About Icahn Enterprises L.P. Icahn Enterprises L.P. (NASDAQ: IEP), a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Caution Concerning Forward-Looking Statements SUNNY ISLES BEACH, Fla., May 13, 2024 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ: IEP) – Icahn Enterprises L.P. ("Icahn Enterprises") announced today that it, ...

wildpixel/iStock via Getty Images This was a mixed bag of sorts. The broader markets did not crack as we expected, so in that context we would have expected IEP to keep holding up. IEP did underperform the markets quite nicely, though, and investors who hit the exits did not lose anything at all. | Stock Covered | IEP | | --- | --- | | Analyst's rating at publication | SELL | | Price at publication | $19.9 | | Change | -9.65% | | Total Return | -4.82% | | S&P 500 change | 2.55% | Seeking Alpha We now look a ...

SUNNY ISLES BEACH, Fla., May 13, 2024 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ: IEP) – Icahn Enterprises L.P. ("Icahn Enterprises") announced today that it, together with Icahn Enterprises Finance Corp. (together with Icahn Enterprises, the "Issuers"), intends to commence an offering of $500,000,000 aggregate principal amount of Senior Unsecured Notes due 2030 (the "Notes") for issuance in a private placement not registered under the Securities Act of 1933, as amended (the "Securities Act"). The Notes ...

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PART I. FINANCIAL INFORMATION Condensed Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended March 31, 2024 (in millions) | Three Months Ended March 31, 2023 (in millions) | | :--- | :--- | :--- | | **Total Revenues** | $2,468 | $2,673 | | **Total Expenses** | $2,487 | $3,047 | | **Net Loss** | $(26) | $(358) | | **Net Loss Attributable to Icahn Enterprises** | $(38) | $(270) | | **Basic and Diluted Loss per LP unit** | $(0.09) | $(0.75) | Condensed Consolidated Balance Sheets Highlights (Unaudited) | Metric | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :--- | :--- | :--- | | **Total Assets** | $20,064 | $20,858 | | **Total Liabilities** | $14,439 | $14,785 | | **Total Equity** | $5,625 | $6,073 | | **Equity Attributable to Icahn Enterprises** | $2,781 | $3,208 | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Metric | Three Months Ended March 31, 2024 (in millions) | Three Months Ended March 31, 2023 (in millions) | | :--- | :--- | :--- | | **Net Cash Used In Operating Activities** | $(251) | $265 | | **Net Cash Used In Investing Activities** | $(75) | $(63) | | **Net Cash Used In Financing Activities** | $(587) | $1 | [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Q1 2024 unaudited consolidated financial statements show a net loss of **$38 million**, an improvement from **$270 million** in Q1 2023, with total assets at **$20.1 billion** and equity at **$5.6 billion** [Note 1. Description of Business](index=11&type=section&id=Note%201.%20Description%20of%20Business) Icahn Enterprises is a diversified holding company operating in seven segments, with Carl C. Icahn and affiliates owning approximately **85%** of outstanding units - The company operates through seven primary segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma[22](index=22&type=chunk) - The Investment segment consists of private investment funds where the company invests its proprietary capital, with a fair value of approximately **$3.2 billion** as of March 31, 2024[23](index=23&type=chunk) - The Energy segment is conducted through a majority-owned subsidiary, CVR Energy, Inc., which is involved in petroleum refining and nitrogen fertilizer manufacturing[24](index=24&type=chunk) - As of March 31, 2024, Carl C. Icahn and his affiliates held approximately **85%** of the company's outstanding depositary units[21](index=21&type=chunk) [Note 3. Subsidiary Bankruptcy and Deconsolidation](index=20&type=section&id=Note%203.%20Subsidiary%20Bankruptcy%20and%20Deconsolidation) Auto Plus, an Automotive segment subsidiary, filed for Chapter 11 bankruptcy on January 31, 2023, leading to its deconsolidation and a **$226 million** non-cash charge in Q1 2023 - Auto Plus, an aftermarket parts distributor in the Automotive segment, filed for Chapter 11 bankruptcy on January 31, 2023[58](index=58&type=chunk) - The company deconsolidated Auto Plus effective January 31, 2023, as it no longer controlled the subsidiary, resulting in a non-cash charge of **$226 million** in Q1 2023[59](index=59&type=chunk) [Note 5. Investments](index=24&type=section&id=Note%205.%20Investments) The Investment segment's portfolio, valued at **$3.2 billion** as of March 31, 2024, includes equities and debt, with **$3.6 billion** in short positions Investment Segment Holdings by Security Type (March 31, 2024) | Security Type | Long Positions (in millions) | Short Positions (in millions) | | :--- | :--- | :--- | | **Equity Securities** | $3,143 | $3,469 | | **Debt Securities** | $60 | $175 | | **Total** | **$3,203** | **$3,644** | - For the three months ended March 31, 2024, the Investment segment recorded unrealized losses of **$339 million** on securities still held, compared to unrealized losses of **$208 million** in the prior year period[70](index=70&type=chunk) [Note 7. Financial Instruments](index=28&type=section&id=Note%207.%20Financial%20Instruments) The Investment segment uses derivatives for capital appreciation and hedging, reporting a **$163 million** net gain in Q1 2024, while the Energy segment had an **$18 million** net loss from commodity derivatives Investment Segment Derivative Notional Exposure (March 31, 2024) | Primary Underlying Risk | Long Notional Exposure (in millions) | Short Notional Exposure (in millions) | | :--- | :--- | :--- | | **Equity contracts** | $2,033 | $2,292 | | **Credit contracts** | — | $392 | | **Commodity contracts** | — | $321 | - The Investment segment recognized a net gain of **$163 million** from derivative activities in Q1 2024, a significant turnaround from a **$247 million** loss in Q1 2023[93](index=93&type=chunk) - The Energy segment uses derivatives to manage price risk on crude oil and other inventories. It recognized a loss of **$18 million** on these instruments in Q1 2024, compared to a gain of **$45 million** in Q1 2023[94](index=94&type=chunk)[99](index=99&type=chunk) [Note 12. Debt](index=40&type=section&id=Note%2012.%20Debt) Total debt decreased to **$6.6 billion** as of March 31, 2024, from **$7.2 billion** at year-end 2023, primarily due to the Energy segment's **$600 million** debt redemption Total Debt Breakdown | Category | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :--- | :--- | :--- | | **Holding Company** | $4,847 | $4,847 | | **Reporting Segments** | $1,761 | $2,360 | | **Total Debt** | **$6,608** | **$7,207** | - In February 2024, the Energy segment's subsidiary, CVR Energy, redeemed all of its **$600 million** in 5.25% senior unsecured notes due 2025[114](index=114&type=chunk) [Note 13. Net Income (Loss) Per LP Unit](index=41&type=section&id=Note%2013.%20Net%20Income%20%28Loss%29%20Per%20LP%20Unit) Q1 2024 basic and diluted loss per LP unit was **$0.09**, an improvement from **$0.75** in Q1 2023, with a **$1.00** quarterly distribution declared Net Loss Per LP Unit | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net Loss Attributable to Limited Partners** | $(37) million | $(265) million | | **Basic/Diluted Weighted Average LP Units Outstanding** | 429 million | 354 million | | **Basic and Diluted Loss per LP unit** | $(0.09) | $(0.75) | - A quarterly distribution of **$1.00** per depositary unit was declared on February 26, 2024, with unitholders having the option to receive cash or additional units[119](index=119&type=chunk) - During Q1 2024, the company sold approximately **2.8 million** depositary units under its At-The-Market (ATM) offering, generating gross proceeds of about **$50 million**[121](index=121&type=chunk) [Note 14. Segment Reporting](index=42&type=section&id=Note%2014.%20Segment%20Reporting) In Q1 2024, the Energy segment contributed **$1.88 billion** in revenue and **$49 million** net income, while the Investment segment and Holding Company reported net losses Net (Loss) Income Attributable to Icahn Enterprises by Segment (Q1 2024 vs Q1 2023) | Segment | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | **Investment** | $(23) | $(171) | | **Energy** | $49 | $132 | | **Automotive** | $(9) | $(13) | | **Food Packaging** | $2 | $6 | | **Real Estate** | $(2) | $— | | **Home Fashion** | $(1) | $(2) | | **Pharma** | $1 | $(4) | | **Holding Company** | $(55) | $(218) | | **Total** | **$(38)** | **$(270)** | [Note 18. Commitments and Contingencies](index=48&type=section&id=Note%2018.%20Commitments%20and%20Contingencies) The company faces **$294 million** in RFS liabilities and is cooperating with ongoing investigations by the U.S. Attorney's office and SEC, also facing related class action lawsuits - The Energy segment is involved in ongoing legal disputes with the EPA over Renewable Fuel Standard (RFS) obligations. The RFS liability was recorded at **$294 million** as of March 31, 2024[139](index=139&type=chunk)[146](index=146&type=chunk) - In May and June 2023, the company was contacted by the U.S. Attorney's office (SDNY) and the SEC, respectively, seeking information on corporate governance, capitalization, securities offerings, and other matters[157](index=157&type=chunk) - The company is facing two putative securities class action lawsuits and a derivative complaint related to these inquiries. The company believes these matters will not have a material impact[157](index=157&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) [Note 20. Subsequent Events](index=56&type=section&id=Note%2020.%20Subsequent%20Events) Post-quarter, the company sold **$17 million** in repurchased senior unsecured notes and declared a **$1.00** quarterly distribution payable in June 2024 - On May 6, 2024, the Board of Directors declared a quarterly distribution of **$1.00** per depositary unit, payable on or about June 25, 2024[163](index=163&type=chunk) - In April 2024, the company sold **$17 million** aggregate principal of its 6.250% and 5.250% senior unsecured notes that had been previously repurchased and held in treasury[162](index=162&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2024 results were driven by the Investment Funds' **(0.8)%** negative return and lower Energy segment sales, with the Holding Company maintaining **$1.7 billion** cash against **$4.8 billion** debt [Results of Operations](index=58&type=section&id=Results%20of%20Operations) Q1 2024 consolidated revenues were **$2.47 billion**, with net loss narrowing to **$38 million**, driven by the Investment segment's **(0.8)%** return and decreased Energy and Automotive sales Investment Funds Performance Attribution | Position Type | Q1 2024 Return | Q1 2023 Return | | :--- | :--- | :--- | | **Long positions** | 11.4% | 1.3% | | **Short positions** | (13.4)% | (6.2)% | | **Other** | 1.2% | 0.8% | | **Total Return** | **(0.8)%** | **(4.1)%** | - The Energy segment's net sales decreased by **$423 million (19%)** year-over-year, driven by lower refined product and nitrogen fertilizer prices[190](index=190&type=chunk) - The Automotive segment's revenue decreased by **$72 million (16%)** year-over-year, primarily due to an **$59 million** drop in Aftermarket Parts sales following the deconsolidation of Auto Plus[198](index=198&type=chunk)[200](index=200&type=chunk) - A pre-tax loss on the deconsolidation of the Auto Plus subsidiary of **$226 million** was recognized in Q1 2023, significantly impacting the prior year's results[213](index=213&type=chunk) [Liquidity and Capital Resources](index=71&type=section&id=Liquidity%20and%20Capital%20Resources) The Holding Company held **$1.7 billion** cash against **$4.8 billion** debt, with operating segments' debt decreasing to **$1.8 billion** due to a **$600 million** Energy segment redemption Holding Company Liquidity Summary (March 31, 2024) | Metric | Amount (in billions) | | :--- | :--- | | **Cash and cash equivalents** | $1.7 | | **Total debt** | $4.8 | | **Investments in Investment Funds** | $3.2 | - As of March 31, 2024, covenants governing the company's senior notes do not permit the incurrence of additional indebtedness, except for refinancing existing notes[224](index=224&type=chunk) - The Investment Funds had a net short notional exposure of **27%** as of March 31, 2024, with long exposure at **99%** and short exposure at **126%**[232](index=232&type=chunk) - Consolidated cash flow from operations was a net use of **$251 million** in Q1 2024, compared to a net provision of **$265 million** in Q1 2023, primarily driven by investment transactions[19](index=19&type=chunk)[242](index=242&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=83&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from its Investment segment, where a **10%** adverse change in fair value could impact securities owned by **$320 million**, shorts by **$364 million**, and derivatives by **$667 million** - The company's predominant market risk exposure is from its Investment segment's portfolio[261](index=261&type=chunk) - A hypothetical **10%** adverse change in the fair value of investments held by the Investment Funds as of March 31, 2024, would result in an estimated negative impact of **$320 million** on securities owned, **$364 million** on securities sold short, and **$667 million** on derivatives[265](index=265&type=chunk) - The company's share of the net gain/loss from these investment activities is approximately **60%**, mitigating the full impact of market value changes on its consolidated statement of operations[265](index=265&type=chunk) [Controls and Procedures](index=85&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during Q1 2024 - The CEO and CFO concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective[266](index=266&type=chunk) - No material changes to the internal control over financial reporting were identified during the first quarter of 2024[267](index=267&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=86&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course litigation, with details on specific lawsuits and proceedings referenced in Note 18 of the financial statements - For information regarding lawsuits and proceedings, the report refers to Note 18, "Commitments and Contingencies"[270](index=270&type=chunk) [Risk Factors](index=86&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported during Q1 2024 compared to the 2023 Annual Report on Form 10-K - No material changes to risk factors were reported for the three months ended March 31, 2024[271](index=271&type=chunk) [Exhibits](index=86&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment agreements and CEO/CFO certifications required by Sarbanes-Oxley Act - Exhibits filed include CEO and CFO certifications pursuant to Sections 302(a) and 906 of the Sarbanes-Oxley Act[273](index=273&type=chunk)

Losses narrowed and it kept its high-yielding dividend intact.Icahn Enterprises (IEP 4.08%) delivered its first-quarter results before the opening bell Wednesday, narrowing its net losses year over year and keeping its mouth-watering dividend at its previous level. Investors reacted positively to the news, sending shares of the holding company up by as much as 5% in morning trading. As of 12:06 p.m., they had retreated slightly, but were still up by 4.1%.Better results, stable dividendIcahn Enterprises is t ...

2023 • As of March 31, 2024, the Funds had a net short notional exposure of 27% • CVR Refining is an independent petroleum refiner and marketer of high-value transportation fuels in the midcontinent of the United States • Adjusted EBITDA attributable to IEP decreased by $111 million to $118 million for Q1 2024 compared to $229 million in the prior-year quarter • We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC ("Icahn Automotive") and our wholly owned subsi ...

Exhibit 99.1 Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2024 Financial Results Sunny Isles Beach, Fla, May 8, 2024 – · IEP declares first quarter distribution of $1.00 per depositary unit Financial Summary (Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified) For the three months ended March 31, 2024, revenues were $2.5 billion and net loss was $38 million, or a loss of $0.09 per depositary unit. For the three ...

SUNNY ISLES BEACH, Fla., April 29, 2024 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq:IEP) announced today that it will discuss its first quarter 2024 results on a webcast on Wednesday, May 8, 2024 - 10:00 a.m. Eastern Time. To access the webcast, viewers should go to this link (webcast). We encourage viewers to access the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for at least twelve months at Icahn events and presentations.Icahn Enterprises L.P., ...

woraput Introduction I was going through the May 2023 report of short seller Hindenburg Research about conglomerate Icahn Enterprises (NASDAQ: IEP) and what peaked my attention was the deep discrepancy mentioned between the net asset value (NAV) and market valuation for meat packaging firm Viskase (OTCPK:VKSC): As one example, as of December 2022, IEP reported 90% ownership in shares of Viskase, a publicly traded meat packaging business. Typically, publicly traded companies are marked at their share price f ...