Earnings release
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NEWS RELEASE CVR Energy Reports Third Quarter 2026 Results 2026-11-03 Separately announced today a de nitive agreement to acquire Marathon Petroleum Corporation’s St. Paul Park and Mandan re neries and related marketing business Third quarter 2026 net income attributable to CVR Energy stockholders of $570 million; Adjusted EBITDA of $582 million $253 million liability removed from balance sheet due to the EPA’s August 2026 decision granting a full waiver for Wynnewood Re ning Company, LLC (“WRC”) for the 2025 compliance period Declared cash dividend of 10 cents for the third quarter 2026 CVR Partners, LP (“CVR Partners”) announced a third quarter 2026 cash distribution of $1.79 per common unit SUGAR LAND, Texas--(BUSINESS WIRE)-- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its third quarter 2026 results including a net income attributable to CVR Energy stockholders of $570 million, or $5.67 per diluted share, and an adjusted earnings per diluted share of $4.00, compared to net income attributable to CVR Energy stockholders of $374 million, or $3.72 per diluted share, and an adjusted earnings per diluted share of 40 cents for the third quarter of 2025. Net income for the third quarter of 2026 was $563 million compared to net income of $401 million for the third quarter of 2025. Adjusted EBITDA for the third quarter of 2026 was $582 million compared to $180 million for the third quarter of 2025. “We are incredibly excited about our announcements this morning of a de nitive agreement to acquire two high quality re neries from Marathon Petroleum, along with the associated marketing and logistics assets,” said Dane Neumann, CVR Energy’s President and Chief Executive O cer. “We also announced the best quarterly results in the Company’s history on both a consolidated basis and in the Petroleum segment, driven by strong operations across our system and record crack spreads. We are also pleased to announce a quarterly dividend of 10 cents per share. Looking ahead, we remain optimistic about the near-term outlook while we seek to close on our transformative 1
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transaction with Marathon Petroleum by the end of the year.” “CVR Partners’ results for the third quarter were impacted by the planned turnaround at its East Dubuque facility, which was completed in mid-October as scheduled,” Neumann continued. “Despite the downtime associated with the turnaround, CVR Partners had another quarter of solid results and declared a cash distribution of $1.79 per common unit for the third quarter.” Segment Highlights Below are nancial and operational highlights of each of the Company’s reportable segments: Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Petroleum Segment Petroleum net income (in millions) $ 746 $ 520 $ 565 $ 223 Petroleum EBITDA (in millions) 787 572 706 370 Petroleum Adjusted EBITDA (in millions) 565 120 621 127 Total throughput barrels per day 227,637 215,968 218,339 169,848 Re ning margin($ per throughput barrel)$ 45.56 $ 35.65 $ 19.28 $ 15.93 Adjusted re ning margin($ per throughput barrel) 34.97 12.87 17.86 10.68 Direct operating expenses($ per throughput barrel) 6.15 5.69 6.06 6.62 Nitrogen Fertilizer Segment Nitrogen Fertilizer net (loss) income (in millions)$ (11) $ 43 $ 117 $ 109 Nitrogen Fertilizer EBITDA and Adjusted EBITDA (in millions) 20 71 205 191 Ammonia utilization rate (percent of capacity utilization) 80% 95% 94% 96% Ammonia sales volumes (thousands of tons) 36 48 164 165 UAN sales volumes (thousands of tons) 327 328 971 1,009 Ammonia pricing at gate ($ per ton) $ 637 $ 531 $ 710 $ 561 UAN pricing at gate ($ per ton) 309 348 348 307 _______________________ * See “Non-GAAP Reconciliations” section below. Corporate and Other The Company reported an income tax expense of $141 million, or 20.0 percent of income before income taxes, for the three months ended September 30, 2026, compared to an income tax expense of $88 million, or 17.9 percent of income before income taxes, for the three months ended September 30, 2025. The change in income tax expense was primarily due to an increase in overall pretax earnings while the change in e ective tax rate was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings. * * * * * * 2
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Cash, Debt and Dividend Consolidated cash and cash equivalents were $1.3 billion at September 30, 2026. Consolidated total debt and nance lease obligations were $1.8 billion at September 30, 2026, including $570 million held by the Nitrogen Fertilizer Segment. CVR Energy announced a third quarter 2026 cash dividend of 10 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on November 23, 2026, to stockholders of record as of November 16, 2026. CVR Partners announced that the Board of Directors of its general partner declared a third quarter 2026 cash distribution of $1.79 per common unit, which will be paid on November 23, 2026, to common unitholders of record as of November 16, 2026. Third Quarter 2026 Earnings Conference Call CVR Energy previously announced that it will host its third quarter 2026 Earnings Conference Call on Tuesday, November 3, at 10 a.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and nancial matters. The third quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (833) 461-5787, conference ID 855547097. A repeat of the call can be accessed for seven days by dialing (833) 309-1852, conference ID 855547097. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is de ned under the federal securities laws. These forward-looking statements include, but are not limited to, the information provided under the section titled “Q4 2026 Outlook” herein and statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our 3
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results; prospects for the re ning industry; impact of costs to comply with the RFS and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; re ning supply additions; renewable identi cation numbers (“RINs”) and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof and any potential increase to future dividends; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; increase in value of our assets; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may a ect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and re ned products; the ability of the Company to pay or increase cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; our ability to complete the pending acquisition of re ning and marketing assets from Marathon Petroleum Corporation and to realize its anticipated bene ts; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or ampli cation thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tari s or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, res, severe weather, tornadoes, oods, wild res, or other natural disasters; the health and economic e ects of any pandemic, and other risks. For additional discussion of risk factors which may a ect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently led Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) lings. These and other risks may cause our actual results, performance or achievements to di er materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. 4
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About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversi ed holding company primarily engaged in the petroleum re ning and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC lings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website. Non-GAAP Measures Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our nancial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and pro tability and include the measures de ned below. The following are non-GAAP measures we present for the periods ended September 30, 2026 and 2025: EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (bene t) and (iii) depreciation and amortization expense. Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (bene t), and (iii) depreciation and amortization. Re ning Margin - The di erence between our Petroleum Segment net sales and cost of materials and other. Adjusted Re ning Margin - Re ning Margin adjusted for certain signi cant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Re ning Margin and Adjusted Re ning Margin, per Throughput Barrel - Re ning Margin and Adjusted Re ning Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels 5
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per day times the number of days in the period. Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period. Adjusted EBITDA, Petroleum Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain signi cant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain signi cant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures. We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the re ning and fertilizer industries, without regard to historical cost basis or nancing methods and our ability to incur and service debt and fund capital and turnaround expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that a ect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP nancial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document. Factors A ecting Comparability of Our Financial Results Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below. Petroleum Segment Major Scheduled Turnaround Activities - Total capitalized turnaround expenditures as part of planned turnarounds were $4 million and $165 million during the three months ended September 30, 2026 and 2025, respectively, and 6
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$5 million and $189 million during the nine months ended September 30, 2026 and 2025, respectively. Renewable Fuel Standard - Based on the August 31, 2026 EPA decision document issued to the Company’s subsidiary, WRC, granting a 100 percent waiver from its RFS obligation for the 2025 compliance period (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. Nitrogen Fertilizer Segment 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. CVR Energy, Inc. (all information in this release is unaudited) Consolidated Statement of Operations Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions, except per share data) 2026 2025 2026 2025 Net sales $ 3,281 $ 1,944 $ 8,000 $ 5,352 Operating costs and expenses: Cost of materials and other 2,203 1,096 6,398 4,195 Direct operating expenses (exclusive of depreciation andamortization) 218 179 573 503 Depreciation and amortization 77 109 232 251 Cost of sales 2,498 1,384 7,203 4,949 Selling, general and administrative expenses (exclusive of depreciationand amortization) 56 42 131 115 Depreciation and amortization 2 2 5 7 Other operating expenses, net 1 4 4 4 Operating income 724 512 657 277 Other (expense) income: Interest expense, net (21) (25) (105) (79) Other income, net 1 2 19 5 Income before income taxes 704 489 571 203 Income tax expense (bene t) 141 88 122 (3) Net income 563 401 449 206 Less: Net (loss) income attributable to noncontrolling interest (7) 27 74 69 Net income attributable to CVR Energystockholders $ 570 $ 374 $ 375 $ 137 Basic and diluted earnings per share$ 5.67 $ 3.72 $ 3.73 $ 1.37 010 020 7
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Dividends declared per share 0.10 — 0.20 — Adjusted earnings (loss) per share *$ 4.00 $ 0.40 $ 3.09 $ (0.41) EBITDA * 804 625 913 540 Adjusted EBITDA * 582 180 828 302 Weighted-average common shares outstanding - basic and diluted 100.5 100.5 100.5 100.5 _______________________ * See “Non-GAAP Reconciliations” section below. Selected Consolidated Balance Sheet Data (in millions) September 30, 2026 December 31, 2025 Cash and cash equivalents $ 1,278 $ 511 Working capital (inclusive of cash and cash equivalents) 1,029 561 Total assets 4,780 3,706 Total long-term debt and nance lease obligations, including current portion 1,781 1,765 Total liabilities 3,523 2,808 Total CVR stockholders’ equity 1,085 730 Selected Consolidated Cash Flow Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2026 2025 2026 2025 Net cash provided by (used in): Operating activities $ 655 $ 163 $ 1,026 $ 144 Investing activities (61) (42) (147) (309) Financing activities (53) (47) (112) (152) Net increase (decrease) in cash, cash equivalents,and restricted cash$ 541 $ 74 $ 767 $ (317) Free cash ow * $ 593 $ 121 $ 878 $ (176)_______________________ * See “Non-GAAP Reconciliations” section below. Selected Segment Data Three Months Ended September 30, 2026 2025 (in millions) Petroleum NitrogenFertilizer Consolidated Petroleum NitrogenFertilizer Consolidated Net sales $ 3,138 $ 146 $ 3,281 $ 1,739 $ 164 $ 1,944 Operating income (loss) 738 (4) 724 518 51 512 Net income (loss) 746 (11) 563 520 43 401 EBITDA * 787 20 804 572 71 625 Capital expenditures Maintenance $ 14 $ 21 $ 36 $ 15 $ 8 $ 24 8 14 22 10 6 16 (1) 8
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Growth 8 14 22 10 6 16 Total capital expenditures$ 22 $ 35 $ 58 $ 25 $ 14 $ 40 Nine Months Ended September 30, 2026 2025 (in millions) Petroleum NitrogenFertilizer Consolidated Petroleum NitrogenFertilizer Consolidated Net sales $ 7,482 $ 528 $ 8,000 $ 4,777 $ 475 $ 5,352 Operating income 550 139 657 224 132 277 Net income 565 117 449 223 109 206 EBITDA * 706 205 913 370 191 540 Capital expenditures Maintenance $ 55 $ 41 $ 98 $ 70 $ 18 $ 90 Growth 24 25 49 28 12 42 Total capital expenditures$ 79 $ 66 $ 147 $ 98 $ 30 $ 132 _______________________* See “Non-GAAP Reconciliations” section below.(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures. September 30, 2026 December 31, 2025 (in millions) Petroleum NitrogenFertilizer Consolidated Petroleum NitrogenFertilizer Consolidated Cash and cash equivalents$ 1,001 $ 158 $ 1,278 $ 253 $ 69 $ 511 Total assets 3,960 1,057 4,780 2,987 969 3,706Total long-term debt and nance lease obligations,including current portion 35 570 1,781 195 570 1,765 _______________________(1)Corporate cash and cash equivalents consisted of $115 million and $180 million at September 30, 2026 and December 31, 2025, respectively.(2)Corporate total debt and nance lease obligations, including current portion consisted of $1.2 billion and $1.0 billion at September 30, 2026 andDecember 31, 2025, respectively. Petroleum Segment Re ning Throughput and Production Data Throughput Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 (1) (1) (2) 9
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(in bpd) 2026 2025 2026 2025 Gathered crude 121,329 124,940 115,243 114,664 Other domestic 88,522 74,479 76,898 40,969 Canadian 6,746 — 14,496 405 Other feedstocks and blendstocks11,040 16,549 11,702 13,810 Total throughput 227,637 215,968 218,339 169,848 Production Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in bpd) 2026 2025 2026 2025 Gasoline 111,944 105,952 108,878 84,043 Distillate 99,285 88,390 93,058 68,201 Other liquid products 8,843 15,347 8,351 11,538 Solids 5,909 4,399 6,203 3,162 Total production 225,981 214,088 216,490 166,944 Crude utilization 104.9% 96.6% 100.1% 75.6% Distillate yield (as % of crude throughput)45.8% 44.3% 45.0% 43.7% Light product yield (as % of crude throughput)97.5% 97.5% 97.7% 97.6% Liquid volume yield (as % of total throughput)96.7% 97.1% 96.3% 96.4% _______________________(1)Total Gathered crude, Other domestic, and Canadian throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oilthroughput capacity of 206,500 bpd.(2)Total Distillate divided by Total Crude Throughput.(3)Total Gasoline and Distillate divided by Total Crude Throughput.(4)Total Gasoline, Distillate, and Other liquid products divided by total throughput. Key Market Indicators Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (dollars per barrel) 2026 2025 2026 2025 West Texas Intermediate (WTI) NYMEX$ 85.68 $ 64.90 $ 83.76 $ 66.63 Crude Oil Di erentials to WTI: Brent 5.61 3.26 5.10 3.28 WCS (heavy sour) (16.25) (11.40) (14.81) (11.04) Midland Cushing 1.08 0.83 1.36 0.94 NYMEX Crack Spreads: Gasoline 51.15 22.91 39.51 21.59 Heating Oil 95.72 33.54 70.82 29.66 NYMEX 2-1-1 Crack Spread 73.43 28.24 55.16 25.62 PADD II Group 3 Product Basis: Gasoline (2.18) (3.62) (8.51) (3.35) Ultra-Low Sulfur Diesel (7.69) (0.88) (11.08) (2.65)PADD II Group 3 Product Crack Spread: Gasoline 48.97 19.29 31.00 18.23 Ultra-Low Sulfur Diesel 88.03 32.66 59.75 27.01 PADD II Group 3 2-1-1 68.50 25.94 45.37 22.62 (1) (2) (3) (4) 10
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Nitrogen Fertilizer SegmentProduction Data Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Consolidated production volume (thousands of tons): Ammonia—gross produced 175 208 609 621 Ammonia—net available for sale 46 59 179 181 UAN 294 337 971 1,005 Feedstock: Petroleum coke used in production (thousands of tons) 133 134 407 394 Petroleum coke used in production (dollars per ton)$ 45.50 $ 44.58 $ 41.38 $ 47.86 Natural gas used in production (thousands of MMBtus) 1,376 2,114 5,505 6,171 Natural gas used in production (dollars per MMBtu)$ 3.09 $ 3.18 $ 3.89 $ 3.72 _______________________(1)Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizerproducts. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.(2)The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operatingexpense. Key Market Indicators Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Ammonia — Southern plains (dollars per ton)$ 690 $ 618 $ 764 $ 582 Ammonia — Corn belt (dollars per ton) 746 657 819 635 UAN — Corn belt (dollars per ton) 361 399 436 375 Petroleum coke (dollars per ton) $ 56.62 $ 64.61 $ 56.85 $ 67.75 Natural gas NYMEX (dollars per MMBtu) 2.87 3.03 3.50 3.46 Q4 2026 Outlook The table below summarizes our outlook for certain operational statistics and nancial information for the fourth quarter of 2026. See “Forward-Looking Statements” above. Q4 2026 Low High Petroleum Segment Total throughput (bpd) 210,000 225,000 Crude utilization 95% 100%Direct operating expenses (in millions) $ 115 $ 125 Nitrogen Fertilizer Segment Ammonia utilization rate 88% 93%Direct operating expenses (in millions) $ 58 $ 63 (1) (1) (2) (2) (1) (2) (2) 11
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Capital Expenditures (in millions) Petroleum Segment $ 45 $ 55 Nitrogen Fertilizer Segment 26 34 Other 4 6 Total capital expenditures $ 75 $ 95 _______________________(1)Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.(2)Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.(3)Turnaround and capital expenditures are disclosed on an accrual basis. Non-GAAP Reconciliations Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2026 2025 2026 2025 Net income $ 563 $ 401 $ 449 $ 206 Interest expense, net 21 25 105 79 Income tax expense (bene t) 141 88 122 (3) Depreciation and amortization 79 111 237 258 EBITDA 804 625 913 540 Adjustments: Changes in RFS obligation, favorable (314) (471) (190) (271) Unrealized loss on derivatives, net 127 8 278 6 Inventory valuation impacts, (favorable) unfavorable (35) 18 (173) 27 Adjusted EBITDA $ 582 $ 180 $ 828 $ 302 Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings (Loss) per Share Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Basic and diluted earnings per share$ 5.67 $ 3.72 $ 3.73 $ 1.37 Adjustments: Changes in RFS obligation, favorable (2.36) (3.52) (1.42) (2.03) Unrealized loss on derivatives, net 0.95 0.06 2.08 0.05 Inventory valuation impacts, (favorable) unfavorable (0.26) 0.14 (1.30) 0.20 Adjusted earnings (loss) per share$ 4.00 $ 0.40 $ 3.09 $ (0.41 _______________________(1)Changes in the RFS liability include adjustments to re ect the August 2026 SRE Decision and the August 2025 SRE Decision in the amount of $253million and $488 million for the three and nine months ended September 30, 2026 and 2025, respectively, as well as the revaluation of the RVO.(2)Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares tt dif h id (3) (1) (2) (1) 12
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outstanding for each period. Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2026 2025 2026 2025 Net cash provided by operating activities$ 655 $ 163 $ 1,026 $ 144 Less: Capital expenditures (62) (38) (152) (130) Capitalized turnaround expenditures (1) (5) (2) (196) Return of equity method investment 1 1 6 6 Free cash ow $ 593 $ 121 $ 878 $ (176) Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2026 2025 2026 2025 Petroleum net income$ 746 $ 520 $ 565 $ 223 Interest expense (income), net (7) — (9) 5 Depreciation and amortization 48 52 150 142 Petroleum EBITDA 787 572 706 370 Adjustments: Changes in RFS obligation, favorable (314) (471) (190) (271)Unrealized loss on derivatives, net 127 8 278 7 Inventory valuation impacts, (favorable) unfavorable (35) 11 (173) 21 Petroleum Adjusted EBITDA$ 565 $ 120 $ 621 $ 127 Reconciliation of Petroleum Segment Gross Pro t to Re ning Margin and Adjusted Re ning Margin Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2026 2025 2026 2025 Net sales $ 3,138 $ 1,739 $ 7,482 $ 4,777 Less: Cost of materials and other (2,184) (1,031) (6,333) (4,039)Direct operating expenses (exclusive of depreciation andamortization) (129) (113) (361) (306) Depreciation and amortization (48) (52) (150) (142) Gross pro t 777 543 638 290 Add: Direct operating expenses (exclusive of depreciation andamortization) 129 113 361 306 Depreciation and amortization 48 52 150 142 Re ning margin 954 708 1,149 738 Adjustments: Changes in RFS obligation, favorable (314) (471) (190) (271) Unrealized loss on derivatives, net 127 8 278 7 (35) 11 (173) 21 (1) (2) (1) 13
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Inventory valuation impacts, (favorable) unfavorable (35) 11 (173) 21 Adjusted re ning margin$ 732 $ 256 $ 1,064 $ 495 Total throughput barrels per day 227,637 215,968 218,339 169,848 Days in the period 92 92 273 273 Total throughput barrels 20,942,619 19,869,004 59,606,595 46,368,569 Re ning margin per total throughput barrel$ 45.56 $ 35.65 $ 19.28 $ 15.93 Adjusted re ning margin per total throughput barrel 34.97 12.87 17.86 10.68 Direct operating expenses per total throughput barrel 6.15 5.69 6.06 6.62 _______________________(1)Changes in the RFS liability include adjustments to re ect the August 2026 SRE Decision and the August 2025 SRE Decision in the amount of $253million and $488 million for the three and nine months ended September 30, 2026 and 2025, respectively, as well as the revaluation of the RVO.(2)The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause uctuations in the inventory valuation of crude oil, work in process and nished goods, thereby resulting in a favorable inventory valuation impactwhen crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact iscalculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. Reconciliation of Nitrogen Fertilizer Segment Net (Loss) Income to EBITDA and Adjusted EBITDA Three Months EndedSeptember 30, Nine Months EndedSeptember 30, (in millions) 2026 2025 2026 2025 Nitrogen Fertilizer (loss) income$ (11) $ 43 $ 117 $ 109 Interest expense, net 8 8 23 23 Depreciation and amortization 23 20 65 59 Nitrogen Fertilizer EBITDA and Adjusted EBITDA$ 20 $ 71 $ 205 $ 191 View source version on businesswire.com: https://www.businesswire.com/news/home/20261102010240/en/ Investor Relations Richard Roberts (281) 207-3205 InvestorRelations@CVREnergy.com Source: CVR Energy, Inc. (2) 14