Cvr Energy, Inc. (CVI)

CVR Energy reported third-quarter 2026 net income attributable to its stockholders of $570 million, or $5.67 per diluted share, on November 3, 2026 1.

The company called these the best quarterly results in its history, driven by strong operations and record crack spreads, the gap between crude oil costs and the value of the fuels made from it 1.

Adjusted EBITDA, the company's own measure of operating earnings, was $582 million, against $180 million a year earlier 1.

A $253 million obligation to buy renewable fuel credits came off the balance sheet after the EPA granted a full waiver for the 2025 compliance period on August 31, 2026 3.

The same week the company agreed to acquire two Marathon Petroleum refineries, St. Paul Park in Minnesota and Mandan in North Dakota, for a base cash price of $4.2 billion 2.

The chief executive said the company seeks to close the deal by the end of the year, which still needs antitrust clearance and other approvals 12.

CVR Energy is a holding company formed in September 2006, and its stock began trading on the New York Stock Exchange in October 2007 4.

Its fertilizer partnership, CVR Partners, began trading in April 2011, and since December 2011 the company has owned the Wynnewood refinery in Oklahoma 4.

Sales were $9,247 million in 2023, $7,610 million in 2024 and $7,162 million in 2025 4.

Net income attributable to CVR Energy stockholders was $769 million in 2023, $7 million in 2024 and $27 million in 2025 4.

The swing came mostly from refining, where the margin left after crude oil and feedstock costs was $1,658 million in 2023, $684 million in 2024 and $906 million in 2025 4.

Crude utilization, the share of refining capacity put to use, slid from 92.6 percent in 2023 to 87.2 percent in 2024 and 80.8 percent in 2025 4.

The company reported capitalized turnaround spending, the cost of planned maintenance shutdowns, of $189 million in the first nine months of 2025 3.

The renewable diesel business lost money: its net loss was $137 million in 2025, against $21 million in 2024 4.

In December 2025 the company reverted the renewable diesel unit at Wynnewood to hydrocarbon processing, citing the unfavorable economics of the renewables business 4.

In August 2025 the EPA acted on 175 petitions from small refineries, cutting Wynnewood's obligations for 2020 through 2024 by more than 424 million credits, about $488 million 4.

Interest expense rose $31 million in 2025, mainly on a senior secured term loan entered into on December 19, 2024 4.

Petroleum: two refineries in the mid-continent

The Petroleum segment is the core of the company: it refines crude oil into gasoline, diesel and jet fuel at Coffeyville in Kansas and Wynnewood in Oklahoma 4.

Coffeyville has a nameplate capacity of 132,000 barrels a day, and Wynnewood has 74,500 4.

Petroleum revenue was $6,416 million in 2025, of which gasoline brought $3,078 million and distillates, mostly diesel, $2,760 million 4.

The company's own pipelines and trucks supplied about 67 percent of Coffeyville's crude oil and 94 percent of Wynnewood's in 2025, which cuts transport costs 4.

Customers are mainly retailers, railroads, farm cooperatives and other mid-continent refiners 4.

Rivals include CHS's McPherson, HF Sinclair's El Dorado and Tulsa, Phillips 66's Ponca and Valero's Ardmore refineries 4.

In the third quarter of 2026 the segment ran 227,637 barrels a day with a refining margin of $45.56 per throughput barrel, against 215,968 and $35.65 a year earlier 1.

Nitrogen fertilizer through CVR Partners

CVR Partners makes ammonia and UAN, a liquid fertilizer farmers can apply through the growing season, at plants in Coffeyville, Kansas and East Dubuque, Illinois 4.

The Coffeyville plant is the only nitrogen fertilizer plant in North America that uses petroleum coke, a refinery by-product, to make its hydrogen, while East Dubuque runs on natural gas 4.

Segment net sales were $606 million in 2025 against $525 million in 2024 4.

In the third quarter of 2026 the segment lost $11 million, as ammonia plant use fell to 80 percent from 95 percent during a planned turnaround that ended in mid-October 1.

Renewable diesel, now idle

The company no longer refines soybean oil, corn oil or similar feedstocks into renewable diesel, and it keeps the option to switch the Wynnewood unit back if it is incentivized to do so 3.

People and workforce

Dane Neumann became president and chief executive on June 18, 2026, after Mark Pytosh stepped down; Neumann had been chief financial officer since October 2021 5.

The company and its subsidiaries had 1,532 employees at the end of 2025, with 597 covered by collective bargaining agreements 4.

The umbrella, in words

Icahn Enterprises and its affiliates owned about 71 percent of CVR Energy's common stock on September 30, 2026, which makes it the controlling stockholder 3.

CVR Energy owns the general partner of CVR Partners, which it consolidates, and about 37 percent of its common units, while Icahn Enterprises owns about 3 percent 3.

It owns a 40 percent interest in the Enable South Central Pipeline joint venture, accounted for under the equity method 4.

Operating subsidiaries include Coffeyville Resources Refining & Marketing, Wynnewood Refining Company and Coffeyville Resources Nitrogen Fertilizers 4.

The executive offices are leased in Sugar Land, Texas, and the marketing offices in Kansas City, Kansas 4.

The company agreed on November 2, 2026 to acquire the Marathon refineries, and its closing depends on waiting periods under the Hart-Scott-Rodino antitrust law and on North Dakota's approval of a hazardous waste permit transfer 2.

Either side may end the agreement if closing has not happened within 270 days of signing, a limit that can stretch to 360 days 2.

To pay for it, the company arranged $800 million of equity from Trafigura, up to $500 million from Icahn Enterprises and a bridge loan commitment of up to $2.5 billion 23.

For the fourth quarter of 2026, the company expects Petroleum throughput of 210,000 to 225,000 barrels a day and total capital spending of $75 million to $95 million 1.

The board declared a dividend of 10 cents per share for the third quarter of 2026, payable on November 23, 2026 to holders of record on November 16, 2026 1.

The company is replacing the hydrofluoric acid alkylation unit at Wynnewood, a $155 million project expected in late 2027, and installing a $53 million flare gas system at Coffeyville in late 2026 3.

CVR Partners expects to test the larger East Dubuque ammonia output in the fourth quarter of 2026, and to start a Coffeyville natural gas feed option in 2028 if its board approves 3.