CVR Energy Inc. · NYSE:CVI
CVR Energy — Investor Presentation (June 2025)
27 slides from CVR Energy's investor presentation, June 2025
Slide 1: Investor Presentation
Investor Presentation June 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements (“FLS”) which are protected as FLS under the PSLRA, and which are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. The assumptions and estimates underl
Slide 3: Mission and Values
Mission and Values Our mission is to be a top tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company as measured by safe and reliable operations, superior financial performance and profitable growth. Our core values are driven by our people, inform the way we
Slide 4: Company Overview
Company Overview CVR Energy (NYSE: CVI) is a diversified holding company, formed in 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded l
Slide 5: Strategic Priorities
Strategic Priorities Focusing on improvements in Environmental, Health and Safety Matters – Safety is Job #1 Focus on EH&S Consolidated Total Recordable Incident Rate (“TRIR”) declined approximately 20% in 2024 compared to 2023, including Performance declines of approximately 18% in the Petroleum Se
Slide 6: Capital Allocation Strategy
Capital Allocation Strategy Key Priorities: ▪ Create long-term value through safe, reliable operations and continuously optimizing core refining, renewables, fertilizer and associated logistics assets; ▪ Invest in high return projects that are complimentary to existing assets and improve feedstock s
Slide 7: Petroleum Segment Asset Footprint
Petroleum Segment Asset Footprint Mid-Continent Refineries Nameplate crude oil capacity of 206,500 bpd across two refineries ▪ 1Q 2025 total throughput of 120,377 bpd, impacted by planned and unplanned downtime at the Coffeyville Refinery ▪ FY 2024 total throughput of 196,278 bpd, impacted by Wynnew
Slide 8: Strategically Located Mid-Con Refineries
Strategically Located Mid-Con Refineries Multiple Product Sales Outlets Focused on maximizing refined product netbacks and participating in renewable fuel blending economics and internal generation of RINs whenever possible. For the twelve months ended March 31, 2025: ▪ Approximately 22% of refined
Slide 9: High-Quality Refining Assets
High-Quality Refining Assets CVR’s high-quality and complex assets allow us to source and process a variety of feedstocks allowing CVR optionality to navigate crack spread volatility while maintaining high utilization rates Historically High Utilization Rates Total Throughput and Production Mix(1) T
Slide 10: Constructive Refining Macro Environment
Constructive Refining Macro Environment US Gasoline Inventories U.S. Gasoline Days of Supply US Diesel Inventories U.S. Distillate Days of Supply Source: EIA 9
Slide 11: Renewables Segment
Renewables Segment Wynnewood Renewable KSAATDiesel Highlights Project at Wynnewood Renewable diesel margins impacted by several factors: ▪ HOBO spread - spread between ULSD and Soybean oil prices ▪ Feedstock basis - transportation cost + premium for pretreated material ▪ RINs prices - 1.7 D4 Biodies
Slide 12: Capital Expenditures and Turnarounds
Capital Expenditures and Turnarounds Petroleum & Renewables estimated 2025 Capex of $128MM - $146MM ▪ Maintenance capex estimated at $88MM to $100MM. ▪ Growth capex estimated at $40MM to $46MM. ▪ Wynnewood Alky Project accounts for a significant portion of the expected 2025 growth capex spend. ▪ Oth
Slide 13: Fertilizer Segment Asset Footprint
Fertilizer Segment Asset Footprint ▪ Large geographic footprint serving the Southern Plains and Corn Belt regions ▪ Well positioned to minimize distribution costs and maximize East Dubuque, IL netback pricing ▪ Rail loading rack at the Coffeyville facility provides significant logistics optionality
Slide 14: Key Operating Statistics
Key Operating Statistics Consolidated High Ammonia Utilization Rate Consolidated UAN and Ammonia Sales Consolidated Feedstock Costs(1) Consolidated Product Revenue(1)(2) (1) For the twelve months ended March 31, 2025. (2) Excludes freight and other. 13
Slide 15: Stable Trends in Fertilizer Supply & Demand
Stable Trends in Fertilizer Supply & Demand Corn Stocks to Use US Nitrogen Supply ▪ Fertilizers typically represent approximately 15% of ▪ Major global nitrogen capacity build cycle largely farmers’ cost structure and significantly improve complete in 2017/2018 and additional tons have yields. been
Slide 16: Strong Demand for Corn in the U.S.
Strong Demand for Corn in the U.S. U.S. Domestic Corn Use ▪ Corn has a variety of uses and applications, including feed grains, ethanol for fuel, and food, seed and industrial (FSI) ▪ Feed grains ▪ ~96% of domestic feed grains are supplied by corn ▪ Consumes ~39% of annual corn crop(1) ▪ Ethanol Dom
Slide 17: Recent Domestic Nitrogen Fertilizer Market Conditions
Recent Domestic Nitrogen Fertilizer Market Conditions ▪ Summer Ammonia and UAN fill were completed in June, and Ammonia prepay for 4Q shipment was completed in early July. Demand for nitrogen looked strong going into 4Q, consistent with the buying taking place by retailers and growers in solid finan
Slide 18: Capital Expenditures and Turnaround Expenses
Capital Expenditures and Turnaround Expenses 2025 Total Capex budget of $50MM - $60MM ▪ Maintenance capex estimated at $40MM - $45MM. ▪ Growth capex estimated at $10MM - $15MM. ▪ Growth capex projects planned for 2025 primarily focused on debottlenecking and reliability projects, including water and
Slide 19: APPENDIX
APPENDIX
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Adjusted R
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures (In USD Millions) CVR Energy, Inc. 2021 2022 2023 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 TTM Net income (loss) $ 74 $ 644 $ 878 $ 45 $ 38 $ (122) $ 40 $ (105) (149) Add: Interest expense and other financing costs, net of interest income 117 85 52 77 19 18 20 25 82 Add: Inco
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Petroleum Segment Refining Margin and Adjusted Refining Margin ($ in Millions) 2021 2022 2023 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 TTM Net sales $ 6,721 $ 9,919 $ 8,287 $ 6,920 $ 1,795 $ 1,648 $ 1,755 $ 1,477 $ 6,675 Less: Cost of materials and other (6,100) (8,488) (6,62
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Renewables Segment Renewables Margin and Adjusted Renewables Margin ($ in Millions) 2022 2023 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 TTM Net sales $ 338 $ 559 $ 289 $ 63 $ 99 $ 93 $ 66 $ 321 Less: Cost of materials and other (342) (537) (245) (58) (78) (79) (50) (265) Direc
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures (In USD Millions) CVR Partners, LP 2021 2022 2023 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 TTM Net Income (loss) $ 78 $ 287 $ 172 $ 61 $ 26 $ 4 $ 18 $ 27 $ 75 Add: Interest expense and other financing costs, net of interest income 61 34 29 30 8 7 7 8 30 Add: Depreciation and
Slide 25: 2024 & 2025 Est. Capital Expenditures
2024 & 2025 Est. Capital Expenditures 2024 Actual 2025 Estimate Maintenance Growth Total Maintenance Growth Total Low High Low High Low High Petroleum $ 90 $ 38 $ 128 $ 85 $ 95 $ 40 $ 45 $ 125 $ 140 Renewables 3 8 11 3 5 - 1 3 6 Nitrogen Fertilizer 30 7 37 40 45 10 15 50 60 Other 4 1 5 1 2 1 2 2 4 T
Slide 26: RINs Summary
RINs Summary • CVR’s Coffeyville and Wynnewood refineries are subject to the Renewable Fuel Standards (“RFS”) implemented by the U.S. Environmental Protection Agency (the “EPA”), which requires refineries to either blend renewable fuels into their transportation fuels or purchase renewable fuel cred
Slide 27: Simplified Organizational Structure
Simplified Organizational Structure Icahn Enterprises Public L.P. & Affiliates 30.0 % 70.0 % CVR Energy, Inc. NYSE: CVI CVR GP, LLC Public N-E GP Interest 2.6 % Other Renewables Segment Petroleum Segment Subsidiaries Subsidiaries Subsidiaries CVR Partners, LP 36.8 % NYSE: UAN 60.6 % 40% JV Entity: E