Manav Gupta

John Royall

Matthew Blair

Neil Mehta

Paul Cheng

Adam Alexander Wijaya

- CVR Energy reported **Q3 2025 consolidated net income of $401 million** and **earnings per share of $3.72**, with **EBITDA of $625 million**, which included a **$488 million benefit** associated with small refinery exemptions for the 2019 through 2024 compliance years.  **[0001376139_2217228_1]** **[0001376139_2217228_2]** 
- The company decided to **revert the renewable diesel unit at Wynnewood back to hydrocarbon processing** during the next scheduled turnaround in December due to profitability challenges, recognizing **$31 million of accelerated depreciation** in Q3 2025 and anticipating approximately **$62 million in Q4 2025**.  **[0001376139_2217228_4]** **[0001376139_2217228_5]** 
- For **Q4 2025**, the petroleum segment is estimated to have total throughputs of **200,000 to 215,000 barrels per day**, and the fertilizer segment's ammonia utilization rate is projected to be **80% to 85%** due to a planned turnaround at the Coffeyville facility.  **[0001376139_2217228_3]** 
- The estimated accrued RFS obligation on the balance sheet was **$93 million** at September 30th, representing 90 million RINs, and the company expects to purchase approximately **$100 million worth of RINs** by the end of March 2026 if a 50% waiver for 2025 is granted.  **[0001376139_2217228_2]** **[0001376139_2217228_5]**  Additionally, CEO Dave Lamp announced his retirement, with this being his last earnings call.  **[0001376139_2217228_5]**

CVR Energy Reports Strong Q3 2025 Earnings, Renewable Diesel Unit Reversion, and CEO Retirement

- CVR Energy reported **net income attributable to stockholders of $374 million** and **EBITDA of $625 million** for the third quarter of 2025, a significant improvement compared to a net loss of $124 million and an EBITDA loss of $35 million in the third quarter of 2024.  **[1376139_0001376139-25-000052_exhibit991-cviq32025earnin.htm:0]** 
- The company recognized a **$488 million benefit** from the EPA's August 2025 decision, which granted full or partial waivers for Wynnewood Refining Company, LLC for certain historical periods, thereby removing this liability from the balance sheet.  **[1376139_0001376139-25-000052_exhibit991-cviq32025earnin.htm:0]** **[1376139_0001376139-25-000052_exhibit991-cviq32025earnin.htm:10]** 
- The Petroleum Segment's net income was **$520 million** and EBITDA was **$572 million** for Q3 2025, up from a net loss of $110 million and EBITDA loss of $75 million in Q3 2024, with combined total throughput increasing to approximately **216,000 barrels per day**.  **[1376139_0001376139-25-000052_exhibit991-cviq32025earnin.htm:1]** 
- The Renewables Segment reported a **net loss of $51 million** and an **EBITDA loss of $15 million** for Q3 2025, leading the company to resolve to revert the renewable diesel unit at the Wynnewood refinery back to hydrocarbon processing service in **December 2025** due to unfavorable economics.  **[1376139_0001376139-25-000052_exhibit991-cviq32025earnin.htm:1]** 
- CVR Partners announced a cash distribution of **$4.02 per common unit** for the third quarter of 2025.  **[1376139_0001376139-25-000052_exhibit991-cviq32025earnin.htm:0]**

CVR Energy Reports Strong Third Quarter 2025 Results Driven by EPA Decision and Petroleum Segment Performance

- CVR Energy reported total liquidity of approximately **$759 million** (excluding CVR Partners) at the end of **Q2 2025**, and has reduced its Term Loan balance to **$235 million** through a **$90 million** repayment in June and July 2025.  **[1376139_0001376139-25-000050_exhibit991-investorprese.htm:6]** 
- The EPA's decision on **August 22, 2025**, significantly reduced Wynnewood Refining Company's (WRC) Renewable Fuel Standard (RFS) liability for 2020-2024 by over **300 million RINs**, potentially leading to an estimated **100 million RIN obligation** for pre-2025 periods.  **[1376139_0001376139-25-000050_exhibit991-investorprese.htm:14]** 
- The company is pausing new development efforts for additional Renewables growth projects due to uncertainty regarding U.S. government credit programs, while continuing to operate the Wynnewood Renewable Diesel Unit (RDU).  **[1376139_0001376139-25-000050_exhibit991-investorprese.htm:10]** 
- Estimated capital expenditures for 2025 are **$104 million to $128 million** for Petroleum & Renewables and **$55 million to $65 million** for the Nitrogen Fertilizer segment.  **[1376139_0001376139-25-000050_exhibit991-investorprese.htm:14]**

CVR Energy Inc. Updates on Liquidity, RINs Liability, and Renewables Strategy

- On **August 22, 2025**, the U.S. Environmental Protection Agency (EPA) issued a decision affirming previous small refinery hardship relief grants for CVR Energy's subsidiary, Wynnewood Refining Company, LLC (WRC), for **2017 and 2018** compliance periods, and granting **100 percent waivers** for **2019 and 2021**, and **50 percent waivers** for **2020, 2022, 2023, and 2024** compliance periods under the Renewable Fuel Standard.  **[1376139_0001376139-25-000048_exhibit991-2025epasreupdate.htm:0]** 
- This decision could reduce WRC's obligation for the **2020 through 2024** compliance periods by **more than 300 million** Renewable Identification Numbers (RINs).  **[1376139_0001376139-25-000048_exhibit991-2025epasreupdate.htm:0]** 
- WRC may also receive previously retired RINs for earlier compliance periods, which could further reduce its obligation by **over 100 million** RINs.  **[1376139_0001376139-25-000048_exhibit991-2025epasreupdate.htm:0]** 
- As a result, the estimated remaining RIN obligation for pre-2025 compliance periods could be reduced to **100 million** RINs.  **[1376139_0001376139-25-000048_exhibit991-2025epasreupdate.htm:0]**

CVR ENERGY (CVI)