CVR ENERGY INC
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
CVI$38.13-4.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001376139-26-000039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001376139-26-000043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 184 previous paragraphs and 208 current paragraphs.
102 unchanged; 79 reworded; 24 added; 2 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Recent Developments—Pending Acquisition of Northern PADD II Refining Assets
Current report
On November 2, 2026, the Company entered into an equity and asset purchase agreement (the “Purchase Agreement”) with certain indirect subsidiaries and affiliates of Marathon Petroleum Corporation (the “Sellers”) to acquire the refinery located in St. Paul Park, Minnesota (the “St. Paul Park Refinery”), the refinery located in Mandan, North Dakota (the “Mandan Refinery”), a 17% interest in each of Minnesota Pipe Line Company, LLC and MPL Investments, Inc., and associated wholesale marketing and logistics assets (collectively, the “Target Assets”), and to assume certain liabilities related to the Target Assets, for aggregate cash consideration of approximately $4.2 billion, subject to customary closing adjustments, including net working capital and inventory adjustments (the “Acquisition”). The consummation of the Acquisition is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and certain other regulatory approvals. The Purchase Agreement may be terminated under specified circumstances and, in certain of those circumstances, the Company may be required to pay the Sellers a termination fee of 6%, 4% or 2% of the aggregate base purchase price, depending on the circumstances of termination. The Company expects the Acquisition to close before the end of 2026 (the date of such closing, the “Acquisition Closing Date”), subject to the satisfaction or waiver of the applicable closing conditions; however, there can be no assurance that the Acquisition will be completed on the anticipated terms or timeline, or at all.
Current report
The Company has also agreed to maintain at least $500 million of unrestricted cash and cash equivalents until the closing of the Acquisition or the termination of the Purchase Agreement, which amount may increase by up to an additional $500 million from the proceeds of an equity offering completed by the Company after the execution of the Purchase Agreement.
Current report
The Company intends to fund the Acquisition and related fees and expenses with a combination of cash on hand, borrowings under the CVR Energy ABL (as defined below), the proceeds of senior secured indebtedness (the “Permanent Financing”), the proceeds of the equity investments described below and the net proceeds of a registered public offering of the Company’s common stock (the “Equity Offering”). In connection with the Purchase Agreement, the Company entered into (i) a debt commitment letter (the “Debt Commitment Letter”) with Barclays Bank PLC and certain other financial institutions providing for, among other things, a senior secured 364-day bridge loan facility of up to $2.5 billion (the “Bridge Facility”), to the extent the net cash proceeds of the Permanent Financing are less than $2.5 billion, and consents to an amendment to the CVR Energy ABL providing for $550 million of incremental commitments, increasing total commitments to $1.1 billion upon the closing of the Acquisition (or, if such amendment cannot be obtained, commitments for a new $1.1 billion senior secured asset-based revolving credit facility that would refinance the CVR Energy ABL in full); (ii) a subscription agreement with a commercial counterparty (the “Commercial Partner”) for the purchase of $800 million of shares of the Company’s non-voting common stock equivalent convertible preferred stock in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, which is conditioned upon, and will occur concurrently with, the closing of the Acquisition; and (iii) a subscription agreement with Icahn Enterprises L.P., the Company’s controlling stockholder (together with its affiliates, “IEP”), pursuant to which IEP committed to provide, directly or indirectly, up to $500 million of equity financing at the same price per share as the Commercial Partner, which commitment will terminate upon the consummation of an offering of common stock generating gross proceeds to the Company of at least $500 million, together with a stockholders and registration rights agreement with IEP.
Current report
The Company and certain of its subsidiaries also entered into crude oil supply, product offtake, inventory purchase and sale, and terminalling agreements with an affiliate of the Commercial Partner, which will become effective upon the closing of the Acquisition and satisfaction of applicable conditions and will expire ten years thereafter, subject to earlier termination and an extension option. Under these agreements, the Commercial Partner will purchase the initial crude oil and feedstock inventories at the Mandan and St. Paul Park Refineries and serve as their exclusive crude oil supply and intermediation counterparty, subject to specified exceptions.
Current report
Refer to Part II, Item 1A of this Report for further information regarding risks associated with the Acquisition. The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, a copy of which is filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on November 3, 2026.
Current report
On August 31, 2026, the U.S. Environmental Protection Agency (the “EPA”) issued a decision document to the Company’s subsidiary, Wynnewood Refining Company, LLC (“WRC”), granting a 100 percent waiver from its Renewable Fuel Standard (“RFS”) obligation for the 2025 compliance period (the “August 2026 SRE Decision”). As a result of the August 2026 SRE Decision, WRC’s RFS obligation for the 2025 compliance period was reduced by more than 118 million RINs, representing approximately $253 million. Refer to Part I, Item 1, Note 12 (“Commitments and Contingencies”) of this Report for further discussion.
Current report
•With U.S. refinery utilization elevated and refined product inventories, especially distillates, below historical averages, any planned or unplanned refinery downtime could cause significant volatility in refined product prices and crack spreads.
Current report
(1)See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measure shown above.
Current report
NYMEX 2-1-1 crack spreads increased during the three and nine months ended September 30, 2026, averaging $73.43 and $55.16 per barrel, respectively, compared to $28.24 and $25.62 per barrel during the three and nine months ended September
Current report
30, 2025, respectively. Group 3 2-1-1 crack spreads also increased during the three and nine months ended September 30, 2026 averaging $68.50 and $45.37 per barrel, respectively, compared to $25.94 and $22.62 per barrel during the three and nine months ended September 30, 2025, respectively.
Current report
(1)See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
Current report
•A decrease in the favorable RINs revaluation, primarily due to the impact of the August 2026 SRE Decision compared to the August 2025 SRE Decision;
Current report
•An increase in distribution costs as a result of higher sales volumes.
Current report
•A decrease in the favorable RINs revaluation, primarily due to the impact of the August 2026 SRE Decision compared to the August 2025 SRE Decision;
Current report
•An increase in distribution costs as a result of higher sales volumes.
Current report
For the three months ended September 30, 2026, ammonia sales volumes decreased by 25% due to lower ammonia production as a result of the 2026 Fertilizer Turnaround. For the nine months ended September 30, 2026, UAN sales volumes decreased by 4% due to lower consumer demand in the first half of 2026 as a result of the higher prices for UAN relative to other comparable fertilizer products.
Current report
(1)See “Non-GAAP Reconciliations” section below for reconciliations of the non-GAAP measures shown above.
Current report
Direct Operating Expenses (exclusive of depreciation and amortization) -The $32 million increase and $38 million increase for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025 was primarily a result of the 2026 Fertilizer Turnaround, increased personnel costs, and higher catalyst and chemical costs. For the three months ended September 30, 2026, these increases were also driven by the aforementioned unfavorable inventory impacts, partially offset by decreased utility costs as a result of lower electricity and natural gas consumption. For the nine months ended September 30, 2026, these increases were also driven primarily by increased repairs and maintenance costs.
Current report
Renewable Fuel Standard - Based on the August 2026 SRE Decision, WRC’s obligation for the 2025 compliance period was reduced by more than 118 million RINs, representing approximately $253 million for the three and nine months ended September 30, 2026. The August 2026 SRE Decision follows the EPA’s August 22, 2025 decision document issued to WRC, which granted full and partial waivers for WRC’s RFS obligation for the 2019 through 2024 compliance periods (the “August 2025 SRE Decision”) and reduced WRC’s RFS obligations by more than 424 million RINs, representing approximately $488 million for the three and nine months ended September 30, 2025. Refer to Part I, Item 1, Note 12 (“Commitments and Contingencies”) of this Report for further details.
Current report
Major Scheduled Turnaround Activities - We incurred turnaround expenses of $27 million and $1 million during the three months ended September 30, 2026 and 2025, respectively, and $29 million and $2 million during the nine months ended September 30, 2026 and 2025, respectively.
Current report
(1)Changes in the RFS liability include adjustments to reflect the August 2026 SRE Decision and the August 2025 SRE Decision in the amounts of $253 million and $488 million for the three and nine months ended September 30, 2026 and 2025, respectively, as well as the revaluation of the RVO. Refer to Part I, Item 1, Note 12 (“Commitments and Contingencies”) of this Report for further discussion.
Current report
Minimum Cash Requirement Related to the Acquisition
Current report
In connection with the Acquisition, the Company has agreed to maintain at least $500 million of unrestricted cash and cash equivalents until the closing of the Acquisition or the termination of the Purchase Agreement, which amount may increase by up to an additional $500 million from the proceeds of an equity offering completed by the Company after the execution of the Purchase Agreement. See “Recent Developments—Pending Acquisition of Northern PADD II Refining Assets” above and Part I, Item 1, Note 1 (“Organization and Nature of Business”) of this Report for further information regarding the Acquisition and the related financing transactions.
Removed paragraphs (2)
Previous report
NYMEX 2-1-1 crack spreads increased during the three and six months ended June 30, 2026 averaging $54.34 and $45.66 per barrel, respectively, compared to $25.87 and $24.29 per barrel during the three and six months ended June 30, 2025, respectively. Group 3 2-1-1 crack spreads also increased during the three and six months ended June 30, 2026 averaging $44.91 and $33.34 per barrel, respectively, compared to $24.02 and $20.89 per barrel during the three and six months ended June 30, 2025, respectively.
Previous report
For the three months ended June 30, 2026, ammonia sales volumes decreased by 6% due to an early start to spring ammonia application in 2026 shifting volume into the first quarter of 2026, while UAN sales volumes decreased by 3% due to lower consumer demand as a result of fewer corn acres planted and higher prices for UAN relative to other comparable fertilizer products during the end of the current period. For the six months ended June 30, 2026, ammonia sales volumes increased by 8% due to higher ammonia production in the current period as a result of the 2025 Outages in the prior period, while UAN sales volumes decreased by 6% due to the aforementioned decrease in corn acres planted and increase in UAN prices in the current period.
Reworded paragraphs (79)
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 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.
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 nine months ended September 30, 2026 and cash flows for the nine months ended September 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
As previously disclosed, Icahn Enterprises L.P. and its affiliates (“IEP”) and the Company are considering potential strategic transactions available to the Company and our subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses, including the acquisition of material amounts of refining assets through negotiated mergers and/or stock or asset purchase agreements by the Company or our subsidiaries, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned or previously disclosed or other transactions will develop or materialize, or if they do, as to their timing. As of June 30, 2026, IEP owns approximately 71% of the Company’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of June 30, 2026, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests.
Current wording
As previously disclosed, IEP and the Company are considering potential strategic transactions available to the Company and our subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses, including the acquisition of material amounts of refining assets through negotiated mergers and/or stock or asset purchase agreements by the Company or our subsidiaries, including the Acquisition, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned or previously disclosed or other transactions will develop or materialize, or if they do, as to their timing. As of September 30, 2026, IEP owns approximately 71% of the Company’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of September 30, 2026, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests.
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. 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.
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 $155 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
•In connection with our settlement with the Environmental Protection Agency (“EPA”) on certain environmental issues at the refinery in Coffeyville, Kansas (the “Coffeyville Refinery”) entered into in 2023 and by the court in January 2024, the Company is in the process of installing a flare gas recovery system along with other improvements at a cost of approximately $53 million, which is expected to be operational in late 2026.
Current wording
•In connection with our settlement with the EPA on certain environmental issues at the refinery in Coffeyville, Kansas (the “Coffeyville Refinery”) entered into in 2023 and by the court in January 2024, the Company is in the process of installing a flare gas recovery system along with other improvements at a cost of approximately $53 million, which is expected to be operational in late 2026.
Previous wording
•During the planned turnaround at the fertilizer facility in East Dubuque, Illinois operated by CVR Partners’ wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Fertilizer Facility”), scheduled for August 2026, EDNF will continue to progress work on the upgrades to its water systems, in addition to completing the brownfield ammonia expansion that is expected to increase production capacity by approximately 5%.
Current wording
•The fertilizer facility in East Dubuque, Illinois operated by CVR Partners’ wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Fertilizer Facility”), completed its planned turnaround in mid-October 2026 (the “2026 Fertilizer Turnaround”), consisting of upgrades to its water systems and completion of the brownfield ammonia expansion project, which is expected to increase production capacity by approximately 5%. EDNF's ability to sustainably operate at the increased capacity level is expected to be tested during the fourth quarter of 2026.
Previous 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.
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, cost estimates, and has submitted a permit application to the state environmental agency. With final approval by the UAN GP Board, we expect to proceed with construction in 2028. 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 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.
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. Hostilities and restrictions on shipping through the Strait of Hormuz continued during the third quarter, and transit volumes remained significantly below pre-war levels. These disruptions have contributed to elevated and volatile crude oil, refined product, and fertilizer prices, and we believe they could continue to do so. The duration, geographic scope, and ultimate severity of the Iran War and its effects on global and regional energy and fertilizer markets remain highly uncertain, and we cannot predict whether or when any stabilization in market conditions will occur or be sustained.
Previous wording
•In addition, the ongoing Russia-Ukraine war and related geopolitical developments have disrupted, and could further disrupt, the production and trade of petroleum products, fertilizer, grains, and other feedstocks through various means, such as trade restrictions, sanctions or transportation bottlenecks.
Current wording
•The ongoing Russia-Ukraine war and related geopolitical developments have disrupted, and could further disrupt, the production and trade of petroleum products, fertilizer, grains, and other feedstocks through various means, such as trade restrictions, sanctions, or transportation bottlenecks, in addition to damage sustained at numerous Russian infrastructure assets, including refineries.
Previous 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.
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 economic conditions in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth.
Previous 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.
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 as 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 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.
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 adjust to reflect those changes.
Previous wording
Crude oil costs and the prices of refined products have historically been subject to wide fluctuations, which can impact, among other things, the level of inventories in the market and a reduction in product margins. Widespread expansion or upgrades of third-party facilities, shutdowns or curtailments, price volatility, international political and economic developments, and other factors are likely to continue to play an important role in refining industry economics. Specific factors impacting the Petroleum Segment’s operations are outlined below.
Current wording
Crude oil costs and the prices of refined products have historically been subject to wide fluctuations, which can impact, among other things, the level of inventories in the market and product margins. Widespread expansion or upgrades of third-party facilities, shutdowns or curtailments, price volatility, international political and economic developments, and other factors are likely to continue to play an important role in refining industry economics. Specific factors impacting the Petroleum Segment’s operations are outlined below.
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, 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.
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 higher refined product prices, particularly for diesel. At its outset, the U.S. saw geographical market dislocations, with waterborne regions strengthening more rapidly than inland regions as international shortages took effect. This dislocation has moderated as trade flows and inventories have shown signs of stabilization but continues to exceed historical averages and remains subject to elevated uncertainty. Pricing and inventory levels continue to experience volatility, and future market conditions, including developments in diplomatic relations, geopolitical events, and changes in global trade flows, among other market and geopolitical factors, may contribute to ongoing fluctuations.
Previous 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.
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 remain elevated in 2026 and we expect this to continue 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 increased throughput to capture incremental margins on distillate volumes. In recent months, gasoline inventories have declined and the gasoline crack spread has improved.
Previous 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.
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 intended to move products to western states in PADDs IV and V are expected to continue to support more balanced domestic trade flows and increase access to regions where demand is expected to outpace supply in the coming years.
Previous wording
•Total operable refining capacity in the United States has declined on a net basis since 2020. In addition, recent damage to refineries in the Middle East and reduced refinery utilization in Russia, caused by drone strikes during the Russia-Ukraine war, have further tightened global refining capacity and supported global refined product crack spreads.
Current wording
•Total operable refining capacity in the U.S. has declined on a net basis since 2020. In addition, damage to refineries in the Middle East and Russia, along with reduced refinery utilization in China, has contributed to tighter global refining capacity, which continues to support refined product crack spreads.
Previous wording
•Over the next few years, the pace of global capacity growth is expected to slow with few new refineries scheduled to come online, which could lead to a tightening in global refined product supply and demand balances as global demand growth is expected to continue increasing.
Current wording
•Over the next few years, the pace of global capacity growth is expected to slow, with few new refineries scheduled to come online. As a result, global refined product supply-demand balances could tighten as demand growth continues.
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. continues to keep domestic prices subdued, providing a sustained cost advantage for U.S. refiners.
Current wording
•Damage to liquified natural gas (“LNG”) production facilities and disruption to LNG trade flows through the Middle East have contributed to higher natural gas prices in Europe, adversely affecting competitiveness of European refineries. Meanwhile, abundant natural gas supply in the U.S. has generally kept domestic natural gas prices lower than those in Europe, providing a 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, 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:
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 taken by the EPA under the RFS, the outcomes of RFS-related legal challenges, and legislative and regulatory developments affecting renewable fuels have materially impacted our results in the past and are expected to continue to do so. In addition, certain governmental regulations and incentives affecting the automobile transportation, agricultural, and renewable fuels industries, including those related to corn-based ethanol, biodiesel, renewable diesel, and sustainable aviation fuel production and consumption, have impacted, and are expected to continue to impact, our business. For example:
Previous 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.
Current wording
◦The EPA’s final rule, effective in June 2026, (a) established 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 waived the 2025 cellulosic biofuel volume requirement and revised the associated percentage standard due to a shortfall in cellulosic biofuel production; and (c) promulgated several regulatory changes to the RFS program, including the removal of renewable electricity as a qualifying renewable fuel under the RFS program, and 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 representing 70% of volumes actually exempted for 2023 and 2024 compliance years and those projected to be exempted for the 2025 compliance year, estimated by the EPA to total 2.89 billion RINs. Numerous refiners, including Coffeyville Resources Refining & Marketing, LLC and 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
▪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.
Current wording
▪As of September 30, 2026 and including the impacts of the August 2026 SRE Decision, we have an estimated liability of $230 million for the Petroleum Segment’s obligated-party subsidiaries’ compliance with the RFS through September 30, 2026, consisting of approximately 113 million RINs, excluding open, fixed-price commitments to purchase a net 15 million RINs. The Company’s open RFS position is marked-to-market each period, and market volatility could significantly affect future RFS compliance costs (excluding the impacts of any exemptions or waivers to which the Petroleum Segment’s obligated-party subsidiaries may be entitled). As a result, compliance costs may remain significant throughout 2026 and beyond.
Previous wording
◦Over the past year, certain oil, biofuels and agriculture groups have pushed not only for Congressional approval of year-round E15 (gasoline blended with 15% ethanol) but also certain amendments to the RFS. In May 2026, the U.S. House of Representatives passed H.R. 1346, intended to permit year-round, nationwide E15 and ban certain small refiners, including WRC, from future eligibility for small refinery exemptions (“SREs”) under the RFS beginning in 2028, among other actions. H.R. 1346, along with related proposed bills seeking to amend portions of the RFS and related legislation, are being considered by the U.S. Senate, including S. 593, which seeks to authorize year-round, nationwide E15 but does not currently contain language changing the definition of “small refinery” under the RFS.
Current wording
◦During 2026, certain oil, biofuels and agriculture groups have continued to advocate for year-round E15 (gasoline blended with 15% ethanol) and amendments to certain provisions of the RFS. In May 2026, the U.S. House of Representatives passed H.R. 1346, intended to permit year-round, nationwide E15 and ban certain small refiners, including WRC, from future eligibility for small refinery exemptions (“SREs”) under the RFS beginning in 2028, among other actions. H.R. 1346, along with related proposed bills seeking to amend portions of the RFS and related legislation, continues to be considered by the U.S. Senate, including S. 593, which would authorize year-round, nationwide E15 but does not currently include provisions modifying the definition of “small refinery” under the RFS.
Previous 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.
Current wording
◦In response to market disruptions associated with the Iran War, the EPA issued a nationwide emergency waiver of the Reid Vapor Pressure specifications for the summer of 2026 to expand the available gasoline supply pool. In addition, in March 2026, the EPA issued a temporary emergency fuel waiver, effective May 1, 2026, authorizing nationwide sales of E15 and removing federal restrictions on the sale of E10 (gasoline blended with 10% ethanol) across the country.
Previous 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.
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. These provisions are expected to support demand for domestic corn and soybean oil feedstocks which may affect both our refining and fertilizer operations.
Previous wording
Our consolidated results of operations include certain unallocated corporate activities and the elimination of intercompany transactions and, therefore, do not equal the sum of the operating results of the Petroleum and Nitrogen Fertilizer Segments.
Current wording
Our consolidated results of operations include certain unallocated corporate activities and elimination of intercompany transactions and, therefore, do not equal the sum of the operating results of the Petroleum and Nitrogen Fertilizer Segments.
Previous 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.
Current wording
Overview -For the three months ended September 30, 2026, the Company’s net income increased $162 million compared to the three months ended September 30, 2025. For the nine months ended September 30, 2026 the Company’s net income increased $243 million compared to the nine months ended September 30, 2025. Refer to our discussion of each segment’s result of operations below for further information.
Previous 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.
Current wording
Interest expense, net -The $4 million decrease for the three months ended September 30, 2026 compared to the three months ended September 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 $26 million increase for the nine months ended September 30, 2026 compared to the nine months ended September 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 $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.
Current wording
Other income, net- The $14 million increase for the nine months ended September 30, 2026, compared to the nine months ended September 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 (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.
Current wording
Income taxes - Income tax expense for the three and nine months ended September 30, 2026 was $141 million and $122 million, or 20.0% and 21.4% of income before income tax, respectively, compared to income tax expense of $88 million and an income tax benefit of $(3) million, or 17.9% and (1.6)% of income before income tax, for the three and nine months ended September 30, 2025, respectively. The changes in income taxes were primarily due to an increase in overall pretax earnings. The changes in effective tax rate from the three and nine months ended September 30, 2025 to the three and nine months ended September 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
NYMEX WTI crude oil is an industry wide benchmark that is utilized in the market pricing of a barrel of crude oil. The pricing differences between other crude oils and WTI, known as differentials, show how the market for other crude oils, such as WCS, Brent Crude (“Brent”), and Midland WTI (“Midland”) are trending. Due to geopolitical events, such as escalating military conflicts in the Middle East, the Strait of Hormuz closure, and the Russia-Ukraine war, and, in each case, actions taken by governments and others in response thereto, refined product prices have experienced extreme volatility. As a result of the current environment, refining margins have been and will likely continue to be volatile.
Current wording
NYMEX WTI crude oil is an industry wide benchmark that is utilized in the market pricing of a barrel of crude oil. The pricing differences between other crude oils and WTI, known as differentials, show how the market for other crude oils, such as Western Canadian Select (“WCS”), Brent Crude (“Brent”), and Midland WTI (“Midland”) are trending. Due to geopolitical events, such as military conflicts in the Middle East, the Strait of Hormuz disruption, and the Russia-Ukraine war, and, in each case, actions taken by governments and others in response thereto, refined product prices have experienced extreme volatility. As a result of the current environment, refining margins have been and will likely continue to be volatile.
Previous 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.
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 nine months ended September 30, 2026 to $14.35 and $12.57 per barrel, respectively, compared to $6.33 and $5.71 per barrel during the three and nine months ended September 30, 2025, respectively.
Previous 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.
Current wording
Overview - For the three months ended September 30, 2026, the Petroleum Segment’s operating income and net income increased $220 million and $226 million, respectively, compared to the three months ended September 30, 2025, primarily due to an increase in gasoline and distillate crack spreads, partially offset by unfavorable derivatives impacts, a smaller favorable RINs revaluation adjustment from the August 2026 SRE Decision compared to the August 2025 SRE Decision, as defined in “—Factors Affecting Comparability” below, and increases in RINs prices and obligations. For the nine months ended September 30, 2026, the Petroleum Segment’s operating income and net income increased $326 million and $342 million, respectively, compared to the nine months ended September 30, 2025, primarily due to an increase in gasoline and distillate crack spreads, higher throughput volumes as a result of the Coffeyville Refinery’s major turnaround during the first quarter of 2025 (the “2025 Refinery Turnaround”), and favorable inventory valuation impacts, partially offset by unfavorable derivatives impacts, increases in RINs prices and obligations, and backwardation in NYMEX WTI.
Previous 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.
Current wording
Net Sales - The $1.4 billion increase for the three months ended September 30, 2026, compared to the three months ended September 30, 2025 was primarily driven by higher gasoline and distillate prices combined with higher sales volume in 2026. The $2.7 billion increase for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily driven by higher gasoline and distillate prices and higher throughput volumes in 2026 as a result of the 2025 Refinery Turnaround in the prior period, 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 $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:
Current wording
Refining Margin - The $246 million increase for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily due to the following factors:
Previous 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;
Current wording
•An increase in the Group 3 2-1-1 crack spread of $42.56 per barrel, driven by an improvement in gasoline and distillate crack spreads primarily due to the Iran War in the current period;
Previous wording
•Favorable inventory valuation impacts of $19 million for the three months ended June 30, 2026 compared to unfavorable inventory valuation impacts of $31 million for the three months ended June 30, 2025, primarily due to an increase in feedstock prices in the current period compared to a decrease during the second quarter of 2025.
Current wording
•Favorable inventory valuation impacts of $35 million for the three months ended September 30, 2026 compared to unfavorable inventory valuation impacts of $11 million for the three months ended September 30, 2025, primarily due to an increase in crude oil and distillate prices in the current period compared to a decrease in crude oil prices during the third quarter of 2025.
Previous wording
•An increase in the RVO weighted cost of RFS compliance of $7.70 per barrel primarily due to an increase in the price of Ethanol and Biodiesel RINs combined with an increase in the RVO requirement for 2026 compared to 2025;
Current wording
•An increase in the RVO weighted cost of RFS compliance of $8.02 per barrel primarily due to an increase in the price of Ethanol and Biodiesel RINs combined with an increase in the RVO requirement for 2026 compared to 2025;
Previous wording
•Unfavorable second quarter 2026 backwardation in NYMEX WTI resulting in approximately $90 million impact to purchased crude oil differentials.
Current wording
•Unfavorable backwardation in NYMEX WTI resulting in approximately $12 million impact to purchased crude oil differentials;
Previous wording
•Unfavorable derivatives impacts of $80 million, resulting primarily from losses on crack swap positions in the current period.
Current wording
•Unfavorable derivatives impacts of $259 million, resulting primarily from realized and unrealized losses on crack swap positions in the current period; and
Previous wording
The $165 million increase for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 was primarily due to the following factors:
Current wording
The $411 million increase for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025 was primarily due to the following factors:
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Current report — wording carried from elsewhere
•Increased throughput volumes in the current period; and
Current report — wording carried from elsewhere
On a total throughput barrel basis, direct operating expenses during the three months ended September 30, 2026 increased $0.46 per barrel compared to the three months ended September 30, 2025, primarily due to higher direct operating expenses in the current period, partially offset by increased throughput volumes. For the nine months ended September 30, 2026, direct operating expenses decreased $0.56 per barrel compared to the nine months ended September 30, 2025 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 report — wording carried from elsewhere
Also, on February 12, 2026, certain subsidiaries of CVR Energy entered into Amendment No. 5 to the CVR Energy ABL (the “CVR Energy ABL Amendment”) with a group of lenders and Wells Fargo Bank, National Association, as administrative agent, and collateral agent. The CVR Energy ABL Amendment amended that certain Amended and Restated ABL Credit
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Increased throughput volumes in the current period due to the 2025 Refinery Turnaround in the prior period; and