CVR Energy (CVI) Investor presentation summary

Transaction overview

• Proposed $4.2bn purchase of the St. Paul Park and Mandan assets from MPC; closing targeted before year-end 2026.

• Pro forma refining capacity of 384 mbpd, an ~86% increase; four refineries would make the platform the 4th-largest refiner in PADD II and 6th-largest independent U.S. refiner.

• Expanded geographic reach across northern PADD II, with access to up to 590 branded locations in MN, ND, WI, SD and IA.

Asset and operating profile

• St. Paul Park has 105 mbpd capacity and Mandan 72 mbpd; combined average utilization was 98% in 2023–2025.

• Target adjusted EBITDA averaged $8.27/bbl in 2024–2025, versus $5.78/bbl for MPC Mid-Con assets.

• Integrated wholesale marketing is expected to add ~$4.5/bbl in margin uplift, based on 2024–2025 estimates.

• The refineries provide access to Canadian and Bakken crude, pipeline and barge logistics, and diversified branded, unbranded and commercial product channels.

Earnings and valuation

• Pro forma LTM Q3’26 EBITDA is ~$1.9bn, excluding synergies; target LTM EBITDA is $1.158bn after turnaround-accounting adjustments.

• Indicative target EBITDA scenarios are ~$800mm at the 10-year historical crack spread, ~$990mm at the 5-year average and ~$1.3bn at the 2027 forward strip.

• Stated valuation is ~3.5x LTM EBITDA and ~3.2x 2027 forward-strip EBITDA; the LTM figure includes a St. Paul Park turnaround and refined-product inventory build.

• The presentation cites a mid-cycle EBITDA multiple below 5.5x and an indicative 4.2x multiple using 10-year historical assumptions.