CVR Energy (CVI) Investor presentation summary

Strategic priorities and company overview

• Focus on safe, reliable operations and disciplined capital allocation to support growth and margin improvement.

• Operates two Mid-Continent refineries with a combined crude oil capacity of 206,500 bpd and high complexity ratings.

• Owns two nitrogen fertilizer facilities serving the Southern Plains and Corn Belt, with diversified feedstock exposure.

• Maintains strong logistics and pipeline access for both petroleum and fertilizer segments.

Petroleum segment performance and environment

• Five-year average refinery utilization rate of 90%, with over 50% of crude sourced locally and increased Canadian crude processed.

• High product yields: 97% liquid volume and 92% gasoline/distillate yield.

• Favorable refining macro driven by reduced domestic supply, stable demand, and supportive crack spreads, especially for diesel and jet fuel.

• Group 3 2-1-1 crack spreads averaged $33.34/bbl in 1H 2026, but margin capture declined due to higher RIN prices and derivative losses.

• Ongoing efforts to optimize crude slates, product marketing, and pursue Small Refinery Exemptions to improve margin capture.

Capital allocation and expenditures

• Prioritizes sustaining capital investments and debt reduction to maintain a strong balance sheet.

• 2026 petroleum segment capex estimated at $119–$130MM, with $79–$87MM for maintenance and $40–$43MM for growth, including the Wynnewood Alky Project.

• No major turnarounds planned for 2026; turnaround spending focused on planning for future cycles.

• Nitrogen fertilizer segment 2026 capex budgeted at $85–$95MM, with growth projects targeting margin improvement and debottlenecking.