CVR Energy (CVI) Investor presentation summary

Strategic priorities and company overview

• Focus on safe, reliable operations and disciplined capital allocation across petroleum refining and fertilizer manufacturing segments.

• Two Mid-Continent refineries with 206,500 bpd capacity and high complexity, plus two nitrogen fertilizer facilities serving key agricultural regions.

• Logistics assets and pipeline access provide crude sourcing flexibility and product marketing optionality.

• High product yields: 98% liquid volume yield and 93% gasoline/distillate yield.

• Owns 37% of CVR Partners, LP, which operates the fertilizer segment.

Petroleum segment performance and outlook

• Five-year average refinery utilization rate of 90%, with 1Q and 2Q 2025 impacted by a major turnaround.

• Over 60% of crude sourced locally; increased Canadian crude processed at Coffeyville to over 17,000 bpd in 1Q 2026.

• Product slate: 52% gasoline, 41% distillate, 5% other liquids.

• New refined product pipeline capacity to Denver expected online in late 2026.

• Group 3 2-1-1 crack spreads improved in 2026; margin capture averaged 46% in FY 2025, down from 48% in FY 2024 due to turnaround and higher RINs prices.

Macro environment and market trends

• U.S. refining capacity declined by over 800,000 bpd since 2020; further closures expected in 2026.

• Global refining capacity additions slowing, supporting crack spreads amid stable demand.

• Middle East conflicts have tightened global crude and refined product stocks, boosting diesel and jet fuel cracks.

• Mid-Continent gasoline and distillate days of supply trending better than U.S. average in 2026.