CVI on NYSE

CVR ENERGY INC

CVR ENERGY INC is an American petroleum refining company, incorporated in Delaware.1 It is headquartered in Sugar Land, Texas.1 Its shares trade on NYSE under the symbol CVI.1

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Last updated Oct 21, 2026.

Overview

Compare with Icahn Enterprises, Delek US or Calumet Lubricants, or pick any stock.

  • TickerCVI on NYSE1
  • IndustryPetroleum Refining1
  • HeadquartersSugar Land, Texas1
  • Incorporated inDE2
  • Business address2277 Plaza Drive, Suite 500, Sugar Land, Tx 774792
  • Filer categoryLarge accelerated filer2

CVR Energy, Inc. is a diversified holding company, formed in September 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (“CVR Partners”). As used in this Annual Report on Form 10-K, the terms “CVR Energy”, the “Company”, “we”, “us”, or “our” generally include the Company’s subsidiaries, including CVR Partners and its subsidiaries, as consolidated subsidiaries of the Company, unless otherwise noted or implied.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.5%Operating margin5
0.4%Net margin5
-5.9%Revenue growth, 20255
3.7%Return on equity5
2.33×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Petroleum brought in 90% of the revenue CVR ENERGY INC broke down this way in fiscal 2025.

  1. Petroleum$6.4B590%down 7% from 2024
  2. Nitrogen Fertilizer$606.0M58%up 15% from 2024
  3. Renewables$141.0M52%down 20% from 2024
Business segments by year
Business segments202320242025
Petroleum$8.3B$6.9B$6.4B
Nitrogen Fertilizer$681.0M$525.0M$606.0M
Renewables$299.0M$177.0M$141.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue95¢$6.8B
  • Selling, general and admin2¢$148.0M
  • Other costs2¢$161.0M
  • Income tax0¢$10.0M
  • Profit0¢$27.0M

Out of $7.2B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$144.0M

Out of $144.0M of cash from operations.5

Financial statements

Revenue67895$7.2B in 2025+13% since 2019
0$5.0B$10.0B$15.0B2019: $6.4B$6.4B20192020: $3.9B$3.9B2020−38%2021: $7.2B$7.2B2021+84%2022: $10.9B$10.9B2022+50%2023: $9.2B$9.2B2023−15%2024: $7.6B$7.6B2024−18%2025: $7.2B$7.2B2025−6%
Operating income67895$182.0M in 2025−69% since 2019
-$500.0M0$500.0M$1.0B$1.5B2019: $580.0M$580.0M20192020: -$333.0M-$333.0M20202021: $87.0M$87.0M20212022: $963.0M$963.0M2022+1007%2023: $1.1B$1.1B2023+17%2024: $58.0M$58.0M2024−95%2025: $182.0M$182.0M2025+214%
Net income67895$27.0M in 2025−93% since 2019
-$500.0M0$500.0M$1.0B2019: $380.0M$380.0M20192020: -$256.0M-$256.0M20202021: $25.0M$25.0M20212022: $463.0M$463.0M2022+1752%2023: $769.0M$769.0M2023+66%2024: $7.0M$7.0M2024−99%2025: $27.0M$27.0M2025+286%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net sales$7.2B$7.6B$9.2B
Cost of materials and other$5.7B$6.4B$7.0B
Direct operating expenses (exclusive of depreciation and amortization)$700.0M$667.0M$670.0M
Depreciation and amortization$394.0M$290.0M$291.0M
Cost of sales$6.8B$7.4B$8.0B
Selling, general and administrative expenses (exclusive of depreciation and amortization)$148.0M$139.0M$141.0M
Depreciation and amortization$9.0M$8.0M$7.0M
Other operating expenses, net$7.0M$0$2.0M
Operating income$182.0M$58.0M$1.1B
Interest expense, net-$108.0M-$77.0M-$52.0M
Other income, net$6.0M$38.0M$14.0M
Income before income taxes$80.0M$19.0M$1.1B
Income tax (benefit) expense-$10.0M-$26.0M$207.0M
Net income$90.0M$45.0M$878.0M
Net income attributable to noncontrolling interest$63.0M$38.0M$109.0M
Net income attributable to CVR Energy stockholders$27.0M$7.0M$769.0M
Basic earnings per share (in dollars per share)$0.27$0.06$7.65
Diluted earnings per share (in dollars per share)$0.27$0.06$7.65
Basic (in shares)100.5M shares100.5M shares100.5M shares
Diluted (in shares)100.5M shares100.5M shares100.5M shares

Compare CVR ENERGY INC with another company

Corporate structure

CVR ENERGY INC is part of a group headed by Icahn Enterprises. 284 entities, 21 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CVR ENERGY INC

  • Carl C. Et Al Icahn Filed SCHEDULE 13D/A on CVR ENERGY INC, latest Feb 24, 2026 (8 filings since Sep 12, 2023)
  • BlackRock Filed SCHEDULE 13G/A on CVR ENERGY INC, latest Jul 16, 2025 (5 filings since Jan 29, 2024)
  • Icahn Enterprises New York, New York, United States
    • CVR ENERGY INC Sugar Land, Texas
      • Coffeyville Resources Refining & Marketing, LLC Subsidiary · Delaware, United States
      • CVR GP, LLC Subsidiary · Delaware, United States
      • East Dubuque Nitrogen Fertilizers, LLC Subsidiary · Delaware, United States
      • UAN Services, LLC Subsidiary · Delaware, United States
      • Wynnewood Refining Company, LLC Subsidiary · Delaware, United States
    • Tropicana Entertainment Subsidiary · Spring Valley
    • 767 Auto Leasing LLC Subsidiary · Delaware, United States
    • AAMCO Canada, Inc. Subsidiary · New Brunswick, Canada
    • AAMCO Northeast LLC Subsidiary · Delaware, United States
    • AAMCO Northwest LLC Subsidiary · Delaware, United States
    • AAMCO Retail LLC Subsidiary · Delaware, United States
    • AAMCO Southeast LLC Subsidiary · Delaware, United States
    • AAMCO Southwest LLC Subsidiary · Delaware, United States
    • AAMCO Transmissions, LLC Subsidiary · Pennsylvania, United States
    • ACC-U-TUNE Subsidiary · California, United States
    • AEP CCR LLC Subsidiary · Delaware, United States
    • AEP Pinewild Holding LLC Subsidiary · Delaware, United States
    • AEP PLC LLC Subsidiary · Delaware, United States
    • AEP Real Estate Holdings LLC Subsidiary · Delaware, United States
    • AEPC Holdings LLC Subsidiary · Delaware, United States
    • American Driveline Centers, LLC Subsidiary · Pennsylvania, United States
    • American Driveline Systems, Inc. Subsidiary · Delaware, United States
    • American Driveline Technical Services, LLC Subsidiary · Pennsylvania, United States
    • American Entertainment Properties Corp. Subsidiary · Delaware, United States
    • AP Acquisition Company Clark LLC Subsidiary · Delaware, United States
    • AP Acquisition Company Gordon LLC Subsidiary · Delaware, United States
    • AP Acquisition Company Massachusetts LLC Subsidiary · Delaware, United States
    • AP Acquisition Company Missouri LLC Subsidiary · Delaware, United States
    • AP Acquisition Company New York LLC Subsidiary · Delaware, United States
    • and 253 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CVR ENERGY INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$511.0M5 Dec 31, 2025$987.0M5 Dec 31, 2024−48.2%
Stakes in other companies (equity method)$17.0M5 Dec 31, 2025$24.0M5 Dec 31, 2024−29.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$472.0M5 Dec 31, 2025$502.0M5 Dec 31, 2024−6.0%
Raw materials$115.0M5 Dec 31, 2025$146.0M5 Dec 31, 2024−21.2%
Work in process$37.0M5 Dec 31, 2025$28.0M5 Dec 31, 2024+32.1%
Finished goods$199.0M5 Dec 31, 2025$221.0M5 Dec 31, 2024−10.0%

Properties, in its own words

Refer to Part I, Item 1, “Petroleum”, “Renewables”, and “Nitrogen Fertilizer” of this Report for more information on our core business properties. We also lease property for our executive and marketing offices in Sugar Land, Texas and Kansas City, Kansas, respectively.

Item 2 of the 10-K filed Feb 18, 2026.4

Leadership

Who has led CVR ENERGY INC, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (54)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CVR Energy Holdings, Inc. Delaware3
  • CVR FHC, LP Delaware3
  • CVR GP, LLC Delaware3
  • CVR Nitrogen, LP Delaware3
  • CVR Partners, LP Delaware3
  • CVR Refining CVL, LLC Delaware3
  • CVR Refining WYN, LLC Delaware3
  • CVR Renewables WYN, LLC Delaware3
  • CVR Services, LLC Delaware3
  • CVR Supply & Trading, LLC Delaware3
  • Coffeyville Resources Crude Transportation, LLC Delaware3
  • Coffeyville Resources Nitrogen Fertilizers, LLC Delaware3
  • Coffeyville Resources Refining & Marketing, LLC Delaware3
  • East Dubuque Nitrogen Fertilizers, LLC Delaware3
  • UAN Services, LLC Delaware3
  • Wynnewood Refining Company, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 8, 20268-K Regulation FD disclosure76
  2. Jul 29, 20268-K Results of operations; Regulation FD disclosure77
  3. Jun 23, 20268-K Executive or director change; Other events78
  4. Jun 5, 20268-K Shareholder vote79
  5. May 12, 20268-K Regulation FD disclosure80
  6. Apr 29, 20268-K Results of operations; Regulation FD disclosure81
  7. Feb 24, 20268-K Regulation FD disclosure82
  8. Feb 18, 20268-K Results of operations; Regulation FD disclosure83
  9. Feb 12, 20268-K Entered a material agreement; New debt or obligation84
  10. Jan 29, 20268-K Regulation FD disclosure85
  11. Jan 26, 20268-K Results of operations; Regulation FD disclosure86
  12. Jan 5, 20268-K Regulation FD disclosure87
  13. Dec 5, 2017New chief executive David L. Lamp becomes CEO13
  14. Oct 22, 2007New chief executive John J. Lipinski becomes CEO14

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.40 a share, on Oct 29, 2025.88

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results77
  2. Apr 29, 2026Reported quarterly or annual results81
  3. Feb 18, 2026Reported quarterly or annual results83
  4. Jan 26, 2026Reported quarterly or annual results86
  5. Oct 29, 2025Reported quarterly or annual results89
  6. Jul 30, 2025Reported quarterly or annual results90
  7. Apr 28, 2025Reported quarterly or annual results91
  8. Feb 18, 2025Reported quarterly or annual results92

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

214 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 74 major events, 73 insider forms, 17 large holders, 30 other. The latest 20:

  1. Sep 8, 20268-K EDGAR
  2. Jul 29, 202610-Q EDGAR
  3. Jul 29, 20268-K EDGAR
  4. Jun 26, 20263 EDGAR
  5. Jun 23, 20268-K EDGAR
  6. Jun 5, 20268-K EDGAR
  7. May 12, 20268-K EDGAR
  8. Apr 29, 202610-Q EDGAR
  9. Apr 29, 20268-K EDGAR
  10. Apr 21, 2026ARS EDGAR
  11. Apr 21, 2026DEFA14A EDGAR
  12. Apr 21, 2026DEF 14A EDGAR
  13. Feb 24, 20268-K EDGAR
  14. Feb 24, 2026SCHEDULE 13D/A EDGAR
  15. Feb 24, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  16. Feb 20, 20264 EDGAR
  17. Feb 18, 202610-K EDGAR
  18. Feb 18, 20268-K EDGAR
  19. Feb 12, 20268-K EDGAR
  20. Jan 29, 20268-K EDGAR

The 214 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

36 open-market trades by officers, directors and large owners since October 2021: 31 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 24, 2026ICAHN ENTERPRISES G.P. INC.10% ownerBuy275,012$21.41$5.9MForm 4
Feb 23, 2026ICAHN ENTERPRISES G.P. INC.10% ownerBuy244,940$20.75$5.1MForm 4
Feb 20, 2026ICAHN ENTERPRISES G.P. INC.10% ownerBuy263,452$20.78$5.5MForm 4
Apr 29, 2025ICAHN CARL C10% ownerBuy7,907$18.21$144.0KForm 4
Apr 25, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy41,130$18.16$746.9KForm 4
Apr 24, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy30,183$18.20$549.3KForm 4
Apr 23, 2025ICAHN CARL C10% ownerBuy98,875$17.84$1.8MForm 4
Apr 21, 2025ICAHN CARL C10% ownerBuy29,972$18.21$545.8KForm 4
Apr 17, 2025ICAHN CARL C10% ownerBuy14,591$18.18$265.3KForm 4
Apr 16, 2025ICAHN CARL C10% ownerBuy70,331$18.03$1.3MForm 4
Apr 15, 2025ICAHN CARL C10% ownerBuy82,328$17.85$1.5MForm 4
Apr 14, 2025ICAHN CARL C10% ownerBuy77,851$17.90$1.4MForm 4
Apr 11, 2025ICAHN CARL C10% ownerBuy192,676$17.31$3.3MForm 4
Apr 10, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy217,867$16.78$3.7MForm 4
Apr 9, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy203,382$16.62$3.4MForm 4
Apr 8, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy244,200$16.76$4.1MForm 4
Apr 7, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy244,200$16.11$3.9MForm 4
Apr 4, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy267,600$16.55$4.4MForm 4
Apr 3, 2025ICAHN ENTERPRISES G.P. INC.10% ownerBuy61,108$18.12$1.1MForm 4
Mar 14, 2025ICAHN ENTERPRISES HOLDINGS L.P.10% ownerBuy77$18.25$1.4KForm 4

All 36 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David L. LampFormer President and Chief Executive Officer68$1.2M$8.6M95
2025Mark A. PytoshPresident and Chief Executive Officer; Former Executive Vice President—Corporate Services61$670.8K$3.2M95
2025Melissa M. BuhrigExecutive Vice President, General Counsel and Secretary$686.7K$2.6M95
2025Dane J. NeumannExecutive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary$567.9K$2.2M95
2025Michael H. WrightJr., Executive Vice President and Chief Operating Officer$551.7K$1.9M95
2024David L. LampFormer President and Chief Executive Officer68$1.1M$4.7M95
2024Mark A. PytoshPresident and Chief Executive Officer; Former Executive Vice President—Corporate Services61$651.3K$3.0M95
2024Melissa M. BuhrigExecutive Vice President, General Counsel and Secretary$660.3K$2.4M95
2024Dane J. NeumannExecutive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary$546.0K$2.0M95
2024Michael H. WrightJr., Executive Vice President and Chief Operating Officer$535.6K$1.9M95
2023David L. LampFormer President and Chief Executive Officer68$1.1M$4.5M95
2023Mark A. PytoshPresident and Chief Executive Officer; Former Executive Vice President—Corporate Services61$629.3K$2.7M95
2023Melissa M. BuhrigExecutive Vice President, General Counsel and Secretary$631.9K$2.4M95
2023Dane J. NeumannExecutive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary$522.5K$2.0M95
2023Michael H. WrightJr., Executive Vice President and Chief Operating Officer$517.5K$1.8M95

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Icahn Carl C71,201,875$2.0B23.7%No change
BlackRock, Inc.5,201,944$143.3M0.0%+410,122
State Street Corp2,153,498$59.3M0.0%+213,829
Vanguard Portfolio Management LLC2,079,500$57.3M0.0%−106,327
Dimensional Fund Advisors LP2,051,847$56.5M0.0%+143,785
Vanguard Capital Management LLC1,352,771$37.3M0.0%+7,112
Allianz Asset Management GmbH945,324$26.0M0.0%−47,194
Jane Street Group, LLC889,558$24.5M0.0%+877,433
CastleKnight Management LP876,573$24.1M0.9%−71,858
Bnp Paribas Financial Markets839,272$23.1M0.0%+646,159
Morgan Stanley776,040$21.4M0.0%+6,545
Geode Capital Management, LLC757,515$20.9M0.0%+27,138
Charles Schwab Investment Management Inc727,493$20.0M0.0%−84,798
Bank Of America Corp /de/671,728$18.5M0.0%+109,338
Jpmorgan Chase & Co559,609$15.8M0.0%+512,553
Citadel Advisors LLC527,310$14.5M0.0%−46,001
PDT Partners, LLC526,592$14.5M0.8%+159,915
Fmr LLC516,413$14.2M0.0%−164,636
Invesco Ltd.487,590$13.4M0.0%−146,684
Citigroup Inc468,975$12.9M0.0%−3,465
Tudor Investment Corp Et Al448,888$12.4M0.1%+20,950
Goldman Sachs Group Inc394,247$10.9M0.0%−97,558
Millennium Management LLC385,779$10.6M0.0%+120,545
Two Sigma Investments, LP380,292$10.5M0.0%−126,620
UBS Group AG355,747$9.8M0.0%+2,010

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Nov 10, 2020Virginia FoxxRepublican, HouseSale$15,001 - $50,000−244.5%Report
Apr 13, 2020Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+53.8%Report
Mar 10, 2020Virginia FoxxRepublican, HouseBuy$1,001 - $15,000+29.7%Report
Feb 7, 2020Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−51.2%Report
Jan 3, 2020Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−87.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How CVR ENERGY INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCVR ENERGY INC1
  • CIK0001376139
  • Employer ID (EIN)61-15121864
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2911 Petroleum Refining1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address2277 Plaza Drive, Suite 500, Sugar Land, TX 774791
  • Phone(281) 207-32001
  • Shares outstanding100,530,599 as of Jul 24, 202611
  • Public float$809.0M as of Jun 30, 20254
  • AuditorGRANT THORNTON LLP, Dallas, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceSep 26, 20061
  • Filings1,128 in all: 8-K (346), 4 (292), 3 (73), 10-Q (57), UPLOAD (36), SC 13D/A (35), DEFA14A (30), CORRESP (24)1
    All 53 form types

    SC 13G/A (22), SC TO-T/A (21), 10-K (19), DEF 14A (19), DFAN14A (19), S-1/A (13), ARS (12), SC 14D9/A (12), SC 13G (11), 8-K/A (6), 13F-NT (5), 424B3 (5), 144 (4), 3/A (4), 4/A (4), 424B4 (4), CT ORDER (4), EFFECT (4), PREC14A (4), SCHEDULE 13D/A (4), S-1 (3), S-8 (3), 8-A12B (2), CERTNYS (2), FWP (2), S-3/A (2), S-3ASR (2), SC 13D (2), SC 14D9 (2), SC TO-C (2), SC TO-T (2), SC14D9C (2), 10-K/A (1), 5 (1), 8-A12B/A (1), DEFC14A (1), PRE 14A (1), PRRN14A (1), RW (1), S-1MEF (1), S-3 (1), S-4 (1), S-4/A (1), SC 14F1 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareCVINew York Stock Exchange

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks CVR ENERGY INC names in Item 1A of its 10-K filed Feb 18, 2026: 56 risks under these headings, as written.4

  • Risks Related to Our Entire Business
  • Our businesses, and commodity prices, are cyclical and highly volatile, which could have a material adverse effect on our results of operations, financial condition and cash flows.
  • Certain developments in the global oil markets have had, and may continue to have, material adverse impacts on the operations, business, financial condition, liquidity, and results of operations of the Company or its customers, suppliers, and other counterparties.
  • Our businesses face intense competition.
  • Our businesses are geographically concentrated, creating exposure to regional economic downturns and seasonal variations for us or our customers, which may affect our production levels, transportation costs, and inventory and working capital levels.
  • Public health crises have had, and may continue to have, adverse impacts on our business, financial condition, results of operations, and liquidity.
  • Our segments each depend on significant customers, the loss of which may have a material adverse impact on our results of operations, financial condition and cash flows.
  • If licensed technology were no longer available or able to be licensed economically or at all, our business may be adversely affected.
  • Compliance with and changes in environmental laws, rules, and regulations, or to the application of those laws, rules and regulations, including those related to climate change, “energy transition” or renewable fuels, could result in increased operating costs and capital expenditures and changes in demand for the products we produce.
  • Our facilities face significant risks due to physical damage hazards, environmental liability risk exposure, and unplanned or emergency partial or total plant shutdowns which could cause property damage and a material decline in production which may not be fully insured.
  • We could incur significant costs in cleaning up contamination at or associated with our facilities.
  • Regulations concerning the transportation, storage, and handling of hazardous chemicals and materials could result in higher operating costs.
The other 45 risks
  • Acts of terror or sabotage, threats of war, armed conflict, or war or trade wars may have an adverse impact on our business, our future results of operations and our overall financial performance.
  • Adverse weather conditions or other unforeseen developments could damage our facilities or logistics assets and impair our ability to produce and deliver our products.
  • If our access to transportation on which we rely for the supply of our feedstocks and the distribution of our products is interrupted, our inventory and costs may increase and we may be unable to distribute our products efficiently or at all.
  • We rely upon third parties for certain critical aspects of our businesses; any interruption in the supply of, or failure of third parties to supply us with, feedstocks or utilities or access to certain assets necessary to operate our business could have a material adverse impact on our businesses.
  • We may be unable to obtain or renew permits or approvals necessary for our operations, which could inhibit our ability to do business.
  • We are subject to strict laws and regulations regarding employee and process safety, and failure to comply with these laws and regulations could have a material adverse effect on our results of operations, financial condition and profitability.
  • Our business may suffer due to the departure of any of our key senior executives or other key employees. Furthermore, a shortage of skilled labor may make it difficult for us to maintain labor productivity.
  • A portion of our workforce is unionized, and we are subject to the risk of labor disputes, slowdowns or strikes, which may disrupt our business and increase our costs.
  • We are subject to cybersecurity risks and may experience cyber incidents resulting in disruption or harm to our businesses.
  • An increase in inflation could have adverse effects on our results of operations.
  • Risks Related to the Petroleum and Renewables Segments
  • If our Petroleum Segment loses the benefit of a crude oil supply agreement or is unable to gather crude oil in the regions in which we operate, our exposure to the risks associated with volatile crude oil prices may increase, crude oil transportation costs could increase and our liquidity may be reduced.
  • Compliance with the RFS could have a material adverse effect on our business, financial condition and results of operations.
  • Changes in our credit profile may affect our relationship with our suppliers, which could have a material adverse effect on our liquidity and ability to operate the Refineries at full capacity.
  • The Petroleum Segment’s commodity derivative strategy and contracts may limit potential gains, exacerbate potential losses, and involve other risks.
  • If we are unable to complete capital projects at their expected costs, in a timely manner or at all, or if the market conditions assumed in project economics deteriorate, our financial condition, results of operations or cash flows could be adversely affected.
  • Investor and market sentiment towards climate change, fossil fuels, GHG emissions, and other ESG matters could adversely affect our business, cost of capital, and the price of our common stock and debt securities.
  • Our Renewables Segment is highly dependent on government credits, resulting in uncertainty and volatility.
  • Tariffs and bans on renewable feedstocks could result in supply restriction and feedstock pricing volatility.
  • Our renewables customer base is dependent on some environmental credits only available in certain states, thereby limiting our customer pool.
  • Risks Related to the Nitrogen Fertilizer Segment
  • Any decline in U.S. agricultural production or limitations on the use of nitrogen fertilizer for agricultural purposes could have a material adverse effect on the sales, and on our results of operations, financial condition and cash flows.
  • Failure by our Coffeyville Refinery or other third parties to continue to supply our Coffeyville Fertilizer Facility with pet coke could negatively impact the Nitrogen Fertilizer Segment’s results of operations.
  • The market for natural gas has been volatile, and fluctuations in natural gas prices could affect our competitive position.
  • Our nitrogen fertilizer business depends in large part on third-party suppliers, which could have a material adverse effect on our results of operations, financial condition and cash flows.
  • Any liability for accidents involving ammonia or other products we produce or transport that cause severe damage to property or injury to the environment and human health could have a material adverse effect on our results of operations, financial condition and ability to pay dividends.
  • Risks Related to Our Capital Structure
  • Instability and volatility in the capital, credit, and commodity markets in the global economy could negatively impact our business, financial condition, results of operations and cash flows.
  • Our indebtedness may increase and affect our ability to operate our businesses, and have a material adverse effect on our financial flexibility, financial condition and results of operations.
  • Covenants in our debt agreements could limit our ability to incur additional indebtedness and engage in certain transactions, as well as limit operational flexibility, which could adversely affect our liquidity and ability to pursue our business strategies.
  • We may not be able to generate sufficient cash to service existing indebtedness and may be forced to take other actions to satisfy debt obligations that may not be successful.
  • We are authorized to issue up to a total of 350 million shares of our common stock and 50 million shares of preferred stock, potentially diluting equity ownership of current holders and the share price of our common stock.
  • An increase in interest rates will cause our debt service obligations to increase.
  • Risks Related to Our Corporate Structure
  • The Company’s reorganization of its entities and assets could trigger increased costs, complexity and risks.
  • We are a holding company and depend upon our subsidiaries for our cash flow.
  • Mr. Carl C. Icahn exerts significant influence over the Company, and his interests or those of IEP or their affiliates may conflict with the interests of the Company’s other stockholders.
  • Our stock price may decline due to sales or acquisition of shares by Mr. Carl C. Icahn.
  • We are a “controlled company” within the meaning of the NYSE rules and, as a result, qualify for, and are relying on, exemptions from certain corporate governance requirements.
  • We have various mechanisms in place to discourage takeover attempts, which may reduce or eliminate our stockholders’ ability to sell their shares for a premium in a change of control transaction.
  • Compliance with and changes in the tax laws could adversely affect our performance.
  • Risks Related to Our Ownership in CVR Partners
  • If CVR Partners were to be treated as a corporation for U.S. federal income tax purposes or if it becomes subject to entity-level taxation for state tax purposes, its cash available for distribution to its common unitholders, including to us, would be substantially reduced, likely causing a substantial reduction in the value of its common units, including the common units held by us.
  • We may have liability to repay distributions that are wrongfully distributed to us.
  • Public investors own approximately 63% of the Nitrogen Fertilizer Segment through CVR Partners. Although we own the general partner of CVR Partners, the general partner owes a duty of good faith to public unitholders, which could cause them to manage their respective businesses differently than if there were no public unitholders.
  • CVR Partners is managed by the executive officers of its general partner, who are employed by and also serve as part of the senior management team of the Company. Conflicts of interest could arise as a result of this arrangement.
  • General Risks Related to CVR Energy
  • The acquisition, expansion and investment strategy of our businesses involves significant risks.
  • We are subject to the risk of becoming an investment company.
  • Internally generated cash flows and other sources of liquidity may not be adequate for the capital needs of our businesses.
  • Our ability to pay dividends on our common stock is subject to market conditions and numerous other factors.

Legal proceedings

In the ordinary course of business, we may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. Large, and sometimes unspecified, damages or penalties may be sought from us in some matters and certain matters may require years to resolve. Refer to Part II, Item 8, Note 14 (“Commitments and Contingencies”) of this Report for further discussion on current litigation matters.

The opening of Item 3, Legal Proceedings.4

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