CVR Energy Inc
F:FL9
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CVR Energy Inc
F:FL9
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CVR Energy Inc
CVR Energy is a holding company with two main businesses: oil refining and nitrogen fertilizer. Through its refining units, it turns crude oil into gasoline, diesel, jet fuel, and other petroleum products, then sells those products mostly into the Midcontinent market. Through its fertilizer stake, it helps make ammonia and other nitrogen products used by farmers to grow crops. The company makes money by selling refined fuels to fuel wholesalers, marketers, and other customers that need transportation and industrial products, and by selling fertilizer products to agricultural customers and distributors. Its refining business sits in the middle of the oil supply chain, buying crude oil and selling finished fuels. Its fertilizer business sits in the farm input chain, turning natural gas and other feedstocks into products that are essential for crop production. What makes CVR Energy different is that it combines two businesses tied to basic needs: transportation energy and agriculture. Refining earnings tend to depend on the spread between crude oil costs and fuel prices, while fertilizer earnings depend on crop demand, planting cycles, and natural gas costs. That mix gives the company exposure to two separate commodity markets rather than one.
CVR Energy is a holding company with two main businesses: oil refining and nitrogen fertilizer. Through its refining units, it turns crude oil into gasoline, diesel, jet fuel, and other petroleum products, then sells those products mostly into the Midcontinent market. Through its fertilizer stake, it helps make ammonia and other nitrogen products used by farmers to grow crops.
The company makes money by selling refined fuels to fuel wholesalers, marketers, and other customers that need transportation and industrial products, and by selling fertilizer products to agricultural customers and distributors. Its refining business sits in the middle of the oil supply chain, buying crude oil and selling finished fuels. Its fertilizer business sits in the farm input chain, turning natural gas and other feedstocks into products that are essential for crop production.
What makes CVR Energy different is that it combines two businesses tied to basic needs: transportation energy and agriculture. Refining earnings tend to depend on the spread between crude oil costs and fuel prices, while fertilizer earnings depend on crop demand, planting cycles, and natural gas costs. That mix gives the company exposure to two separate commodity markets rather than one.
Results: CVR Energy reported a first-quarter net loss of $160 million, or $1.91 per share, with EBITDA of a loss of $52 million. Adjusted EBITDA was $37 million after stripping out large derivative and RFS-related items.
Operations: Refining and fertilizer operations ran well, with crude utilization at 97% and ammonia plant utilization at 103%. Management said both businesses are benefiting from stronger market conditions.
Dividend: The board approved a first-quarter dividend of $0.10 per share, which management said is a normal dividend and not a variable one.
Outlook: Management turned more constructive on the rest of 2026, citing tighter crude and product markets, improved Mid-Continent fundamentals, and stronger fertilizer pricing after Middle East supply disruptions.
Hedges: The quarter included $158 million of unrealized derivative losses, and management said it added crack spread hedges early in the quarter to capture elevated prices and protect against downside.
Balance sheet: CVR Energy ended the quarter with $512 million of cash and $923 million of liquidity excluding CVR Partners, while continuing to target $1 billion of gross debt and balance deleveraging with shareholder returns.
