Core Viewpoint - CVR Energy, Inc. is set to release its fourth quarter and full-year 2024 earnings results on February 18, 2025, after market close, followed by a teleconference on February 19, 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 February 19, 2025, at 1 p.m. Eastern, allowing investors and analysts to discuss the earnings results [1][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 its subsidiaries serve as the general partner [4].

Company Operations - CVR Energy has initiated a planned turnaround at its Coffeyville, Kansas refinery following damage to the Naphtha Hydrotreater caused by freezing weather conditions on January 21, 2025 [1] - The company plans to provide further updates on the turnaround during its next earnings conference call [1] Business Overview - CVR Energy is a diversified holding company headquartered in Sugar Land, Texas, primarily engaged in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners [3] - The company's subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners [3] Investor Communication - CVR Energy may announce material information through SEC filings, press releases, public conference calls, webcasts, and its Investor Relations website [4] - The company encourages stakeholders to review information posted on its website as it could be deemed material [4]

Offer Details - Icahn Enterprises L P (IEP) and Icahn Enterprises Holdings L P (IEH) extended the expiration time of their cash tender offer for up to 17 753 322 shares of CVR Energy Inc s common stock from January 6 2025 to January 8 2025 at a price of $18 25 per share [1] - The terms and conditions of the offer remain unchanged and there are no plans to further extend the offer increase the price or change any terms [1] - As of January 6 2025 approximately 960 479 shares have been tendered including 700 244 shares tendered by guaranteed delivery with the number of shares tendered subject to significant change before expiration [3] Offer Documentation - The full terms and conditions of the offer are detailed in the Offer to Purchase dated December 6 2024 and related materials filed with the SEC and distributed to CVR Energy s stockholders [2] - Stockholders are advised to carefully read the Offer to Purchase and other offer documents before making any decisions regarding the tender offer [4] Company Information - CVR Energy is a diversified holding company based in Sugar Land Texas primarily engaged in renewables petroleum refining and marketing and nitrogen fertilizer manufacturing through its interest in CVR Partners LP [6] - IEP is a diversified holding company with subsidiaries engaged in various industries including Investment Energy Automotive Food Packaging Real Estate Home Fashion and Pharma [7] - IEH is a Delaware limited partnership with IEP owning a 99 limited partner interest in IEH both indirectly controlled by Carl C Icahn [7] Offer Materials Availability - D F King & Co Inc serves as the Information Agent for the offer and provides free copies of the Offer to Purchase Letter of Transmittal and related materials available via toll-free number email or the SEC s website [5] - CVR Energy s public filings including annual reports on Form 10-K quarterly reports on Form 10-Q and current reports on Form 8-K are also available for free on the SEC s website [5]

CVR Energy, Inc. Q3 2024 Earnings Conference Call October 29, 2024 1:00 PM ET Company Participants Richard Roberts - Financial Planning & Analysis & Investor Relations Dave Lamp - Chief Executive Officer Dane Neumann - Chief Financial Officer Conference Call Participants Neil Mehta - Goldman Sachs Matthew Blair - Tudor, Pickering John Royall - JPMorgan Manav Gupta - UBS Paul Cheng - Scotiabank Operator Greetings, and welcome to the CVR Energy Third Quarter 2024 Conference Call. At this time, all participant ...

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, 2024 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 (CVI) came out with a quarterly loss of $0.50 per share versus the Zacks Consensus Estimate of a loss of $0.13. This compares to earnings of $1.89 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -284.62%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.30 per share when it actually produced earnings of $0.09, delivering a surprise of 130%. Over the last four quarters, the ...

[Third Quarter 2024 Financial Highlights](index=1&type=section&id=CVR%20Energy%20Reports%20Third%20Quarter%202024%20Results) CVR Energy reported a Q3 2024 net loss of $124 million, a significant decline from Q3 2023, driven by Petroleum Segment issues, leading to dividend suspension [Overall Performance](index=1&type=section&id=Overall%20Performance) CVR Energy reported a Q3 2024 net loss of $124 million, a significant decline from Q3 2023, driven by Petroleum Segment issues, leading to dividend suspension Q3 2024 Consolidated Financial Results vs. Q3 2023 | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net (Loss) Income Attributable to CVR Energy | ($124 million) | $353 million | | (Loss) Earnings per Diluted Share | ($1.24) | $3.51 | | Adjusted (Loss) Earnings per Diluted Share | ($0.50) | $1.89 | | EBITDA | ($35 million) | $530 million | | Adjusted EBITDA | $63 million | $313 million | - The refining business performance was negatively impacted by reduced throughputs from unplanned downtime at both facilities, partially due to external power outages[2](index=2&type=chunk) - The Board suspended the quarterly dividend, citing concerns about the persistence of the current margin environment and a large, planned turnaround at the Coffeyville refinery in Q1 2025[2](index=2&type=chunk) - CVR Partners announced a cash distribution of **$1.19 per common unit** for Q3 2024[1](index=1&type=chunk)[3](index=3&type=chunk)[12](index=12&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) This section details the financial and operational performance of the Petroleum and Nitrogen Fertilizer segments, highlighting their contrasting results [Petroleum Segment](index=1&type=section&id=Petroleum) The Petroleum Segment reported a Q3 2024 net loss of $110 million, a sharp reversal from Q3 2023, driven by lower throughput and significantly reduced refining margins Petroleum Segment Financials (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 (million) | Q3 2023 (million) | | :--- | :--- | :--- | | Net (Loss) Income | ($110 million) | $460 million | | EBITDA | ($75 million) | $484 million | | Adjusted EBITDA | $24 million | $281 million | Petroleum Segment Operational Metrics (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Combined Total Throughput | 189,000 bpd | 212,000 bpd | | Refining Margin per Barrel | $2.53 | $31.05 | | Adjusted Refining Margin per Barrel | $8.23 | $20.73 | - Q3 2024 refining margin was negatively affected by a $59 million unfavorable mark-to-market impact on RFS obligations, a $9 million unfavorable derivative impact, and a $31 million unfavorable inventory valuation impact[5](index=5&type=chunk) [Nitrogen Fertilizer Segment](index=2&type=section&id=Nitrogen%20Fertilizer) The Nitrogen Fertilizer Segment showed strong Q3 2024 performance with net income rising to $4 million and increased EBITDA, supported by higher realized prices Nitrogen Fertilizer Segment Financials (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 (million) | Q3 2023 (million) | | :--- | :--- | :--- | | Net Sales | $125 million | $131 million | | Net Income | $4 million | $1 million | | EBITDA | $36 million | $32 million | Nitrogen Fertilizer Production & Pricing (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Ammonia Production | 212,000 tons | 217,000 tons | | UAN Production | 321,000 tons | 358,000 tons | | Avg. Realized UAN Price | $229/ton (+3% YoY) | $223/ton | | Avg. Realized Ammonia Price | $399/ton (+9% YoY) | $365/ton | [Corporate and Other](index=2&type=section&id=Corporate%20and%20Other) The company reported a Q3 2024 tax benefit of $6 million due to lower pretax earnings, while renewable diesel throughput decreased due to optimized catalyst life - Reported an income tax benefit of **$6 million**, or **4.6%** of loss before income taxes, compared to an expense of **$84 million** in Q3 2023[9](index=9&type=chunk) - The renewable diesel unit's throughput decreased to **19.6 million gallons** from **23.8 million gallons** in Q3 2023, as the unit was run at lower utilization rates to optimize catalyst life[10](index=10&type=chunk) [Financial Position and Shareholder Returns](index=2&type=section&id=Financial%20Position%20and%20Shareholder%20Returns) This section outlines CVR Energy's cash and debt position, along with its decision to suspend dividends, contrasting with CVR Partners' distribution [Cash, Debt, and Dividends](index=2&type=section&id=Cash%2C%20Debt%20and%20Dividend) As of September 30, 2024, CVR Energy held **$534 million** cash and **$1.6 billion** debt, suspending its Q3 2024 dividend, while CVR Partners declared a distribution Cash and Debt Position (as of Sept 30, 2024) | Metric | Amount | | :--- | :--- | | Consolidated Cash and Cash Equivalents | $534 million | | Consolidated Total Debt and Finance Lease Obligations | $1.6 billion | - CVR Energy will not pay a cash dividend for the third quarter of 2024[11](index=11&type=chunk) - CVR Partners declared a Q3 2024 cash distribution of **$1.19 per common unit** for Q3 2024, payable on November 18, 2024[12](index=12&type=chunk) [Q4 2024 Outlook](index=13&type=section&id=Q4%202024%20Outlook) The Q4 2024 outlook forecasts petroleum throughput of **200,000-215,000 bpd**, total capital expenditures of **$59-70 million**, and nitrogen fertilizer ammonia utilization of **92-97%** Q4 2024 Outlook | Category | Metric | Low | High | | :--- | :--- | :--- | :--- | | **Petroleum** | Total throughput (bpd) | 200,000 | 215,000 | | | Direct operating expenses | $100M | $110M | | | Turnaround expenses | $8M | $12M | | **Renewables** | Total throughput (M gallons) | 17 | 22 | | | Direct operating expenses | $9M | $11M | | **Nitrogen Fertilizer** | Ammonia utilization rate | 92% | 97% | | | Direct operating expenses | $60M | $70M | | **Capital Expenditures** | Total | $59M | $70M | [Financial Tables](index=8&type=section&id=Financial%20Tables) This section provides comprehensive unaudited consolidated financial statements and segment operating data for the reported periods [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited consolidated financial statements for Q3 and YTD September 2024, including Statement of Operations, Balance Sheet, and Cash Flow data Consolidated Statement of Operations Data (in millions, except per share data) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Net sales | $1,833 | $2,522 | $5,663 | $7,045 | | Operating (loss) income | ($113) | $445 | $37 | $1,000 | | Net (loss) income attributable to CVR Energy stockholders | ($124) | $353 | ($22) | $678 | | Basic and diluted (loss) earnings per share | ($1.24) | $3.51 | ($0.22) | $6.74 | Selected Consolidated Balance Sheet Data (in millions) | | Sep 30, 2024 | Dec 31, 2023 | | :--- | :---: | :---: | | Cash and cash equivalents | $534 | $581 | | Total assets | $3,878 | $4,707 | | Total debt and finance lease obligations | $1,582 | $2,185 | | Total CVR stockholders' equity | $675 | $847 | Selected Consolidated Cash Flow Data (in millions) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Net cash provided by operating activities | $48 | $370 | $306 | $984 | | Net cash used in investing activities | ($35) | ($51) | ($164) | ($181) | | Net cash used in financing activities | ($65) | ($181) | ($794) | ($424) | | Free cash flow* | $13 | $318 | $141 | $802 | [Segment Operating Data](index=10&type=section&id=Segment%20Operating%20Data) This section details key operating metrics and market indicators for Petroleum and Nitrogen Fertilizer segments, including throughput, production, utilization, sales, and pricing data Petroleum Segment Key Operating Metrics per Total Throughput Barrel | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Refining margin | $2.53 | $31.05 | $9.96 | $24.33 | | Adjusted refining margin | $8.23 | $20.73 | $9.51 | $20.02 | | Direct operating expenses | $5.72 | $5.39 | $6.14 | $5.58 | Nitrogen Fertilizer Consolidated Sales and Pricing | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | **Sales Volumes (k tons)** | | | | | | Ammonia | 62 | 62 | 175 | 183 | | UAN | 336 | 387 | 950 | 1,075 | | **Product Pricing at Gate ($/ton)** | | | | | | Ammonia | $399 | $365 | $481 | $633 | | UAN | $229 | $223 | $254 | $330 | [Non-GAAP Reconciliations](index=14&type=section&id=Non-GAAP%20Reconciliations) This section provides reconciliations of non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, for consolidated and segment results Reconciliation of Net (Loss) Income to Adjusted EBITDA (in millions) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Net (loss) income | ($122) | $354 | $5 | $781 | | EBITDA | ($35) | $530 | $271 | $1,231 | | Adjustments | $98 | ($217) | ($22) | ($237) | | **Adjusted EBITDA** | **$63** | **$313** | **$249** | **$994** | Reconciliation of Petroleum Net (Loss) Income to Adjusted EBITDA (in millions) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :---: | :---: | :---: | :---: | | | **2024** | **2023** | **2024** | **2023** | | Petroleum net (loss) income | ($110) | $460 | $35 | $913 | | Petroleum EBITDA | ($75) | $484 | $152 | $989 | | Adjustments | $99 | ($203) | ($24) | ($239) | | **Petroleum Adjusted EBITDA** | **$24** | **$281** | **$128** | **$750** |

Company Overview - CVR Energy (CVI) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended September 2024, with earnings expected to be a loss of $0.13 per share, reflecting a change of -106.9% [1][2] - Revenues are projected to be $1.98 billion, down 21.3% from the same quarter last year [2] Earnings Estimates and Revisions - The consensus EPS estimate for CVR has been revised 157.14% lower over the last 30 days, indicating a significant reassessment by analysts [3] - The Most Accurate Estimate for CVR matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [6] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a favorable Zacks Rank [4][5] - CVR currently holds a Zacks Rank of 4 (Sell), complicating the prediction of an earnings beat [6] Historical Performance - In the last reported quarter, CVR was expected to post a loss of $0.30 per share but delivered earnings of $0.09, resulting in a surprise of +130% [7] - Over the past four quarters, CVR has beaten consensus EPS estimates three times [7] Industry Context - Valero Energy (VLO), a peer in the Oil and Gas - Refining and Marketing industry, is expected to report earnings of $1.29 per share for the same quarter, indicating a year-over-year change of -82.8% [9] - Valero's revenues are projected to be $33.04 billion, down 14% from the previous year, with a consensus EPS estimate revised 7.6% lower [9]

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout. Benzinga readers can review the latest analyst takes on their favorite stocks by visiting Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy. Below are the ratings of the most accurate analysts for three high-yie ...

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout. Benzinga readers can review the latest analyst takes on their favorite stocks by visiting Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy. Below are the ratings of the most accurate analysts for three high-yie ...