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A company that’s part Valero (oil refining) and part CF Industries (nitrogen fertilizer).

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• Gasoline: A refined petroleum product used primarily as fuel for internal combustion engines.
• Diesel Fuel: A refined petroleum product primarily used as fuel for diesel engines.
• Other Refined Petroleum Products: Various other products derived from crude oil refining processes.
• Ammonia: A nitrogen fertilizer and industrial chemical marketed to agricultural and industrial customers.
• Urea Ammonium Nitrate (UAN): A liquid nitrogen fertilizer solution primarily marketed to agricultural customers.

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CVR Energy (symbol: CVI) primarily sells its products to other companies rather than individuals. The provided background information does not list specific customer company names or their symbols. However, it describes the following major categories of business customers:

• Retailers (for gasoline, diesel fuel, and other refined products)
• Railroads (for refined products)
• Farm Co-operatives (for refined products)
• Other Refiners/Marketers (for refined products)
• Agricultural Customers (for nitrogen fertilizer products like UAN and ammonia)
• Industrial Customers (for ammonia products)

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Mark A. Pytosh, President and Chief Executive Officer

Mark A. Pytosh assumed the role of President and Chief Executive Officer of CVR Energy, Inc. on January 1, 2026. He previously served as the company's Executive Vice President – Corporate Services starting in January 2018. Additionally, he has been the President and Chief Executive Officer of the general partner of CVR Partners, LP (NYSE: UAN) since 2014, and a director since 2011. Mr. Pytosh brings over three decades of experience from senior executive roles across the fertilizer, petroleum refining, environmental, power, solid waste, and investment banking industries. His past experience includes serving as Chief Financial Officer for Tervita Corp., Covanta Energy Corp., and Waste Services, Inc.

Dane J. Neumann, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

Dane J. Neumann has served as Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary for CVR Energy, Inc. and the general partner of its affiliate, CVR Partners, LP, since October 2021 and February 2022, respectively. Prior to these roles, he was the Interim Chief Financial Officer from August to October 2021 and Vice President – Finance & Treasurer from June 2020 to October 2021. Mr. Neumann has held various other positions within CVR Energy's finance organization since June 2018.

Michael H. Wright, Executive Vice President and Chief Operating Officer

Michael H. Wright has been the Executive Vice President & Chief Operating Officer of CVR Energy, Inc. since January 2022, and of the general partner of CVR Partners, LP, since January 2026. He possesses nearly thirty-five years of experience in the refining and petrochemical industry, encompassing refinery operations, capital project management, crude supply/logistics, and refining industry consulting. Mr. Wright joined CVR Energy as a Project Manager in July 2019 and previously served as Vice President – Capital Projects from December 2019 to January 2022. Before joining CVR Energy, he held several senior roles at HollyFrontier Corporation, including Vice President – Crude Supply and Vice President Refinery Manager Woods Cross.

Melissa M. Buhrig, Executive Vice President, General Counsel and Secretary

Melissa M. Buhrig has served as Executive Vice President, General Counsel, and Secretary for CVR Energy, Inc. and the general partner of CVR Partners, LP, since July 2018. She has over twenty-five years of legal and energy industry experience, including expertise in mergers and acquisitions, corporate governance, securities, compliance, litigation, regulatory matters, and human resources. Prior to CVR Energy, Ms. Buhrig held general counsel and other senior executive positions for several public and former publicly traded companies, such as Delek US Holdings, Inc., Western Refining, Inc., and Northern Tier Energy LP.

J. Travis Capps, Jr., Executive Vice President & Chief Commercial Officer

J. Travis Capps, Jr. became Executive Vice President & Chief Commercial Officer of CVR Energy, Inc. in January 2026. Prior to joining the company, Mr. Capps held increasingly responsible senior leadership roles at Motiva Enterprises, LLC, including executive vice president commercial, executive vice president strategy & optimization, and executive vice president strategy & corporate services. His career in the energy sector also includes various roles with Valero Energy Corporation and ExxonMobil Corporation.

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The key risks for CVR Energy (CVI) are primarily centered around the volatility of commodity prices, the impact of environmental regulations and climate change policies, and the sensitivity to economic downturns and demand fluctuations.

1. Commodity Price Volatility: CVR Energy's profitability is highly susceptible to fluctuations in commodity prices. The Petroleum segment's margins are directly influenced by "crack spreads," which is the difference between the price of crude oil (input) and refined products like gasoline and diesel (output). Similarly, the Nitrogen Fertilizer segment's financial performance is affected by the volatile prices of inputs such as natural gas (for energy and potentially as a feedstock) and pet coke, as well as the market prices for its ammonia and urea ammonium nitrate (UAN) products. Significant adverse movements in these prices can directly impact the company's revenues and profitability.
2. Environmental Regulations and Climate Change Policies: Both the petroleum refining and nitrogen fertilizer manufacturing industries are subject to extensive and evolving environmental regulations. Stricter governmental regulations concerning emissions, fuel standards, and carbon pricing, or the imposition of carbon taxes, could significantly increase CVR Energy's operating costs, necessitate substantial capital expenditures for compliance, or potentially limit operational flexibility. The broader global trend towards decarbonization and the transition to cleaner energy sources also poses a long-term risk to the demand for refined petroleum products.
3. Economic Downturns and Demand Fluctuations: The demand for CVR Energy's products is closely tied to overall economic health and specific industry conditions. For the Petroleum segment, demand for gasoline and diesel fuels is linked to general economic activity, transportation levels, and industrial output. An economic recession or a sustained period of reduced economic activity could lead to decreased demand for refined products. In the Nitrogen Fertilizer segment, demand is influenced by agricultural economics, including crop prices and farmers' planting decisions, making it vulnerable to downturns in the agricultural sector.

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Clear Emerging Threats for CVR Energy (CVI):

• Electrification of Transportation: The rapid and accelerating global shift towards electric vehicles (EVs) directly threatens the demand for gasoline and diesel fuel, which are primary products of CVR Energy's Petroleum segment. As EV adoption increases, the market for refined petroleum products for transportation is expected to contract, challenging the core business model of traditional refineries.
• Emergence of Biological Nitrogen Fixation and Advanced Fertilizer Alternatives: In its Nitrogen Fertilizer segment, CVR Energy faces a potential threat from advancements in agricultural biotechnology and sustainable farming practices. Research and development in areas such as microbial inoculants that enhance natural nitrogen fixation in soil, or genetically modified crops with improved nitrogen utilization efficiency, could reduce agriculture's reliance on synthetic nitrogen fertilizers like ammonia and urea ammonium nitrate (UAN).

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CVR Energy operates in the petroleum refining and nitrogen fertilizer manufacturing sectors in the United States, producing gasoline, diesel fuel, and other refined products, as well as ammonia and urea ammonium nitrate (UAN).

Addressable Markets for CVR Energy's Main Products and Services

Petroleum Refining Products (United States)

• The U.S. petroleum refining market size was valued at USD 793.3 billion in 2024 and is projected to reach USD 1,168.3 billion by 2032, with a compound annual growth rate (CAGR) of 5.1% during the forecast period of 2025–2032. In 2025, the market size for Petroleum Refining in the US was approximately USD 798.3 billion.

Gasoline (United States)

• In 2022, Americans consumed approximately 135.73 billion gallons of gasoline, which included 134.55 billion gallons of finished motor gasoline. The US motor gasoline consumption is projected to average 8.84 million barrels per day in 2026. North America held the largest share of the global gasoline market in 2024.

Diesel Fuel (United States)

• The U.S. Diesel Fuel market size is estimated to reach USD 60 billion by 2031, growing at a CAGR of 2.5% during the forecast period of 2025-2031. In 2023, U.S. diesel consumption averaged about 3.8 million barrels per day. The U.S. diesel fuel industry accounted for the largest market revenue share in North America in 2025.

Nitrogen Fertilizer Products (North America/United States)

Ammonia (United States)

• The United States ammonia market was valued at USD 13,514.7 million in 2024 and is forecast to reach USD 28,633.36 million by 2033, growing at a CAGR of 8.7% from 2025–2033. Other estimates place the U.S. ammonia market at USD 18.85 billion in 2024, projected to reach around USD 31.65 billion by 2034. The U.S. nitrogenous fertilizer market, where ammonia was the largest revenue-generating product in 2022, is expected to reach USD 15,151.7 million by 2030.

Urea Ammonium Nitrate (UAN) (North America)

• North America's nitrogenous fertilizer market had a consumption of 43 million tons in 2024, with the United States accounting for 80% of this volume. The North America nitrogenous fertilizer market size was valued at USD 23 billion in 2025 and is expected to reach approximately USD 39.56 billion by 2035. Specifically for UAN, consumption in North America is expected to exceed 10 million metric tons annually. Globally, the urea ammonium nitrate (UAN) market is anticipated to be worth USD 5,649.07 million in 2024 and is projected to reach USD 8,540.77 million by 2033, with North America leading with a 35% share of the global market.

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Expected Drivers of Future Revenue Growth for CVR Energy (CVI)

• Sustained Favorable Refining Market Conditions: CVR Energy anticipates continued beneficial conditions in the refining industry, driven by expected steady increases in global demand for refined products and fewer new supply additions. This outlook is supported by recent performance showing higher crack spreads and increased throughput volumes contributing to improved EBITDA in the petroleum segment.
• Enhanced Operational Efficiency and Throughput in Petroleum Refining: The company aims to maximize production and capture margins through efficient operations. With no planned turnarounds scheduled for the Petroleum segment in 2026, CVR Energy expects to maintain high crude utilization and increased throughput volumes, which are critical for driving revenue growth.
• Robust Demand and Pricing in Nitrogen Fertilizer Market: CVR Energy expects the nitrogen fertilizer segment to benefit from supportive market conditions, characterized by tight global supply balances, continued strong demand for nitrogen fertilizers, and robust pricing. This includes strong demand for ammonia for fall application and higher sales volumes and prices for urea ammonium nitrate (UAN) and ammonia.
• Improved Reliability and Production Capacity in Nitrogen Fertilizer Operations: The company is investing in its nitrogen fertilizer facilities to enhance reliability and optimize feedstocks. Planned growth capital expenditures in 2026 are specifically allocated to reliability and debottlenecking projects, including an ammonia expansion and feedstock diversification project at its Coffeyville facility, which are expected to increase production and utilization rates.
• Strategic Asset Expansion and Commercial Optimization: CVR Energy's strategy includes a proactive approach to expanding its asset footprint and reevaluating commercial optimization opportunities within the petroleum segment. This encompasses optimizing crude and feedstock slates and refining product marketing to achieve higher netbacks, potentially leading to revenue growth through strategic acquisitions and improved commercial performance.

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Capital Expenditures

• CVR Energy's preliminary consolidated capital expenditure estimates for 2026 are projected to be between $200 million and $240 million.
• The 2026 capital plan allocates $130 million to $145 million to the petroleum segment, primarily for maintenance and growth initiatives aimed at supporting safe and reliable operations.
• For the nitrogen fertilizer segment, $60 million to $75 million is budgeted for 2026 capital expenditures, with a focus on margin improvement, debottlenecking, and feedstock diversification projects, including an ammonia expansion at the Coffeyville facility.