CVR Energy, Inc. (NYSE:CVI) Q1 2023 Results Conference Call May 2, 2023 1:00 PM ET Company Participants Richard Roberts - VP, Financial Planning and Analysis and IR Dave Lamp - CEO Dane Neumann - CFO Conference Call Participants Manav Gupta - UBS Neil Mehta - Goldman Sachs John Royall - JPMorgan Matthew Blair - Tudor, Pickering, Holt Paul Cheng - Scotiabank Operator Greetings, and welcome to the CVR Energy, Inc. First Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this conference is be ...

The following table demonstrates the impact of changes in sales volumes and pricing for the primary components of net sales, excluding urea products, freight, and other revenue, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022: (in millions) UAN Ammonia The $167 and $39 per ton decreases in ammonia and UAN sales pricing, respectively, for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 were primarily attributable to lower nat ...

CVR Energy, Inc. (NYSE:CVI) Q4 2022 Results Conference Call February 22, 2023 1:00 PM ET Company Participants Richard Roberts - IR Dave Lamp - CEO Dan Newman - CFO Conference Call Participants John Royall - JP Morgan Neil Mehta - Goldman Sachs Paul Cheng - Scotiabank Operator Greetings, and welcome to the CVR Energy Fourth Quarter 2022 Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President of ...

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 endedDecember 31, 2022 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 ...

CVR Energy, Inc. (NYSE:CVI) Q3 2022 Earnings Conference Call November 1, 2022 1:00 PM ET Company Participants Richard Roberts - Vice President of FP&A and IR Dave Lamp - President, CEO & Director Dane Neumann - EVP, CFO, Treasurer & Assistant Secretary Conference Call Participants Matthew Blair - TPH John Royall - JPMorgan Carly Davenport - Goldman Sachs Paul Cheng - Scotiabank Operator Greetings, and welcome to the CVR Energy, Inc. Third 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 September 30, 2022 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 ...

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, 2022 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 ...

Financial Data and Key Metrics Changes - Consolidated net income for Q2 2022 was $239 million, with earnings per share of $1.64 and EBITDA of $401 million, showing year-over-year improvement despite a legal accrual in the corporate segment [8][17] - Adjusted EBITDA for the quarter was $511 million, with adjusted earnings per share at $2.45, reflecting strong performance in the Petroleum segment [18] - Total consolidated capital spending for Q2 2022 was $41 million, with an estimated total for 2022 projected between $195 million and $224 million [27][28] Business Line Data and Key Metrics Changes - In the Petroleum segment, adjusted EBITDA for Q2 2022 was $383 million, a significant increase from $18 million in Q2 2021, driven by higher product cracks and RIN prices [18] - The Fertilizer segment reported operating income of $126 million and EBITDA of $147 million for Q2 2022, compared to $30 million and $51 million respectively in Q2 2021, primarily due to higher sales prices [25] Market Data and Key Metrics Changes - The average Group 2-1-1 crack spread was $48.50 per barrel in Q2 2022, up from $19.15 in Q2 2021, indicating improved refining margins [11] - Ammonia prices exceeded $950 per ton, while UAN prices were over $450 per ton, reflecting strong market conditions in the Fertilizer segment [46] Company Strategy and Development Direction - The company plans to maintain its refining assets with minimal investment, focusing on the renewables business for future growth [57] - The Renewable Diesel unit is expected to improve margins with the addition of a pretreatment unit, anticipated to be operational in the second half of 2023 [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the near-term outlook for both refining and fertilizer businesses, citing tight supply and demand fundamentals [34] - Concerns were raised about potential demand destruction due to high prices and the risk of a global recession impacting future demand [37] Other Important Information - The company declared a regular dividend of $0.40 per share and a special dividend of $2.60 per share, representing a combined yield of nearly 13% [9] - The company ended Q2 2022 with approximately $893 million in cash and $983 million in liquidity, indicating a strong balance sheet [30] Q&A Session Summary Question: Capital allocation priorities and potential for special dividends - Management reiterated commitment to returning cash to shareholders and will evaluate capital allocation strategies quarterly [52] Question: Performance of Wynnewood renewable diesel and logistics challenges - The conversion to renewable diesel has been smooth operationally, with logistics being the main challenge [54] Question: Update on the PTU and its reporting as a segment - The PTU is expected to be operational in the second half of 2022, with plans to report renewables as a separate segment when appropriate [58][59] Question: Near-term fundamentals in the Fertilizer business - Strong fertilizer prices are expected to persist, driven by high natural gas prices in Europe [64] Question: Update on the hydro treater conversion at Coffeyville - The project is on hold pending favorable market conditions and regulatory clarity [66] Question: WCS runs and economics of selling excess barrels - The company continues to sell excess WCS barrels at Cushing, maintaining profitability [70] Question: Obligation on the balance sheet for RINs - The total obligation on the balance sheet was $708 million, covering open positions for 2020, 2021, and 2022 [72] Question: Impact of rising recession fears on balance sheet management - Management maintains a minimum cash balance strategy, adjusting based on crude price volatility [81]

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)