CVR Energy Inc

CVR Energy reported a second-quarter net loss attributable to stockholders of $3 million, or $0.03 per diluted share, narrowing from a $114 million loss a year earlier, while adjusted EBITDA jumped 111% to $209 million. Petroleum adjusted EBITDA reached $106 million, driven by elevated Group 3 crack spreads and throughput of 212,965 barrels per day at 98.4% crude utilization, though a $216 million RIN expense and $81 million realized derivative loss weighed on capture. Fertilizer adjusted EBITDA rose to $107 million on 99% ammonia utilization and higher prices, with ammonia at $791 per ton and UAN at $392 per ton. The company declared a $0.10 per share quarterly dividend and generated $264 million in free cash flow, while maintaining total liquidity of approximately $1.1 billion excluding CVR Partners. Management highlighted ongoing regulatory uncertainty around the Wynnewood small refinery exemption and signaled a more cautious hedging approach going forward.

CVR Energy posted second-quarter 2026 adjusted EBITDA of $209 million, driven by elevated crack spreads and high utilization rates across its refining and fertilizer segments. Consolidated net income reached $46 million, with adjusted earnings per share of $0.34. The petroleum segment generated $106 million in adjusted EBITDA, up from $38 million a year earlier, while the fertilizer segment contributed $107 million, compared with $67 million in the prior-year period. Crude utilization ran at 98% of nameplate capacity and the ammonia plant at 99%, yielding combined total output of approximately 213,000 barrels per day. The benchmark Group 3211 crack averaged $44.91 per barrel, but realized margin was $12.43 per barrel—a 28% capture rate—after a $216 million RIN expense and $81 million in realized hedge losses. Cash flow from operations was $307 million, free cash flow $264 million, and the company ended the quarter with a $737 million cash balance while paying a $0.10 per share dividend.