CVR ENERGY INC

Previous wording

The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2026 (the “2025 Form 10-K”). Results of operations for the three months ended March 31, 2026 and cash flows for the three months ended March 31, 2026 are not necessarily indicative of results to be attained for any other period. See “Important Information Regarding Forward-Looking Statements.” References to “CVR Energy”, the “Company”, “we”, “us”, and “our”, may refer to consolidated subsidiaries of CVR Energy, including CVR Refining, LP or CVR Partners, LP, as the context may require.

Current wording

The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2026 (the “2025 Form 10-K”). Results of operations for the three and six months ended June 30, 2026 and cash flows for the six months ended June 30, 2026 are not necessarily indicative of results of operations and cash flows to be attained for any other period. See “Important Information Regarding Forward-Looking Statements.” References to “CVR Energy”, the “Company”, “we”, “us”, and “our”, may refer to consolidated subsidiaries of CVR Energy, including CVR Refining, LP or CVR Partners, LP, as the context may require.

Previous wording

In December 2025, the Company reverted the renewable diesel unit (“RDU”) at the refinery located in Wynnewood, Oklahoma (the “Wynnewood Refinery”) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. While the Company maintains the option to switch back to renewable diesel service if incentivized to do so, it no longer refines renewable feedstocks, such as soybean oil, corn oil, and other similar feedstocks, into renewable diesel nor does it currently market renewable diesel. Based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer meets the quantitative or qualitative requirements under ASC 280, Segment Reporting, to be disclosed as a separate reportable segment. Effective with this Report, all prior period Renewables activity is consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation. Refer to Part I, Item 1, Note 13 (“Business Segments”) for segment disclosures.

Current wording

In December 2025, the Company reverted the renewable diesel unit (“RDU”) at the refinery located in Wynnewood, Oklahoma (the “Wynnewood Refinery”) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. While the Company maintains the option to switch back to renewable diesel service if incentivized to do so, it no longer refines renewable feedstocks, such as soybean oil, corn oil, and other similar feedstocks, into renewable diesel nor does it currently market renewable diesel. Based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer met the quantitative or qualitative requirements under ASC 280, Segment Reporting, to be disclosed as a separate reportable segment. Effective beginning with the Form 10-Q for the quarter ended March 31, 2026, all prior period Renewables activity has been consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation. Refer to Part I, Item 1, Note 13 (“Business Segments”) for segment disclosures.

Previous wording

•The Company has undertaken a project to replace the hydrofluoric acid catalyst alkylation unit at the Wynnewood Refinery with a fixed bed catalyst system, which project, if successfully completed, should expand the alkylation unit by approximately 2,500 bpd, increase product capture by reducing propylene production/sales and increase production of premium gasoline, and eliminate hydrofluoric acid inventory onsite. The capital investment is estimated at $136 million, and the unit is currently expected to become operational later in 2027; however, timing could be impacted by various factors including but not limited to logistics constraints.

Current wording

•The Company has undertaken a project to replace the hydrofluoric acid catalyst alkylation unit at the Wynnewood Refinery with a fixed bed catalyst system. If successfully completed, this project should expand the alkylation unit by up to 2,500 bpd resulting in increased production of premium gasoline, through utilization of propylene which is currently sold as a product, and eliminate hydrofluoric acid inventory. The capital investment is estimated at $136 million, and the unit is currently expected to become operational in late 2027; however, timing could be impacted by various factors including but not limited to logistics constraints.

Previous wording

•The Company has been assessing opportunities to improve margin capture at both refineries through optimizing crude and feedstock slates and refined product marketing, as well as repurposing rail assets following the reversion of the RDU to provide additional feedstock security and product shipment optionality.

Current wording

•The Company has been assessing opportunities to improve margin capture at both refineries through optimizing crude and feedstock slates and refined product marketing, and has begun repurposing and utilizing rail assets following the reversion of the RDU to provide additional feedstock security and product shipment optionality.

Previous wording

•In 2025 and into 2026, CVR Partners progressed several projects focused on improving water and electrical reliability, expanding diesel exhaust fluid production, and increasing loadout capabilities, among other initiatives.

Current wording

•In 2025 and into 2026, CVR Partners progressed several projects focused on improving water and electrical reliability, expanding diesel exhaust fluid production, and increasing loadout capabilities, among other initiatives, using funds previously reserved by the board of directors of CVR Partners’ general partner (the “UAN GP Board”).

Previous wording

•Based on engineering studies completed in 2025, the Coffeyville Fertilizer Facility has the potential to utilize natural gas as an alternative feedstock in conjunction with pet coke in the production of nitrogen fertilizer, which along with certain other modifications may increase the nameplate ammonia production of the Coffeyville Fertilizer Facility. CVR Partners is nearing completion of detailed engineering and final cost estimates, and with approval by the board of directors of CVR Partners’ general partner (the “UAN GP Board”), expect to proceed with construction in 2026. If completed, these initiatives would make the Coffeyville Fertilizer Facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing management with the ability to choose the optimal mix of natural gas and third-party pet coke depending on prevailing prices.

Current wording

•Based on engineering studies completed in 2025, the fertilizer facility in Coffeyville, Kansas operated by CVR Partners’ wholly owned subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”) (the “Coffeyville Fertilizer Facility” and together with the East Dubuque Fertilizer Facility, the “Facilities”) has the potential to utilize natural gas as an alternative feedstock in conjunction with pet coke in the production of nitrogen fertilizer. CVR Partners is in the final phases of completing detailed engineering and cost estimates, and following final approval by the UAN GP Board, expects to proceed with construction in 2026 and 2027. If completed, these initiatives would make the Coffeyville Fertilizer Facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing management with the ability to choose the optimal mix of natural gas and third-party pet coke depending on prevailing prices.

Previous wording

•On February 28, 2026, a war began between the U.S.-Israel and Iran (the “Iran War”), further increasing the conflicts and tensions in the Middle East, resulting in significant disruptions to oil, refined products, and fertilizer production facilities in the Middle East and to global energy and fertilizer supply chain production and availability. The Iran War has disrupted key trade routes, tightened global supply of certain commodities, and increased energy costs, contributing to elevated and volatile oil and fertilizer prices. While certain global coordinated activities have been implemented to mitigate price volatility and provide near-term relief to market conditions, oil and fertilizer prices remain elevated relative to prior periods.

Current wording

•On February 28, 2026, a war began between the U.S., Israel and Iran (the “Iran War”), further increasing the conflicts and tensions in the Middle East, resulting in significant disruptions to oil, refined products, and fertilizer production facilities in the region, as well as to global energy and fertilizer supply chain production and availability. The Iran War has disrupted key trade routes, especially the Strait of Hormuz, tightened global supply of certain commodities, and increased energy costs, contributing to elevated and volatile crude oil, refined product, and fertilizer prices. Recent escalations in the Iran War have increased the uncertainty regarding the duration and severity of these disruptions and any further impacts on the global and energy markets. While certain global coordinated activities have been implemented with the intention to mitigate price volatility and provide near-term relief to market conditions, crude oil, refined product, and fertilizer prices remain elevated relative to prior periods.

Previous wording

•Changes, and proposed changes, to the U.S. global trade policy, together with recent U.S. Supreme Court decisions affecting the interpretation and implementation of certain federal regulatory and trade authorities, as well as renewed trade tensions and related international retaliatory measures, have continued to influence global markets and impact short- and long-term economics in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth.

Current wording

•Changes, and proposed changes, to the U.S. global trade policy, together with related judicial, regulatory and administrative developments, as well as renewed trade tensions and related international retaliatory measures, have continued to influence global markets and impact short- and long-term economics in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth.

Previous wording

These factors, together with evolving diplomatic efforts and ongoing geopolitical developments in the affected regions, have contributed to, and may continue to contribute to volatility in crude oil, refined product and fertilizer pricing and inventories, as well as disruptions in the production, transportation and trade of fertilizer, grains, and feedstock through various means, including trade restrictions and sanctions. The ultimate impacts of these geopolitical developments and economic policy changes, including any further escalation, expansion, or resolution thereof, and any associated market disruptions remain difficult to predict and may materially affect our business, operations, cash flows, and access to capital in unforeseen ways.

Current wording

These factors, together with evolving diplomatic efforts and ongoing geopolitical developments in the affected regions, have contributed to, and may continue to contribute to, volatility in crude oil, refined product and fertilizer pricing and inventories, as well as disruptions in the production, transportation and trade of crude oil, refined products, fertilizer, grains, and feedstocks through various means, including trade restrictions and sanctions. The ultimate impacts of these geopolitical developments and economic policy changes, including any further escalation, de-escalation, or resolution thereof, and any associated market disruptions remain difficult to predict and may materially affect our business, operations, cash flows, and access to capital in unforeseen ways.

Previous wording

In addition to existing regulations, including the Renewable Fuel Standard (“RFS”) under the Clean Air Act, which significantly impacts our business, several rules, regulations, and policies relating to climate, energy and environmental matters have been enacted or introduced, as applicable, at federal, state, and international levels. For example, following the 2024 U.S. presidential election, President Trump has taken various actions reflecting a shift in regulatory priorities at the federal level, including various executive orders, regulatory guidance and new legislation that have curtailed, delayed, modified or restructured certain climate-related regulatory initiatives advanced under the prior administration. These actions include:

Current wording

Our businesses are subject to significant regulatory oversight and requirements and numerous rules, regulations, policies and legal proceedings relating to climate, energy and environmental matters enacted or introduced, as applicable, at federal, state, and international levels. These laws, rules, regulations and policies, and the implementation and enforcement thereof, are further subject to shifting priorities at the federal level, including various executive orders, regulatory guidance and new legislation, some of which have curtailed, delayed, modified or restructured certain climate-related regulatory initiatives advanced under the prior administration. Given these shifting priorities, we face an uncertain regulatory landscape at the federal, state, and international levels, such potential changes to reporting of greenhouse gas emissions and climate risk. Each of these factors further contributes to ongoing uncertainty in the regulatory environment in which we operate and may materially impact our businesses, operations, feedstock sourcing, operating and compliance costs, results of operations and overall market conditions.

Previous wording

The earnings and cash flows of the Petroleum Segment are primarily affected by the relationship between refined product prices and the cost of crude oil and other feedstocks that are used in refining and blending, as well as refinery compliance costs, including costs associated with RFS regulations. The effect of changes in crude oil prices on the Petroleum Segment’s results of operations is also influenced by the rate at which the refined products adjusts to reflect those changes.

Current wording

The earnings and cash flows of the Petroleum Segment are primarily affected by the relationship between refined product prices and the cost of crude oil and other feedstocks that are used in refining and blending, as well as refinery compliance costs, including costs associated with Renewable Fuel Standard (“RFS”) regulations. The effect of changes in crude oil prices on the Petroleum Segment’s results of operations is also influenced by the rate at which the refined products adjusts to reflect those changes.

Previous wording

•Since February 28, 2026, the Iran War has been the primary driver of volatility in global energy and refined product markets. Disruptions to key trade routes and damage to refining and energy infrastructure in the Middle East have constrained global refined product supply and contributed to significant increases in prices, particularly for diesel. At its outset, the U.S. saw geographical market dislocations with waterborne regions elevating more rapidly than inland regions as international shortages took effect. Over time, as trade flows and inventories normalized, this dislocation has corrected itself to a large degree.

Current wording

•Since February 28, 2026, the Iran War has been the primary driver of volatility in global energy and refined product markets. Disruptions to key trade routes, especially the Strait of Hormuz, and damage to refining and energy infrastructure in the Middle East have constrained global refined product supply and contributed to significant increases in prices, particularly for diesel. At its outset, the U.S. saw geographical market dislocations with waterborne regions elevating more rapidly than inland regions as international shortages took effect. This dislocation has moderated with some stabilization of trade flows and inventories but continues to be wider than historical averages. Pricing and inventories remain volatile and are expected to remain volatile in the future, influenced by developments in diplomatic relations, among other factors.

Previous wording

•Group 2-1-1 crack spreads increased from below to above mid-cycle levels following the start of the Iran War. Diesel crack spreads remained elevated into 2026 and increased significantly with the war. We expect diesel crack spreads to remain elevated in 2026 until global supply chains normalize. Group 3 gasoline crack spreads were particularly challenged early in the year as refinery utilization was high going into the winter months, and subsequently, refiners have increased throughputs to capture incremental margin on distillate volumes. More recently, inventories have begun to draw and the gasoline crack spread has improved.

Current wording

•Group 3 2-1-1 crack spreads increased from below to above mid-cycle levels following the start of the Iran War. Diesel crack spreads remained elevated into 2026 and increased significantly with the war. We expect diesel crack spreads to remain elevated in 2026 until global supply chains normalize. Group 3 gasoline crack spreads were particularly challenged early in the year as refinery utilization was high going into the winter months, and subsequently, refiners have increased throughputs to capture incremental margin on distillate volumes. More recently, inventories have begun to draw and the gasoline crack spread has improved.

Previous wording

•In addition to moving barrels out of the MidCon to balance supply and demand needs around the U.S. and globally as a result of the Iran War, several projects have been announced to move products to western states in PADDs 4 and 5 which will continue to help balance domestic trade flows and move excess barrels to regions where demand should outpace supply in the coming years.

Current wording

•In addition to moving barrels out of the mid-continent region to balance supply and demand needs around the U.S. and globally, several projects have been announced to move products to western states in PADDs IV and V which should continue to help balance domestic trade flows and move excess barrels to regions where demand should outpace supply in the coming years.

Previous wording

•Recent damage to liquid natural gas (“LNG”) production facilities and loss of LNG trade flows through the Middle East have contributed to higher natural gas prices in Europe, impacting competitiveness of European refineries. Meanwhile, the abundance of natural gas supply available in the U.S. has kept domestic prices subdued, providing a sustained cost advantage for U.S. refiners.

Current wording

•Recent damage to liquid natural gas (“LNG”) production facilities and loss of LNG trade flows through the Middle East have contributed to higher natural gas prices in Europe, impacting competitiveness of European refineries. Meanwhile, the abundance of natural gas supply available in the U.S. continues to keep domestic prices subdued, providing a sustained cost advantage for U.S. refiners.

Previous wording

•Certain of the Petroleum Segment’s subsidiaries are subject to the RFS (collectively, the “obligated-party subsidiaries”), which, each year, absent exemptions or waivers, requires such obligated-party subsidiaries to blend renewable fuels with transportation fuels, purchase renewable fuel credits, known as renewable identification numbers (“RINs”), in lieu of blending, or otherwise face liability. Actions of the EPA under the RFS, as well as the outcomes of various RFS-related legal challenges, have in the past and are expected to continue to materially impact our results. Specifically:

Current wording

•Certain of the Petroleum Segment’s subsidiaries are subject to the RFS (collectively, the “obligated-party subsidiaries”), which, each year, absent exemptions or waivers, requires such obligated-party subsidiaries to blend renewable fuels with transportation fuels, purchase renewable fuel credits, known as renewable identification numbers (“RINs”), in lieu of blending, or otherwise face liability. Actions of the EPA under the RFS, the outcomes of various RFS-related legal challenges and various legislative efforts relating to the RFS and renewable fuels, have in the past and are expected to continue to materially impact our results. In addition, certain governmental regulations and incentives associated with the automobile transportation, agricultural, and renewables industries, including the ones related to corn-based ethanol and vegetable oil-based biodiesel, renewable diesel, and sustainable aviation fuel production or consumption, have impacted, and are expected to continue to impact, our business. For example:

Previous wording

▪In March 2026, the EPA issued an unpublished version of its final rule (a) establishing applicable blending volumes and percentage standards under the RFS for 2026 and 2027 for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel; (b) partially waiving the 2025 cellulosic biofuel volume requirement and revising the associated percentage standard due to a shortfall in cellulosic biofuel production; and (c) promulgating several regulatory changes to the RFS program, including removing renewable electricity as a qualifying renewable fuel under the RFS program and making minor revisions to the biogas provisions of the RFS program, which final rule is expected to become effective on June 15, 2026 (the “2026/2027 RFS Final Rule”). In the 2026/2027 RFS Final Rule, the EPA confirmed its intention to add to annual blending obligations volumes that account for 70% of volumes actually exempted by the EPA for 2023 and 2024 compliance years and those projected to be exempted by the EPA for the 2025 compliance year, estimated by the EPA to total 2.89 billion RINs. WRC and CRRM are evaluating what actions they may take in response to the 2026/2027 RFS Final Rule.

Current wording

◦On April 1, 2026, the EPA issued a final rule, effective on June 15, 2026, that (a) establishes applicable blending volumes and percentage standards under the RFS for 2026 and 2027 for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel, reflecting the highest renewable fuel volume in the program’s history, including for biomass-based diesel and advanced biofuel; (b) partially waives the 2025 cellulosic biofuel volume requirement and revises the associated percentage standard due to a shortfall in cellulosic biofuel production; and (c) promulgates several regulatory changes to the RFS program, including the removal of renewable electricity as a qualifying renewable fuel under the RFS program and makes minor revisions to the biogas provisions of the RFS program (the “2026/2027 RFS Final Rule”). In the 2026/2027 RFS Final Rule, the EPA confirmed its intention to add to annual blending obligations volumes that account for 70% of volumes actually exempted by the EPA for 2023 and 2024 compliance years and those projected to be exempted by the EPA for the 2025 compliance year, estimated by the EPA to total 2.89 billion RINs. Numerous refiners, including Coffeyville Resources Refining & Marketing, LLC and Wynnewood Refining Company, LLC (“WRC”), biofuels groups and others filed petitions for review of the 2026/2027 RFS Final Rule in the D.C. Circuit, which petitions remain pending and in their early stages.

Previous wording

▪In April 2026, the EPA proposed a final rule reflecting the highest RFS blending obligation in history for 2026 and 2027 including for biomass-based diesel and advanced biofuel. As of March 31, 2026, we have an estimated liability of $204 million for the Petroleum Segment’s obligated-party subsidiaries’ compliance with the RFS through March 31, 2026, which consists of approximately 113 million RINs, excluding open, fixed-price commitments to purchase a net 17 million RINs. The Company’s open RFS position is marked-to-market each period and thus market volatility could significantly impact our costs to comply with RFS (excluding the impacts of any exemptions or waivers to which the Petroleum Segment’s obligated-party subsidiaries may be entitled) and has the potential to remain significant through 2026 and beyond.

Current wording

▪As of June 30, 2026, we have an estimated liability of $408 million for the Petroleum Segment’s obligated-party subsidiaries’ compliance with the RFS through June 30, 2026, which consists of approximately 169 million RINs, excluding open, fixed-price commitments to purchase a net 20 million RINs. The Company’s open RFS position is marked-to-market each period, and thus market volatility could significantly impact our costs to comply with RFS (excluding the impacts of any exemptions or waivers to which the Petroleum Segment’s obligated-party subsidiaries may be entitled) and has the potential to remain significant through 2026 and beyond.

Previous wording

•The EPA (1) proposing a waiver of the Reid Vapor Pressure specifications during the summer of 2026 to increase the size of the gasoline pool for the summer driving season, as a result of the conflict with Iran, and (2) issuing a temporary emergency fuel waiver in March 2026 which is expected to be effective May 1, 2026, to allow nationwide sales of E15 and to remove all federal impediments to selling E10, gasoline blended with 10 percent ethanol, across the country; and

Current wording

◦The EPA issued a nationwide emergency waiver of the Reid Vapor Pressure specifications during the summer of 2026 to increase the size of the gasoline pool for the summer driving season, as a result of the conflict with Iran, and issued a temporary emergency fuel waiver in March 2026 which became effective May 1, 2026, to allow nationwide sales of E15 and to remove all federal impediments to selling E10 (gasoline blended with 10 percent ethanol) across the country.

Previous wording

•Provisions of the Section 45Z Clean Fuel Production Credit to exclude imports of renewable fuels and imported feedstocks used to produce renewable fuels in the United States, which we expect to support demand for domestic corn and soybean oil feedstocks and will impact both our refining and fertilizer operations.

Current wording

◦Provisions of the Section 45Z Clean Fuel Production Credit exclude imports of renewable fuels and imported feedstocks used to produce renewable fuels in the United States, which we expect to support demand for domestic corn and soybean oil feedstocks and will impact both our refining and fertilizer operations.

Previous wording

The price at which nitrogen fertilizer products are ultimately sold depends on numerous factors, including the global supply and demand for nitrogen fertilizer products, which, in turn, depends on world grain demand and production levels, changes in world population, the cost and availability of fertilizer transportation infrastructure, weather conditions, the availability of imports, the availability and price of feedstocks to produce nitrogen fertilizer, and the extent of government intervention in agriculture markets, among other factors. These factors can impact, among other things, the level of inventories in the markets, resulting in price and product margin volatility. Moreover, the industry typically experiences seasonal fluctuations in demand for nitrogen fertilizer products. Specific factors impacting CVR Partners’ operations are outlined below.

Current wording

The price at which nitrogen fertilizer products are ultimately sold depends on numerous factors, including the global supply and demand for nitrogen fertilizer products which, in turn, depends on world grain demand and production levels, changes in world population, the cost and availability of fertilizer transportation infrastructure, weather conditions, the availability of imports, the availability and price of feedstocks to produce nitrogen fertilizer, and the extent of government intervention in agriculture markets, among other factors. These factors can impact, among other things, the level of inventories in the markets, resulting in price and product margin volatility. Moreover, the industry typically experiences seasonal fluctuations in demand for nitrogen fertilizer products.

Previous wording

•On September 25, 2025, the United States Department of Agriculture (“USDA”) and the Department of Justice (“DOJ”) antitrust division signed a memorandum of understanding to conduct an investigation into alleged anti-competitive practices among suppliers of agricultural inputs, including fertilizers, seeds, and crop protection products. The fertilizer industry is facing additional scrutiny from legislators, regulators, agriculture groups and others following fertilizer and fertilizer input price increases related to the impacts of the Iran War, which only exacerbated price increases caused by the ongoing Russia-Ukraine war, continued conflicts and tensions in the Middle East, and related geopolitical developments.

Current wording

•The fertilizer industry continues to face additional scrutiny from legislators, regulators, agriculture groups and others following fertilizer and fertilizer input price increases related to the impacts of the Iran War, which only exacerbated price increases caused by the ongoing Russia-Ukraine war, continued conflicts and tensions in the Middle East, and related geopolitical developments. Such scrutiny has increased in 2026 and may result in additional government inquiries, investigations, legislative actions or regulatory initiatives affecting participants in the fertilizer industry.

Previous wording

◦Ethanol is blended with gasoline to meet requirements under the RFS of the Clean Air Act and for its octane value. Since 2020, corn used in ethanol production has historically consumed an average of approximately 36% of annual domestic corn production, so demand for corn generally rises and falls with ethanol demand. Accordingly, corn demand can be impacted by the actions of the United States EPA under the RFS, including its establishment of annual blending obligations and related actions. Even if the EPA decreases RFS blending obligations, we believe ethanol should continue to be blended into transportation fuel for its inherent octane value and further expect the government would seek ways to mitigate any potential negative impact on farmers to promote continued planting activities in the future.

Current wording

◦Ethanol is blended with gasoline to meet requirements under the RFS and for its octane value. Since 2020, corn used in ethanol production has historically consumed an average of approximately 36% of annual domestic corn production. Accordingly, corn and/or ethanol demand can be impacted by the actions of the EPA under the RFS, including its establishment of annual blending obligations and related actions. Even if the EPA decreases RFS blending obligations, we believe ethanol should continue to be blended into transportation fuel for its inherent octane value.

Previous wording

Due to the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing and based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer meets the quantitative or qualitative requirements under ASC 280, Segment Reporting, to be disclosed as a separate reportable segment. Effective with this Report, all prior period Renewables activity is consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation.

Current wording

Due to the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing and based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer met the quantitative or qualitative requirements under ASC 280, Segment Reporting, to be disclosed as a separate reportable segment. Effective beginning with the Form 10-Q for the quarter ended March 31, 2026, all prior period Renewables activity has been consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation.

Previous wording

Overview -The Company’s net loss increased $55 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Refer to our discussion of each segment’s result of operations below for further information.

Current wording

Overview -For the three months ended June 30, 2026, the Company’s net income increased $136 million compared to the three months ended June 30, 2025. For the six months ended June 30, 2026 the Company’s net loss decreased $81 million compared to the six months ended June 30, 2025. Refer to our discussion of each segment’s result of operations below for further information.

Previous wording

Interest expense, net -The $33 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by the loss on extinguishment of debt for the redemption of the 8.500% Senior Notes, due 2029 (the “2029 Notes”) and 5.750% Senior Notes, due 2028 (the “2028 Notes”), as well as the prepayment of the senior secured term loan facility (the “Term Loan”) in February 2026. See Part I, Item 1, Note 6 (“Long-Term Debt and Finance Lease Obligations”) for further details.

Current wording

Interest expense, net -The $5 million decrease for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by lower borrowing costs resulting from the Company’s debt refinancing activities completed in the first quarter of 2026. The $28 million increase for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by losses on extinguishment of debt associated with the redemption of the 8.500% Senior Notes, due 2029 (the “2029 Notes”) and 5.750% Senior Notes, due 2028 (the “2028 Notes”), and the loss on the prepayment of the senior secured term loan facility (the “Term Loan”) during the first quarter of 2026. See Part I, Item 1, Note 6 (“Long-Term Debt and Finance Lease Obligations”) for further details.

Previous wording

Other Income, Net- The $12 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by the recognition of the Production Tax Credit (the “PTC”) related to qualifying renewable fuel sales. The Company recognized the full 2025 tax credit benefit during the three months ended March 31, 2026.

Current wording

Other Income, Net- The $13 million increase for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 was primarily driven by the recognition of the Production Tax Credit (the “PTC”) related to qualifying renewable fuel sales. The Company recognized the full 2025 tax credit benefit during the first quarter of 2026.

Previous wording

Income Tax Benefit - Income tax benefit for the three months ended March 31, 2026 was $29 million, or 15.2% of loss before income taxes compared to income tax benefit for the three months ended March 31, 2025 of $49 million, or 31.8% of loss before income taxes. The change in income tax benefit was primarily due to an increase in overall pretax earnings. In addition, the change in the effective tax rate from the three months ended March 31, 2025 to the three months ended March 31, 2026 was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings.

Current wording

Income Tax (Expense) Benefit - Income tax (expense) benefit for the three and six months ended June 30, 2026 was $(10) million and $19 million, or 17.8% and 14.1% of income (loss) before income tax, respectively, compared to income tax benefit for the three and six months ended June 30, 2025 of $42 million and $91 million, or 31.7% and 31.8% of loss before income tax, respectively. The changes in income tax benefit were primarily due to an increase in overall pretax earnings. The changes in effective tax rate from the three and six months ended June 30, 2025 to the three and six months ended June 30, 2026 were primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings.

Previous wording

Refining Throughput and Production Data by Refinery

Current wording

Refining Throughput and Production Data

Previous wording

Average monthly prices for RINs on a blended barrel basis (calculated using applicable renewable volume obligation (“RVO”) percentages) increased 102% during the first quarter of 2026 compared to the same period of 2025. RINs approximated $9.46 per barrel during the first quarter of 2026 compared to $4.68 per barrel during the first quarter of 2025.

Current wording

Average monthly prices for RINs on a blended barrel basis (calculated using applicable renewable volume obligation (“RVO”) percentages) increased during the three and six months ended June 30, 2026 to $13.78 and $11.64 per barrel, respectively, compared to $6.08 and $5.39 per barrel during the three and six months ended June 30, 2025, respectively.

Previous wording

Overview - For the three months ended March 31, 2026, the Petroleum Segment’s operating loss and net loss increased $32 million and $33 million, respectively, compared to the three months ended March 31, 2025 primarily due to unfavorable derivatives impacts, an increase in RINs prices, and decreases in gasoline crack spreads, partially offset by higher throughput volumes in the current period as a result of the Coffeyville Refinery’s major turnaround during the first quarter of 2025 (the “2025 Refinery Turnaround”) in the prior period, and increase in distillate crack spreads.

Current wording

Overview - For the three months ended June 30, 2026, the Petroleum Segment’s operating income and net income increased $138 million and $149 million, respectively, compared to the three months ended June 30, 2025. For the six months ended June 30, 2026, the Petroleum Segment’s operating loss and net loss decreased $107 million and $115 million, respectively, compared to the six months ended June 30, 2025. These variances were primarily due to an increase in gasoline and distillate crack spreads and higher throughput volumes in the current period as a result of the Coffeyville Refinery’s major turnaround during the first quarter of 2025 (the “2025 Refinery Turnaround”), partially offset by increases in RINs prices and obligations, backwardation in NYMEX WTI, and unfavorable derivative impacts.

Previous wording

Net Sales - The $326 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by higher throughput volumes in the current period as result of the 2025 Refinery Turnaround in the prior period, combined with higher distillate prices, partially offset by lower revenue from sales of crude oil in 2026 due to selling crude to manage inventory during the 2025 Refinery Turnaround and lower gasoline prices.

Current wording

Net Sales - The $979 million increase and $1.3 billion increase for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 were primarily driven by higher throughput volumes in the current period as a result of the 2025 Refinery Turnaround, combined with higher gasoline and distillate prices, partially offset by lower revenue from sales of crude oil in 2026 due to selling crude to manage inventory during the 2025 Refinery Turnaround.

Previous wording

Refining Margin - The $7 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to the following factors:

Current wording

Refining Margin - The $158 million increase for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to the following factors:

Previous wording

•An increase in the Group 3 2-1-1 crack spread of $3.93 per barrel, driven by an improvement in distillate crack spreads primarily due to the Iran War in the current period; and

Current wording

•An increase in the Group 3 2-1-1 crack spread of $20.89 per barrel, driven by an improvement in gasoline and distillate crack spreads primarily due to the Iran War in the current period;

Previous wording

•Unfavorable derivatives impacts of $195 million, resulting primarily from losses on open crack swap positions in the current period;

Current wording

•Unfavorable derivatives impacts of $80 million, resulting primarily from losses on crack swap positions in the current period.

Previous wording

•Favorable inventory valuation impacts of $120 million for the three months ended March 31, 2026 compared to $20 million for the three months ended March 31, 2025, primarily due to an increase in crude oil prices in the current period compared to a decrease in prices during the first quarter of 2025, combined with larger increases in gasoline and distillate prices in the first quarter of 2025.

Current wording

•Favorable inventory valuation impacts of $138 million for the six months ended June 30, 2026 compared to unfavorable inventory valuation impacts of $10 million for the six months ended June 30, 2025, primarily due to an increase in crude oil prices in the current year as compared to a decrease in 2025, combined with larger increases in gasoline and distillate prices in the current year.

Previous wording

•An increase in the RVO weighted cost of RFS compliance of $4.78 per barrel primarily due to an increase in the price of Ethanol and Biodiesel RINs combined with an increase in the RVO; and

Current wording

•An increase in the RVO weighted cost of RFS compliance of $6.25 per barrel primarily due to an increase in the price of Ethanol and Biodiesel RINs combined with an increase in the RVO;

Previous wording

Direct Operating Expenses (Exclusive of Depreciation and Amortization) -The $25 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to increased natural gas and electricity utilities, production chemicals, and catalyst costs in the current period as a result of increased throughput volumes due to the 2025 Refinery Turnaround in the prior period, combined with higher personnel costs. On a total throughput barrel basis, there was a $2.48 decrease due to increased throughput volumes in the current period resulting from the 2025 Refinery Turnaround in the prior period, partially offset by the increased direct operating expenses discussed above in the current period.

Current wording

Direct Operating Expenses (Exclusive of Depreciation and Amortization) -The $14 million increase and $40 million increase for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily due to higher personnel costs combined with increased natural gas and electricity utilities, production chemicals, and catalyst costs in the current period as a result of increased throughput volumes in 2026 due to the 2025 Refinery Turnaround in the prior period, partially offset by lower share-based compensation expenses as a result of a decrease in the market price of CVR Energy’s common shares in the current period compared to an increase in the prior period. On a total throughput barrel basis, direct operating expenses during the three and six months ended June 30, 2026 declined $0.52 and $1.30 per barrel, respectively, compared to the prior periods due to increased throughput volumes in the current period resulting from the 2025 Refinery Turnaround in the prior period, partially offset by the increased direct operating expenses discussed above in the current period.

Previous wording

Depreciation and Amortization Expense - The $11 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily attributable to fixed asset additions during the 2025 Refinery Turnaround, partially offset by certain assets being retired or fully depreciated.

Current wording

Depreciation and Amortization Expense - The $1 million increase and $12 million increase for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 was primarily attributable to fixed asset additions during the 2025 Refinery Turnaround, partially offset by certain assets being retired or fully depreciated during 2026.

Previous wording

Selling, General, and Administrative Expenses- The $4 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to increased share-based compensation expense as a result of a larger increase in the market price of CVR Energy’s common shares in the current period compared to the prior period.

Current wording

Selling, General, and Administrative Expenses- The $2 million increase and $5 million increase for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 was primarily due to higher personnel costs combined with increased consulting and software costs, partially offset by decreased share-based compensation expense as a result of a decrease in the market price of CVR Energy’s common shares in the current period compared to an increase in the prior period.