The $654,000,000 decline in fourth quarter NAV was primarily driven by share price weakness in CVI, which overshadowed an 11% gain in the investment funds. Management attributes the CVI decline to temporary market sentiment rather than fundamental changes, citing limited global capacity and new pipeline projects as medium-term profitability drivers. The investment fund's performance was bolstered by EchoStar's spectrum valuation, Sentry's infrastructure growth, and refining hedges, while Caesars serve ...

Core Points - Centuri Holdings, Inc. has appointed Dustin DeMaria to its Board of Directors as part of a cooperation agreement with Icahn Enterprises [1][2][3] - DeMaria will serve as an independent director and is set to stand for election at the 2026 Annual Meeting of Shareholders [2] - The Board of Directors now consists of eight members, with six being independent, including the Board Chair [4] Company Overview - Centuri Holdings, Inc. is a leading utility infrastructure services company in North America, partnering with regulated utilities to build and maintain energy networks [7] - The company aims to capitalize on the increasing demand for power infrastructure across North America [4] Leadership Background - Dustin DeMaria joined Icahn Enterprises in 2022 and has prior experience as a Director at Zipari and as an investment banking associate at Moelis & Company [6] - He has served as a director for CVR Energy, Inc. and Viskase Companies, Inc., both of which are controlled by Carl C. Icahn [6]

Core Viewpoint - SandRidge Energy, Inc. has announced the appointment of Brett Icahn as a director, expanding the Board to six members, which reflects the commitment of major shareholders to the company's long-term success [1][5]. Company Overview - SandRidge Energy, Inc. is an independent oil and gas company focused on the production, development, and acquisition of oil and gas properties, primarily operating in the Mid-Continent region, including Oklahoma, Texas, and Kansas [6]. Brett Icahn's Background - Brett Icahn, age 45, is a notable American investor and portfolio manager, currently serving on the board of Icahn Enterprises L.P. and as a Portfolio Manager at Icahn Capital LP, which is a subsidiary of Icahn Enterprises [2]. - He has been instrumental in managing investment strategies for Icahn Capital since October 2020 and previously provided exclusive investment advice to Carl C. Icahn from 2017 to 2020 [2]. - Icahn has served on various boards, including Bausch Health Companies Inc. and Bausch + Lomb Corporation, and has a history of involvement with companies like Dana Inc. and Newell Brands Inc. [3]. Investment Philosophy - Known for his analytical rigor and long-term investment perspective, Brett Icahn has been involved in significant investment decisions and activist campaigns, emphasizing shareholder value and responsible corporate governance [4]. Board Comments - Vince Intrieri, Chairman of the Board of SandRidge, expressed enthusiasm about Icahn's appointment, highlighting the expected benefits from his insights and experience in executing the company's strategy [5]. - Brett Icahn expressed his eagerness to contribute to the company's growth and represent shareholder interests in pursuing long-term value creation [5].

Core Viewpoint - Icahn Enterprises L.P. reported a fourth-quarter earnings loss of 19 cents per share, missing the expected profit of 18 cents, while quarterly sales of $2.558 billion exceeded estimates despite a year-over-year decline of 5.1% [1][5] Financial Performance - The company processed approximately 214,000 barrels per day in the Petroleum segment during the quarter [1] - Total vegetable oil throughput was about 187,000 gallons per day under the Renewables segment, with a renewable margin of $0.79 per gallon, improving from a loss of $0.90 in the previous year [2] - Adjusted EBITDA for the quarter was $12 million, up from $9 million in the year-ago period [2] - Adjusted EBITDA attributable to all other segments was $14 million, down from $22 million in the previous year [5] Asset and Debt Management - The indicative net asset value decreased by $223 million compared to September 30, 2024, primarily due to declines in CVR Energy and Viskase, partially offset by an increase in the Real Estate segment [4] - The company exited the quarter with cash and equivalents totaling $2.603 billion [5] - Total debt decreased to $6.809 billion from $7.207 billion in the year-ago period [5] Market Reaction - IEP shares were trading lower by 2.63% to $9.99 at the last check on Wednesday [5]

Q4 2024 Earnings Presentation Icahn Enterprises L.P. February 26, 2025 1 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," ...