CVR Energy Inc (CVI)

CVR Energy and CVR Partners Announce Leadership ChangesJune 22, 2026 6:44 PM
Business Wire CVR Energy, Inc. (NYSE: CVI or “CVR Energy”) and CVR Partners, LP (NYSE: UAN or “CVR Partners”) are pleased to announce that Dane Neumann, Executive Vice President and Chief Financial Officer, has been promoted to the position of President and Chief Executive Officer of CVI and the general partner of UAN (collectively, the “CVR Entities”), as well as to their Boards of Directors, effective June 18, 2026, following Mark Pytosh’s resignation from the CVR Entities for personal reasons. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260622736918/en/ “On behalf of our Boards of Directors, I am pleased to welcome Dane to the helm of our companies,” said Robert Flint, Chairman of the Boards of Directors of each of the CVR Entities. “Since joining CVR, Dane’s exceptional leadership, financial discipline and deep expertise in all aspects of our businesses, combined with his unwavering commitment to our Mission and Values, have enabled him to serve as a critical catalyst for process improvements, setting the stage for the growth and value creation that remain primary priorities for our companies. These unprecedented times demand unprecedented focus, and we are confident Dane is the right person to lead us into the future.” “We have an exceptional and dedicated team that has been laser focused on maintaining our operational excellence and optimizing our business,” said Mr. Neumann. “Looking ahead, we intend to carry our philosophy of Continuous Improvement into all aspects of our businesses, seeking to maintain safe, reliable operations while driving meaningful growth and shareholder returns.” Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding process improvements, growth, value creation, operational excellence, business optimization, our ability to continuously improve, safe and reliable operations, meaningful growth and shareholder returns. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” “upcoming,” “before,” “future,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others), future actions of the EPA, the outcome of related court proceedings and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual performance or achievements to differ materially from any future performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy and CVR Partners disclaim any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. About CVR Partners, LP Headquartered in Sugar Land, Texas, CVR Partners is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per day ammonia unit and a 950 ton-per-day UAN unit. Investors and others should note that CVR Energy and CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations pages of their websites. CVR Energy and CVR Partners may use these channels to distribute material information about CVR Energy and/or CVR Partners, as applicable, and to communicate important information about CVR Energy, CVR Partners, corporate initiatives and other matters. Information that CVR Energy or CVR Partners post on their websites could be deemed material; therefore, CVR Energy and CVR Partners encourage investors, the media, their customers, business partners and others interested in CVR Energy and/or CVR Partners to review the information posted on their websites. View source version on businesswire.com: https://www.businesswire.com/news/home/20260622736918/en/ Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com Original: CVR Energy and CVR Partners Announce Leadership Changes

CVR Energy and CVR Partners Announce Leadership ChangesJune 22, 2026 5:31 PM
Business Wire CVR Energy, Inc. (NYSE: CVI or “CVR Energy”) and CVR Partners, LP (NYSE: UAN or “CVR Partners”) are pleased to announce that Dane Neumann, Executive Vice President and Chief Financial Officer, has been promoted to the position of President and Chief Executive Officer of CVI and the general partner of UAN (collectively, the “CVR Entities”), as well as to their Boards of Directors, effective June 18, 2026, following Mark Pytosh’s resignation from the CVR Entities for personal reasons. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260622736918/en/ “On behalf of our Boards of Directors, I am pleased to welcome Dane to the helm of our companies,” said Robert Flint, Chairman of the Boards of Directors of each of the CVR Entities. “Since joining CVR, Dane’s exceptional leadership, financial discipline and deep expertise in all aspects of our businesses, combined with his unwavering commitment to our Mission and Values, have enabled him to serve as a critical catalyst for process improvements, setting the stage for the growth and value creation that remain primary priorities for our companies. These unprecedented times demand unprecedented focus, and we are confident Dane is the right person to lead us into the future.” “We have an exceptional and dedicated team that has been laser focused on maintaining our operational excellence and optimizing our business,” said Mr. Neumann. “Looking ahead, we intend to carry our philosophy of Continuous Improvement into all aspects of our businesses, seeking to maintain safe, reliable operations while driving meaningful growth and shareholder returns.” Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding process improvements, growth, value creation, operational excellence, business optimization, our ability to continuously improve, safe and reliable operations, meaningful growth and shareholder returns. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” “upcoming,” “before,” “future,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others), future actions of the EPA, the outcome of related court proceedings and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual performance or achievements to differ materially from any future performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy and CVR Partners disclaim any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. About CVR Partners, LP Headquartered in Sugar Land, Texas, CVR Partners is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per day ammonia unit and a 950 ton-per-day UAN unit. Investors and others should note that CVR Energy and CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations pages of their websites. CVR Energy and CVR Partners may use these channels to distribute material information about CVR Energy and/or CVR Partners, as applicable, and to communicate important information about CVR Energy, CVR Partners, corporate initiatives and other matters. Information that CVR Energy or CVR Partners post on their websites could be deemed material; therefore, CVR Energy and CVR Partners encourage investors, the media, their customers, business partners and others interested in CVR Energy and/or CVR Partners to review the information posted on their websites. View source version on businesswire.com: https://www.businesswire.com/news/home/20260622736918/en/ Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com Original: CVR Energy and CVR Partners Announce Leadership Changes

Nevada's Only Refinery Is Switching On -- Just as the West Loses the Capacity It Can't ReplaceJune 22, 2026 10:38 AM
PR Newswire (US) Issued on behalf of Sky Quarry Inc.After a period of repairs and balance-sheet work, Sky Quarry says it is entering its production phase — with crude already on-site, storage in place, and a strategic position in a fuel market the West keeps shrinkingUSA News Group News Commentary BOCA RATON, Fla., June 22, 2026 /PRNewswire/ -- The American refining map is shrinking, and the math behind that simple fact is becoming one of the more overlooked stories in energy. Across the Western United States, refineries have been closing or announcing closures, pulling meaningful capacity out of a market where demand for gasoline, diesel, and jet fuel has stayed stubbornly resilient. When supply contracts and demand does not, the assets that remain become more valuable — and harder to replace. Against that backdrop, a small Nevada-focused energy company says it is flipping the switch on an asset that sits squarely in the gap. On its latest update, Sky Quarry Inc. (NASDAQ: SKYQ) told shareholders it is entering the production phase at its Foreland Refinery — described as the only operating refinery in the State of Nevada — marking a transition the company has spent years working toward. Key TakeawaysEntering production: Sky Quarry says it is moving into the production phase at the Foreland Refinery near Ely, Nevada — the only operating refinery in the state — with refinery operations expected to commence in July.Inventory already in place: The company reports approximately 10,000 barrels of crude oil and in-process inventory on-site and moving through the refining process, which it frames as both operational readiness and an immediate working asset.Storage and readiness: Foreland has more than 100,000 barrels of total storage capacity, which the company expects to provide operational flexibility and describes as an important component of the refinery's long-term value.A scarce strategic position: Nevada is one of the most fuel-import-dependent states in the country, and the company argues Foreland's in-state refining capacity is increasingly valuable as Western refining capacity exits the market.From preparation to performance: Management frames this as an inflection point — shifting focus from repairing and funding the asset toward production, customer deliveries, operating margins, and cash flow — though it remains a micro-cap working through that transition.Why a Single Refinery Matters So MuchTo understand why Sky Quarry frames this moment as pivotal, you have to understand the unusual scarcity of what it owns. Refineries are extraordinarily difficult to build today: they require enormous capital, years of permitting, and the navigation of environmental and community opposition that has effectively halted new refinery construction in much of the United States. The practical consequence is that existing, permitted, operating refineries have become high-barrier infrastructure — assets that would be very difficult, and in many regions effectively impossible, to replicate. When one of them sits in a state that has none other, its strategic weight grows accordingly.That is the case Sky Quarry makes for Foreland. Nevada consumes substantial quantities of gasoline, diesel, and other refined products, yet has historically relied on fuel imported from neighboring regions — making it one of the most fuel-import-dependent states in the nation. A refinery physically located within Nevada occupies a distinctive position in that supply chain, able to serve in-state demand and the broader Intermountain West without the logistics and cost penalties of long-haul imports. As the company puts it, Foreland provides refining capacity directly within a market that otherwise depends on barrels trucked or piped in from outside.The Capacity Squeeze Working in Its FavorThe macro trend underpinning the story is the steady erosion of Western refining capacity. Several large refining facilities in California have either ceased operations or announced plans to do so, removing meaningful capacity from the Western market. Each closure tightens the regional supply-demand balance and, in the company's framing, reinforces the strategic importance of the refining assets that remain. It is a dynamic that does not depend on any single dramatic event; it is the cumulative, structural drift of a region losing the ability to make its own fuel even as it keeps consuming it.That backdrop is what gives a sub-scale asset like Foreland outsized relevance. The company describes a combination of attributes that, taken together, it considers increasingly difficult to replicate: refining infrastructure, substantial storage capacity, access to regional crude supply, operating permits, customer relationships, and a strategic location serving a fuel-deficient market. Individually, none of these is unique. Collectively, in a region where replacement refining capacity has become scarce, the company argues they form a genuinely defensible position. Foreland has operated for more than two decades, processing heavy crude sourced from Nevada and Utah into diesel, vacuum gas oil, naphtha, and liquid paving asphalt for Western markets.What "Entering Production" Actually Means HereThe substance of the update is a shift from preparation to operation. Sky Quarry says recent work has included repairs, upgrades, and enhancements across critical operating systems, including storage infrastructure that now gives the company more than 100,000 barrels of total storage capacity — capacity that provides operational flexibility and, the company argues, represents an important component of the refinery's long-term value. With that work in its final stages, management expects to commence refinery operations in July.Critically, the company says it is entering operations with inventory already in place — approximately 10,000 barrels of crude oil and in-process inventory on-site and moving through the refining process. Sky Quarry frames that inventory as both a sign of operational readiness and an immediate working asset as production begins, positioning the company to participate in the value-creation process of converting crude into refined products from the outset rather than starting from a standstill."As refinery operations commence, Sky Quarry's focus shifts toward production, customer deliveries, operating margins, and cash flow generation," said Marcus Laun, Interim Chief Executive Officer of Sky Quarry, describing what the company calls a fundamental transition in its corporate evolution. For much of its recent history, management's attention was centered on repairing infrastructure, securing working capital, and preparing Foreland for operations; as operations begin, the company says that focus turns to running the asset and generating cash flow — a materially different operating profile, in its telling, than it carried earlier in the year.The Economics: Margins, Not Just Oil PricesOne nuance worth understanding is how a refiner actually makes money. While headlines tend to fixate on the price of crude oil, a refinery's economics are driven primarily by refining margins — the spread between what it pays for crude feedstock and what it earns for the refined products it sells. Crude oil is the principal input, and in a healthy demand environment, lower feedstock costs can actually benefit a refiner rather than hurt it. Sky Quarry has emphasized that its focus is on operating efficiently, managing costs, and capturing attractive margins through disciplined execution, rather than betting on the direction of crude prices themselves. For investors more accustomed to thinking of energy companies as leveraged plays on oil, that distinction matters: a refiner can prosper in environments that pressure producers, and vice versa.The Names That Frame the Refining TradeSky Quarry is, by any measure, a micro-cap minnow in a sector dominated by far larger operators, but the broader independent-refining landscape helps frame both the economics it is entering and the scale of its established peers. Looking at a few of the most relevant public names illustrates the sector — and the gulf between a single-refinery developer and the industry's incumbents.HF Sinclair Corporation (NYSE: DINO) is arguably the most geographically on-point comparison. The integrated refiner operates facilities across the Rocky Mountain, Mid-Continent, Southwest, and Pacific Northwest regions — including refineries in Wyoming, Utah, and Washington — serving the very Intermountain West fuel markets that Foreland targets, and its Utah operations are configured to run the kind of regional waxy crude that the eastern-Utah basin around Sky Quarry's PR Spring resource is known for. As a large, established operator in Foreland's own backyard, HF Sinclair illustrates both the scale of the regional refining incumbents and the strategic value of refining capacity positioned to serve these inland markets.Par Pacific Holdings, Inc. (NYSE: PARR) offers perhaps the most apt comparison in spirit. Par Pacific has built a business around refineries in logistically isolated, niche Western markets such as Hawaii, Wyoming, and the Pacific Northwest — markets where local refining enjoys a natural advantage over distant imports, much as Sky Quarry argues Foreland does in Nevada. As a mid-cap that has rewarded investors handsomely while carrying the volatility inherent to refining, Par Pacific illustrates both the appeal and the risk of the regionally advantaged refining model.CVR Energy, Inc. (NYSE: CVI) is an independent petroleum refiner and marketer focused on the mid-continent region. CVR exemplifies the margin-driven nature of the refining business — its fortunes rise and fall with the spread between crude costs and refined-product prices — and serves as a reminder that even established refiners operate in a cyclical, margin-sensitive industry where execution and cost discipline determine outcomes.Calumet, Inc. (NASDAQ: CLMT) rounds out the group as one of the closest comparisons in profile, if not in product mix. A specialty-products refiner with facilities positioned from Louisiana to Montana, Calumet is among the smaller, more niche-focused names in the public refining universe — a reminder that not every refiner competes on commodity-fuel scale, and that specialized positioning and disciplined operations matter as much as size. Calumet illustrates the challenges and opportunities facing smaller refining operations, including the leverage and margin sensitivity that come with the territory. These companies are referenced to illustrate the sector and do not imply any partnership, endorsement, affiliation, or comparable financial performance; they are larger and more established multi-facility operators, while Sky Quarry is a micro-cap operating a single refinery and entering its production phase.The Risks Behind the StoryThe strategic logic is compelling, but the risks are substantial and deserve clear emphasis. Sky Quarry is a development-stage micro-cap, and the production phase it is entering follows a difficult stretch: the Foreland refinery experienced outages for boiler repairs that halted production and sharply reduced revenue, and the company has been working through the financial consequences. Management states that repairs are complete and operations are expected to commence in July, but a planned restart is not the same as sustained, profitable production, and ramp-up timelines can slip. The company's ability to procure feedstock, run reliably, and capture healthy margins all remain to be demonstrated at scale.Beyond operational execution, the company carries the ordinary risks of a small-cap energy operator: exposure to volatile refining margins and commodity prices, the need for continued access to capital, and a balance sheet that — while improved, by the company's account — reflects a business still establishing consistent cash generation. As a micro-cap, its shares can be volatile, and its development ambitions beyond the refinery depend on financing that is not assured. Investors should weigh the genuine strategic appeal of a scarce, in-state refining asset against the real and well-documented execution, financing, and commodity risks that accompany a company at this stage.The Bottom LineSky Quarry's update marks a genuine inflection point in its corporate story: the moment a company that has spent years repairing, funding, and preparing an asset says it is ready to actually run it. The value of the Foreland Refinery has historically been viewed through the lens of its potential; as operations commence and throughput builds, it will increasingly be judged on operational performance, cash-generating capability, and its strategic position within a Western fuel market that keeps losing the capacity it cannot easily replace. That is a meaningfully different way for the market to evaluate the company — and a higher bar.Whether Sky Quarry can convert a scarce, strategically located refining asset into sustained, profitable production remains to be proven, and the execution and financing risks facing any micro-cap at this stage are real. But the underlying question the company is built around — who will supply fuel to a region steadily losing the ability to make its own — is a genuinely important one. For investors tracking where the shrinking Western refining map creates value, the switching-on of Nevada's only refinery is a development worth following closely.CONTINUED … Learn more about Sky Quarry Inc. at: https://usanewsgroup.com/skyq-landing.SEE WHAT THE MARKET IS TALKING ABOUT BEFORE IT MOVESEagle Eye reads social, forum, and news chatter across thousands of investor conversations in real time — and surfaces the tickers the crowd is piling into, along with the sentiment and catalysts behind them.Explore Eagle Eye free (for now) at https://Eagle-Eye.dev.CONTACT:
World Street Intelligence
info@worldstreetintelligence.comSOURCES:[1] Sky Quarry Inc. — "Sky Quarry Enters Production Phase at Nevada's Only Refinery" / shareholder business update (June 2026; primary source for the production-phase transition, ~10,000 bbl on-site inventory, 100,000+ bbl storage, ~$4M liquidity, July operations commencement, CEO Marcus Laun quotes): https://skyquarry.com/investor-information/new-events/.
[2] Sky Quarry Inc. — "Sky Quarry's Nevada Refinery Gains Strategic Value as Brent Crude Surpasses $110 and West Coast Refining Capacity Shrinks" (ACCESS Newswire, April 2, 2026; Foreland ~5,000 bpd permitted capacity, products slate, California refinery closures, Nevada import dependence).
[3] Sky Quarry Inc. — corporate / SEC disclosure (NASDAQ: SKYQ; Foreland / Eagle Springs facility, Railroad Valley near Ely, NV; 1-for-8 reverse split March 2026; Q1 2026 boiler-repair outages and revenue impact; PR Spring, ECOSolv).
[4] U.S. Energy Information Administration — Western U.S. refining capacity, California refinery closures, and regional fuel supply dynamics (context for shrinking PADD 5 refining capacity and import dependence): https://www.eia.gov/petroleum/refinerycapacity/.
[5] Yahoo Finance / sector coverage — independent and downstream refining peer context (HF Sinclair DINO, Par Pacific PARR, CVR Energy CVI, Calumet CLMT; refining margins, Intermountain West and Western-market exposure).DISCLAIMER:USANewsGroup.com ("USA") is a wholly-owned subsidiary of Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"). This communication is for digital media distribution purposes only. MIQL has been paid a fee by Creative Direct Marketing Group ("CDMG") for digital media distribution and original content production related to Sky Quarry, Inc. on behalf of Sky Quarry, Inc. The owner/operator of MIQL does not currently own any shares of Sky Quarry, Inc. but reserves the right to buy and sell, and will buy and sell shares of Sky Quarry, Inc. at any time without any further notice commencing immediately and ongoing. The communications between MIQL and Sky Quarry, Inc. and the related compensation arrangements between MIQL, CDMG and Sky Quarry, Inc. have been reviewed and approved on behalf of Sky Quarry, Inc. by CDMG.This article was reviewed and approved on behalf of Sky Quarry, Inc. by CDMG, and also directly from the Sky Quarry Inc.Owners, employees, and agents of USA and MIQL are not registered broker-dealers or investment advisors. The information contained in this communication is not, and should not be construed as, investment advice, an offer to sell or a solicitation of an offer to buy any security. The information contained in this communication is current at the date of publication and is provided in good faith from sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Readers should conduct their own due diligence and consult with a registered broker-dealer or financial advisor before making any investment decision.This communication contains forward-looking statements within the meaning of applicable U.S. securities legislation. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: market and commodity price volatility; legal and regulatory risks; risks of being a small-capitalization company; the volatility of microcap and small-cap securities; risks associated with U.S. listing requirements; reliance on a single operating refinery; risks associated with operating in regulated U.S. energy markets; geopolitical risks; risks associated with development-stage assets; and risks of changes in U.S. federal and state energy policy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this communication.This article references Sky Quarry, Inc.'s Request for Proposals to engage partners in accelerating development of the PR Spring oil sands asset. Independent investors should understand that the RFP is a non-binding solicitation of interest. There is no guarantee that any partnership transaction, joint venture, or development financing will result from the RFP process, or that any specific commercial terms will be agreed. Estimated production costs ($35 per barrel) and incremental capital requirements ($4 to $5 million) are based on prior engineering and feasibility work and are subject to change. The PR Spring resource estimate (approximately 180 million barrels) is based on prior technical reports and does not constitute proved reserves.Comparable companies referenced in this article (Valero Energy, HF Sinclair, Par Pacific, and Delek US) are presented for context purposes only. Sky Quarry, Inc. is materially different from each of these comparables in terms of market capitalization, refining throughput, leverage, and operating scope. Past performance of any comparable does not guarantee future performance of Sky Quarry, Inc.By reading this communication, the reader acknowledges that they have read and understand this disclaimer and the risks identified herein. View original content to download multimedia:https://www.prnewswire.com/news-releases/nevadas-only-refinery-is-switching-on--just-as-the-west-loses-the-capacity-it-cant-replace-302806475.html Original: Nevada's Only Refinery Is Switching On -- Just as the West Loses the Capacity It Can't Replace

CVR Energy Reports First Quarter 2026 ResultsApril 29, 2026 4:26 PM
Business Wire

For first quarter 2026, net loss attributable to CVR Energy stockholders of $192 million including $158 million in unrealized derivative losses, which losses do not include locked in value from the sale of NYMEX crack spread swaps entered into during the quarter totaling $447 million expected to be realized through 2027



Adjusted EBITDA of $37 million



Declared cash dividend of 10 cents for the first quarter 2026



CVR Partners announced a first quarter 2026 cash distribution of $4.00 per common unit



CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its first quarter 2026 results including a net loss attributable to CVR Energy stockholders of $192 million, or $1.91 per diluted share, and an adjusted loss per diluted share of $1.24, compared to net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, and an adjusted loss per diluted share of 58 cents for the first quarter of 2025. Net loss for the first quarter of 2026 was $160 million compared to net loss of $105 million for the first quarter of 2025. First quarter 2026 losses do not include locked in value from the sale of NYMEX crack spread swaps during the quarter totaling $447 million expected to be realized through 2027. Adjusted EBITDA for the first quarter of 2026 was $37 million, compared to adjusted EBITDA of $24 million for the first quarter of 2025.


“CVR Energy’s first quarter operations were solid, with crude utilization of 97 percent and ammonia plant utilization of 103 percent,” said Mark Pytosh, CVR Energy’s Chief Executive Officer. “The major geopolitical events of the past few months have created significant volatility in energy and fertilizer markets. However, as a result of our expected locked in value of $447 million from the sale of NYMEX crack spread swaps we expect to realize through 2027, among other matters, we believe our assets are well-positioned to increase in value. We are therefore pleased to announce a first quarter cash dividend of 10 cents per share and while there can be no guarantees, we are hopeful to be able to raise the dividend in the future.


“CVR Partners posted strong operating results for the first quarter of 2026, and demand was robust for the spring planting season,” Pytosh said. “In addition to the solid operating results, CVR Partners was pleased to declare a first quarter distribution of $4.00 per common unit.”


Segment Highlights


Due to the reversion of the renewable diesel unit at the Wynnewood refinery back to hydrocarbon processing and based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer meets the requirements to be disclosed as a separate reportable segment. Effective beginning with the first quarter of 2026, all prior period Renewables activity is consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation.


Below are financial and operational highlights of each of the Company’s reportable segments:




 






Three Months Ended




March 31,








 






 






2026






 






 






 






2025






 








Petroleum Segment






 






 






 








Petroleum Segment net loss (in millions)






$






(193






)






 






$






(160






)








Petroleum Segment EBITDA* (in millions)






 






(139






)






 






 






(119






)








Petroleum Segment Adjusted EBITDA* (in millions)






 






(50






)






 






 






(30






)








 






 






 






 








Total throughput barrels per day






 






214,268






 






 






 






120,377






 








 






 






 






 








Refining margin* ($ per throughput barrel)






$






0.12






 






 






$






(0.42






)








Adjusted refining margin* ($ per throughput barrel)






 






4.72






 






 






 






7.72






 








Direct operating expenses* ($ per throughput barrel)






 






6.10






 






 






 






8.58






 








 






 






 






 








Nitrogen Fertilizer Segment






 






 






 








Nitrogen Fertilizer Segment net income (in millions)






$






50






 






 






$






27






 








Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA* (in millions)






 






78






 






 






 






53






 








 






 






 






 








Ammonia utilization rate (percent of capacity utilization)






 






103






%






 






 






101






%








 






 






 






 








Ammonia sales volumes (thousands of tons)






 






73






 






 






 






60






 








UAN sales volumes (thousands of tons)






 






310






 






 






 






336






 








 






 






 






 








Ammonia pricing at gate ($ per ton)






$






687






 






 






$






554






 








UAN pricing at gate ($ per ton)






 






343






 






 






 






256






 









____________________








* See “Non-GAAP Reconciliations” section below.







Corporate and Other


The Company reported an income tax benefit of $29 million, or 15.2 percent of loss before income taxes, for the three months ended March 31, 2026, compared to an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025. The change in income tax benefit was primarily due to an increase in overall pretax earnings. In addition, the change in the effective tax rate from the three months ended March 31, 2025 to the three months ended March 31, 2026 was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings.


Cash, Debt and Dividend


Consolidated cash and cash equivalents were $512 million at March 31, 2026. Consolidated total debt and finance lease obligations were $1.8 billion at March 31, 2026, including $570 million held by the Nitrogen Fertilizer Segment.


On February 12, 2026, CVR Energy completed the issuance of $600 million in aggregate principal amount of 7.500% Senior Notes due 2031 (the “2031 Notes”) and $400 million in aggregate principal amount of 7.875% Senior Notes due 2034 (the “2034 Notes”, and together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. The 2031 Notes will mature on February 15, 2031, unless earlier redeemed or purchased. The 2034 Notes will mature on February 15, 2034, unless earlier redeemed or purchased.


In February 2026, CVR Energy used the net proceeds from the Notes to redeem all of its outstanding 8.500% Senior Notes, due 2029 (the “2029 Notes”), $217 million aggregate principal amount of the outstanding 5.750% Senior Secured Notes, due 2028, and repay all of the aggregate principal balance of the senior secured term loan facility, plus accrued and unpaid interest. As a result of these transactions, the Company recognized a $32 million loss on extinguishment of debt in the first quarter of 2026, which consists of the call premium on the 2029 Notes and the write-off of unamortized deferred financing costs.


CVR Energy announced a first quarter 2026 cash dividend of 10 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on May 18, 2026, to stockholders of record as of May 11, 2026.


CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2026 cash distribution of $4.00 per common unit, which will be paid on May 18, 2026, to common unitholders of record as of May 11, 2026.


First Quarter 2026 Earnings Conference Call


CVR Energy previously announced that it will host its first quarter 2026 Earnings Conference Call on Thursday, April 30, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.


The first quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.


Forward-Looking Statements


This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard (“RFS”) and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof and any potential increase to future dividends; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; the realization of value from the sale of NYMEX crack spread swaps through 2026 or 2027 or at all; increase in value of our assets; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay or increase cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; the risk that we will not old our NYMEX crack spread swaps through expiration and settlement or will otherwise fail to realize the benefits related to such arrangements; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.


About CVR Energy, Inc.


Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.


Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.


Non-GAAP Measures


Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.


The following are non-GAAP measures we present for the periods ended March 31, 2026 and 2025:


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


Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.


Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.


Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash 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.


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


Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our 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.


Adjusted EBITDA, Petroleum Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, and Nitrogen Fertilizer 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 Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash 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.


Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.


We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.


Factors Affecting Comparability of Our Financial Results


Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.


Petroleum Segment


Major Scheduled Turnaround Activities - Total capitalized turnaround expenditures as part of planned turnarounds were less than $1 million and $166 million during the three months ended March 31, 2026 and 2025, respectively.




 




CVR Energy, Inc.




(all information in this release is unaudited)




 




Consolidated Statement of Operations Data








 






Three Months Ended




March 31,








(in millions, except per share data)






 






2026






 






 






 






2025






 








Net sales






$






1,980






 






 






$






1,646






 








Operating costs and expenses:






 






 






 








Cost of materials and other






 






1,825






 






 






 






1,517






 








Direct operating expenses (exclusive of depreciation and amortization)






 






181






 






 






 






154






 








Depreciation and amortization






 






77






 






 






 






66






 








Cost of sales






 






2,083






 






 






 






1,737






 








Selling, general and administrative expenses (exclusive of depreciation and amortization)






 






39






 






 






 






37






 








Depreciation and amortization






 






2






 






 






 






2






 








Other operating expenses, net






 






1






 






 






 






1






 








Operating loss






 






(145






)






 






 






(131






)








Other (expense) income:






 






 






 








Interest expense, net






 






(58






)






 






 






(25






)








Other income, net






 






14






 






 






 






2






 








Loss before income taxes






 






(189






)






 






 






(154






)








Income tax benefit






 






(29






)






 






 






(49






)








Net loss






 






(160






)






 






 






(105






)








Less: Net income attributable to noncontrolling interest






 






32






 






 






 






18






 








Net loss attributable to CVR Energy stockholders






$






(192






)






 






$






(123






)








 






 






 






 








Basic and diluted loss per share






$






(1.91






)






 






$






(1.22






)








 






 






 






 








Adjusted loss per share *






$






(1.24






)






 






$






(0.58






)








EBITDA *






 






(52






)






 






 






(61






)








Adjusted EBITDA *






 






37






 






 






 






24






 








 






 






 






 








Weighted-average common shares outstanding - basic and diluted






 






100.5






 






 






 






100.5






 









____________________







* See “Non-GAAP Reconciliations” section below.




 




Selected Consolidated Balance Sheet Data








(in millions)






March 31, 2026






 






December 31, 2025








Cash and cash equivalents






$






512







 






$






511









Working capital (inclusive of cash and cash equivalents)






 






445






 






 






 






561






 








Total assets






 






3,861






 






 






 






3,706






 








Total debt and finance lease obligations, including current portion






 






1,784






 






 






 






1,765






 








Total liabilities






 






3,126






 






 






 






2,808






 








Total CVR stockholders’ equity






 






538






 






 






 






730






 









 




Selected Consolidated Cash Flow Data








 






Three Months Ended




March 31,








(in millions)






 






2026






 






 






 






2025






 








Net cash provided by (used in):






 






 






 








Operating activities






$






64






 






 






$






(195






)








Investing activities






 






(43






)






 






 






(82






)








Financing activities






 






(20






)






 






 






(15






)








Net increase (decrease) in cash, cash equivalents, and restricted cash






$






1






 






 






$






(292






)








 






 






 






 








Free cash flow *






$






21






 






 






$






(285






)









____________________








* See “Non-GAAP Reconciliations” section below.









 




Selected Segment Data








 






Three Months Ended March 31,








 






2026






 






2025








(in millions)






Petroleum






 






Nitrogen




Fertilizer






 






Consolidated






 






Petroleum






 






Nitrogen




Fertilizer






 






Consolidated








Net sales






$






1,803






 






 






$






180







 






$






1,980






 






 






$






1,477






 






 






$






143







 






$






1,646






 








Operating (loss) income






 






(193






)






 






 






58






 






 






 






(145






)






 






 






(161






)






 






 






35






 






 






 






(131






)








Net (loss) income






 






(193






)






 






 






50






 






 






 






(160






)






 






 






(160






)






 






 






27






 






 






 






(105






)








EBITDA *






 






(139






)






 






 






78






 






 






 






(52






)






 






 






(119






)






 






 






53






 






 






 






(61






)








 






 






 






 






 






 






 






 






 






 






 






 








Capital expenditures (1)






 






 






 






 






 






 






 






 






 






 






 








Maintenance






$






19






 






 






$






8






 






 






$






28






 






 






$






41






 






 






$






4






 






 






$






45






 








Growth






 






10






 






 






 






6






 






 






 






16






 






 






 






8






 






 






 






2






 






 






 






10






 








Total capital expenditures






$






29






 






 






$






14






 






 






$






44






 






 






$






49






 






 






$






6






 






 






$






55






 









____________________








*






See “Non-GAAP Reconciliations” section below.








(1)






Capital expenditures are shown exclusive of capitalized turnaround expenditures.









 






March 31, 2026






 






December 31, 2025








(in millions)






Petroleum






 






Nitrogen




Fertilizer






 






Consolidated






 






Petroleum






 






Nitrogen




Fertilizer






 






Consolidated








Cash and cash equivalents (1)






$






265







 






$






128







 






$






512







 






$






253







 






$






69







 






$






511









Total assets






 






3,111






 






 






 






1,018






 






 






 






3,861






 






 






 






2,987






 






 






 






969






 






 






 






3,706






 








Total debt and finance lease obligations, including current portion (2)






 






40






 






 






 






570






 






 






 






1,784






 






 






 






195






 






 






 






570






 






 






 






1,765






 








____________________



(1)






Corporate cash and cash equivalents consisted of $115 million and $180 million at March 31, 2026 and December 31, 2025, respectively.








(2)






Corporate total debt and finance lease obligations, including current portion consisted of $1.2 billion and $1.0 billion at March 31, 2026 and December 31, 2025, respectively.









 




Petroleum Segment




 




Refining Throughput and Production Data by Refinery








Throughput Data






Three Months Ended




March 31,








(in bpd)






2026






 






2025








Coffeyville






 






 






 








Gathered crude






50,723







 






26,728









Other domestic






62,045






 






 






12,348






 








Canadian






17,384






 






 






640






 








Other feedstocks and blendstocks






11,243






 






 






6,330






 








Wynnewood






 






 






 








Gathered crude






58,154






 






 






68,572






 








Other domestic






11,556






 






 






573






 








Other feedstocks and blendstocks






3,163






 






 






5,186






 








Total throughput






214,268






 






 






120,377






 









Production Data






Three Months Ended




March 31,








(in bpd)






2026






 






2025








Coffeyville






 






 






 








Gasoline






74,789






 






 






18,940






 








Distillate






57,138






 






 






20,233






 








Other liquid products






4,439






 






 






6,324






 








Solids






5,981






 






 






1,321






 








Wynnewood






 






 






 








Gasoline






36,699






 






 






39,740






 








Distillate






30,343






 






 






24,948






 








Other liquid products






2,413






 






 






5,058






 








Solids






10






 






 






11






 








Total production






211,812






 






 






116,575






 








 






 






 






 








Crude utilization (1)






96.8






%






 






52.7






%








Distillate yield (as % of crude throughput) (2)






43.8






%






 






41.5






%








Light product yield (as % of crude throughput) (3)






99.6






%






 






95.4






%








Liquid volume yield (as % of total throughput) (4)






96.1






%






 






95.7






%








____________________



(1)






Total Gathered crude, Other domestic, and Canadian throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.








(2)






Total Distillate divided by Total Crude Throughput.








(3)






Total Gasoline and Distillate divided by Total Crude Throughput.








(4)






Total Gasoline, Distillate, and Other liquid products divided by total throughput.









 




Key Market Indicators








 






Three Months Ended




March 31,








(dollars per barrel)






 






2026






 






 






 






2025






 








West Texas Intermediate (WTI) NYMEX






$






72.67






 






 






$






71.42






 








Crude Oil Differentials to WTI:






 






 






 








Brent






 






5.70






 






 






 






3.56






 








WCS (heavy sour)






 






(13.91






)






 






 






(12.45






)








Midland Cushing






 






1.09






 






 






 






1.10






 








NYMEX Crack Spreads:






 






 






 








Gasoline






 






22.52






 






 






 






16.83






 








Heating Oil






 






51.16






 






 






 






28.46






 








NYMEX 2-1-1 Crack Spread






 






36.84






 






 






 






22.64






 








PADD II Group 3 Product Basis:






 






 






 








Gasoline






 






(13.66






)






 






 






(2.81






)








Ultra-Low Sulfur Diesel






 






(16.86






)






 






 






(7.19






)








PADD II Group 3 Product Crack Spread:






 






 






 








Gasoline






 






8.86






 






 






 






14.02






 








Ultra-Low Sulfur Diesel






 






34.30






 






 






 






21.27






 








PADD II Group 3 2-1-1






 






21.58






 






 






 






17.65






 









 




Nitrogen Fertilizer Segment




 




Production Data








 






Three Months Ended




March 31,








 






 






2026






 






 






 






2025






 








Consolidated production volume (thousands of tons):






 






 






 








Ammonia (gross produced) (1)






 






220







 






 






216









Ammonia (net available for sale) (1)






 






70






 






 






 






64






 








UAN






 






335






 






 






 






348






 








 






 






 






 








Feedstock:






 






 






 








Petroleum coke used in production (thousands of tons)






 






138






 






 






 






131






 








Petroleum coke used in production (dollars per ton)






$






33.94






 






 






$






42.43






 








Natural gas used in production (thousands of MMBtus) (2)






 






2,115






 






 






 






2,159






 








Natural gas used in production (dollars per MMBtu) (2)






$






5.40






 






 






$






4.62






 








____________________



(1)






Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.








(2)






The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.









 




Key Market Indicators








 






Three Months Ended




March 31,








 






 






2026






 






 






 






2025






 








Ammonia — Southern plains (dollars per ton)






$






729







 






$






562









Ammonia — Corn belt (dollars per ton)






 






771






 






 






 






618






 








UAN — Corn belt (dollars per ton)






 






410






 






 






 






324






 








 






 






 






 








Natural gas NYMEX (dollars per MMBtu)






$






4.74






 






 






$






3.87






 









 




Q2 2026 Outlook




 




The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2026. See “Forward-Looking Statements” above.




 








 






Q2 2026








 






Low






 






High








Petroleum Segment






 






 






 








Total throughput (bpd)






 






200,000






 






 






 






215,000






 








Crude utilization (1)






 






92






%






 






 






99






%








Direct operating expenses (in millions) (2)






$






110






 






 






$






120






 








 






 






 






 








Nitrogen Fertilizer Segment






 






 






 








Ammonia utilization rate






 






95






%






 






 






100






%








Direct operating expenses (in millions) (2)






$






57






 






 






$






62






 








 






 






 






 








Capital Expenditures (in millions) (3)






 






 






 








Petroleum Segment






$






35






 






 






$






40






 








Nitrogen Fertilizer Segment






 






28






 






 






 






32






 








Other






 






2






 






 






 






5






 








Total capital expenditures






$






65






 






 






$






77






 








____________________



(1)






Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.








(2)






Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.








(3)






Turnaround and capital expenditures are disclosed on an accrual basis.









 




Non-GAAP Reconciliations




 




Reconciliation of Net Loss to EBITDA and Adjusted EBITDA








 






Three Months Ended




March 31,








(in millions)






 






2026






 






 






 






2025






 








Net loss






$






(160






)






 






$






(105






)








Interest expense, net






 






58






 






 






 






25






 








Income tax benefit






 






(29






)






 






 






(49






)








Depreciation and amortization






 






79






 






 






 






68






 








EBITDA






 






(52






)






 






 






(61






)








Adjustments:






 






 






 








Changes in RFS obligation, unfavorable






 






51






 






 






 






112






 








Unrealized loss (gain) on derivatives, net






 






158






 






 






 






(3






)








Inventory valuation impacts, favorable






 






(120






)






 






 






(24






)








Adjusted EBITDA






$






37






 






 






$






24






 









 




Reconciliation of Basic and Diluted Loss per Share to Adjusted Loss per Share








 






Three Months Ended




March 31,








 






 






2026






 






 






 






2025






 








Basic and diluted loss per share






$






(1.91






)






 






$






(1.22






)








Adjustments: (1)






 






 






 








Changes in RFS obligation, unfavorable






 






0.38






 






 






 






0.84






 








Unrealized loss (gain) on derivatives, net






 






1.19






 






 






 






(0.03






)








Inventory valuation impacts, favorable






 






(0.90






)






 






 






(0.17






)








Adjusted loss per share






$






(1.24






)






 






$






(0.58






)








____________________



(1)






Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.









 




Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow








 






Three Months Ended




March 31,








(in millions)






 






2026






 






 






 






2025






 








Net cash provided by (used in) operating activities






$






64






 






 






$






(195






)








Less:






 






 






 








Capital expenditures






 






(47






)






 






 






(51






)








Capitalized turnaround expenditures






 






—






 






 






 






(43






)








Return of equity method investment






 






4






 






 






 






4






 








Free cash flow






$






21






 






 






$






(285






)









 




Reconciliation of Petroleum Segment Net Loss to EBITDA and Adjusted EBITDA








 






Three Months Ended




March 31,








(in millions)






 






2026






 






 






 






2025






 








Petroleum net loss






$






(193






)






 






$






(160






)








Interest expense, net






 






2






 






 






 






—






 








Depreciation and amortization






 






52






 






 






 






41






 








Petroleum EBITDA






 






(139






)






 






 






(119






)








Adjustments:






 






 






 








Changes in RFS obligation, unfavorable






 






51






 






 






 






112






 








Unrealized loss (gain) on derivatives, net






 






158






 






 






 






(3






)








Inventory valuation impacts, favorable (1)






 






(120






)






 






 






(20






)








Petroleum Adjusted EBITDA






$






(50






)






 






$






(30






)









 




Reconciliation of Petroleum Segment Gross Loss to Refining Margin and Adjusted Refining Margin








 






Three Months Ended




March 31,








(in millions)






 






2026






 






 






 






2025






 








Net sales






$






1,803






 






 






$






1,477






 








Less:






 






 






 








Cost of materials and other






 






(1,801






)






 






 






(1,482






)








Direct operating expenses (exclusive of depreciation and amortization)






 






(118






)






 






 






(93






)








Depreciation and amortization






 






(52






)






 






 






(41






)








Gross loss






 






(168






)






 






 






(139






)








Add:






 






 






 








Direct operating expenses (exclusive of depreciation and amortization)






 






118






 






 






 






93






 








Depreciation and amortization






 






52






 






 






 






41






 








Refining margin






 






2






 






 






 






(5






)








Adjustments:






 






 






 








Changes in RFS obligation, unfavorable






 






51






 






 






 






112






 








Unrealized loss (gain) on derivatives, net






 






158






 






 






 






(3






)








Inventory valuation impacts, favorable (2)






 






(120






)






 






 






(20






)








Adjusted refining margin






$






91






 






 






$






84






 








 






 






 






 








Total throughput barrels per day






 






214,268






 






 






 






120,377






 








Days in the period






 






90






 






 






 






90






 








Total throughput barrels






 






19,284,129






 






 






 






10,833,969






 








 






 






 






 








Refining margin per total throughput barrel






$






0.12






 






 






$






(0.42






)








Adjusted refining margin per total throughput barrel






 






4.72






 






 






 






7.72






 








Direct operating expenses per total throughput barrel






 






6.10






 






 






 






8.58






 








____________________



(1)






The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.









 




Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA








 






Three Months Ended




March 31,








(in millions)






 






2026






 






 






 






2025






 








Nitrogen Fertilizer net income






$






50






)






 






$






27






)








Interest expense, net






 






8






 






 






 






8






 








Depreciation and amortization






 






20






 






 






 






18






 








Nitrogen Fertilizer EBITDA and Adjusted EBITDA






$






78






 






 






$






53






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429461768/en/
Investor Relations

Richard Roberts

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Original: CVR Energy Reports First Quarter 2026 Results