Financial Analysis

(12) Commitments and Contingencies In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While there have been no material changes in the Companys commitments and contingencies from those disclosed in the 2025 Form 10-K and Q1 2026 Form 10-Q, recent developments are discussed below. 45Q Transaction Under the agreements entered into in connection with the 45Q Transaction, the Companys indirect subsidiary, Coffeyville Resources Nitrogen Fertilizer, LLC (CRNF), is obligated to meet certain minimum quantities of carbon oxide supply each year during the term of the agreement and is subject to fees of up to $15 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $45 million cap, if these minimum quantities are not delivered. CVR Partners issued a guarantee to the unaffiliated third-party investors and certain of their affiliates involved in the 45Q Transaction of the payment and performance obligations of CRNF and CVR-CapturePoint Parent, LLC (CVRP JV), which include the aforementioned fees. This guarantee has no impacts on the accounting reco …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(6) Long-Term Debt and Finance Lease Obligations Long-term debt and finance lease obligations consisted of the following: (in millions) June 30, 2026 December 31, 2025 CVR Energy: 7.500% Senior Notes, due February 2031 $ 600 $ 7.875% Senior Notes, due February 2034 400 8.500% Senior Notes, due January 2029 600 5.750% Senior Notes, due February 2028 183 400 Finance lease obligations, net of current portion 4 2 Unamortized debt issuance costs (13) (3) Total CVR Energy debt 1,174 999 Petroleum Segment: Term loan 154 Finance lease obligations, net of current portion 28 32 Unamortized debt discount and debt issuance costs (3) Total Petroleum Segment debt 28 183 Nitrogen Fertilizer Segment: 6.125% Senior Secured Notes, due June 2028 550 550 Finance lease obligations, net of current portion 20 21 Unamortized debt issuance costs (1) (2) Total Nitrogen Fertilizer Segment debt 569 569 Total long-term debt and finance lease obligations, net of current portion 1,771 1,751 Current portion of long-term debt and finance lease obligations 12 14 Total long-term debt and finance lease obligations, including current portion $ 1,783 $ 1,765 Credit Agreements (in millions) Total Available Borrowing Capacity Amount Borrowed as of June 30, 2026 Outstanding Letters of Credit Available Capacity as of June 30, 2026 Maturity Date Petroleum Segment CVR Energys Amended and Restated ABL Credit Agreement (CVR Energy ABL) $ 550 $ $ 10 $ 540 February 12, 2031 Nitrogen Fertilizer Segment: CVR Partners Credit …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents the Companys revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Companys reportable segments: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Petroleum Segment: Gasoline $ 1,187 $ 774 $ 2,040 $ 1,427 Distillates (1) 1,277 649 2,163 1,190 Crude oil sales 13 86 23 332 Other revenue 59 49 110 84 Total Petroleum Segment revenue 2,536 1,558 4,336 3,033 Nitrogen Fertilizer Segment: Ammonia 43 34 93 67 UAN 131 110 237 196 Urea products 13 10 23 19 Other revenue 15 14 29 28 Total Nitrogen Fertilizer Segment revenue 202 168 382 310 Other (2) 35 64 Total revenue $ 2,738 $ 1,761 $ 4,718 $ 3,407 (1) Distillates consist primarily of diesel fuel, kerosene, and jet fuel. (2) Includes certain credits related to renewable fuels activity. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(10) Share-Based Compensation The following table summarizes share-based compensation expense for the three and six months ended June 30, 2026 and 2025, including expense related to outstanding awards, forfeiture-related reversals, and unit price market fluctuation impacts: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Incentive Unit Awards $ $ 10 $ 9 $ 15 CVR Partners - Phantom Unit Awards 2 2 3 Total share-based compensation expense $ $ 12 $ 11 $ 18 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(9) Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of June 30, 2026 and December 31, 2025. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral. June 30, 2026 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value (in millions) Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ $ 16 $ $ 16 $ (16) $ $ Liabilities Commodity derivative instruments 160 160 (16) (41) 103 RFS 408 408 408 December 31, 2025 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value (in millions) Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ $ 10 $ $ 10 $ (3) $ $ 7 Liabilities Commodity derivative instruments 3 3 (3) RFS 72 72 72 (1) At June 30, 2026 and December 31, 2025, the Company had $6 million and $5 million, respectively, of collateral under master netting arrangements within Other current assets on the Condensed Consolidated Balance Sheets primarily related to initial margin re …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(11) Income Taxes The following table summarizes the Companys income taxes and effective tax rate for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (in millions, except rate data) 2026 2025 2026 2025 Income (loss) before income taxes $ 56 $ (132) $ (133) $ (286) Income tax expense (benefit) 10 (42) (19) (91) Effective tax rate 17.8 % 31.7 % 14.1 % 31.8 % The Companys effective tax rate was 17.8% and 14.1% for the three and six months ended June 30, 2026, respectively, and 31.7% and 31.8% for the three and six months ended June 30, 2025, respectively, compared to the U.S. federal statutory rate of 21.0% for all periods. The differences from the statutory rate were primarily attributable to the tax effects of noncontrolling interests and state tax credits. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented In May 2026, the Financial Accounting Standards Board issued Accounting Standards Update 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure for entities that generate, purchase, or receive environmental credits, or that have a regulatory compliance obligation that may be settled with environmental credits. This standard is effective for the Companys annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new accounting guidance. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

(15) Related Party Transactions Activity associated with the Companys related party arrangements for the three and six months ended June 30, 2026 and 2025 is summarized below: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Sales to related parties: CVRP JV CO Contract (1) $ 1 $ 1 $ 1 $ 1 Purchases from related parties: Enable Joint Venture Transportation Agreement 3 3 6 7 (1) Sales to related parties, included in Net sales in our Condensed Consolidated Statements of Operations, consists of carbon oxide sales to a CVRP JV subsidiary. Dividends to CVR Energy Stockholders Dividends, if any, including the payment, amount and timing thereof, are determined at the discretion of the board of directors of the Company (the Board). IEP, through its ownership of the Companys common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following table presents quarterly dividends paid to the Companys stockholders, including IEP, during 2026 and 2025 (amounts presented in the table below may not add to totals presented due to rounding): Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2026 2025 2026 2025 Public stockholders $ 3 $ $ 3 $ IEP 7 7 Total dividends paid $ 10 $ $ 10 $ Dividends per share $ 0.10 $ $ 0.10 $ For the second quarter of 2026, the Company, upon approval by the Board on July 29, 2026, declared a cash d …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(7) Revenue The following table presents the Companys revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Companys reportable segments: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Petroleum Segment: Gasoline $ 1,187 $ 774 $ 2,040 $ 1,427 Distillates (1) 1,277 649 2,163 1,190 Crude oil sales 13 86 23 332 Other revenue 59 49 110 84 Total Petroleum Segment revenue 2,536 1,558 4,336 3,033 Nitrogen Fertilizer Segment: Ammonia 43 34 93 67 UAN 131 110 237 196 Urea products 13 10 23 19 Other revenue 15 14 29 28 Total Nitrogen Fertilizer Segment revenue 202 168 382 310 Other (2) 35 64 Total revenue $ 2,738 $ 1,761 $ 4,718 $ 3,407 (1) Distillates consist primarily of diesel fuel, kerosene, and jet fuel. (2) Includes certain credits related to renewable fuels activity. Remaining Performance Obligations The Company has spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). The Company does not disclose remaining performance obligations for contracts that had original terms of one year or less or for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of June 30, 2026, the Nitrogen Fertilizer Segment had approximately $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Ferti …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(13) Business Segments CVR Energys revenues are primarily derived from the two reportable segments: Petroleum and Nitrogen Fertilizer, which were determined based on the management approach, reflecting the internal reporting used by the Chief Operating Decision Maker (CODM), the Companys Chief Executive Officer, to evaluate performance and make strategic decisions. Petroleum includes the refining and marketing of high value transportation fuels which consist of gasoline, diesel, jet fuel, and distillates. The Petroleum Segment also includes activities related to crude gathering and logistics that support the refinery operations. Nitrogen Fertilizer includes the production and sales of nitrogen fertilizer products, primarily in the form of ammonia and UAN, for the farming industry. The CODM evaluates the performance of each reportable segment and decides how to allocate resources, as applicable, based on segment operating income (loss) which includes the revenue and expenses that are directly attributable to each segment, as well as the total assets per segment. The CODM uses operating income (loss) and total assets by segment to assess the results generated by each reportable segment and to decide, as applicable, whether to recommend that the boards reinvest profits into the reportable segments, if at all, or pay dividends. Operating income (loss) by segment is also used to analyze performance against the budget and the Companys competitors. The following tables present the o …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing