CVR Energy, Inc.

For second quarter 2026, CVR Energy reported consolidated net income of $46 million, net loss attributable to CVR Energy stockholders of $3 million, loss per diluted share of $0.03, and EBITDA of $161 million. Excluding an unfavorable $73 million change in RFS liability, $19 million of favorable inventory valuation impacts, and $6 million of unrealized derivative gains, adjusted EBITDA was $209 million and adjusted EPS was $0.34. Total throughput was approximately 213,000 barrels per day, crude utilization was approximately 98% of nameplate capacity, and light product yield was 92%. Group 3 2-1-1 cracks averaged $44.91 per barrel versus $24.02 a year ago, while realized margin adjusted for RFS, inventory, and unrealized derivatives was $12.43 per barrel, a 28% capture rate. RIN expense, excluding the change in RFS liability, was $216 million or $11.16 per barrel, and the estimated accrued RFS obligation was $408 million at June 30. Cash flow from operations was $307 million and free cash flow was $264 million. Consolidated cash was $737 million and total liquidity excluding CVR Partners was approximately $1.1 billion. For 3Q26, petroleum throughput is expected to be 205,000 to 220,000 barrels per day, operating expenses $110 million to $120 million, and capital spending $41 million to $50 million. Fertilizer ammonia utilization is expected to be 75% to 80% due to the planned East Dubuque turnaround, with direct operating expenses of $57 million to $62 million, turnaround expenses of $30 million to $35 million, and capital spending of $40 million to $49 million. Full-year 2026 consolidated capital spending is estimated at $215 million to $240 million.

Dane Neumann said the company had another good quarter and that tight global energy and fertilizer markets continued to benefit CVR’s assets. He emphasized that the company is optimistic about the near-term outlook and believes conditions could remain above mid-cycle well into 2027. Strategically, he said CVR still needs to grow barrels and diversify beyond the Southern Mid-Continent, while staying focused on safe, reliable operations, improved margin capture, and accretive opportunities.

Richard Roberts highlighted the quarter’s financial strength and the drivers behind it, including higher Group 3 crack spreads, higher throughput, and strong fertilizer performance. He walked through the main non-operating items, including a $73 million unfavorable RFS liability change, $19 million of favorable inventory valuation impacts, and $6 million of unrealized derivative gains, and noted $81 million of realized derivative losses tied to crack spread swaps. On cash, he cited $307 million of operating cash flow, $264 million of free cash flow, $737 million of consolidated cash, and $1.1 billion of liquidity excluding CVR Partners, while reiterating the deleveraging goal toward $1 billion of gross leverage excluding CVR Partners debt.

Analysts focused on capital allocation, hedging, and RIN compliance. Management said growth remains a goal, but cash will first support debt reduction, and Dane Neumann said cash on hand would not be a meaningful source for M&A, though he did not rule out smaller logistics or other opportunistic deals. On hedging, management explained that it moved faster than usual to lock in around 30% of production after the Iran conflict began, said Q3 exposure is about $102 million notional, and indicated future hedge authorizations may be lower than 30%. On RINs, Neumann said the company is buying ratably, slowed purchases when prices spiked, and is currently intending to buy 50% of Wynnewood’s expected 2026 obligation while still seeking a 100% waiver.