Key Metrics Changes - Total throughput for the Petroleum segment in Q1 2020 was approximately 157,000 barrels per day, down from 213,000 barrels per day in Q1 2019 [11] - The Group 2-1-1 crack spread averaged $12.21 per barrel in Q1 2020, compared to $17.26 per barrel in Q1 2019 [12] - The WCS differential was $17.77 per barrel in Q1 2020, compared to $10.51 per barrel in the same period last year [13] Company Strategy and Development Direction - The company plans to preserve cash and maintain liquidity due to uncertainties in refined product demand and RIN prices [9][36] - The Board has reduced the dividend to $0.40 per share for Q1 2020, indicating a focus on higher shareholder return opportunities in the current market [9][10] - The company is exploring renewable diesel production as a potential growth area, leveraging existing assets and hydrogen capacity [53][70] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the complete disarray in the market and the unknown timeline for recovery in refined product demand [35] - The company anticipates a gradual recovery in gasoline demand, which was down over 30% at the lowest point but has since improved by about 10% [42][94] - Management remains confident in the company's strong balance sheet and liquidity position, with approximately $805 million in cash as of March 31 [31][32] Other Important Information - The company completed a $1 billion senior unsecured notes offering in January, enhancing its liquidity [30] - Total consolidated capital spending for Q1 2020 was $48 million, with estimates for the full year ranging from $95 million to $105 million [28][29] Q&A Session Summary Question: Thoughts on market opportunities and Gulf Coast expansion - Management indicated a focus on PADD IV for potential acquisitions rather than Gulf Coast assets due to the need for large volume capacity and low operating costs [49][50] Question: CapEx and strategic priorities - Management acknowledged the need to delay certain projects due to market uncertainty but remains optimistic about renewable diesel opportunities [51][53] Question: Investment in Delek and potential synergies - Management noted that there are potential synergies with Delek, but it is too early to discuss specific outcomes [56][57] Question: Dividend rebound possibilities - Management stated that if business returns to historical levels, the dividend could rebound quickly, but current cash preservation is prioritized [58] Question: Timeline for decisions regarding Delek - Management could not provide a specific timeline for decisions related to Delek [59] Question: Flexibility in business yield adjustments - Management confirmed that refiners can adjust yields between gasoline and diesel, but current market conditions present challenges [60][61] Question: Liquidity and cash flow outlook - Management expressed confidence in liquidity and anticipated a reduction in cash burn as demand improves [91][94] Question: Impact of E&P struggles on sourcing crude - Management noted that many producers are holding back production, but they expect a recovery in crude prices [97][100]

Financial Performance - Net sales for the three months ended March 31, 2020, were $1,130 million, a decrease of 24% compared to $1,486 million for the same period in 2019[19]. - The company reported a net loss of $101 million for the three months ended March 31, 2020, compared to a net income of $102 million for the same period in 2019[19]. - Basic and diluted loss per share was $(0.87) for the three months ended March 31, 2020, compared to earnings of $1.00 per share in the same period of the previous year[19]. - The Petroleum Segment reported an operating loss of $127 million for Q1 2020, compared to an operating income of $156 million in Q1 2019[101]. - The Nitrogen Fertilizer Segment's net sales decreased to $75 million in Q1 2020 from $92 million in Q1 2019, reflecting a decline of approximately 18%[101]. - Free cash flow for the three months ended March 31, 2020, was $(115) million, compared to $186 million in the same period of 2019[205]. - Petroleum net loss for the three months ended March 31, 2020, was $(130) million, compared to a net income of $149 million in the same period of 2019[205]. Assets and Liabilities - Total current assets increased to $1,396 million as of March 31, 2020, up from $1,274 million at December 31, 2019, representing a growth of 9.6%[18]. - Total liabilities increased to $2,135 million as of March 31, 2020, compared to $1,641 million at December 31, 2019, reflecting a rise of 30%[18]. - The company's accumulated deficit grew to $(281) million as of March 31, 2020, from $(113) million at December 31, 2019[21]. - Total equity decreased to $1,486 million as of March 31, 2020, down from $1,668 million at December 31, 2019[18]. - Cash and cash equivalents increased to $805 million as of March 31, 2020, compared to $652 million at December 31, 2019, marking a 23.5% increase[18]. Capital Expenditures and Investments - Capital expenditures amounted to $35 million, up from $29 million in the previous year, indicating increased investment in operational capabilities[23]. - The company invested approximately $140 million in marketable securities of Delek US Holdings under an agency arrangement with Icahn Enterprises[15]. - The company plans to defer the majority of growth capital spending and reduce maintenance capital expenditures for the remainder of 2020[211]. Revenue and Sales - Revenue from product sales for the Petroleum Segment was $1,057 million, a decrease from $1,397 million in the same period last year, representing a decline of approximately 24%[59]. - The company reported a total revenue from product sales of $1,093 million for the three months ended March 31, 2020, compared to $1,462 million in the same period last year, a decrease of approximately 25.2%[59]. - The Petroleum Segment's revenue from crude oil sales was $37 million, down from $23 million in the same period last year, indicating an increase of 60.87%[59]. Debt and Financing - The company raised $1 billion through the issuance of senior secured notes, with net cash provided by financing activities totaling $407 million[23]. - The company issued $600 million in senior unsecured notes due 2025 and $400 million due 2028 to enhance liquidity[215]. - The company redeemed all outstanding 2022 Notes for approximately $505 million, resulting in an $8 million loss on extinguishment of debt in Q1 2020[52]. - Long-term debt and finance lease obligations rose to $1,686 million as of March 31, 2020, compared to $1,190 million at December 31, 2019, an increase of 41.7%[18]. Operational Performance - The total throughput for the Petroleum Segment decreased to 156,518 bpd for the three months ended March 31, 2020, down from 212,807 bpd for the same period in 2019[168]. - Direct operating expenses increased to $5.87 per barrel from $4.74 per barrel, largely due to decreased throughput volumes during a planned turnaround at the Coffeyville Refinery[180]. - The refining margin decreased to $22 million, or $1.52 per throughput barrel, for the three months ended March 31, 2020, down from $317 million, or $16.55 per throughput barrel, for the same period in 2019[176]. Shareholder Returns - Dividends declared per share increased to $0.80 for the three months ended March 31, 2020, compared to $0.75 for the same period in 2019[19]. - CVR Energy paid $57 million in dividends to Icahn Enterprises for the three months ended March 31, 2020, compared to $54 million in the same period of 2019[15]. - The company announced a 50% reduction in its cash dividend for Q1 2020 to conserve cash amid the economic uncertainty caused by the COVID-19 pandemic[211]. Market Conditions and Future Outlook - The company is currently evaluating the impacts of the COVID-19 pandemic on its contractual arrangements but has not yet experienced a material financial impact[89]. - The company anticipates that the ongoing COVID-19 pandemic will lead to significant volatility in the demand for refined products and could negatively impact future operating results[126]. - Long-term fundamentals for the U.S. nitrogen fertilizer industry remain intact, driven by factors such as increasing global population and decreasing arable land per capita[144].

chergy. 1 150 2 1 1900 March 2020 IR 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 to a wide variety of significant business and economic uncertainties and competitive risks that could cause actu ...

CVR Energy, Inc. (NYSE:CVI) Q4 2019 Results Conference Call February 20, 2020 1:00 PM ET Company Participants Jay Finks - Vice President of Finance & Treasurer Dave Lamp - Chief Executive Officer and President Tracy Jackson - Executive Vice President and Chief Financial Officer Conference Call Participants Neil Mehta - Goldman Sachs Manav Gupta - Credit Suisse Paul Chang - Scotiabank Matthew Blair - Tudor, Pickering, Holt & Company Operator Greetings, and welcome to the CVR Energy, Inc. fourth quarter 2019 ...

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, 2019 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 ______________________________________________ ...

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, 2019 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) Q3 2019 Earnings Conference Call October 24, 2019 1:00 PM ET Company Participants Jay Finks - VP, Finance & Treasurer David Lamp - President, CEO & Director Tracy Jackson - EVP & CFO Conference Call Participants Neil Mehta - Goldman Sachs Group Paul Cheng - Scotia Howard Weil Prashant Rao - Citigroup Matthew Blair - Tudor, Pickering, Holt & Co. Operator Greetings, and welcome to the CVR Energy, Inc. Third Quarter 2019 Conference Call. [Operator Instructions]. As a reminder, this ...

September 2019 IR 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 to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to dif ...

CVR Energy, Inc. (NYSE:CVI) Q2 2019 Earnings Conference Call July 25, 2019 1:00 PM ET Company Participants Jay Finks - Vice President of Finance and Treasurer Dave Lamp - CEO Tracy Jackson - CFO Conference Call Participants Prashant Rao - Citigroup Neil Mehta - Goldman Sachs Paul Chang - Scotia Howard Weil Matthew Blair - Tudor Pickering Holt Operator Greetings and welcome to CVR Energy Second Quarter 2019 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer sessi ...

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, 2019 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 ...