CVI

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. CVR Energy stock has delivered very strong 5 year returns, yet the current valuation checks suggest the shares now sit closer to fair value rather than being a clear bargain. Over the past 5 years, CVR Energy has returned about 272%, which puts recent gains in context and raises the bar for future returns to justify the current share price. The investment case can benefit if the company continues to convert earnings into cash and maintain its balance sheet strength. However, any sustained pressure on refining margins or higher capital needs may weigh on what investors are willing to pay. CVR Energy scores 3 out of 6 on Simply Wall St's broader valuation checks, which points to a mixed picture rather than clearly cheap or clearly expensive, as shown in this score breakdown. The issue now is whether CVR Energy's current price already reflects those strong past returns, or if there is still room for investors to be compensated for the risks they are taking. Find out why CVR Energy's 26.1% return over the last year is lagging behind its peers. The P/E multiple suits CVR Energy because earnings are a key driver for how investors value refiners. CVR Energy trades on a P/E of about 47.2x, which is much higher than the oil and gas industry average of roughly 12.7x and also sits above the peer group average of about 10.5x. On simple comparisons, the stock looks expensive relative to many other refinery focused companies. Simply Wall St also provides a tailored fair P/E ratio for CVR Energy of about 49.3x. This fair ratio reflects what investors might expect to pay given the company’s earnings profile, industry, size and risk. The current P/E sits a little below that fair ratio, so while the headline multiple is high versus the sector, it is closer to what the model suggests is reasonable for CVR Energy’s specific characteristics. Overall, CVR Energy looks priced roughly in line with what this earnings based framework would suggest is fair. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for CVR Energy pick up where this valuation puzzle leaves off by spelling out which assumptions on growth, margins and earnings would need to hold for the stock to be worth materially more or less than today’s price on the Community page. Each narrative presents CVR Energy's fair value as a thesis about the business that can be tracked over time, rather than a one off snapshot. Community views on CVR Energy split sharply, with one side focused on tighter markets and diversification potential and the other on regulatory and refining risks. Bull case: 7% undervalued Read the full Bull Case to see why CVR Energy could be undervalued Bear case: 10% overvalued Read the full Bear Case to see why CVR Energy could be overvalued Do you think there's more to the story for CVR Energy? Head over to our Community to see what others are saying! For CVR Energy, the current market multiples suggest the stock is priced about right rather than clearly cheap or clearly expensive. The high P/E relative to refinery peers looks more acceptable once the tailored fair P/E is taken into account, which points to a mixed but not extreme valuation picture. What matters most from here is whether CVR Energy can support that richer multiple through consistent earnings quality and cash generation, especially in the face of refining margin swings and potential capital demands. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CVI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, July 30, 2026 at 1 p.m. ET Interim Chief Financial Officer and Vice President of FP&A Investor Relations - Richard J. Roberts Jr. Chief Executive Officer - Dane J. Neumann Chief Operating Officer - Michael H. Wright Jr. Operator: Thank you for standing by. And welcome to the CVR Energy, Inc. Second Quarter 2026 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a Q&A session. If you would like to ask a question during that time, simply press star then the number 1 on your telephone keypad. I would now like to turn the call over to Richard Roberts, interim chief financial officer and vice president of FP&A investor relations. Sir, please go ahead. Richard J. Roberts Jr.: Thank you. Afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy second quarter 2026 earnings call. With me today are Dane J. Neumann, our Chief Executive Officer Michael H. Wright Jr., chief operating officer and other members of management. To discussing our 2026 second quarter results, let me remind you that this conference call may contain forward-looking statements as that term is defined under federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise. Except to the extent required by law. This call also includes various non-GAAP financial measures. Disclosures related to such non-GAAP measures including reconciliation to the most directly comparable GAAP financial measures are included in our 2026 second quarter earnings release that we filed with the SEC today and in our Form 10-Q for the period will be discussed during the call. That said, I will turn the call over to Dane. Dane J. Neumann: Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. We posted another quarter of strong operating results, with crude utilization of 98% ammonia plant utilization of 99%. The ongoing global conflicts have created tightness across energy and fertilizer markets, directly benefited our asset base during the second quarter. We are pleased to announce the second quarter 2026 dividend of $0.10 per share and we believe current market conditions could present opportunities to reduce leverage and add value for our shareholders. Let me turn the call over to Richard to discuss our financial highlights. Richard J. Roberts Jr.: Thank you, Dane, and good afternoon, everyone. For the second quarter of 2026, consolidated net income was $46 million, net loss attributable to CVR Energy stockholders was $3 million, loss per diluted share was $0.03 and EBITDA was $161 million. Second quarter results include an unfavorable change in our RFS liability of $73 million favorable inventory valuation impacts of $19 million, and unrealized derivative gains of $6 million. Excluding the above-mentioned items, adjusted EBITDA for the quarter was $209 million, and adjusted earnings per share was $0.34 Adjusted EBITDA on the Petroleum segment was $106 million for the second quarter compared to $38 million for the second quarter of 2025. Elevated group 3 crack spreads and higher throughput volumes drove the majority of the increase from the prior year period, offset somewhat by higher RIN expenses, significant backwardation in WTI, realized derivative losses. Combined total throughput for the second quarter of 2026, was approximately 213,000 barrels per day. Crude utilization for the quarter was approximately 98% of nameplate capacity, and light product yield was 92% on total throughput volumes. Benchmark cracks for the second quarter of 2026 increased from the prior year period the Group 3 2-1-1 averaging $44.91 per barrel compared to $24.02 per barrel in the second quarter of 2025. Our second quarter realized margin adjusted for the change in RFS liability, inventory valuation, unrealized derivative gains was $12.43 per barrel, representing a 28% capture rate on the Group 3 2-1-1 benchmark. The RIN price increased significantly from second quarter 2025 levels up over 125% to average nearly $14 per barrel for the second quarter 2026. RIN expense for the quarter, excluding the change in RFS liability, $216 million or $11.16 per barrel which negatively impacted our capture rate by approximately 25%. The estimated accrued RFS obligation on the balance sheet was $408 million at June 30, representing a $169 million RIN mark-to-market at an average price of $2.41. EPA has still not ruled in our pending 2025 petition. As such, we will continue to recognize 100% of Wynnewood Refining Company's RIN obligation in our financials for the second quarter of 2026 was approximately $77 million. If Wynnewood Refining Company received the 100% SRE that we believe it is entitled to, our consolidated capture rate for the quarter would have been improved by approximately 9%. EPA is now 9 months delinquent in ruling on Wynnewood Refining Company's 2020 SRE petition. The current compliance date for 2025 is approximately 1 month away, and we still do not know what our compliance obligation will be. RIN prices have gotten completely out of hand due to the blending obligations EPA established in Set 2. Effectively creating a short market that will require imported biofuels in order to potentially meet the required obligations. The complete opposite of the stated intent of the RFS. Meanwhile, RIN prices are adding nearly $0.40 a gallon to the price of gasoline in the U.S., and RFS compliance costs are more than twice all the other combined operating costs for many refineries. We have stated numerous times, if the administration is serious about lowering fuel prices, it should start with the RFS. Second quarter 26 results included derivative losses totaling $75 million comprised of an $81 million realized loss and a $6 million unrealized gain. The realized loss for the quarter was related to the crack spread swaps that we discussed on the first quarter call. We settled approximately 4.4 million barrels of crack spread swap positions during the second quarter. Leaving open positions totaling approximately 8.2 million barrels. For the remainder of 2026, approximately 4.6 million barrels of diesel is hedged, 400,000 barrels of gasoline is hedged, which the diesel exposure fairly split between the third and fourth quarters and all of the gasoline exposure in the third quarter. Total notional value of the open crack spread swaps for the third quarter is approximately $102 million. For 2027, we have approximately 3.2 million barrels of diesel is hedged, fairly ratably across the year. We will continue to actively monitor these positions and plan to be opportunistic in managing our exposure going forward which could include closing out these positions or adding other positions, depending on market conditions. Direct operating expenses in the petroleum segment were $5.93 per barrel for the second quarter. Compared to $6.45 per barrel in the second quarter of 2025. The decrease in direct operating expenses per barrel was primarily due to increased throughput volumes, as the Coffeyville Refinery was coming out of turnaround in the second quarter of 2025. Adjusted EBITDA on the fertilizer segment was $107 million for the second quarter, compared to $67 million for the prior year period. Our ammonia utilization rate was 99%, with both plants running well and experiencing minimal downtime during the quarter. Board of directors of CVR Partners general partner declared a distribution of $6.08 per common unit for the second quarter of 2026. CVR Energy owns approximately 37% of CVR Partners common units, will receive a proportionate cash distribution of approximately $24 million. Cash flow from operations for the second quarter of 2026 $307 million and free cash flow was $264 million Significant uses of cash in the quarter included $43 million of capital spending, $27 million paid for the noncontrolling interest portion of the CVR Partners first quarter 2026 distribution, $20 million for cash interest, and $10 million for dividends. Total consolidated capital spending on an accrual basis was $46 million, which included $29 million in the Petroleum segment and $17 million in the fertilizer. For the full year 2026, we estimate total consolidated capital spending to be approximately $215 million to $240 million Turning to the balance sheet. We ended the quarter with a consolidated cash balance of $737 million, which includes a $137 million of cash in the fertilizer segment. Total liquidity as of June 30 excluding CVR Partners, was approximately $1.1 billion, which was comprised primarily of $600 million of cash and availability under the ABL facility of $540 million. Remain committed to our deleveraging goal, plan to continue working towards a gross leverage target of $1 billion, excluding debt at CVR Partners. Ahead to the third quarter of 26, our petroleum segment, we estimate total throughput to be approximately 205,000 to 220,000 barrels per day. Operating expenses to range between $110 million and $120 million and total capital spending to be between $41 million and $50 million. For the fertilizer segment, we estimate our ammonia utilization rate to be between 75% to 80% which will be impacted by the upcoming planned turnaround at the East Dubuque facility. We estimate direct operating expenses, excluding inventory and turnaround impacts, to be between $57 million and $62 million turnaround expenses to be between $30 million and $35 million and total capital spending to be between $40 million and $49 million With that, Dane, I will turn it back over to you. Dane J. Neumann: Thank you, Richard. In summary, we had another good quarter of operations in our refining and fertilizer businesses. We are optimistic about the near-term outlook for both segments and believe we could remain above mid-cycle conditions well into 2027. The ongoing geopolitical conflicts across the globe continue to create volatility, However, the U.S. has remained fairly insulated and able to benefit from these conditions with relatively abundant supplies of available crude oil, natural gas, critical refining infrastructure. Starting with the refining segment, the ongoing conflicts in the Middle East have so far been more impactful for refined products than crude oil. In addition to reduced flows of crude oil from the closure of the Strait of Hormuz, a number of refineries in the Middle East have been damaged, and the status of those repairs and timelines on potential restarts remains unknown. Outside of the Middle East, Ukraine has stepped up its attacks on Russian refineries over the past few months with reports estimating one-third to nearly one-half of Russia's refining capacity could be offline. As a result, refined product exports from Russia have been effectively shut off, China has also halted refined product exports for several months. Looking at the U.S., the tightness in global refined product supply has created opportunities for increased refined product exports. Year to date exports of gasoline, diesel, and jet fuel have increased 16% compared to the same period last year to over 2.6 million barrels per day on average. Meanwhile, US demand for refined products has remained resilient, driving gasoline and diesel inventories near or below 5-year lows, on a days of supply basis. In the Mid-Continent where we operate, we are seeing similar trends, with days of supply hovering near 5-year lows for the past several months. Cracks were strong in the second quarter, quarter-to-date cracks have increased further, and we should see some improvements to capture as crude oil backwardation narrows in the third quarter. In the fertilizer segment, the spring planting season went well demand for nitrogen was strong overall. Grain prices have increased some recently with expectations for lower carryout inventories driven by a combination of hot and dry conditions across the Western Corn Belt, increased export demand, and a smaller than expected corn crop in Argentina. Summer fill and fall prepay for ammonia occurred in late June, and UAN fill was completed in early July. Overall, we saw a strong demand for both products, and we are able to secure a solid book of business for the second half of 26 at attractive pricing. We expect to start the planned turnaround at East Dubuque in late August, during which we intend to complete the brownfield capacity expansion which we believe should increase its ammonia production capacity by approximately 5%. Also expect to finalize a detailed design and construction plan this year intended to allow the plant to utilize natural gas as an alternative feedstock to third-party pet coke. Looking at quarter-to-date pricing metrics for the third quarter of 26, Group 3 2-1-1 cracks have averaged $58.70 per barrel with the Brent-WTI spread at $4.82 per barrel and the WCS differential at $14.04 per barrel under WTI. Prompt fertilizer prices are $650 to $700 per ton for ammonia, and $325 to $350 per ton for UAN. After 8 years at the company, I have seen the benefits of focusing on safety, reliability, cost management, and prudent capital allocation. We have a strong team in place, and I look forward to continue executing on the strategy we laid out earlier this year. Addition to our constant focus on safe and reliable operations, we remain committed to working to improve margin capture in our base business, and we are laser focused on pursuing accretive growth opportunities that would add value for our shareholders. With that, operator, we are ready for questions. Operator: At this time, if you would like to ask a question, press star, then the number 1 on your telephone keypad. To withdraw your question, simply press 1 again. We kindly ask that you limit your questions to 1 and 1 follow-up for today's call. We will pause for just a moment to compile the Q and A roster. Your first question comes from the line of Manav Gupta with UBS. Please go ahead. Manav Gupta: Good morning. Congratulations on a very strong quarter. You provided some outlook on macro, and which was pretty constructive. And I am just trying to understand based on everything you said you could be building a lot of cash. And, again, coming back to you know, your vision of expanding your refining footprints, I am just trying to go back and understand is that still a goal for you to have higher refining capacity And if that is the case, how will you plan to fund it including the surplus cash that probably you will accumulate because margins are well above mid-cycle? Dane J. Neumann: Yep. Thanks, Manav. Yeah. So, you know, our strategy is, obviously, we still believe that CVI needs to grow in Barrels And Diversify From Its Core Region Of The Southern Mid-Continent. As it, you know, as it relates to the growing cash balances, obviously, we want to continue to focus on reducing the debt levels of CVI to our base business. And also, you know, as we to look at commercial opportunities, we are mindful that we may come across a couple smaller, call it, immaterial opportunities to advance our logistics footprint. I do not really consider the cash at this time as potentially being a, you know, meaningful impact to any M&A. You know, if there is an opportunity out there, we do believe that capital markets are open. Obviously, I think the world's learned a very valuable lesson on the value of the U.S. refining complex. And, frankly, we are going backwards in capacity when we should be going forward. So I kind of consider them separate topics and would look, to fund alternatively. Other than using cash on the balance sheet. Manav Gupta: And a quick 1 again on your hedging strategy. This is somewhat unique. Most of your peers do not hedge as much or do not admit to hedging that much. So can you walk us through some of the hedging strategy that you have in place for the next few quarters and the next year. Thank you. Dane J. Neumann: Yeah. Sure. So, Manav, historically, we would get board authorization to target around 30% of our production. And usually, around a calendar year. I would say historically, when opportunities have presented themselves, we would layer into the market, and we would often miss the timing of it and kind of not get the hedges on that we wanted. Unfortunately, this time around, we learned from the past, went really, really fast. And the conflict obviously is still ongoing. So you know, a great example of past performance not indicative of future results. As we look forward, you know, I think for our book for the rest of the year, we are satisfied with where the levels are at. 2027 is a much smaller amount. If we did look at any closures, it would be you know, looking at the 2027 area, obviously, nothing with no action that we have taken and just discussing it. Going forward, yeah, I think that we will probably look to lower what type of authorizations we get. 30% may be a little high on a go-forward basis. And just continue to assess as we go forward. And then, you know, be a little more cautious as we layer in. Thank you so much, and congrats on your new role. Thank you, sir. Operator: Your next question comes from the line of Matthew Blair with TPH. Please go ahead. Matthew Blair: Thanks, and good morning. Maybe to stick on hedging side. So if I heard correctly, it sounded like the realized hedge loss in the quarter was $81 million which I think shakes out to about $4.20 a barrel. As a headwind. Is that how you look at it as well? And do you have an estimate on what like the mark-to-market hedging impacts would look like in Q3? Would that be something around 100 million to 120 million? Thank you. Richard J. Roberts Jr.: Hey, Matthew. it is Richard. And you are right on the Q2 impact. So it was $81 million of a realized loss. Which was about $4.16 a barrel, and that was about a 9% hit to capture. We did say in the prepared remarks, for Q3, total exposure is about 2.7 million barrels and the notional value of that position right now is $102 million. We step down again in Q4. Then for 2027, it is a lot smaller. As I mentioned earlier. So if you wanna try to back into it, you know, we talked about it last quarter. We put these hedges on. I think pretty early when the Iran conflict started, you know, call it late February, early March. If you wanted to look at, you know, where we are 3Q, 4Q, NYMEX diesel cracks trading around that time, you can probably get a sense of where we would have locked in. To try to get, you know, order of magnitude of where we are versus where we entered into. Matthew Blair: Okay. Thanks. that is helpful. And then do you have any concerns on 2026 RIN compliance? Any concerns that there simply might not be enough RINs in the market and if so, are you adjusting your RIN purchase strategy, or are you buying any RINs now to avoid, you know, potential shortage later in the year? Dane J. Neumann: that is a great question, man. Yeah. I think just in general, I have, you know, concerns about the 2026 RVO, and I will avoid the soapbox. But just in brief, we have mismanaged the program. We are not helping farmers. We are harming consumers. And we are, you know, just not giving any clarity on how to plan businesses as it relates to EPA and its waivers, deadlines, etcetera. So I do not know how the EPA could let the RIN bank go short. Mike, they are forcing us to comply with something. They will have to take some level of action. it is just untenable that they could do what they have done or let it get worse. As it relates to RIN buying, you know, our plan is always ratable. I think when in February here, when the price is really started to get out of control, we slowed down a little bit. Just because we think the EPA has to take some action here. That strategy has paid off a little bit as we have seen some softness in RINs the last few days. And we will continue to focus on ratable buying with a little bit of catch-up here in the third quarter. Matthew Blair: Okay. And can I just clarify for Wynnewood, are you currently buying 50% of your expected 2026 obligation? Dane J. Neumann: Yes. So we are intending on buying 50% of the obligation for Wynnewood. Although we still intend and have proven out using the DOE scoring methodology that we deserve a 100% waiver, if anyone. Great. Thanks so much. Got it. Operator: Your next question comes from the line of Alexa Petrich with Goldman Sachs. Please go ahead. Alexa Petrich: Hey, team, and thanks for taking our question. First of all, congratulations, Dane and Richard, on your new roles. Well deserved. Can you guys talk about what you are focused on in these new seats? And then how's the leadership transition going? Dane J. Neumann: Yeah. Thank you. Yeah. Well, leadership transition has been I great. You know, we have a really strong team in place. Know, I have obviously been at the company a long time as have a number of other senior leaders, The team I had in the CFO organization is very, very strong. And then, obviously, bringing Richard up to help us out here has been, I think, a great move So I do not really feel like we missed a beat. The team I have is capable of wearing many hats, has very broad experience. And frankly have made it relatively easy to manage through. Strategically, I do not think anything really changes. You know, we do want to focus on the core commercial business improving capture. And then just on accretive opportunities to shareholders. So we are we are marching forward on that and hopefully, we have some information to share soon. Alexa Petrich: Thanks. Appreciate that. And then as a follow-up, just wanted to ask on capital allocation. Can you talk a little bit more about how you guys are thinking about balancing a dividend with debt reduction? And then as you look at the potentials to scale up refining, what the M&A landscape look like right now? Dane J. Neumann: Sure. So for capital allocation, consistent with what we previously said, we would really want to get back to that base level of billion dollars of debt excluding CVR Partners. So that remains a priority. I would say similar to the past, you know, we always said we did not have to get that balance gone. Before we return a dividend, and we and we delivered on that in the first quarter. You know, if we can make meaningful progress, which we have a line of sight to doing on the on the remaining balance of that debt. there is certainly opportunity to discuss, you know, some incremental increase to the dividend with the market conditions the way they are. Yeah. I do not see us returning to the high historical levels, but something that, you know, is sustainable and regular throughout the cycle. So we will we will continue to provide updates on that front. You know, M&A perspective, yeah, I think this to me almost feels like somewhat of an ideal time for folks to take action looking to rebalance portfolios, You know, the now more than ever, I think the ability for refining refineries to trade at a mid-cycle level, which over a long term is where people should transact, presents an opportunity. You know, historically, bid-ask spreads have been very wide, but this gives you a scenario where value can be achieved in risk-reward can be balanced as well. Thanks. We will turn it back. Operator: Thank you. That concludes our Q&A session. Operator: I will now turn the call back over to Dane J. Neumann for closing remarks. Dane J. Neumann: Again, I would like to thank you all for your interest in CVR Energy. Our employees for their hard work and commitment towards safe, reliable, and environmentally responsible. And we look forward to reviewing our third quarter 2026 results during our next earnings call. Have a safe day. Operator: Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect. Before you buy stock in Cvr Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cvr Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. CVR Energy (CVI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in CVR Energy Inc.? Here are five stocks we like better. CVR Energy delivered strong Q2 operating results, with $161 million in EBITDA, $209 million in adjusted EBITDA and $307 million in operating cash flow. Refining adjusted EBITDA rose to $106 million on higher crack spreads and 98% refinery utilization, while fertilizer adjusted EBITDA increased to $107 million with 99% ammonia utilization. RIN obligations and hedge losses remained significant headwinds. Net RIN expense totaled $216 million, while realized derivative losses reached $81 million; the company had approximately 8.2 million barrels of crack-spread swaps outstanding at quarter-end. Management is prioritizing deleveraging and selective growth, targeting $1 billion in gross leverage excluding CVR Partners debt. Third-quarter refinery throughput is expected at 205,000–220,000 barrels per day, while fertilizer utilization will fall to 75%–80% during the East Dubuque turnaround and expansion. This Energy Stock Has Quietly Soared 130% in a Year CVR Energy (NYSE:CVI) reported strong operating performance in the second quarter of 2026, supported by high refinery and ammonia plant utilization, elevated refining margins and favorable fertilizer-market conditions. The company said it generated consolidated net income of $46 million, while reporting a loss per share of $0.03, EBITDA of $161 million and adjusted EBITDA of $209 million. Chief Executive Officer Dane Neumann said the company’s asset base benefited from tight energy and fertilizer markets linked to ongoing global conflicts. CVR Energy declared a second-quarter dividend of $0.10 per share and said current market conditions could create opportunities to reduce leverage and add shareholder value. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now As Energy Surges on Crack Spreads, Consider Taking Gains on 2 Small Cap Oil Stocks CVR Energy’s petroleum segment generated adjusted EBITDA of $106 million in the second quarter, up from $38 million a year earlier. The company attributed the improvement primarily to higher Group 3 crack spreads and increased throughput volumes, partly offset by higher Brent expenses, WTI backwardation and realized derivative losses. Combined refinery throughput totaled approximately 213,000 barrels per day, representing crude utilization of about 98% of nameplate capacity. Light-product yield was 92% of total throughput. → Microsoft Just Flipped the AI Spending Narrative Overnight The Group 3 2-1-1 crack spread averaged $44.91 per barrel during the quarter, compared with $24.02 per barrel in the second quarter of 2025. CVR Energy’s realized margin, adjusted for renewable fuel standard, inventory valuation and unrealized derivative impacts, was $12.43 per barrel, or a 28% capture rate on the Group 3 benchmark. Renewable Identification Number, or RIN, costs remained a major drag on results. Net RIN expense, excluding the change in the company’s RFS liability, was $216 million, or $11.16 per barrel. Richard Roberts, interim chief financial officer and vice president of FP&A and investor relations, said the expense reduced the company’s capture rate by approximately 25%. → Carrier Earnings Could Send the Stock to a New All-Time High CVR Energy had an estimated accrued RFS obligation of $408 million as of June 30, representing 169 million RINs marked at an average price of $2.41. The Environmental Protection Agency had not ruled on Wynnewood Refining Company’s pending 2025 small-refinery-exemption petition, Roberts said. The company continues to recognize 100% of Wynnewood’s RIN obligation in its financial statements, which was approximately $77 million for the quarter. Roberts said a 100% exemption for Wynnewood would have improved the company’s consolidated capture rate by roughly 9% during the quarter. CVR Energy said it is purchasing 50% of Wynnewood’s expected 2026 obligation while maintaining that the refinery qualifies for a full waiver under the Department of Energy scoring methodology. Second-quarter results included derivative losses of $75 million, comprising an $81 million realized loss and a $6 million unrealized gain. The realized loss stemmed from crack-spread swaps, with approximately 4.4 million barrels of positions settled during the quarter. Roberts said the realized loss equated to about $4.16 per barrel and reduced capture by roughly 9%. The company had open crack-spread swap positions totaling approximately 8.2 million barrels at quarter-end. For the remainder of 2026, CVR Energy had approximately 4.6 million barrels of diesel hedged and 400,000 barrels of gasoline hedged. Third-quarter crack-spread swap exposure totaled about 2.7 million barrels, with a notional value of approximately $102 million. For 2027, the company had roughly 3.2 million barrels of diesel hedged, distributed relatively evenly across the year. Neumann said CVR Energy historically sought board authorization to hedge around 30% of production for roughly a calendar year. Going forward, he said the company may seek lower authorization levels and take a more cautious approach to layering in hedges. The fertilizer segment reported adjusted EBITDA of $107 million, compared with $67 million in the prior-year period. Ammonia utilization reached 99% as both plants operated with minimal downtime. CVR Partners’ general partner declared a second-quarter distribution of $6.08 per common unit. Because CVR Energy owns approximately 37% of CVR Partners’ common units, it expects to receive a proportionate cash distribution of about $24 million. Neumann said nitrogen demand was strong during the spring planting season, while summer fill and fall prepay activity produced a “solid book of business” for the second half of 2026 at what he called attractive pricing. Prompt third-quarter fertilizer prices were cited at $650 to $700 per ton for ammonia and $325 to $350 per ton for UAN. The company expects to begin a planned turnaround at its East Dubuque facility in late August. During that work, CVR Energy intends to complete a brownfield expansion that it believes will increase ammonia production capacity by approximately 5%. It also expects to finalize a detailed design and construction plan this year for using natural gas as an alternative feedstock to third-party petroleum coke. CVR Energy generated $307 million of operating cash flow and $264 million of free cash flow in the second quarter. Cash spending included $43 million of capital expenditures, $27 million for the non-controlling interest portion of CVR Partners’ first-quarter distribution, $20 million of cash interest and $10 million in dividends. The company ended the quarter with $737 million in consolidated cash, including $137 million in the fertilizer segment. Liquidity excluding CVR Partners was approximately $1.1 billion, including about $600 million of cash and $540 million of availability under its asset-based lending facility. Management reiterated its goal of reducing gross leverage to $1 billion, excluding CVR Partners debt. Neumann said debt reduction remains a priority, though the company could consider a sustainable increase in its dividend if it makes meaningful progress toward that target. He also said CVR Energy continues to seek accretive growth opportunities, including potential refining and logistics investments, but would look to funding sources other than cash on the balance sheet for meaningful acquisitions. For the third quarter, CVR Energy expects petroleum-segment throughput of 205,000 to 220,000 barrels per day. Fertilizer ammonia utilization is projected at 75% to 80%, reflecting the East Dubuque turnaround. Neumann said the company remains optimistic that refining and fertilizer conditions could stay above mid-cycle levels well into 2027. CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S. In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "CVR Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Consolidated Net Income: $46 million for the second quarter of 2026. Adjusted EBITDA: $209 million for the second quarter of 2026. Adjusted Earnings Per Share: $0.34 for the second quarter of 2026. Petroleum Segment Adjusted EBITDA: $106 million for the second quarter of 2026, compared to $38 million in the second quarter of 2025. Fertilizer Segment Adjusted EBITDA: $107 million for the second quarter of 2026, compared to $67 million in the prior year period. Crude Utilization: 98% of nameplate capacity for the second quarter of 2026. Ammonia Plant Utilization: 99% for the second quarter of 2026. Combined Total Output: Approximately 213,000 barrels per day for the second quarter of 2026. Benchmark Crack (Group 3211): Averaged $44.91 per barrel for the second quarter of 2026, compared to $24.20 per barrel in the second quarter of 2025. Realized Margin: $12.43 per barrel for the second quarter of 2026, representing a 28% capture rate on the Group 3211 benchmark. RIN Expense: $216 million or $11.16 per barrel for the second quarter of 2026, negatively impacting capture rate by approximately 25%. Direct Operating Expenses (Petroleum): $5.93 per barrel for the second quarter of 2026, compared to $6.45 per barrel in the second quarter of 2025. Cash Flow from Operations: $307 million for the second quarter of 2026. Free Cash Flow: $264 million for the second quarter of 2026. Total Consolidated Capital Spending (Accrual Basis): $46 million for the second quarter of 2026. Consolidated Cash Balance: $737 million at the end of the second quarter of 2026. Dividend: $0.10 per share for the second quarter of 2026. Warning! GuruFocus has detected 4 Warning Sign with CVI. Is CVI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong operational performance with crude utilization at 98% and ammonia plant utilization at 99%. Adjusted EBITDA increased significantly to $209 million, driven by elevated crack spreads and higher throughput. Fertilizer segment saw strong demand and pricing, with adjusted EBITDA rising to $107 million from $67 million year-over-year. Optimistic near-term outlook for both refining and fertilizer segments, with potential for above mid-cycle conditions into 2027. Solid cash position of $737 million and commitment to deleveraging, with a focus on reducing debt to $1 billion target. Realized hedge losses of $81 million in Q2 2026 negatively impacted capture rates by approximately 9%. RFS compliance costs remain a significant burden, with an accrued obligation of $408 million and EPA delays on SRE petitions. Net rent expense of $216 million or $11.16 per barrel reduced capture rates by about 25%. Uncertainty around 2026 RIN compliance due to potential shortages and mismanagement of the RFS program. Planned turnaround at the Dubuque facility in Q3 2026 will impact ammonia utilization rates, expected to drop to 75%-80%. Here are the key highlights from the CVR Energy Inc (NYSE:CVI) Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Q: Can you walk us through your hedging strategy, which is unique compared to peers, and the outlook for the next few quarters?A: (Dane Neumann, CEO) Historically, we targeted hedging about 30% of production for a calendar year. This time, we moved quickly to lock in hedges during the early stages of the Iran conflict. We are satisfied with our 2026 book. For 2027, we have a much smaller position and may look to close some of those out. Going forward, we will likely lower the authorization target below 30% and be more cautious in layering in hedges. Q: The realized hedge loss in Q2 was $81 million, about a $4.20/barrel headwind. What is the estimated mark-to-market impact for Q3?A: (Richard Roberts, Interim CFO) You are correct on the Q2 impact. That was our largest volume exposure, which is now behind us. For Q3, the total exposure is about 2.7 million barrels with a notional value of $102 million. To estimate the impact, you can look at where NYMEX diesel cracks were trading in late February/early March when we put the hedges on versus current levels. Q: Do you have concerns about 2026 RIN compliance and a potential shortage of RINs? Are you adjusting your purchase strategy?A: (Dane Neumann, CEO) Yes, I have concerns about the 2026 RVO. The program is mismanaged, harming consumers and creating uncertainty. The EPA cannot let the RIN bank go short; they will have to take action. Our plan is to buy ratably, but we slowed down in Q2 when prices spiked, expecting EPA action. That strategy has paid off with recent softness in RIN prices, and we will catch up on buying in Q3. Q: For Wynnewood, are you currently buying 50% of your expected 2026 RIN obligation?A: (Dane Neumann, CEO) Yes, we are intending to buy 50% of the obligation for Wynnewood, even though we have proven through DOE scoring methodology that we deserve a 100% waiver. Q: Can you talk about the leadership transition and what you are focused on in your new roles?A: (Dane Neumann, CEO) The transition has been great. We have a very strong team in place, and we haven't missed a beat. Strategically, nothing changes. We remain focused on the core commercial business, improving capture rates, and pursuing accretive opportunities for shareholders. Q: How are you thinking about balancing the dividend with debt reduction, and what does the M&A landscape look like for scaling up refining?A: (Dane Neumann, CEO) Our priority remains getting back to a base debt level of $1 billion, excluding CVR Partners. If we make meaningful progress on that, there is an opportunity to discuss an incremental, sustainable dividend increase. On M&A, this feels like an ideal time for portfolio rebalancing. The current environment allows for value creation and balanced risk/reward, whereas historically, bid-ask spreads were very wide. Q: Is expanding your refining footprint still a goal, and how would you fund it with surplus cash?A: (Dane Neumann, CEO) Yes, we still believe CVI needs to grow in barrels and diversify from the Southern Mid-Con. However, we view the growing cash balance as separate from M&A. Our focus is on reducing debt and advancing smaller logistics opportunities. For any meaningful M&A, we believe the capital markets are open, and we would look to fund it alternatively rather than using balance sheet cash. Q: What is the outlook for the Fertilizer segment, specifically regarding the planned turnaround and capacity expansion?A: (Dane Neumann, CEO) The spring season was strong with good demand. We secured a solid book of business for the second half of 2026 at attractive pricing. We plan to start the turnaround at Dubuque in late August, during which we will complete a brownfield expansion to increase ammonia capacity by ~5%. We also expect to finalize a plan this year to allow the plant to use natural gas as an alternative feedstock. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved high operational reliability with 98% crude and 99% ammonia plant utilization, capitalizing on global supply tightness caused by Middle East and Eastern European conflicts. Performance was bolstered by elevated Group 3 crack spreads and higher throughput volumes, though results were tempered by significant backwardation in WTI and realized derivative losses. Management attributes the strong refining environment to a 16% year-to-date increase in U.S. refined product exports as global supply chains face disruptions from damaged Middle Eastern infrastructure and reduced Russian exports. The fertilizer segment benefited from strong nitrogen demand during spring planting and expectations for lower grain carryout inventories due to adverse weather in the Western Corn Belt. Strategic focus remains on improving margin capture in the base business while pursuing accretive growth opportunities to diversify the company's geographic footprint beyond the Southern Mid-Continent. Management expressed significant frustration with the Renewable Fuel Standard (RFS), stating that RIN prices have become 'completely out of hand' and effectively act as a tax on consumers and refiners. Management anticipates market conditions will remain above mid-cycle levels well into 2027, supported by resilient U.S. demand and low inventory levels. Third-quarter guidance assumes total throughput between 205,000 and 220,000 barrels per day, with crack spread swap exposure totaling approximately $102 million in notional value. The fertilizer segment outlook includes a planned turnaround at the East Dubuque facility in late August, which will incorporate a brownfield expansion to increase ammonia capacity by approximately 5%. The company remains committed to a gross leverage target of $1 billion (excluding CVR Partners debt) and intends to use excess cash flow to reach this threshold while maintaining a sustainable dividend. Future M&A strategy focuses on acquiring refining capacity and logistics assets, with management indicating that capital markets are preferred over balance sheet cash for funding meaningful transactions. RFS compliance costs reached $11.16 per barrel in the second quarter, representing a 25% negative impact on the company's capture rate. The EPA remains nine months delinquent on ruling for the Wynnewood 2020 SRE petition, creating significant uncertainty regarding future compliance obligations. Realized derivative losses of $81 million were primarily driven by crack spread swaps entered early in the Middle East conflict that did not align with subsequent market movements. Management flagged that RFS compliance costs for many refineries are now more than twice the cost of all other combined operating expenses. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the goal to grow refining capacity and diversify geographically to reduce regional concentration risk. Indicated that while cash balances are growing, they prefer to utilize open capital markets for M&A rather than depleting balance sheet cash. Admitted that the previous 30% production hedge target may be too high and that the company 'missed the timing' on recent positions. Plans to be more cautious and potentially lower future hedge authorizations while monitoring the smaller 2027 book for opportunistic closures. The company is currently buying only 50% of the expected 2026 obligation for the Wynnewood refinery, maintaining that it is entitled to a 100% waiver. Management expressed concern that the RIN bank could go short, suggesting the EPA must eventually take action as current market conditions are 'untenable'. Reiterated that reaching the $1 billion debt target is the primary goal, but noted that progress toward this goal allows for discussions on incremental dividend increases. Stated that while dividends may increase, they are unlikely to return to 'high historical levels' to ensure sustainability through the cycle.

Second quarter 2026 net loss attributable to CVR Energy stockholders of $3 million; Adjusted EBITDA of $209 million Declared cash dividend of 10 cents for the second quarter 2026 CVR Partners, LP ("CVR Partners") announced a second quarter 2026 cash distribution of $6.08 per common unit SUGAR LAND, Texas, July 29, 2026--(BUSINESS WIRE)--CVR Energy, Inc. ("CVR Energy" or the "Company") (NYSE: CVI) today announced its second quarter 2026 results including a net loss attributable to CVR Energy stockholders of $3 million, or 3 cents per diluted share, and an adjusted earnings per diluted share of 34 cents, compared to net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, and an adjusted loss per diluted share of 23 cents for the second quarter of 2025. Net income for the second quarter of 2026 was $46 million compared to net loss of $90 million for the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 was $209 million, compared to adjusted EBITDA of $99 million for the second quarter of 2025. "CVR Energy posted another quarter of strong operating results across our system, with crude utilization of 98 percent and ammonia plant utilization of 99 percent," said Dane Neumann, CVR Energy’s Chief Executive Officer. "The ongoing global conflicts have created tightness across energy and fertilizer markets. We continue to believe our assets are well-positioned to benefit from these market conditions and are pleased to announce a cash dividend of 10 cents per share for the second quarter. Looking ahead, we remain laser focused on pursuing accretive growth and believe current market conditions could support these efforts, as well as opportunities to reduce leverage and add value for our shareholders. "With solid results for the quarter, CVR Partners declared a distribution of $6.08 per common unit," Neumann continued. "The planned turnaround at the East Dubuque fertilizer facility is expected to begin in August, during which we plan to complete the brownfield ammonia expansion that is expected to increase production capacity by approximately 5%." Segment Highlights Below are financial and operational highlights of each of the Company’s reportable segments: Corporate and Other The Company reported an income tax expense of $10 million, or 17.8 percent of income before income taxes, for the three months ended June 30, 2026, compared to an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025. The change in income tax benefit was primarily due to an increase in overall pretax earnings while the change in effective tax rate was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings. Cash, Debt and Dividend Consolidated cash and cash equivalents were $737 million at June 30, 2026. Consolidated total debt and finance lease obligations were $1.8 billion at June 30, 2026, including $570 million held by the Nitrogen Fertilizer Segment. CVR Energy announced a second quarter 2026 cash dividend of 10 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on August 17, 2026, to stockholders of record as of August 10, 2026. CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2026 cash distribution of $6.08 per common unit, which will be paid on August 17, 2026, to common unitholders of record as of August 10, 2026. Second Quarter 2026 Earnings Conference Call CVR Energy previously announced that it will host its second quarter 2026 Earnings Conference Call on Thursday, July 30, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters. The second quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: the information provided under the section titled "Q3 2026 Outlook" herein; continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard ("RFS") and revaluation of our RFS liability; ability to secure RFS waivers; ability to achieve growth, accretive or otherwise, reduce leverage or add shareholder value; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof and any potential increase to future dividends; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; increase in value of our assets; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "explore," "evaluate," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of the Company to pay or increase cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission ("SEC") filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website. Non-GAAP Measures Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below. The following are non-GAAP measures we present for the periods ended June 30, 2026 and 2025: EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization. Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other. Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period. Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period. Adjusted EBITDA, Petroleum Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures. We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See "Non-GAAP Reconciliations" included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document. Factors Affecting Comparability of Our Financial Results Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below. Petroleum Segment Major Scheduled Turnaround Activities - Total capitalized turnaround expenditures as part of planned turnarounds were $1 million and $24 million during the three months ended June 30, 2026 and 2025, respectively, and $1 million and $190 million during the six months ended June 30, 2026 and 2025, respectively. Q3 2026 Outlook The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2026. See "Forward-Looking Statements" above. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729888604/en/ Contacts Investor Relations Richard Roberts(281) [email protected]

CVR Energy (CVI) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to a loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +88.89%. A quarter ago, it was expected that this diversified holding company would post a loss of $0.54 per share when it actually produced a loss of $1.24, delivering a surprise of -129.63%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. CVR, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $2.74 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 26.33%. This compares to year-ago revenues of $1.76 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. CVR shares have added about 32.6% since the beginning of the year versus the S&P 500's gain of 8.5%. While CVR has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for CVR was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.61 on $2.02 billion in revenues for the coming quarter and -$0.22 on $8.06 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Phillips 66 (PSX), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This oil refiner is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +222.7%. The consensus EPS estimate for the quarter has been revised 25.5% higher over the last 30 days to the current level. Phillips 66's revenues are expected to be $36.17 billion, up 7.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CVR Energy Inc. (CVI) : Free Stock Analysis Report Phillips 66 (PSX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year increase in earnings on higher revenues when Valero Energy (VLO) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This oil refiner is expected to post quarterly earnings of $9.81 per share in its upcoming report, which represents a year-over-year change of +330.3%. Revenues are expected to be $35.95 billion, up 20.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 34.24% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Valero Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.96%. On the other hand, the stock currently carries a Zacks Rank of #2. So, this combination makes it difficult to conclusively predict that Valero Energy will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Valero Energy would post earnings of $3.07 per share when it actually produced earnings of $4.22, delivering a surprise of +37.46%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Valero Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. CVR Energy (CVI), another stock in the Zacks Oil and Gas - Refining and Marketing industry, is expected to report earnings per share of $0.18 for the quarter ended June 2026. This estimate points to a year-over-year change of +178.3%. Revenues for the quarter are expected to be $2.17 billion, up 23.1% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for CVR has been revised 24.8% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that CVR will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Valero Energy Corporation (VLO) : Free Stock Analysis Report CVR Energy Inc. (CVI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects CVR Energy (CVI) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This diversified holding company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +178.3%. Revenues are expected to be $2.17 billion, up 23.1% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 24.85% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For CVR, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that CVR will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that CVR would post a loss of$0.54 per share when it actually produced a loss of -$1.24, delivering a surprise of -129.63%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. CVR doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Oil and Gas - Refining and Marketing industry, HF Sinclair (DINO), is soon expected to post earnings of $4.39 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +158.2%. This quarter's revenue is expected to be $7.5 billion, up 10.5% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for HF Sinclair has been revised 22.6% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. When combined with a Zacks Rank of #2 (Buy), this Earnings ESP makes it difficult to conclusively predict that HF Sinclair will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CVR Energy Inc. (CVI) : Free Stock Analysis Report HF Sinclair Corporation (DINO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research