CVR Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income attributable to CVR Energy stockholders of $570 million ($5.67 per diluted share) for the third quarter of 2026, compared to $374 million ($3.72 per diluted share) in the same period in 2025.
• Adjusted earnings per diluted share were $4.00 for Q3 2026, compared to $0.40 in Q3 2025.
• Consolidated net income was $563 million for Q3 2026, up from $401 million in Q3 2025.
• Adjusted EBITDA reached $582 million for Q3 2026, a significant increase from $180 million in Q3 2025.
• Consolidated net sales were $3,281 million for Q3 2026, compared to $1,944 million in Q3 2025.
• Free cash flow for Q3 2026 was $593 million, compared to $121 million in Q3 2025.
• Consolidated cash and cash equivalents were $1.3 billion at September 30, 2026, compared to $511 million at December 31, 2025.
• Consolidated total debt and finance lease obligations were $1.8 billion at September 30, 2026, compared to $1.8 billion at December 31, 2025.
• Income tax expense was $141 million (20.0% of income before taxes) for Q3 2026, compared to $88 million (17.9%) in Q3 2025.

Guidance and Future Outlook:

• Provided Q4 2026 guidance for Petroleum Segment total throughput between 210,000 and 225,000 barrels per day.
• Q4 2026 guidance for Petroleum Segment crude utilization is between 95% and 100%.
• Q4 2026 guidance for Petroleum Segment direct operating expenses is between $115 million and $125 million.
• Q4 2026 guidance for Nitrogen Fertilizer Segment ammonia utilization rate is between 88% and 93%.
• Q4 2026 guidance for Nitrogen Fertilizer Segment direct operating expenses is between $58 million and $63 million.
• Q4 2026 guidance for total capital expenditures is between $75 million and $95 million.
• Management expressed optimism about the near-term outlook and aims to close the acquisition of Marathon Petroleum assets by the end of 2026.

Business Segments and Product Lines:

• Petroleum Segment:
  • Reported net income of $746 million for Q3 2026, compared to $520 million in Q3 2025.
  • Petroleum EBITDA was $787 million for Q3 2026, compared to $572 million in Q3 2025.
  • Petroleum Adjusted EBITDA was $565 million for Q3 2026, compared to $120 million in Q3 2025.
  • Total throughput averaged 227,637 barrels per day in Q3 2026, up from 215,968 barrels per day in Q3 2025.
  • Refining margin was $45.56 per throughput barrel in Q3 2026, compared to $35.65 in Q3 2025.
  • Adjusted refining margin was $34.97 per throughput barrel in Q3 2026, compared to $12.87 in Q3 2025.
  • Direct operating expenses were $6.15 per throughput barrel in Q3 2026, compared to $5.69 in Q3 2025.
• Nitrogen Fertilizer Segment:
  • Reported a net loss of $11 million for Q3 2026, compared to net income of $43 million in Q3 2025.
  • EBITDA and Adjusted EBITDA were $20 million for Q3 2026, compared to $71 million in Q3 2025.
  • Ammonia utilization rate was 80% in Q3 2026, compared to 95% in Q3 2025.
  • Ammonia sales volumes were 36,000 tons in Q3 2026, compared to 48,000 tons in Q3 2025.
  • UAN sales volumes were 327,000 tons in Q3 2026, compared to 328,000 tons in Q3 2025.
  • Ammonia pricing at gate was $637 per ton in Q3 2026, compared to $531 in Q3 2025.
  • UAN pricing at gate was $309 per ton in Q3 2026, compared to $348 in Q3 2025.
  • CVR Partners declared a third quarter 2026 cash distribution of $1.79 per common unit.

Market and Competitive Landscape:

• Record crack spreads drove strong results in the Petroleum segment.
• West Texas Intermediate (WTI) NYMEX averaged $85.68 per barrel in Q3 2026, compared to $64.90 in Q3 2025.
• NYMEX 2-1-1 Crack Spread averaged $73.43 in Q3 2026, compared to $28.24 in Q3 2025.
• PADD II Group 3 2-1-1 Crack Spread averaged $68.50 in Q3 2026, compared to $25.94 in Q3 2025.
• Ammonia prices in the Southern Plains averaged $690 per ton in Q3 2026, compared to $618 in Q3 2025.
• Natural gas NYMEX averaged $2.87 per MMBtu in Q3 2026, compared to $3.03 in Q3 2025.

Risks and Challenges:

• CVR Partners' Q3 2026 results were impacted by a planned turnaround at its East Dubuque facility, which was completed in mid-October.
• Turnaround expenses were $27 million for the Nitrogen Fertilizer Segment in Q3 2026, compared to $1 million in Q3 2025.
• Capitalized turnaround expenditures were $4 million for the Petroleum Segment in Q3 2026, compared to $165 million in Q3 2025.
• The company faces risks related to RFS compliance, though a full waiver was granted for the 2025 compliance period.

Management Commentary and Tone:

• CEO Dane Neumann described the quarter's results as the "best quarterly results in the Company's history on both a consolidated basis and in the Petroleum segment."
• Management expressed excitement regarding the definitive agreement to acquire Marathon Petroleum's St. Paul Park and Mandan refineries and related marketing business.
• Neumann noted strong operations across the system and record crack spreads as key drivers of performance.
• Management remains optimistic about the near-term outlook while working to close the transformative transaction with Marathon Petroleum.

Other Key Points:

• Announced a definitive agreement to acquire Marathon Petroleum Corporation's St. Paul Park and Mandan refineries and related marketing business.
• Removed a $253 million liability from the balance sheet following the EPA's August 2026 decision granting a full waiver for Wynnewood Refining Company, LLC for the 2025 compliance period.
• Declared a cash dividend of 10 cents per share for the third quarter of 2026, payable on November 23, 2026, to stockholders of record as of November 16, 2026.
• CVR Partners declared a cash distribution of $1.79 per common unit for the third quarter of 2026, payable on November 23, 2026, to unitholders of record as of November 16, 2026.
• The company hosted its third quarter 2026 Earnings Conference Call on November 3, 2026.