CVR Energy : CVI Investor Presentation - May 2026

Published: 2026-05-12 16:51:14 ET CVI

Published on 05/12/2026 at 04:51 pm EDT

May 2026

Company Overview

Constant focus on the safe, reliable operations of our facilities

Evaluate commercial optimization opportunities to improve margin capture in the Petroleum Segment

Actively pursue opportunities to expand our asset footprint

Maintain a disciplined approach to capital allocation

CVR Energy owns the general partner and 37% of the common units of CVR Partners, LP.

Two strategically located nitrogen fertilizer facilities serving the Southern Plains and Corn Belt.

Primarily engaged in the production of nitrogen fertilizers - ammonia and urea ammonium nitrate (UAN).

Diverse feedstock exposure through petroleum coke ("pet coke") and natural gas.

Nitrogen Fertilizer

Two strategically located Mid-Continent ("Mid Con") refineries close to Cushing, Oklahoma.

Total nameplate crude oil capacity of 206,500; average complexity rating of 10.8.

Complementary logistics assets and access to key pipelines provide a variety of advantaged crude oil supply options: 100% exposure to Brent - WTI crude differential.

Historically high product yield vs. peers: 98% liquid volume yield and 93% yield of gasoline and distillate.(1)

Petroleum Refining

(1) Based on total throughputs; for the twelve months ended March 31, 2026. 2

Petroleum Segment Overview

Nameplate crude oil capacity of 206,500 bpd across two refineries with an average complexity rating of 10.8.

Located in Group 3 of PADD II.

Significant crude oil sourcing optionality via proprietary pipeline and truck gathering systems, close proximity to major crude oil hub at Cushing, and contracted space on Keystone and Spearhead pipelines for Canadian crude oil deliveries.

Multiple product sales outlets between refinery racks, ONEOK and NuStar pipeline systems and racks, and the bulk product market.

Rail logistics assets at both refineries provide additional

product marketing opportunities outside of Group 3.

New refined product pipeline capacity scheduled to come online later in 2026 to provide additional outlet from Group 3 to Denver.

Crude Throughput

Product Slate(2)

Nameplate Avg. Utilization(1)

Gasoline

Distillate

Other Liquids

Other

Coffeyville 132,000 92%

51%

43%

Wynnewood 74,500 92%

53%

37%

10%

Consolidated 206,500 G2%

52%

41%

Capacity (bpd)

Based on crude oil throughputs for the twelve months ended March 31, 2026. 3

Based on production for the twelve months ended March 31, 2026.

Key Operating Statistics - Petroleum

Consistent History of High Refinery Utilization Rates

Five-year average utilization of 90% including turnarounds

1Q 2025 and 2Q 2025 impacted by the large turnaround at

Coffeyville

Advantaged Crude Oil and Feedstock Slate

Over 60% of crude oil throughputs sourced locally via CVR's

proprietary gathering systems

Increased Canadian crude oil processed at Coffeyville to over 17,000 bpd in 1Q 2026; remainder sold at Cushing

High Conversion Refineries Leveraged to Diesel

Historically high product yield - 98% liquid volume yield and 93% yield of gasoline and distillate(1)

Total Throughputs(2)

~205,000 bpd

Total Production(3)

~203,00 bpd

Based on total throughputs for the twelve months ending March 31, 2026.

Based on total throughputs for the twelve months ending March 31, 2026. Other includes natural gasoline, isobutane, normal butane and gas oil.

Based on total production for the twelve months ended March 31, 2026. Other includes pet coke, NGLs, slurry, sulfur and gas oil, and specialty products such as propylene and solvents; excludes internally produced fuels.

Constructive Refining Macro Environment(1)

Favorable Refining Macro Environment Driven by Reduced Domestic Supply and Stable Demand Trends

U.S. operable refining capacity has declined over 800,000 bpd since 2020 as refineries converted to renewable fuels production or

shuttered due to poor economics. Additional closures have been announced for 2026.

Global net refining capacity additions are slowing, creating potential for global demand growth to exceed refining capacity growth in 2026.

Recent conflicts in the Middle East have led to declines in global stocks of crude oil and refined products, which has been supportive of crack spreads, particularly diesel and jet fuel cracks. YTD refined product exports from the US have increased 17% compared to the same period in 2025.

Mid-Continent Days of Supply for gasoline and distillate continues to trend better than the U.S. average. YTD 2026 vs YTD 2025 average

Days of Supply:

Gasoline: Mid Con -11% vs. U.S. +1%

Distillate: Mid Con -19% vs. U.S. +1%

Multiple refined product pipeline systems under construction or under development could provide additional access to regions outside of the Mid Con, if completed.

U.S. Gasoline and Distillate Days of Supply Continue to Trend in Line with '21 - '25 Average Levels

(1) Source: EIA 5

Focused on Capture Rate Improvements

Group 3 2-1-1 crack spreads improving in 2026 - April average of $39.80/bbl compared to 1Q 2026 average of $21.58/bbl,

although prices for Renewable Identification Numbers ("RINs") in 2026 have increased as well.

CVR adjusted margin capture averaged 46% for FY 2025, down slightly from FY 2024 average of 48%, primarily due to the large turnaround at Coffeyville in 1H 2025 and higher RINs prices.

Currently pursuing opportunities to sustainably improve margin capture at both refineries:

Optimizing crude/feedstock slates and refined product marketing to generate the highest available netbacks.

Reversion of the Renewable Diesel Unit ("RDU") at Wynnewood back to hydrocarbon processing allowing for increased crude slate flexibility, while repurposing rail assets are providing additional product shipment optionality and feedstock security.

Diligently pursue Small Refinery Exemptions ("SREs") at Wynnewood: Margin capture would have improved by

approximately 5% on average for 2021 - 2024 accounting for SREs granted in August 2025.

Increasing jet fuel production at Coffeyville and pursuing more opportunities to rail product to other regions when arbs are supportive.

Historical Group 3 2-1-1 and CVR Energy Margin Capture(1)

(1) Margin Capture = Adjusted Gross Margin per barrel / Group 3 2-1-1 Benchmark including RINs. 6

Capital Allocation Strategy

Maintaining safe, reliable operations is priority #1.

Disciplined Approach to Capital Allocation

Focusing on debt reduction in the near-term to return to targeted leverage levels while maintaining sufficient cash balances.

Actively pursue opportunities to profitably grow our asset footprint and improve margin capture.

Dividends and distributions are quarterly determination by the Boards - debt repayment progress, cash balances and free cash flow generation are among the key criteria evaluated.

Capital Expenditures and Turnarounds

Petroleum Segment estimated 2026 Capex of $130MM - $145MM

Maintenance capex estimated at $80MM to $90MM.

Growth capex estimated at $50MM to $55MM.

Wynnewood Alky Project accounts for a significant

portion of the expected 2026 growth capex spend.

Currently evaluating additional low-cost/high-return opportunities aimed at increasing margin capture.

2026 Turnaround Spending of $15MM - $20MM

No planned turnarounds in the Petroleum Segment in 2026.

2026 turnaround spending associated with pre-spending for planned turnarounds currently scheduled at Wynnewood in 2027 and Coffeyville in 2028.

Currently exploring opportunities to optimize the future turnaround schedule at Coffeyville to better balance spending and increase overall throughput volumes over the turnaround cycle.

Nitrogen Fertilizer Segment Overview

Large geographic footprint serving the Southern Plains and Corn Belt regions.

Well positioned to minimize distribution costs and maximize netback pricing.

Rail loading rack at the Coffeyville facility provides significant logistics optionality west of the Mississippi River due to access to both UP and BNSF delivery points.

Production sustainability due to storage capabilities at the plants and offsite locations.

Location of the Coffeyville facility allows potential for diversification of feedstock to optimize the economics between natural gas and pet coke.

Metric

Coffeyville Facility

East Dubuque Facility

Current Ammonia / UAN Capacity

1,300 / 3,100 Tons per day

1,075 / 950 Tons per day

TTM Ammonia / UAN Production Volumes(1)

2,096/ 3,181 Tons per day (Consolidated)

Feedstock

Pet Coke

Natural Gas

Distribution Methods

Rail(2) & Truck

Rail(3), Truck & Barge

Based on production for the twelve months ended March 31, 2026.

Coffeyville Facility carries out railcar distribution via the Union Pacific ("UP") or Burlington Northern Santa Fe ("BNSF") railroad lines.

East Dubuque Facility carries out railcar distribution via the Canadian National Railway Company. 9

Key Operating Statistics - Nitrogen Fertilizer

Consistent History of High Ammonia Utilization Rates

Five-year average utilization of 92% including turnarounds.

Turnarounds typically completed every 3 years - Coffeyville turnaround completed in 4Q 2025 and East Dubuque scheduled for 3Q 2026.

Diversified Feedstock Slate

Coffeyville facility utilizes pet coke from the Coffeyville Refinery in addition to 3rd party sources, while the East Dubuque Facility uses natural gas as its primary feedstock.

Currently working on a detailed design and construction plan to allow the Coffeyville Facility to utilize natural gas as an alternative feedstock to 3rd party pet coke.

Consolidated Product Revenue(1)(2)

Consolidated Feedstock Costs(1)

For the twelve months ended March 31, 2026.

Excludes freight and other.

Recent Domestic Nitrogen Fertilizer Market Conditions

Strong demand for nitrogen fertilizers in the U.S. combined with domestic and global nitrogen fertilizer supply issues have

led to elevated ammonia and UAN prices so far in 2026.

U.S. Department of Agriculture ("USDA") estimating approximately 95 million acres of corn to be planted in 2026,

compared to 98.8 million acres in 2025.

2026 yield estimates of 183 bushels of corn per acre resulting in carryout inventory estimates in-line with the ten-year average.

Geopolitical issues impacted fertilizer supply throughout 2025, particularly over the summer with nitrogen fertilizer

plant disruptions in Egypt, Iran and Russia all driving tightness in available supplies.

These supply issues, along with the large planting seasons in the U.S. and Brazil in 2025 led to tight inventories globally coming into 2026. Recent events in the Middle East have caused further disruptions to global supply, with roughly 30% of nitrogen fertilizers typically transiting through the Strait of Hormuz(1).

Major global nitrogen capacity build cycle was largely complete by 2018, with limited new production capacity anticipated over the next few years. U.S. projects under construction are primarily targeting export markets.

Domestic Corn Stocks to Use Ratios and Corn Belt Nitrogen Fertilizer Pricing Trends(2)

Source: UN Trade and Development

Sources: USDA and Green Markets

Strong Demand for Corn in the U.S.

Corn has a variety of uses and applications, including feed grains, ethanol for fuel, and feed, seed and industrial (FSI).

Feed Grains: Approximately 96% of domestic feed grains are supplied by corn. Feed grains consume approximately 38% of the annual corn crop in the United States.(1)(2)

Ethanol: Consumes approximately 36% of the annual corn crop in the United States.(1)(2)

Corn production volumes are typically driven more by yield than acres planted.

Nitrogen fertilizer is crucial for corn yield and is generally low on the cost curve for farmers.

U.S. Domestic Corn Use(1)

Historical Corn Pricing

$4.74

Source: USDA Economic Research Service and USDA WASDE.

Based on 2021 - 2025 average. 12

Capital Expenditures and Turnaround Expenses

2026 Total Capex budget of $60MM - $75MM

Maintenance capex estimated at $35MM - $45MM.

Growth capex estimated at $25MM - $30MM.

Growth capex projects planned for 2026 primarily focused on margin improvement and debottlenecking projects at both plants.

Ammonia expansion and feedstock diversification project at the Coffeyville fertilizer facility, water quality upgrade projects at both facilities and diesel exhaust fluid ("DEF") production and loadout capacity expansions.

Majority of planned growth capex to be funded through reserves taken in 2023 through 2025.

2026 Turnaround expense estimated at $30MM - $35MM

Coffeyville's planned turnaround was completed in the

fourth quarter of 2025 with a total cost of approximately

$16MM.

East Dubuque's next planned turnaround is currently

scheduled for the third quarter of 2026.

APPENDIX

Mission and Values

Our mission is to be a top tier North American 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 do business each and every day and enhance our ability to

accomplish our mission and related strategic objectives.

Safety - We always put safety first.

The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to

safety above all else. If it's not safe, then we don't do it.

Environment - We care for our environment.

Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand

our obligation to the environment and that it's our duty to protect it.

Integrity - We require high business ethics.

We comply with the law and practice sound corporate governance. We only conduct business one way - the right way with integrity.

Corporate Citizenship - We are proud members of the communities where we operate.

We are good neighbors and know that it's a privilege we can't take for granted. We seek to make a positive economic and social impact through our financial donations and contributions of time, knowledge and talent of our employees to the places where we live and work.

Continuous Improvement - We foster accountability under a performance-driven culture.

We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversity and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization.

Non-GAAP Financial Measures

Adjusted EBITDA represents EBITDA adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Adjusted Refining Margin represents Refining Margin 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.

Direct Operating Expenses per Throughput Barrel represents direct operating expenses for the Company's Petroleum segment divided by total

throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

EBITDA represents net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Refining Margin represents the difference between the Company's Petroleum segment net sales and cost of materials and other.

Refining Margin and Adjusted Refining Margin per Throughput Barrel represents Refining Margin and Adjusted Refining Margin divided by the total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Note: Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Non-GAAP Financial Measures

(: in Millions)

CVR Energy, Inc.

2021

2022

2023

2024

2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

TTM

Net income (loss)

$ 74 $ 644

$ 878

$ 45 $

90 $

(90) $

401

$ (116) $ (160)

Add: Interest expense and other financing costs, net of interest income

117 85

108

29 58

142

Add: Income tax expense (benefit)

(8) 157

207

(26)

(10)

(42)

(7) (29)

Add: Depreciation and amortization

279 288

298

403

111

145 79

413

EBITDA

$ 462 $ 1,174

$ 1,435

$ 3G4 $

5G1 $

(24) $

625

$ 51 $ (52) $

600

Change in RFS obligation, unfavorable (favorable)

135

(284)

(89)

(262)

(471)

(322)

Gain on marketable securities and sale of equity method investment

(81)

(24)

Unrealized loss (gain) on derivatives, net

(16)

(32)

(4)

(10)

158

Inventory valuation impacts, unfavorable (favorable)

(127)

(24)

(120)

(31)

Call Option Lawsuits settlement

Other non-cash adjustments

Adjusted EBITDA

$ 301

$ 1,36G

$ 1,164

$ 317

$ 3G3

$ GG

$ 180

$ G1

$ 37

$ 407

Non-GAAP Financial Measures

Petroleum Segment

Refining Margin and Adjusted Refining Margin (: in Millions)

2021

2022

2023

2024

2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

TTM

Net sales

$ 6,721 $

9,919 $

8,287 $

6,920 $

6,426 $

1,561 $

1,739 $

1,649 $

1,803 $

6,752

Less:

Cost of materials and other

(6,100)

(8,488)

(6,629)

(6,236)

(5,520)

(1,526)

(1,031)

(1,482)

(1,801)

(5,840)

Direct operating expenses (exclusive of depreciation and amortization)

(369)

(426)

(406)

(421)

(415)

(102)

(113)

(108)

(118)

(441)

Depreciation and amortization

(197)

(182)

(185)

(174)

(194)

(48)

(52)

(204)

Gross profit (loss)

823

1,067

2G7

(115)

543

(168)

267

Add:

Direct operating expenses (exclusive of depreciation and amortization)

369

426

406

421

415

102

113

108

118

441

Depreciation and amortization

197

182

185

174

194

204

Refining margin

621

1,431

1,658

684

G06

708

167

G12

Adjustments:

Inventory valuation impacts, unfavorable (favorable)

(127)

(22)

(120)

(45)

Unrealized loss (gain) on derivatives, net

(16)

(30)

(4)

(10)

158

Change in RFS obligation, unfavorable (favorable)

135

(284)

(89)

(262)

(471)

(322)

Adjusted refining margin

$ 541

$ 1,547

$ 1,376

$ 623

$ 6G4

$ 157

$ 256

$ 1GG

$ G1

$ 703

Petroleum Segment

Refining Margin and Adjusted Refining Margin per Throughput Barrel (: in Millions)

2021

2022

2023

2024

2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

TTM

Refining margin

$ 621

$ 1,431

$ 1,658

$ 684

$ 906

$ 35

$ 708

$ 167

$ 2

$ 912

Dividend by: total throughput barrels

Refining margin per total throughput barrel

$ 8.14

$ 1G.0G

$ 21.82

$ G.53

$ 13.64

$ 2.21

$ 35.65

$ 8.35

$ 0.12

$ 12.18

Adjusted refining margin

$ 541

$ 1,547

$ 1,376

$ 623

$ 694

$ 157

$ 256

$ 199

$ 91

$ 703

Dividend by: total throughput barrels

Adjusted refining margin per throughput barrel

$ 7.12

$ 20.65

$ 18.11

$ 8.67

$ 10.45

$ G.G5

$ 12.87

$ G.G2

$ 4.72

$ G.3G

Petroleum Segment

Direct Operating Expenses per Throughput Barrel (: in Millions)

2021

2022

2023

2024

2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

TTM

Direct operating expenses

$ 369

$ 426

$ 406

421

415

102

113

108

118

441

Divided by: total throughput (mm bbls)

Direct operating expenses per total throughput barrel

$ 4.83

$ 5.68

$ 5.34

$ 5.86

$ 6.25

$ 6.45

$ 5.6G

$ 5.40

$ 6.10

$ 5.8G

Non-GAAP Financial Measures

(: in Millions)

CVR Partners, LP

2021

2022

2023

2024

2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

TTM

Net Income (loss)

$ 78

$ 287

$ 172

$ 61

$ 99

$ 39

$ 43

$ (10) $ 50

$ 122

Add: Interest expense and other financing costs, net of interest income

7 8

Add: Depreciation and amortization

23 20

EBITDA and Adjusted EBITDA

$ 213

$ 403

$ 281

$ 17G

$ 211

$ 67

$ 71

$ 20 $ 78

$ 236

Disclaimer

CVR Energy Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 20:50 UTC.