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Here are 1-2 brief analogies to describe CVR Energy:

• Imagine a smaller Valero Energy combined with a smaller CF Industries.
• A regional independent oil refiner, like a smaller Phillips 66, that also produces agricultural fertilizers.

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• Petroleum Refining: Refines crude oil into transportation fuels such as gasoline, diesel, and jet fuel, along with other refined products like asphalt and propane.
• Nitrogen Fertilizers: Manufactures and markets nitrogen-based fertilizers, predominantly urea ammonium nitrate (UAN) and ammonia, used in agricultural applications.

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CVR Energy (symbol: CVI) operates primarily in two segments: petroleum refining and nitrogen fertilizer production. In both segments, the company primarily sells its products to other companies rather than directly to individual consumers.

According to CVR Energy's latest regulatory filings (e.g., Form 10-K), no single customer accounted for more than 10% of its consolidated revenues during recent fiscal years. Therefore, specific major customer names are not publicly disclosed. However, the company identifies the following categories of companies that serve as its customers:

Refining Segment Customers:

• Petroleum marketers and distributors
• Other refiners (for feedstocks and intermediate products)
• Large commercial and industrial end-users (e.g., transportation companies, construction firms, often purchasing through distributors)

Nitrogen Fertilizer Segment Customers (CVR Partners, UAN):

• Agricultural retailers and distributors
• Industrial customers (primarily for ammonia products)

While specific customer names are not available due to the diversified sales approach and lack of revenue concentration with any single buyer, these categories represent the types of companies that constitute CVR Energy's major customer base.

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• Tenaska Marketing Ventures
• BP Energy Company (BP)
• Texican Natural Gas Company

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David L. Lamp, President and Chief Executive Officer

Mr. Lamp has served as CVR Energy's President and Chief Executive Officer and as a Director since December 2017 and January 2018, respectively. He has over forty years of experience in the refining and chemical industries. Prior to joining CVR Energy, he held senior executive roles at Western Refining, Inc., Northern Tier Energy LP, and HollyFrontier Corporation (now HF Sinclair Corporation). He previously served as President and CEO of Northern Tier Energy LP from 2013 to 2016 and CVR Refining LP from 2017 to 2019, and as President and Chief Operating Officer of Western Refining, Inc. from 2016 to 2017. Mr. Lamp was a key executive in the merger between Holly Corporation and Frontier Corporation, completing the integration in 2011. He also completed acquisitions of the Sunoco and Sinclair Tulsa refineries in 2009, led their integration, and sold Montana Refining Company, assisting in the creation and IPO of Holly Energy Partners. While CVR Energy itself was established through corporate structuring by investment funds affiliated with Goldman Sachs and Kelso & Company, and later, Icahn Enterprises held a controlling stake, there is no explicit mention of Mr. Lamp having a pattern of managing other companies specifically backed by private equity firms prior to CVR Energy.

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

Mr. Neumann has served as Executive Vice President, Chief Financial Officer, and Assistant Secretary and as Treasurer since October 2021 and February 2022, respectively, also holding these roles for CVR Partners, LP. He joined CVR Energy in June 2018, holding various finance roles including Interim Chief Financial Officer and Vice President – Finance & Treasurer. Prior to CVR Energy, Mr. Neumann gained nearly 15 years of experience in the refining and petrochemicals industry, holding roles of increasing responsibility at Andeavor and its affiliates (formerly publicly traded refining and marketing entities) from 2011 to 2018. This included serving as Director of Commercial Business Planning & Analytics for Andeavor, Director of Financial Planning & Analysis for Western Refining, Inc. (WNR), and Corporate Finance Manager for the general partner of Northern Tier Energy LP. Northern Tier Energy LP was acquired by WNR in 2016, and WNR was subsequently acquired by Andeavor (then Tesoro Corporation) in 2017, indicating his involvement with companies that were sold to acquirers. There is no specific information indicating a pattern of managing companies backed by private equity firms for Mr. Neumann.

Mark A. Pytosh, Executive Vice President, Corporate Services

Mr. Pytosh has served as Executive Vice President – Corporate Services for CVR Energy since January 2018 and has been President, Chief Executive Officer, and a Director of the general partner of CVR Partners, LP since 2014 and 2011, respectively. He is expected to assume the role of President, Chief Executive Officer, and Director of CVR Energy effective January 1, 2026. Mr. Pytosh brings over thirty years of experience in senior executive roles within various companies in the fertilizer, petroleum refining, environmental, power, solid waste, and investment banking industries, including serving as chief financial officer for Tervita Corp., Covanta Energy Corp., and Waste Services, Inc.

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

Mr. Wright has served as CVR Energy's Executive Vice President & Chief Operating Officer since January 2022. He has 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. Before joining CVR Energy as a Project Manager in July 2019, he served as a Senior Consultant for Solomon Associates from 2018 to 2019 and held various senior roles at HollyFrontier Corporation from 2005 to 2018.

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

Ms. Buhrig serves as CVR Energy's Executive Vice President, General Counsel, and Secretary, where she oversees legal affairs and corporate governance. She obtained a Bachelor of Arts in Political Science from the University of Michigan and a Juris Doctorate with honors from the University of Miami School of Law.

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CVR Energy (CVI) faces several significant risks inherent in its operations as a petroleum refining and nitrogen fertilizer manufacturing company. The most prominent risks relate to the highly volatile nature of its markets, stringent regulatory environment, and operational challenges.

• Volatility in Refining Margins and Commodity Prices: CVR Energy's profitability is highly sensitive to fluctuations in refining margins, often referred to as crack spreads, and the prices of crude oil and other commodities. Declining crack spreads, coupled with rising input costs, can significantly impact earnings and operational efficiency. Geopolitical instability also contributes to this volatility, affecting global energy demand and commodity prices.
• Regulatory Challenges and Renewable Fuel Standard (RFS) Obligations: The company faces ongoing financial and operational pressures from environmental regulations, particularly the Renewable Fuel Standard (RFS) obligations, which include the costs associated with Renewable Identification Numbers (RINs). These costs have had a substantial unfavorable impact on refining margins. Regulatory changes and the reinterpretation of existing environmental standards pose a continuous risk, as evidenced by the company's decisions regarding its renewable diesel unit due to unfavorable economics in the renewables business.
• Operational Inefficiencies and Unplanned Downtime: CVR Energy's business is susceptible to risks associated with operational inefficiencies, unplanned outages, and scheduled maintenance turnarounds at its refineries. These events can lead to reduced throughput volumes and negative margins, directly impacting financial performance.

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• The accelerated global transition to electric vehicles (EVs) and other non-fossil fuel energy sources for transportation poses a clear emerging threat to the long-term demand for refined petroleum products like gasoline and diesel, which are core outputs of CVR Energy's refining segment. This trend, driven by environmental concerns and government mandates, directly threatens the fundamental market for their primary products.
• The growing adoption of sustainable agriculture practices, including regenerative farming, precision agriculture, and the development and increasing market penetration of bio-fertilizers and other alternative nutrient management solutions, represents an emerging threat to the demand for traditional synthetic nitrogen fertilizers produced by CVR Energy's fertilizer segment. These trends aim to reduce reliance on synthetic inputs, directly impacting their core product market.

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CVR Energy (CVI) operates primarily in two main segments: petroleum refining and marketing, and nitrogen fertilizer manufacturing. They also have an interest in renewable fuels production, specifically renewable diesel.

The addressable markets for their main products and services in the U.S. are as follows:

• Petroleum Refining (Gasoline and Diesel): The U.S. petroleum refining industry's revenue is estimated at approximately $798.3 billion in 2025. CVR Energy's petroleum segment refines and markets high-value transportation fuels such as gasoline and diesel. In 2023, U.S. finished motor gasoline consumption averaged about 8.94 million barrels per day, or approximately 376 million gallons per day. The U.S. Diesel Fuel Market size is estimated to reach $60 billion by 2031.
• Nitrogen Fertilizer Manufacturing (Ammonia and Urea Ammonium Nitrate - UAN): The U.S. nitrogenous fertilizer market size is valued at approximately $20.42 billion in 2025 and is projected to reach around $26.29 billion by 2034. CVR Energy produces nitrogen fertilizers like ammonia and urea ammonium nitrate (UAN), primarily serving agricultural customers in the U.S. Corn Belt.
• Renewable Diesel: CVR Energy's Wynnewood refinery has a renewable diesel production capacity of 80 million gallons per year. This product falls within the broader diesel fuel market.

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CVR Energy (symbol: CVI) is expected to experience future revenue growth over the next 2-3 years driven by several key factors across its business segments:

1. Sustained High Throughput in Petroleum Segment: The company anticipates stable and high operational throughput in its petroleum refineries. Following the completion of a major turnaround at the Coffeyville refinery, CVR Energy does not have any further refinery turnarounds planned until 2027. This consistent operational capacity positions the company to capitalize on favorable refining market conditions and projected improvements in supply and demand fundamentals, particularly heading into stronger driving seasons.
2. Strong Performance and Favorable Pricing in Nitrogen Fertilizer Segment: CVR Energy's nitrogen fertilizer business, operated through CVR Partners, is a significant contributor to revenue. The segment has demonstrated strong performance with high ammonia utilization rates and has benefited from supportive market environments characterized by higher UAN and ammonia sales pricing. Global tight supplies of fertilizers are expected to continue supporting favorable pricing.
3. Strategic Reversion of Renewable Diesel Unit to Hydrocarbon Processing: CVR Energy has decided to convert its Wynnewood renewable diesel unit back to hydrocarbon processing due to profitability challenges in the renewables segment. This strategic shift aims to improve overall company profitability and revenue generation by focusing on more economically viable operations in the near term. This also aligns with capturing better margins from conventional fuel production.
4. Improved Financial Flexibility from RIN Strain Resolution: The August 2025 decision by the EPA, which provided a significant benefit by clearing years of undue Renewable Identification Number (RIN) strain on CVR Energy's balance sheet, enhances the company's financial flexibility. This reduction in regulatory compliance costs can free up capital, potentially allowing for investments in growth initiatives or improved operational efficiency that indirectly drive revenue.

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Share Repurchases

• CVR Energy reported no share repurchases for $0 million from July 1, 2023, to September 30, 2023.
• As of June 30, 2025, quarterly stock buybacks were reported as $0.00.

Share Issuance

• In June 2025, CVR Energy's stockholders approved an amendment to the 2007 Long-Term Incentive Plan, increasing the shares reserved by 2.5 million to a total of 10 million shares.

Inbound Investments

• In November 2024, Icahn Enterprises L.P. (IEP) proposed a tender offer to acquire up to 15 million additional shares of CVR Energy common stock at $17.50 per share.
• In December 2024, IEP commenced a cash tender offer to acquire up to 17,753,322 shares of CVR Energy common stock at a price of $18.25 per share.
• CVR Energy secured a $325 million senior secured term loan B facility in December 2024, with proceeds primarily intended to fund capital expenditures.

Capital Expenditures

• For the full year 2025, CVR Energy estimates total consolidated capital spending to be approximately $180 million to $200 million, with an additional capitalized turnaround spending of approximately $190 million.
• Expected capital expenditures for 2025 include maintenance spending of $108 million to $132 million and growth capital of $57 million to $73 million across its Petroleum, Nitrogen Fertilizer, and Other segments.
• Significant capital expenditures include the large turnaround at the Coffeyville refinery, completed in April 2025 at a cost of approximately $210 million, and the Wynnewood Alky Project.