Cvr Energy Inc (NYSE: CVI)

CVR Energy, Inc. is a diversified holding company formed in September 2006 and headquartered in the United States. The company conducts its core operations through three reportable business segments: petroleum refining and marketing, renewable fuels processing, and nitrogen fertilizer manufacturing. Its petroleum activities involve refining crude oil into transportation fuels and managing associated gathering and logistics assets. The renewable fuels segment focuses on converting vegetable oils into renewable diesel. The nitrogen fertilizer segment produces ammonia and urea ammonium nitrate for agricultural customers using pet coke and natural gas as feedstocks.

The company generates revenue primarily from the sale of refined petroleum products such as gasoline, diesel, jet fuel and distillates produced at its Coffeyville and Wynnewood refineries. Additional petroleum revenue comes from crude oil gathering and logistics services, as well as from the sale of hydrogen and by products such as pet coke to affiliated entities. Renewable fuels revenue is derived from the production and marketing of renewable diesel at the Wynnewood Renewable Facility, with a portion of the output consumed internally by the petroleum segment to meet renewable fuel standard obligations. Nitrogen fertilizer revenue stems from the sale of ammonia and urea ammonium nitrate manufactured at the Coffeyville Fertilizer Facility and the East Dubuque Fertilizer Facility, with pricing influenced by global nitrogen markets, feedstock costs and agricultural demand cycles.

The company operates through the following three segments:.

• Petroleum Segment: This segment refines and markets high value transportation fuels, including gasoline, diesel, jet fuel and distillates, and also manages crude oil gathering and logistics assets that support refinery operations. The segment operates two refineries: the Coffeyville Refinery in Kansas with a nameplate capacity of 132,000 barrels per day and the Wynnewood Refinery in Oklahoma with a nameplate capacity of 74,500 barrels per day. It also maintains an extensive pipeline network and trucking fleet to gather crude oil from regional sources and to deliver refined products to customers in the midcontinent area.

• Renewables Segment: This segment processes renewable feedstocks such as soybean oil, corn oil and other vegetable oils into renewable diesel and markets the resulting renewable fuel products. The segment’s primary facility is the Wynnewood Renewable Facility, which before its December 2025 reversion to hydrocarbon processing had a nameplate capacity of approximately 80 million gallons of renewable diesel per year. Renewable diesel production generates federal renewable identification numbers and low carbon fuel standard credits that can be sold to third parties or used internally for compliance.

• Nitrogen Fertilizer Segment: This segment produces and distributes nitrogen fertilizer products, primarily ammonia and urea ammonium nitrate, for the farming industry using pet coke gasification at the Coffeyville facility and natural gas at the East Dubuque facility. The Coffeyville Fertilizer Facility includes a gasifier complex capable of producing 89 million standard cubic feet of hydrogen per day, a 1,300 ton per day ammonia unit and a 3,100 ton per day urea ammonium nitrate unit. The East Dubuque Fertilizer Facility features a 1,075 ton per day ammonia unit and a 950 ton per day urea ammonium nitrate unit, with flexibility to adjust product mix based on market conditions.

In the petroleum refining industry, CVR Energy competes on the basis of price, supply reliability, product grade variety and geographic positioning relative to crude oil sources. Its primary competitors in the midcontinent region include CHS Inc.’s McPherson Refinery, HF Sinclair Corporation’s El Dorado and Tulsa Refineries, Phillips 66 Company’s Ponca Refinery and Valero Energy Corporation’s Ardmore Refinery. The company also competes with trading companies and other refineries outside the region that access the market through pipeline systems linking to the Gulf Coast, Great Lakes and Texas panhandle. Competitive advantages stem from its proximate location to domestic crude supplies, which reduces transportation costs, and from refinery complexities that enable processing of a wide range of crude grades.

The company serves a diverse customer base that includes retailers, railroads, farm cooperatives and other refiners for its petroleum products, with its top petroleum customer accounting for approximately 12% of segment net sales in 2025. For nitrogen fertilizer, customers are principally agricultural and industrial users, with the top two customers together representing roughly 28% of net sales in 2025. Renewable diesel is sold mainly under third party offtake agreements, with any excess volume consumed by the petroleum segment to satisfy renewable fuel standard obligations. No specific customer names are disclosed in the filing.