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 ...

[PART I. Financial Information](index=2&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents CVR Energy's unaudited consolidated financial statements, including balance sheets, operations, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased from **$3,906 million** to **$4,671 million**, driven by cash, receivables, and inventories, with total liabilities also rising due to increased current liabilities Balance Sheet Summary | Metric | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :-------------------------------- | :-------------------------- | :---------------------------- | | **ASSETS** | | | | Cash and cash equivalents | $893 | $510 | | Accounts receivable | $418 | $299 | | Inventories | $722 | $484 | | Total current assets | $2,119 | $1,369 | | Property, plant and equipment, net | $2,252 | $2,273 | | Total assets | $4,671 | $3,906 | | **LIABILITIES AND EQUITY** | | | | Accounts payable | $666 | $409 | | Other current liabilities | $1,029 | $747 | | Total current liabilities | $1,695 | $1,156 | | Long-term debt and finance lease obligations, net of current portion | $1,588 | $1,654 | | Total liabilities | $3,611 | $3,136 | | Total equity | $1,060 | $770 | | Total liabilities and equity | $4,671 | $3,906 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) CVR Energy reported a significant turnaround, with net income attributable to stockholders surging to **$165 million** for Q2 2022 and **$258 million** for H1 2022, driven by higher net sales and operating income Statements of Operations Summary | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net sales | $3,144 | $1,783 | $5,517 | $3,246 | | Operating income (loss) | $402 | $6 | $623 | $(129) | | Income (loss) before income tax expense | $305 | $(8) | $491 | $(105) | | Net income (loss) | $239 | $(2) | $392 | $(57) | | Net income (loss) attributable to CVR Energy stockholders | $165 | $(6) | $258 | $(45) | | Basic and diluted earnings (loss) per share | $1.64 | $(0.06) | $2.57 | $(0.45) | | Dividends declared per share | $0.40 | $4.89 | $0.40 | $4.89 | [Condensed Consolidated Statements of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased from **$770 million** to **$1,060 million**, primarily due to net income, partially offset by dividends paid to CVR Energy stockholders and distributions to CVR Partners' public unitholders Changes in Equity Summary | Metric | Balance at Dec 31, 2021 (in millions) | Balance at June 30, 2022 (in millions) | | :------------------------------------ | :------------------------------------ | :----------------------------------- | | Total CVR Stockholders' Equity | $553 | $769 | | Noncontrolling Interest | $217 | $291 | | Total Equity | $770 | $1,060 | - Net income contributed **$94 million** in Q1 2022 and **$165 million** in Q2 2022 to equity, while dividends paid to CVR Energy stockholders totaled **$40 million** in Q2 2022[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$712 million** for H1 2022, driving a **$383 million** net increase in cash and cash equivalents, despite cash used in investing and financing activities Cash Flow Summary | Metric | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :---------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net cash provided by operating activities | $712 | $243 | | Net cash used in investing activities | $(156) | $(141) | | Net cash used in financing activities | $(173) | $(250) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $383 | $(148) | | Cash, cash equivalents and restricted cash, end of period | $900 | $526 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, and specific financial line items, covering inventories, property, leases, liabilities, debt, revenue, derivatives, share-based compensation, and contingencies [ (1) Organization and Nature of Business](index=9&type=section&id=(1)%20Organization%20and%20Nature%20of%20Business) CVR Energy is a diversified holding company in petroleum refining and nitrogen fertilizer manufacturing, with Icahn Enterprises L.P. holding approximately **71%** of its common stock - CVR Energy operates in petroleum refining (CVR Refining) and nitrogen fertilizer manufacturing (CVR Partners)[27](index=27&type=chunk) - Icahn Enterprises L.P. and its affiliates owned approximately **71%** of the Company's outstanding common stock as of June 30, 2022[27](index=27&type=chunk) - CVR Partners repurchased **111,695 common units** for **$12 million** during the six months ended June 30, 2022, at an average price of **$110.98 per unit**[29](index=29&type=chunk) [ (2) Basis of Presentation](index=9&type=section&id=(2)%20Basis%20of%20Presentation) The condensed consolidated financial statements are prepared in accordance with GAAP and SEC rules, consolidating CVR Partners as a variable interest entity, with all necessary adjustments made - Financial statements are prepared in accordance with GAAP and SEC rules, consolidating CVR Partners as a variable interest entity[31](index=31&type=chunk)[32](index=32&type=chunk) [ (3) Recent Accounting Pronouncements and Accounting Changes](index=11&type=section&id=(3)%20Recent%20Accounting%20Pronouncements%20and%20Accounting%20Changes) The company is assessing ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance for accounting for reference rate reform - The company is evaluating ASU 2020-04 (Reference Rate Reform) but has not yet utilized its optional expedients or exceptions[36](index=36&type=chunk) [ (4) Inventories](index=11&type=section&id=(4)%20Inventories) Total inventories increased from **$484 million** to **$722 million**, primarily driven by increases in finished goods and raw materials Inventory Breakdown | Inventory Type | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :--------------- | :-------------------------- | :---------------------------- | | Finished goods | $345 | $215 | | Raw materials | $262 | $177 | | In-process | $31 | $20 | | Parts, supplies and other | $84 | $72 | | Total inventories | $722 | $484 | [ (5) Property, Plant and Equipment](index=11&type=section&id=(5)%20Property,%20Plant%20and%20Equipment) Net property, plant and equipment slightly decreased from **$2,273 million** to **$2,252 million**, with construction in progress also decreasing Property, Plant and Equipment Summary | Category | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :------------------------------------ | :-------------------------- | :---------------------------- | | Machinery and equipment | $4,161 | $4,033 | | Construction in progress | $104 | $142 | | Less: Accumulated depreciation and amortization | $(2,305) | $(2,194) | | Total property, plant and equipment, net | $2,252 | $2,273 | [ (6) Leases](index=12&type=section&id=(6)%20Leases) The company leases various assets, with operating lease expense stable at **$4 million** for Q2 2022, and a new **$25 million** finance lease for an Oxygen Storage Vessel expected to be capitalized Lease Expense Components | Lease Expense Component | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | | :------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Operating lease expense | $4 | $4 | | Finance lease expense: Amortization of ROU asset | $1 | $1 | | Finance lease expense: Interest expense on lease liability | $1 | $2 | | Short-term lease expense | $2 | $2 | - A new finance lease for an Oxygen Storage Vessel, approximately **$25 million**, is expected to be capitalized upon lease commencement[45](index=45&type=chunk) [ (7) Other Current Liabilities](index=14&type=section&id=(7)%20Other%20Current%20Liabilities) Other current liabilities significantly increased from **$747 million** to **$1,029 million**, primarily due to a substantial rise in accrued RFS obligations and other accrued expenses Other Current Liabilities Breakdown | Liability Type | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :---------------------------------------------------- | :-------------------------- | :---------------------------- | | Accrued Renewable Fuel Standards ("RFS") obligation | $708 | $494 | | Accrued taxes other than income taxes | $49 | $45 | | Share-based compensation | $37 | $15 | | Personnel accruals | $33 | $46 | | Accrued interest | $24 | $24 | | Accrued income taxes | $22 | $0 | | Derivatives | $20 | $2 | | Operating lease liabilities | $14 | $13 | | Current portion of long-term debt and finance lease obligations | $6 | $6 | | Deferred revenue | $4 | $87 | | Other accrued expenses and liabilities | $112 | $15 | | Total other current liabilities | $1,029 | $747 | [ (8) Long-Term Debt and Finance Lease Obligations](index=14&type=section&id=(8)%20Long-Term%20Debt%20and%20Finance%20Lease%20Obligations) Total long-term debt and finance lease obligations decreased from **$1,654 million** to **$1,588 million**, following CVR Partners' redemption of 2023 UAN Notes and CVR Refining's ABL Credit Agreement amendment Long-Term Debt and Finance Lease Obligations Summary | Debt Type | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :-------------------------------------------------------------------- | :-------------------------- | :---------------------------- | | CVR Partners: 9.25% Senior Secured Notes, due June 2023 | $0 | $65 | | CVR Partners: 6.125% Senior Secured Notes, due June 2028 | $550 | $550 | | CVR Energy: 5.25% Senior Notes, due February 2025 | $600 | $600 | | CVR Energy: 5.75% Senior Notes, due February 2028 | $400 | $400 | | Total long-term debt and finance lease obligations, net of current portion | $1,588 | $1,654 | - CVR Partners redeemed all outstanding **2023 UAN Notes** at par on February 22, 2022, recognizing a **$1 million loss** on extinguishment of debt[51](index=51&type=chunk) - CVR Refining amended its ABL Credit Agreement, establishing a senior secured revolving credit facility of up to **$275 million**, maturing on June 30, 2027[53](index=53&type=chunk) [ (9) Revenue](index=16&type=section&id=(9)%20Revenue) Consolidated net sales significantly increased to **$3,144 million** for Q2 2022 and **$5,517 million** for H1 2022, driven by strong performance in both the Petroleum and Nitrogen Fertilizer segments Revenue by Segment and Product | Segment/Product | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | **Petroleum Segment** | | | | | | Gasoline | $1,421 | $908 | $2,524 | $1,657 | | Distillates | $1,350 | $685 | $2,312 | $1,273 | | Other Revenue from product sales | $81 | $41 | $160 | $73 | | Crude oil sales | $12 | $8 | $17 | $37 | | **Nitrogen Fertilizer Segment** | | | | | | Ammonia | $61 | $32 | $103 | $42 | | UAN | $159 | $87 | $319 | $126 | | Other urea products | $11 | $7 | $20 | $11 | | Other Revenue from product sales | $3 | $3 | $6 | $5 | | **Total Revenue** | $3,144 | $1,783 | $5,517 | $3,246 | - The Nitrogen Fertilizer Segment has **$8 million** in remaining performance obligations, with **$4 million** expected to be recognized as revenue by the end of 2022[65](index=65&type=chunk) [ (10) Derivative Financial Instruments, Investments and Fair Value Measurements](index=17&type=section&id=(10)%20Derivative%20Financial%20Instruments,%20Investments%20and%20Fair%20Value%20Measurements) The Petroleum Segment uses commodity derivatives, recognizing a total net loss of **$68 million** for Q2 2022 and **$66 million** for H1 2022, while the company divested its remaining investment in Delek US Holdings, Inc. Derivative Financial Instruments Net Loss | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :--------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Forwards | $(4) | $4 | $6 | $22 | | Swaps | $(49) | $(5) | $(48) | $(55) | | Futures | $(15) | $(1) | $(24) | $(1) | | Total loss on derivatives, net | $(68) | $(2) | $(66) | $(34) | - The company divested its remaining nominal investment in Delek US Holdings, Inc. on January 18, 2022, and recognized no investment income on marketable securities for the three and six months ended June 30, 2022[73](index=73&type=chunk) [ (11) Share-Based Compensation](index=20&type=section&id=(11)%20Share-Based%20Compensation) Total share-based compensation expense was **$11 million** for Q2 2022 and **$36 million** for H1 2022, primarily driven by Incentive Unit Awards Share-Based Compensation Expense | Compensation Type | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Performance Unit Awards | $0 | $0 | $0 | $(3) | | CVR Partners - Phantom Unit Awards | $(3) | $7 | $11 | $12 | | Incentive Unit Awards | $14 | $5 | $25 | $11 | | Total share-based compensation expense | $11 | $12 | $36 | $20 | [ (12) Commitments and Contingencies](index=20&type=section&id=(12)%20Commitments%20and%20Contingencies) The company faces significant commitments and contingencies, including a **$708 million** RFS obligation for the Petroleum Segment, an expected **$79 million** settlement for Call Option Lawsuits, and ongoing RFS disputes with the EPA - The Petroleum Segment's RFS obligation was approximately **$708 million** as of June 30, 2022, recorded in Other current liabilities[82](index=82&type=chunk) - The company expects to settle Call Option Lawsuits for **$79 million**, recognized within Other current liabilities and Other (expense) income, net as of June 30, 2022[84](index=84&type=chunk) - The EPA denied **36 small refinery exemptions (SREs)** for 2018 and WRC's SREs for 2017, 2019, 2020, and 2021, leading WRC to file petitions challenging these denials[86](index=86&type=chunk) [ (13) Business Segments](index=22&type=section&id=(13)%20Business%20Segments) CVR Energy operates two segments, Petroleum and Nitrogen Fertilizer, both showing significant improvements in net sales and operating income for Q2 and H1 2022, with Petroleum Segment assets increasing to **$4,280 million** Segment Performance Highlights | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | **Net sales:** | | | | | | Petroleum | $2,868 | $1,648 | $5,022 | $3,052 | | Nitrogen Fertilizer | $244 | $138 | $467 | $199 | | Total net sales | $3,144 | $1,783 | $5,517 | $3,246 | | **Operating income (loss):** | | | | | | Petroleum | $297 | $(20) | $427 | $(136) | | Nitrogen Fertilizer | $126 | $30 | $230 | $16 | | Total operating income (loss) | $402 | $6 | $623 | $(129) | | **Capital expenditures:** | | | | | | Petroleum | $19 | $9 | $38 | $19 | | Nitrogen Fertilizer | $9 | $4 | $14 | $7 | | Total capital expenditures | $41 | $83 | $91 | $151 | Segment Assets | Segment | June 30, 2022 (in millions) | December 31, 2021 (in millions) | | :-------------------------------- | :-------------------------- | :---------------------------- | | Petroleum | $4,280 | $3,368 | | Nitrogen Fertilizer | $1,119 | $1,127 | | Other, including intersegment eliminations | $(728) | $(589) | | Total assets | $4,671 | $3,906 | [ (14) Supplemental Cash Flow Information](index=24&type=section&id=(14)%20Supplemental%20Cash%20Flow%20Information) Cash paid for income taxes was **$60 million** for H1 2022, while cash paid for interest was **$49 million**, and non-cash capital expenditures included in accounts payable significantly decreased Supplemental Cash Flow Details | Metric | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :-------------------------------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Cash paid for income taxes, net of refunds | $60 | $0 | | Cash paid for interest | $49 | $65 | | Operating cash flows from operating leases | $9 | $8 | | Operating cash flows from finance leases | $2 | $3 | | Financing cash flows from finance leases | $3 | $3 | | Change in capital expenditures included in accounts payable | $3 | $25 | | Non-cash dividends to CVR Energy stockholders | $0 | $251 | [ (15) Related Party Transactions](index=24&type=section&id=(15)%20Related%20Party%20Transactions) Related party expenses for the Enable Joint Venture Transportation Agreement were **$2 million** for Q2 2022 and **$5 million** for H1 2022, with dividends paid to IEP totaling **$28 million** for both periods Related Party Transaction Summary | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Expenses from Related Parties: Enable Joint Venture Transportation Agreement | $2 | $3 | $5 | $6 | | Payments made: Dividends to IEP | $28 | $348 | $28 | $348 | - For Q2 2022, CVR Energy declared a cash dividend of **$0.40 per share** (**$40 million total**) and a special dividend of **$2.60 per share** (**$261 million total**), with IEP receiving **$28 million** and **$185 million**, respectively[105](index=105&type=chunk)[106](index=106&type=chunk) - CVR Partners declared a distribution of **$10.05 per common unit** for Q2 2022, totaling **$106 million**, of which CVR Energy will receive approximately **$39 million**[109](index=109&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on CVR Energy's financial performance, condition, and outlook, highlighting improved operating and net income across segments, market impacts, strategic initiatives, liquidity, capital resources, and non-GAAP measures [Company Overview](index=27&type=section&id=Company%20Overview) CVR Energy is a diversified holding company in petroleum refining and nitrogen fertilizer manufacturing, currently restructuring to segregate its renewables operations, with completion expected in **Q1 2023** - CVR Energy is a diversified holding company in petroleum refining (CVR Refining) and nitrogen fertilizer manufacturing (CVR Partners)[111](index=111&type=chunk) - The company is restructuring to segregate its renewables business, forming **16 new indirect, wholly owned subsidiaries** in Q1 2022, with completion expected in **Q1 2023**[113](index=113&type=chunk) [Strategy and Goals](index=27&type=section&id=Strategy%20and%20Goals) CVR Energy aims to be a top-tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company, guided by core values and strategic objectives focused on EH&S, utilization rates, market capture, and financial discipline - Mission: To be a top-tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company, measured by safe and reliable operations, superior performance, and profitable growth[116](index=116&type=chunk) - Core Values: **Safety**, **Environment**, **Integrity**, **Corporate Citizenship**, and **Continuous Improvement**[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Strategic Objectives: Continuous improvement in EH&S, industry-leading utilization rates, maximizing market capture, and financial discipline[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - Achievements in H1 2022 include reductions in environmental events (**13%**), process safety management tier 1 incidents (**70%**), and total recordable incident rate (**92%**) compared to H1 2021[124](index=124&type=chunk) - Completed the conversion of the Wynnewood hydrocracker to renewable diesel service and safely completed the planned turnaround at the Wynnewood Refinery on time and on budget[124](index=124&type=chunk) - Achieved record UAN production volumes at the Coffeyville Fertilizer Facility in March 2022 and completed CVR Partners' **$95 million debt reduction plan**[124](index=124&type=chunk) [Industry Factors and Market Indicators](index=29&type=section&id=Industry%20Factors%20and%20Market%20Indicators) The global economy faces volatility from the COVID-19 pandemic and Russia-Ukraine conflict, impacting oil, fertilizer, and natural gas markets, leading to significant RFS compliance costs for Petroleum and benefits from tight supply for Nitrogen Fertilizer - The Russia-Ukraine conflict has disrupted global oil, fertilizer, and agriculture markets, leading to higher oil and natural gas prices and increased commodity price volatility[127](index=127&type=chunk) - The Petroleum Segment's RFS compliance costs remain significant, with an estimated open position of approximately **440 million RINs** (excluding commitments) and a potential liability of **$708 million** as of June 30, 2022[136](index=136&type=chunk) - The Wynnewood Refinery's hydrocracker conversion to a renewable diesel unit (RDU) was completed in April 2022, expected to produce up to **100 million gallons of renewable diesel per year** and generate **170-180 million RINs annually**[135](index=135&type=chunk) - The NYMEX 2-1-1 crack spread averaged **$41.31 per barrel** during H1 2022, up from **$18.10 per barrel** in H1 2021, while the Group 3 2-1-1 crack spread averaged **$35.56 per barrel**, up from **$17.76 per barrel**[140](index=140&type=chunk) - The Nitrogen Fertilizer Segment benefits from tight global supply conditions due to the Russia-Ukraine conflict and increased grain prices, with UAN and ammonia prices rising[151](index=151&type=chunk) - The USDA estimates a **3.7% decrease** in planted corn acres and a **1.3% increase** in planted soybean acres in spring 2022 compared to 2021, supporting corn prices[156](index=156&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) CVR Energy experienced significant improvement in consolidated operating and net income for Q2 and H1 2022, driven by strong refining margins and higher product sales prices in both the Petroleum and Nitrogen Fertilizer segments [Consolidated Financial Highlights](index=38&type=section&id=Consolidated%20Financial%20Highlights) Consolidated operating income surged to **$402 million** in Q2 2022 and **$623 million** in H1 2022, with net income attributable to CVR Energy stockholders also substantially increasing to **$165 million** in Q2 2022 and **$258 million** in H1 2022 Consolidated Financial Performance | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Operating income (loss) | $402 | $6 | $623 | $(129) | | Net income (loss) attributable to CVR Energy stockholders | $165 | $(6) | $258 | $(45) | | EBITDA | $401 | $102 | $679 | $102 | | Basic and diluted earnings (loss) per share | $1.64 | $(0.06) | $2.57 | $(0.45) | - Other expense, net, was **$74 million** for Q2 2022 and **$84 million** for H1 2022, primarily due to the expected settlement of litigation[173](index=173&type=chunk) [Petroleum Segment](index=39&type=section&id=Petroleum%20Segment) The Petroleum Segment's operating income significantly improved to **$297 million** in Q2 2022 and **$427 million** in H1 2022, driven by improved crack spreads and higher net sales, despite decreased total throughput due to turnaround and RDU conversion Petroleum Segment Financial Performance | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net Sales | $2,868 | $1,648 | $5,022 | $3,052 | | Operating Income (Loss) | $297 | $(20) | $427 | $(136) | | Net Income (Loss) | $306 | $(13) | $432 | $(123) | | EBITDA | $347 | $33 | $514 | $(29) | Petroleum Segment Throughput Data | Throughput Data (in bpd) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total throughput | 201,246 | 216,626 | 199,306 | 201,444 | - Refining margin increased by **$345 million** in Q2 2022 compared to Q2 2021, primarily due to a **$29.35 per barrel** increase in the Group 3 2-1-1 crack spread[188](index=188&type=chunk) - RFS compliance costs (excluding revaluation) decreased in 2022 due to a lower renewable volume obligation and decreased RINs prices[188](index=188&type=chunk)[189](index=189&type=chunk) - Direct operating expenses (exclusive of depreciation and amortization) increased to **$6.12 per barrel** in Q2 2022 (from **$4.23**) and **$5.85 per barrel** in H1 2022 (from **$4.99**), driven by higher natural gas, repairs, maintenance, and personnel costs[194](index=194&type=chunk) [Nitrogen Fertilizer Segment](index=45&type=section&id=Nitrogen%20Fertilizer%20Segment) The Nitrogen Fertilizer Segment's operating income increased to **$126 million** in Q2 2022 and **$230 million** in H1 2022, driven by significantly higher product sales prices for UAN and ammonia, despite decreased ammonia utilization due to unplanned downtime Nitrogen Fertilizer Financial Performance | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net Sales | $244 | $138 | $467 | $199 | | Operating Income | $126 | $30 | $230 | $16 | | Net Income (Loss) | $118 | $7 | $211 | $(18) | | EBITDA | $147 | $51 | $271 | $56 | Nitrogen Fertilizer Production and Sales Metrics | Production/Sales Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Consolidated Ammonia Utilization | 89% | 98% | 88% | 93% | | Ammonia (gross produced, thousand tons) | 193 | 217 | 380 | 404 | | Ammonia (net available for sale, thousand tons) | 50 | 70 | 102 | 140 | | UAN (thousand tons) | 331 | 334 | 648 | 606 | | Ammonia product pricing at gate ($/ton) | $1,182 | $403 | $1,127 | $373 | | UAN product pricing at gate ($/ton) | $555 | $237 | $524 | $206 | - The increase in net sales was primarily due to favorable UAN and ammonia pricing conditions, contributing **$131 million** in Q2 2022 and **$262 million** in H1 2022, partially offset by decreased sales volumes[210](index=210&type=chunk)[214](index=214&type=chunk) - Cost of materials and other increased due to higher natural gas pricing and usage, increased purchases of nitrogen and ammonia, and higher distribution costs[216](index=216&type=chunk) [Non-GAAP Reconciliations](index=48&type=section&id=Non-GAAP%20Reconciliations) This section defines and reconciles various non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Refining Margin, and Free Cash Flow, to their most directly comparable GAAP measures, providing insights into performance Non-GAAP Financial Measures | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Net income (loss) | $239 | $(2) | $392 | $(57) | | EBITDA | $401 | $102 | $679 | $102 | | Adjusted EBITDA | $511 | $66 | $666 | $93 | | Basic and diluted earnings (loss) per share | $1.64 | $(0.06) | $2.57 | $(0.45) | | Adjusted earnings (loss) per share | $2.45 | $(0.32) | $2.47 | $(0.51) | | Net cash provided by operating activities | $390 | $147 | $712 | $243 | | Free cash flow | $275 | $54 | $556 | $115 | Petroleum and Nitrogen Fertilizer Non-GAAP Metrics | Metric | Three Months Ended June 30, 2022 (in millions) | Three Months Ended June 30, 2021 (in millions) | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Petroleum EBITDA | $347 | $33 | $514 | $(29) | | Petroleum Adjusted EBITDA | $383 | $18 | $431 | $45 | | Refining margin | $478 | $133 | $775 | $184 | | Refining margin, adjusted for inventory valuation impacts | $441 | $97 | $605 | $82 | | Refining margin per total throughput barrel | $26.10 | $6.72 | $21.50 | $5.04 | | Refining margin adjusted for inventory valuation impact per total throughput barrel | $24.08 | $4.92 | $16.77 | $2.25 | | Direct operating expenses per total throughput barrel | $6.12 | $4.23 | $5.85 | $4.99 | | Nitrogen Fertilizer EBITDA and Adjusted EBITDA | $147 | $51 | $271 | $56 | Debt and EBITDA Ratios | Metric | Twelve Months Ended June 30, 2022 (in millions) | | :-------------------------------------------------------------------- | :---------------------------------------------- | | Total debt and finance lease obligations | $1,594 | | Nitrogen Fertilizer debt and finance lease obligations | $547 | | Total debt and finance lease obligations exclusive of Nitrogen Fertilizer | $1,047 | | EBITDA exclusive of Nitrogen Fertilizer | $611 | | Total debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer | 1.71 | | Consolidated cash and cash equivalents | $893 | | Nitrogen Fertilizer cash and cash equivalents | $156 | | Cash and cash equivalents exclusive of Nitrogen Fertilizer | $737 | | Net debt and finance lease obligations exclusive of Nitrogen Fertilizer | $310 | | Net debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer | 0.51 | [Factors Affecting Comparability of Our Financial Results](index=49&type=section&id=Factors%20Affecting%20Comparability%20of%20Our%20Financial%20Results) Comparability of financial results is affected by significant capital projects and planned turnarounds, including the Wynnewood Refinery's major turnaround and RDU conversion, and upcoming turnarounds for the Coffeyville and East Dubuque fertilizer facilities - The Wynnewood Refinery's major planned turnaround began in late February 2022 and was completed in early April 2022, with **$67 million** capitalized for the six months ended June 30, 2022[230](index=230&type=chunk) - A planned turnaround at the Coffeyville Fertilizer Facility commenced in July 2022 and is expected to be completed in early to mid-August 2022, with an estimated cost of **$12 to $15 million**[232](index=232&type=chunk)[260](index=260&type=chunk) - The next planned turnaround at the East Dubuque Fertilizer Facility is expected to commence during August 2022, with an estimated cost of **$19 to $21 million**[233](index=233&type=chunk)[260](index=260&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily driven by improved cash from operations in H1 2022, supported by strategic financial discipline, including deferred growth capital and focused maintenance, and reflected in declared cash and special dividends for Q2 2022 - Principal sources of liquidity are cash from operations, which improved due to better market conditions in 2021 and 2022[240](index=240&type=chunk)[242](index=242&type=chunk) - The Board declared a **$0.40 cash dividend** and a **$2.60 special cash dividend** for Q2 2022, payable August 22, 2022[243](index=243&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - Strategic measures include deferring most growth capital (except RDU and pretreater projects), focusing maintenance capital, and disciplined cost management[243](index=243&type=chunk) Capital Spending Estimates | Capital Spending Category | Six Months Ended June 30, 2022 (in millions) | 2022 Low Estimate (in millions) | 2022 High Estimate (in millions) | | :------------------------ | :------------------------------------------- | :------------------------------ | :------------------------------- | | Petroleum Maintenance | $37 | $85 | $95 | | Petroleum Growth | $1 | $4 | $8 | | Renewables (RDU project) | $38 | $56 | $66 | | Nitrogen Fertilizer Maintenance | $13 | $43 | $45 | | Nitrogen Fertilizer Growth | $1 | $1 | $2 | | Total Capital Expenditures | $91 | $195 | $224 | - CVR Partners repurchased **111,695 common units** for **$12 million** during H1 2022 under its Unit Repurchase Program[272](index=272&type=chunk) Cash Flow Activity Summary | Cash Flow Activity | Six Months Ended June 30, 2022 (in millions) | Six Months Ended June 30, 2021 (in millions) | Change (in millions) | | :------------------------- | :------------------------------------------- | :------------------------------------------- | :------------------- | | Operating activities | $712 | $243 | $469 | | Investing activities | $(156) | $(141) | $(15) | | Financing activities | $(173) | $(250) | $77 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $383 | $(148) | $531 | [Critical Accounting Estimates](index=60&type=section&id=Critical%20Accounting%20Estimates) No modifications were made to the critical accounting estimates disclosed in the 2021 Form 10-K during the three and six months ended June 30, 2022 - No modifications were made to critical accounting estimates during the three and six months ended June 30, 2022[278](index=278&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risks as of and for the three and six months ended June 30, 2022, compared to those discussed in the 2021 Form 10-K - No material changes to market risks as of and for the three and six months ended June 30, 2022, compared to the 2021 Form 10-K[279](index=279&type=chunk) [Item 4. Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were evaluated and deemed effective as of June 30, 2022, with no material changes in internal control over financial reporting during the fiscal quarter - Disclosure controls and procedures were effective as of June 30, 2022[280](index=280&type=chunk) - No material changes in internal control over financial reporting occurred during the fiscal quarter ended June 30, 2022[281](index=281&type=chunk) [PART II. Other Information](index=61&type=section&id=PART%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 of Part I, Item 1 for a description of certain litigation, legal, administrative proceedings, and environmental matters - Legal proceedings are detailed in Note 12 ('Commitments and Contingencies') to Part I, Item 1 of this Report[283](index=283&type=chunk) [Item 1A. Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2021 Form 10-K, though these could be affected by the potential impacts of the Russia-Ukraine conflict - No material changes to risk factors from the 2021 Form 10-K, but potential effects of the Russia-Ukraine conflict could impact them[284](index=284&type=chunk) [Item 5. Other Information](index=61&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report [Item 6. Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including supplemental indentures, joinder agreements, amendments to credit agreements, and certifications, along with a disclaimer regarding their purpose and limitations - Exhibits include supplemental indentures, joinder agreements, and amendments to the ABL Credit Agreement, reflecting changes related to CVR Renewables and other subsidiaries[286](index=286&type=chunk) - The section includes certifications from the President and CEO, CFO, and Chief Accounting Officer[286](index=286&type=chunk) [SIGNATURES](index=63&type=section&id=SIGNATURES) [Signatures](index=63&type=section&id=Signatures) The report is duly signed on behalf of CVR Energy, Inc. by Dane J. Neumann (Principal Financial Officer) and Jeffrey D. Conaway (Principal Accounting Officer) on August 2, 2022 - The report was signed by Dane J. Neumann (Principal Financial Officer) and Jeffrey D. Conaway (Principal Accounting Officer) on August 2, 2022[294](index=294&type=chunk)

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)

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 ...