[PART I. Financial Information](index=6&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited Q1 2025 consolidated financial statements, reporting a **$105 million net loss** driven by the Petroleum segment [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$4.251 billion**, with cash down to **$695 million**, while total equity declined to **$771 million** Condensed Consolidated Balance Sheet Highlights (unaudited) | (in millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $695 | $987 | | Total current assets | $1,649 | $1,824 | | Total assets | $4,251 | $4,263 | | **Liabilities and Equity** | | | | Total current liabilities | $1,254 | $1,098 | | Total long-term liabilities | $2,226 | $2,277 | | Total equity | $771 | $888 | | Total liabilities and equity | $4,251 | $4,263 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 saw a **$105 million net loss** and **$131 million operating loss**, a significant reversal from Q1 2024's net income Q1 2025 vs. Q1 2024 Statement of Operations (unaudited) | (in millions, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net sales | $1,646 | $1,863 | | Operating (loss) income | $(131) | $123 | | Net (loss) income | $(105) | $90 | | Net (loss) income attributable to CVR Energy stockholders | $(123) | $82 | | Basic and diluted (loss) earnings per share | $(1.22) | $0.81 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow shifted to a **$195 million use** in Q1 2025, leading to a **$292 million decrease** in cash and equivalents Q1 2025 vs. Q1 2024 Cash Flow Summary (unaudited) | (in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(195) | $177 | | Net cash used in investing activities | $(82) | $(55) | | Net cash used in financing activities | $(15) | $(664) | | Net decrease in cash, cash equivalents | $(292) | $(542) | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment re-segmentation, a **$438 million RFS obligation increase**, and performance data for Petroleum, Renewables, and Nitrogen Fertilizer segments - The company is a diversified holding company with three reportable segments: Petroleum, Renewables, and Nitrogen Fertilizer. As of March 31, 2025, IEP owned approximately **68%** of the company's common stock, which increased to **70%** in April 2025[29](index=29&type=chunk) - The company revised its reportable segments to create a new Renewables segment, reflecting the growing prominence of this business. Prior period information has been retrospectively adjusted[37](index=37&type=chunk) - The accrued Renewable Fuel Standard (RFS) obligation increased to **$438 million** as of March 31, 2025, from **$323 million** at December 31, 2024[47](index=47&type=chunk)[74](index=74&type=chunk) Segment Operating (Loss) Income - Q1 2025 vs Q1 2024 (in millions) | Segment | Q1 2025 Operating (Loss) Income | Q1 2024 Operating Income (Loss) | | :--- | :--- | :--- | | Petroleum | $(161) | $118 | | Renewables | $0 | $(10) | | Nitrogen Fertilizer | $35 | $20 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **$105 million net loss** from Petroleum segment challenges, improved Renewables, and strong Nitrogen Fertilizer results, with **$1.1 billion** liquidity and suspended dividends Consolidated Financial Highlights (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating (Loss) Income | $(131) | $123 | | Net (Loss) Income | $(105) | $90 | | Adjusted EBITDA | $24 | $99 | - The company's liquidity position is considered sufficient for the next 12 months, despite challenges. Management has implemented measures including deferring new growth capital spending and reducing 2025 capital expenditures to preserve cash[225](index=225&type=chunk) - The Board of Directors elected to temporarily suspend cash dividend payments. No dividends were declared for Q1 2025[225](index=225&type=chunk)[243](index=243&type=chunk) [Industry Factors and Market Indicators](index=26&type=section&id=Industry%20Factors%20and%20Market%20Indicators) Industry factors include weak Petroleum crack spreads, Renewables' reliance on volatile government credits, and strong Nitrogen Fertilizer demand from increased corn planting - **Petroleum:** Crack spreads are characterized as at or slightly below mid-cycle levels due to oversupplied refined product markets and weak demand. RFS compliance costs are expected to remain significant[104](index=104&type=chunk)[107](index=107&type=chunk) - **Renewables:** Profitability is highly dependent on government grants and credits. The expiration of the **$1 per gallon** Blenders' Tax Credit (BTC) on December 31, 2024, has caused additional volatility in the market[125](index=125&type=chunk)[127](index=127&type=chunk) - **Nitrogen Fertilizer:** The USDA estimates farmers will plant **95.3 million acres** of corn in spring 2025, a **5% increase** from 2024, which is expected to support nitrogen fertilizer demand[147](index=147&type=chunk) [Results of Operations - Segment Analysis](index=42&type=section&id=Results%20of%20Operations%20-%20Segment%20Analysis) Petroleum reported a **$161 million operating loss** due to turnaround, Renewables reached breakeven, and Nitrogen Fertilizer operating income grew to **$35 million** Petroleum Segment Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating Loss/Income | $(161)M | $118M | | Total Throughput (bpd) | 120,377 | 195,792 | | Refining Margin/bbl | $(0.42) | $16.29 | Renewables Segment Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating Income/Loss | $0M | $(10)M | | Throughput (gal/day) | 155,943 | 75,657 | | Renewables Margin/gal | $1.13 | $0.65 | Nitrogen Fertilizer Segment Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating Income | $35M | $20M | | Ammonia Utilization | 101% | 90% | | Pet Coke Cost/ton | $42.43 | $75.71 | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity is **$1.1 billion**, impacted by a **$210 million refinery turnaround**, leading to dividend suspension and deferred capital spending - Total liquidity was approximately **$1.1 billion** as of March 31, 2025, consisting of **$695 million** in cash and **$371 million** in available credit[230](index=230&type=chunk) - The Coffeyville Refinery turnaround was completed in late April 2025 at a total cost of approximately **$210 million**, which negatively impacted operating cash flow[225](index=225&type=chunk)[239](index=239&type=chunk) - Net cash used in operating activities was **$195 million** for Q1 2025, a **$372 million** negative swing from the **$177 million** provided by operating activities in Q1 2024[245](index=245&type=chunk)[246](index=246&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risks were reported for Q1 2025 compared to the 2024 Form 10-K disclosures - There have been no material changes to market risks as of and for the three months ended March 31, 2025, compared to those discussed in the 2024 Form 10-K[250](index=250&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2025[251](index=251&type=chunk) - There were no material changes in internal controls over financial reporting during the fiscal quarter ended March 31, 2025[252](index=252&type=chunk) [PART II. Other Information](index=60&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings include litigation over insurance coverage, EPA challenges to RFS exemptions, and a guaranty dispute with Exxon Mobil Corporation - The company is involved in an appeal regarding insurance coverage for a 2022 settlement related to former unitholders of CVR Refining, LP[75](index=75&type=chunk) - The company is engaged in litigation with the EPA over the denial of small refinery hardship exemptions under the Renewable Fuel Standard (RFS), with a case heard by the Supreme Court in March 2025[76](index=76&type=chunk) - In April 2025, a subsidiary filed a complaint disputing the validity of an alleged 1993 guaranty claimed by Exxon Mobil Corporation related to historical well operations in Louisiana[77](index=77&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the 2024 Form 10-K disclosures - There have been no material changes from the risk factors previously disclosed in Part I, Item 1A of the 2024 Form 10-K[255](index=255&type=chunk) [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) The Compensation Committee adopted 2025 bonus plans, and no Rule 10b5-1 trading arrangements were adopted or terminated by officers or directors - The Compensation Committee adopted the CVR Energy, Inc. and Subsidiaries 2025 Performance Based Bonus Plan for both Corporate and Refining divisions on April 29, 2025[256](index=256&type=chunk) - During the three months ended March 31, 2025, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement[257](index=257&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) Exhibits include CEO and CFO certifications and financial statements presented in Inline XBRL format - The report includes required certifications from the President and Chief Executive Officer, and the Executive Vice President, Chief Financial Officer[259](index=259&type=chunk) - Financial information is provided in Inline XBRL format, including the condensed consolidated balance sheets, statements of operations, equity, cash flows, and notes[259](index=259&type=chunk)

Financial Data and Key Metrics Changes - The company reported a consolidated net loss of $105 million for Q1 2025, with a loss per share of $1.22 and an EBITDA loss of $61 million [6][15] - Adjusted EBITDA for the quarter was $24 million, with an adjusted loss per share of $0.58 [15] - The negative mark to market impact on outstanding RFS obligations was $112 million, while there was a favorable inventory valuation impact of $24 million [15] Business Line Data and Key Metrics Changes - In the Petroleum segment, total throughput was approximately 125,000 barrels per day, with a light product yield of 95% [6] - Adjusted EBITDA for the Petroleum segment was a loss of $30 million, driven by reduced throughput volumes and lower product cracks [15] - The Renewables segment achieved an adjusted EBITDA of $3 million, an improvement from a negative $5 million in the prior year [15] - The Fertilizer segment reported an adjusted EBITDA of $53 million, driven by higher UAN sales volumes and ammonia sales prices [15] Market Data and Key Metrics Changes - Group 3 2-1-1 benchmark cracks averaged $17.65 per barrel in Q1 2025, down from $19.55 per barrel in the same period last year [8] - Average RIN prices were approximately $0.84, an increase of over 25% from the previous year [8] - Nitrogen fertilizer prices were higher for ammonia and slightly lower for UAN compared to Q1 2024 [13] Company Strategy and Development Direction - The company plans no additional turnarounds in the Refining segment for 2025 and 2026, with the next planned turnaround at Wynnewood scheduled for 2027 [8] - The company is focusing on increasing distillate yield and jet fuel production, with projects underway to enhance capacity [24] - The company aims to reduce debt and restore balance sheet leverage ratios while looking for ways to improve capture and reduce costs [28] Management's Comments on Operating Environment and Future Outlook - Management noted that refining market conditions began to improve due to a heavy spring maintenance season and refinery closures [20] - The company expressed optimism about the demand for refined products, despite potential recession concerns [31] - Management highlighted the importance of government support for renewable businesses and the need for clarity on credits before making further investments [60] Other Important Information - The company ended Q1 2025 with a consolidated cash balance of $695 million and total liquidity of approximately $894 million [18] - Significant cash uses included $94 million for capital and turnaround spending and $113 million for working capital [18] Q&A Session Summary Question: Understanding refining macro and demand - Management indicated that days of supply have shrunk, suggesting a correction in the supply-demand balance, with expectations for improved gasoline demand in the summer [31] Question: RVO and SRE implications - Management believes decoupling D4 and D6 is important and criticized the government's handling of the RFS, emphasizing the need for lower RIN prices to benefit consumers [34][36] Question: Renewable diesel EBITDA and future expectations - Management noted that RIN prices and feedstock costs are critical for maintaining positive EBITDA in the renewable segment, with ongoing uncertainty regarding the PTC [40][41] Question: Industry consolidation and economies of scale - Management agreed that economies of scale are essential for survival and acknowledged potential for further consolidation in the refining sector [45] Question: Update on Coffeyville turnaround - Management acknowledged challenges during the Coffeyville turnaround but expressed confidence in recovering strong margins moving forward [52] Question: Jet fuel expansion and customer contracts - Management is optimistic about securing contracts with major airlines as existing contracts come up for renewal [57] Question: Assurance for renewable investments - Management emphasized the need for stable government support and clarity on credits before committing to new renewable projects [60]

CVR Energy (CVI) came out with a quarterly loss of $0.58 per share versus the Zacks Consensus Estimate of a loss of $0.90. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35.56%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.65 per share when it actually produced a loss of $0.13, delivering a surprise of 80%.Over the last four quarters, the compa ...

Financial Performance - First quarter 2025 net loss attributable to CVR Energy stockholders was $123 million, or $1.22 per diluted share, compared to a net income of $82 million, or 81 cents per diluted share in Q1 2024[3]. - The company reported a net loss of $105 million for Q1 2025, compared to a net income of $90 million in Q1 2024, resulting in a basic and diluted loss per share of $1.22[39]. - Net sales for the three months ended March 31, 2025, were $1,646 million, a decrease of 11.6% compared to $1,863 million in the same period of 2024[39]. - Free cash flow for Q1 2025 was $(285) million, a decline from $121 million in Q1 2024, reflecting increased cash outflows[41]. - Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024; total debt was $1.9 billion[17]. Segment Performance - The Petroleum Segment reported a net loss of $160 million and an EBITDA loss of $119 million in Q1 2025, compared to net income of $127 million and EBITDA of $171 million in Q1 2024[5]. - Renewables Segment achieved a net income of less than $1 million and EBITDA of $6 million in Q1 2025, compared to a net loss of $10 million and EBITDA loss of $4 million in Q1 2024[10]. - Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for Q1 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million in Q1 2024[13]. Operational Metrics - Combined total throughput for Q1 2025 was approximately 120,000 barrels per day, a decrease from approximately 196,000 bpd in Q1 2024, primarily due to the turnaround at the Coffeyville refinery[6]. - Total throughput for the company's refineries was 120,377 bpd in Q1 2025, a decrease from 195,792 bpd in Q1 2024, reflecting reduced operational capacity[47]. - Total vegetable oil throughput for Q1 2025 was approximately 156,000 gallons per day, up from approximately 76,000 gallons per day in Q1 2024[11]. - Renewable diesel production increased to 144,189 gallons per day in Q1 2025, up from 62,594 gallons per day in Q1 2024, reflecting a 130% growth[52]. - Renewable utilization rate improved to 61.9% in Q1 2025, compared to 30.0% in Q1 2024[52]. Pricing and Margins - Average realized gate prices for ammonia increased by 5% to $554 per ton in Q1 2025, while UAN prices decreased by 4% to $256 per ton[15]. - The refining margin for Q1 2025 was $(0.42) per throughput barrel, a sharp decline from $16.29 in Q1 2024, while the adjusted refining margin was $7.72 compared to $10.46 in the prior year[46]. - The renewables margin for Q1 2025 improved to $1.13 per vegetable oil throughput gallon, up from $0.65 in Q1 2024, indicating better performance in the renewables segment[51]. - Adjusted renewables margin rose to $13 million in Q1 2025, up from $3 million in Q1 2024, indicating a significant improvement in profitability[70]. Future Projections - Total throughput for petroleum is projected to be between 160,000 and 180,000 barrels per day in Q2 2025, with crude utilization expected between 82% and 90%[62]. - Direct operating expenses for renewables are estimated to be between $8 million and $10 million in Q2 2025[62].

Financial Performance - CVR Energy reported a first quarter 2025 net loss attributable to stockholders of $123 million, or $1.22 per diluted share, compared to a net income of $82 million, or 81 cents per diluted share in the first quarter of 2024 [1][10] - Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings of 4 cents in the first quarter of 2024 [1][10] - The company's EBITDA loss for the first quarter of 2025 was $61 million, down from an EBITDA of $203 million in the same period of 2024 [1][10] Segment Performance - The Petroleum Segment reported a first quarter 2025 net loss of $160 million and an EBITDA loss of $119 million, compared to a net income of $127 million and EBITDA of $171 million for the first quarter of 2024 [3][11] - The Renewables Segment achieved a net income of less than $1 million and EBITDA of $6 million for the first quarter of 2025, improving from a net loss of $10 million and EBITDA loss of $4 million in the first quarter of 2024 [7][9] - The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024 [11] Operational Metrics - Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day, down from approximately 196,000 barrels per day in the first quarter of 2024, primarily due to the turnaround at the Coffeyville refinery [4][46] - The refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel during the same period in 2024 [5][45] - The Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025, compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024 [9][49] Cash and Debt Position - Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024 [15] - Total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment [15][39] Market Indicators - Average realized gate prices for ammonia increased by 5 percent to $554 per ton in the first quarter of 2025, while UAN prices decreased by 4 percent to $256 per ton [13][55] - The West Texas Intermediate (WTI) crude oil price averaged $71.42 per barrel in the first quarter of 2025, down from $76.91 per barrel in the same period of 2024 [48]

Core Viewpoint - CVR Energy, Inc. is expected to report a loss of $0.89 per share on revenue of $1.31 billion for the first quarter, with the stock down approximately 43.78% over the past year, although it has shown resilience recently [1]. Group 1: Stock Performance - CVR Energy's stock has decreased by 43.78% over the past year but has only fallen 0.85% year-to-date and 6.05% in the past month, indicating some signs of resilience [1]. - The current trading price of CVI stock is $18.67 per share [6]. Group 2: Technical Analysis - The stock is above its eight-day and 20-day simple moving averages, indicating a short-term bullish signal, but is below its 50-day and significantly below its 200-day moving averages, suggesting long-term technical damage [3]. - The MACD indicator shows a negative 0.18, while the RSI is at 51.87, indicating positive momentum but cautioning that the stock may be approaching overbought territory if the rally continues [4]. Group 3: Investor Activity - Carl Icahn has significantly increased his stake in CVR Energy, purchasing over 1.5 million shares worth more than $27 million in April, bringing his total stake to 70.1 million shares [5]. - Icahn's aggressive buying is often a precursor to strategic changes or boardroom battles, suggesting that investors should pay attention to his actions as they may indicate larger shifts within the company [6].

Company Overview - CVR Energy (CVI) is expected to report a year-over-year decline in earnings due to lower revenues, with a projected quarterly loss of $0.90 per share, representing a change of -2350% [3][12] - Revenues are anticipated to be $1.62 billion, down 13.1% from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has been revised 186.67% higher in the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for CVR matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, which complicates predictions of an earnings beat [10][11] Historical Performance - In the last reported quarter, CVR was expected to post a loss of $0.65 per share but actually reported a loss of $0.13, resulting in a surprise of +80% [12] - Over the past four quarters, CVR has beaten consensus EPS estimates two times [13] Market Sentiment - The stock may experience upward movement if the actual results exceed expectations, while a miss could lead to a decline [2] - The combination of a Zacks Rank of 3 (Hold) and an Earnings ESP of 0% suggests uncertainty regarding the likelihood of an earnings beat [11][18] Industry Comparison - Phillips 66 (PSX), another player in the Oil and Gas - Refining and Marketing industry, is expected to report earnings of $0.42 per share, reflecting a year-over-year change of -77.9% [17] - Phillips 66's revenues are projected to be $30.67 billion, down 15.8% from the previous year [17]

Group 1 - Billionaire investor Carl Icahn has significantly increased his stake in CVR Energy, Inc., acquiring over 1.5 million shares valued at more than $27 million in April, making it his second-largest holding after Icahn Enterprises [1][2] - From April 3 to April 15, Icahn Enterprises purchased CVR Energy shares consistently, with prices rising from $16.11 to $18.12, indicating strong demand and confidence in the stock [2][3] - Daily purchases ranged from 60,000 to nearly 270,000 shares, reflecting Icahn's bullish stance on CVR Energy, suggesting a strategic move rather than a mere portfolio adjustment [3][4] Group 2 - CVR Energy operates in the refining and nitrogen fertilizer sectors and is now significantly influenced by Icahn, a prominent figure in Wall Street [4] - Icahn's history suggests that his investments often lead to active involvement in company operations, including potential boardroom changes and strategic shifts, indicating that his current stake may lead to transformative actions within CVR Energy [4]

Core Viewpoint - CVR Energy, Inc. is set to release its first quarter 2025 earnings results on April 28, 2025, after market close, followed by a teleconference on April 29, 2025, to discuss these results [1][2]. Group 1: Earnings Release Information - The earnings results will be available via GlobeNewswire and on the company's website [3]. - A teleconference will be held on April 29, 2025, at 1 p.m. Eastern, which will include forward-looking information [2]. Group 2: Company Overview - CVR Energy is a diversified holding company based in Sugar Land, Texas, involved in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners, LP [4]. - The company owns 37 percent of the common units of CVR Partners, LP and serves as the general partner [4]. Group 3: Contact Information - For investor relations, Richard Roberts can be contacted at (281) 207-3205 or via email at InvestorRelations@CVREnergy.com [5]. - For media inquiries, Brandee Stephens can be reached at (281) 207-3516 or MediaRelations@CVREnergy.com [5].

Core Viewpoint - CVR Energy (NYSE: CVI) has the potential to return to the $30 range if the dividend is reinstated, supported by diversified income streams in the oil, fertilizer, and biofuel markets [1] Group 1: Company Analysis - The company is positioned to capitalize on positive developments in multiple sectors, including oil, fertilizer, and biofuels [1] - The reinstatement of dividends could significantly influence the stock price, indicating a strong correlation between dividend policies and market valuation [1] Group 2: Market Context - The diversified income streams of CVR Energy suggest resilience and adaptability in fluctuating market conditions [1]