CVR ENERGY INC Q3 FY2025 earnings call

• Refining: Third quarter results included $488M benefit from SREs. Both refineries ran at full rates with no turnarounds planned in 2025/2026. EPA ruled on SRE petitions, reducing RFS obligation. Group III cracks and RIN prices up. - Renewables: Decided to revert renewable diesel unit to hydrocarbon processing in December due to lack of profitability. Processed ~19M gallons of vegetable oil feedstock with negative margin. - Fertilizer: Strong pricing due to tight supplies, harvest nearing completion, tight inventories support prices.

Petroleum Segment: Third quarter 2025 combined total throughput was approximately 216,000 barrels per day with crude processing utilization of 97% and light product yield of 97%. Group III benchmark cracks averaged $25.97 per barrel for the quarter compared to $19.40 per barrel last year. RIN prices averaged approximately $6.33 a barrel. Processed ~19 million gallons of vegetable oil feedstock at renewable diesel unit with gross margin negative ~$0.01 per gallon. Fertilizer Segment: Ammonia utilization rate was 95% for the quarter. Nitrogen fertilizer prices were higher. Renewables Segment: Adjusted EBITDA was a loss of $7 million for the third quarter, a decline from prior year's $8 million. Driven by HOB spread decline, loss of blenders tax credit, and soybean price increase.

• Petroleum segment Q4 2025: Estimated throughput ~200,000-215,000 bbl/day, direct operating expenses $105M-$115M, capital spending $20M-$25M. - Fertilizer segment Q4: Ammonia utilization 80%-85%, direct operating expenses $58M-$63M, capital spending $30M-$35M, turnaround expense $15M-$20M. - Renewables segment Q4: Estimated throughput ~10M-15M gallons, direct operating expenses $8M-$10M, capital spending $1M-$3M. - Full year 2025: Estimated total consolidated capital spending ~$180M-$200M, capitalized turnaround spending ~$190M.

• Renewable diesel profitability tied to government mandates/subsidies, which are not supportive currently. - Uncertainty around future SRE rulings affecting RFS obligations. - Dependence on refining market conditions and geopolitical factors.

Q: Wishing Dave well in retirement and asked about new product pipelines and commitments?

A: Haven't studied details yet, but Mid-Con benefit, no decision made on line space.

Q: Asked about renewable diesel conversion and PTU maintenance?

A: Easy conversion (catalyst change), PTU mothballed for future restart.

Q: Asked about $100M RIN obligation strategy?

A: Monitoring December and March deadlines, planning to buy RINs.

Q: Asked about dividend restart timeline?

A: Difficult to predict, depends on debt reduction and crack levels.