1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Palm oil prices are continuously affected by oil price fluctuations and are operating in a high - level volatile range; soybean oil shows a situation where the driving force of the soybean series is not significant, and the positive effects of RVO have been fully realized [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil's day - session closing price was 9,768 yuan/ton with a 1.60% increase, and night - session was 9,692 yuan/ton with a - 0.78% decrease; soybean oil's day - session closing price was 8,688 yuan/ton with a 0.49% increase, and night - session was 8,648 yuan/ton with a - 0.46% decrease; rapeseed oil's day - session closing price was 9,877 yuan/ton with a 0.38% increase, and night - session was 9,762 yuan/ton with a - 1.16% decrease. The closing price of Malaysian palm oil was 4,630 ringgit/ton with a 1.03% increase, and CBOT soybean oil was 67.22 cents/pound with a - 1.18% decrease [2] - **Trading Volume and Open Interest**: Palm oil's trading volume was 348,165 lots with an increase of 26,169 lots, and open interest was 288,414 lots with an increase of 8,470 lots; soybean oil's trading volume was 201,453 lots with an increase of 15,480 lots, and open interest was 537,668 lots with a decrease of 7,724 lots; rapeseed oil's trading volume was 147,326 lots with a decrease of 14,319 lots, and open interest was 213,002 lots with a decrease of 5,414 lots [2] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 9,650 yuan/ton with no change; the spot price of first - grade soybean oil in Guangdong was 9,020 yuan/ton with no change; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,150 yuan/ton with no change; the FOB price of Malaysian palm oil was 1,185 dollars/ton with a 10 - unit increase [2] - **Basis and Spreads**: The basis of palm oil in Guangdong was - 118 yuan/ton; the basis of soybean oil in Guangdong was 332 yuan/ton; the basis of rapeseed oil in Guangxi was 273 yuan/ton. The spread between rapeseed oil and palm oil futures was 109 yuan/ton (previously 226 yuan/ton), the spread between soybean oil and palm oil futures was - 1,080 yuan/ton (previously - 968 yuan/ton), the 5 - 9 spread of palm oil was 44 yuan/ton, the 5 - 9 spread of soybean oil was 58 yuan/ton, and the 5 - 9 spread of rapeseed oil was 97 yuan/ton (previously 102 yuan/ton) [2] 3.2 Macro and Industry News - The EPA has finalized the renewable fuel blending obligations for 2026 and 2027, which are the highest in the program's history. The total renewable fuel obligation in 2026 is 25.82 billion RINs, and in 2027 is 25.98 billion RINs [3] - Malaysia, a major palm oil exporter, is taking measures to ensure fertilizer supply due to the increase in fertilizer prices and domestic supply shortage caused by the Middle East conflict [4] - The Rural Economics Institute of Paraná, Brazil (Deral) expects the soybean crop yield in the state in the 2025/26 season to be 21.89 million tons, lower than the February estimate of 22.12 million tons [4] - The actual soybean crushing volume of domestic oil mills in the 13th week of 2026 (March 21 - 27) was 1.8352 million tons, 0.1553 million tons less than the previous week and 0.1021 million tons lower than the estimated volume, with an actual startup rate of 50.53% [4] - The Iranian Revolutionary Guard launched a devastating drone attack on Israeli military support bases, military transportation centers, and military force assembly areas at Ben - Gurion Airport, which is expected to threaten Israel's supply lines and affect its offensive combat capabilities [5] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [6]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported consolidated net income of $90 million and EBITDA of $591 million [4] - The fourth quarter consolidated net loss was $116 million, with EBITDA of $51 million, impacted by accelerated depreciation and extended downtime [4] - The net loss attributable to CVI shareholders for Q4 2025 was $110 million, with losses per share of $1.10 and adjusted EBITDA of $91 million [7] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA for Q4 2025 was $73 million, a significant increase from $9 million in Q4 2024, driven by higher crack spreads and increased throughput [7] - The fertilizer segment reported adjusted EBITDA of $20 million for Q4 2025, down from $50 million in the prior year, affected by ammonia utilization rates and operational issues [11] - The renewable segment experienced a breakeven adjusted EBITDA for Q4 2025, a decline from $9 million in Q4 2024, due to loss of tax credits and reduced throughput [10] Market Data and Key Metrics Changes - Combined total throughput for Q4 2025 was approximately 218,000 bbl per day, with a utilization rate of 97% [8] - RINs prices averaged $6.05 per bbl for Q4 2025, a decline from previous levels, impacting the company's capture rate [9] - The estimated accrued RFS obligation on the balance sheet was $72 million at year-end, representing 59 million RINs [9] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, reevaluating commercial optimization opportunities to improve margin capture in the petroleum segment [18][19] - Plans include expanding asset footprint and pursuing geographic diversity while maintaining a disciplined approach to capital allocation [20] - The company is optimistic about refining sector fundamentals, anticipating steady demand growth for refined products [21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding RINs and the potential for SRE grants, emphasizing the economic harm caused by compliance with the RFS [23] - In the fertilizer segment, strong demand for nitrogen fertilizers is expected due to anticipated corn planting increases [24] - The company is optimistic about the Midcontinent market, expecting improved dynamics with new pipeline developments [49] Other Important Information - Cash flow from operations for Q4 2025 was breakeven, with free cash flow usage of $55 million [12] - Total consolidated capital spending for 2025 was $197 million, with projections for 2026 estimated at $200 million-$240 million [13] - The company completed a $1 billion senior notes offering to extend debt maturity profiles and improve financial flexibility [15][16] Q&A Session Summary Question: Expansion plans and asset acquisition strategy - The company is looking for proactive engagement in M&A discussions, focusing on both refining and fertilizer sectors while maintaining financial discipline [28][29] Question: Dividend return expectations - Management indicated that a clear path to further debt reduction is necessary before considering a return to dividends, emphasizing sustainability [32][33] Question: Ramping up WCS runs at Coffeyville refinery - The company is increasing WCS processing due to favorable market conditions and upgraded facility capabilities [38][39] Question: RIN prices and mitigation strategies - Management acknowledged rising RIN prices and is exploring blending more barrels and acquiring additional blending capacity to mitigate exposure [41][42] Question: Capture rates and pipeline projects - The company is optimistic about improving capture rates and sees potential benefits from new pipeline infrastructure in the Midcontinent [48][49]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The expectation of the certainty of the biomass diesel policy is increasing, which has led to the strong upward trend of US soybean oil. If China purchases US soybeans as negotiated in 2026 and the US increases the blending volume of biomass diesel, the US soybean futures price will be bullish or even rise. The rising RIN market price in the US will boost the price of US soybean oil [1][28]. 3. Summary by Relevant Catalogs 3.1 Biomass Diesel Policy and Production - The EPA proposed renewable obligation volumes from 2023 - 2027, with the biomass diesel volume increasing from 4.51 billion RINs in 2023 to 7.5 billion RINs in 2027. The Trump administration is considering a biomass diesel usage range of 5.2 - 5.6 billion gallons, while the proposed usage is 5.6 billion gallons [5]. - Starting from 2026, the US has become a net exporter of biomass diesel. In 2026, the consumption of biodiesel and renewable diesel was 14.7 million tons, a year - on - year increase of 33%, or 3.6 million tons. In 2027, the production was 18.1 million tons, a year - on - year increase of 14%, or 2.2 million tons. The consumption was 16.8 million tons, a year - on - year increase of 14%, or 2.1 million tons [10]. 3.2 US Soybean Balance Sheet - China plans to purchase 25 million tons of soybeans from the US annually for the next three years, with a total of 87 million tons in three years. Based on a 53% proportion, the US soybean export volume in the 26/27 market year is estimated to be 1.69 billion bushels [18]. - In 2026, the total sown area of 8 major field crops in the US will slightly decrease to 247.55 million acres, a decrease of about 0.37% compared to 2025. The soybean sown area will increase to 85 million acres, a year - on - year increase of about 4.78%. The 25/26 global soybean yield per unit area reached a record high, and the US soybean yield per unit area is estimated to be 53 bushels/acre in 26/27 [20]. - The US soybean crushing industry has been expanding, with the actual domestic capacity increasing from about 2.23 billion bushels/year in early 2023 to about 2.55 billion bushels/year in early 2025, a growth of 14%. There are still expansion plans until 2030. The soybean crushing volume in 26/27 is estimated to be 2.734 billion bushels, a year - on - year increase of 6.4% [20][21]. 3.3 Price and Subsidy - The cost of US soybeans in 2026 is estimated to be between 1279 - 1339 cents/bushel [25]. - The target subsidy price of the US Price Loss Coverage in 2026 is expected to be 1171 cents/bushel, and the benchmark price of the Agriculture Risk Coverage - CO is expected to be 1076 cents/bushel. The US soybean policy direct subsidy and insurance price in 2026 are important reference prices for CBOT soybeans [26]. - Under a short - term economic assistance program, US soybean farmers will receive a subsidy of 30.88 dollars/acre, equivalent to 58 cents/bushel based on a yield of 53 bushels/acre [27]. 3.4 Relationship between RIN and US Soybean Oil Price - As the US RIN market price rises, the profit of producing renewable diesel from US soybean oil improves, which boosts the US soybean oil price. After the profit is restored, it is beneficial for the US soybean oil price to rise [28]. - Assuming the US fuel price is 2.2 dollars/gallon and the profit of producing renewable diesel from soybean oil is 1 dollar/gallon, when the RIN price is 1.23 dollars/gallon, the US soybean oil price is reasonably between 51 - 52 cents/pound; when the RIN price is 1.4 dollars/gallon, the US soybean oil price is reasonably between 54 - 55 cents/pound; when the RIN price is 1.5 dollars/gallon, the US soybean oil price is reasonably between 56 - 57 cents/pound; when the RIN price is 1.8 dollars/gallon, the US soybean oil price is reasonably between 63 - 64 cents/pound [28][30].