CVI
CVR Energy, Inc.29.85
-1.12-3.62%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Proactive M&A, dividend path clarified
Q&A fleshed out a proactive M&A push via bilateral talks for refining and fertilizer assets, staying disciplined on accretion and leverage. Dividend return nears without hitting $1B target, aiming for cycle-proof payouts amid deleveraging progress. Coffeyville WCS runs hit 20k bpd as Venezuelan shifts widen differentials—run barrels, don't sell. RINs sting hard; more blending and M&A eyed to cut exposure. Capture initiatives early, no targets yet. Mid-Con brightens with pipelines. Windows open briefly. Investors eye M&A hits, dividend timing.
Key Stats
Market Cap
3.00BP/E (TTM)
18.09Basic EPS (TTM)
1.65Dividend Yield
0%Recent Filings
8-K
Feb 2026 investor update
CVR Energy released its February 2026 investor presentation under Reg FD, highlighting petroleum refineries' 206,500 bpd capacity, 81% utilization, and 97% liquid yield through 2025. FY2025 adjusted refining margin hit $694M at $10.45/bbl, despite Coffeyville turnaround; FY2026 capex targets $130M-$145M with no turnarounds. Reverting Wynnewood RDU boosts crude flexibility. Margin capture lags peers.
8-K
Q4 loss, RDU reversion
CVR Energy posted a Q4 2025 net loss of $110 million to stockholders, hit by $62 million accelerated depreciation from reverting Wynnewood's RDU to hydrocarbon processing in December amid weak renewables economics. Full-year net income hit $27 million, with Petroleum EBITDA surging to $411 million on higher throughput, while Nitrogen Fertilizer delivered $211 million EBITDA despite Coffeyville turnaround. Reversion frees refinery capacity. Cash fell to $511 million after $75 million term loan prepayment.
10-K
FY2025 results
CVR Energy posted FY2025 operating income of $182M, up from $58M in 2024, buoyed by Petroleum's $211M gain versus $12M last year. Q4 momentum faltered with Coffeyville Refinery turnaround slashing throughput to 80.8% utilization (down from 87.2% FY2024), yet Group 3 2-1-1 cracks widened 25% y/y to $22.63/bbl amid tight inventories. August 2025 EPA SRE decisions slashed RFS obligations by 424M RINs ($488M benefit, derived), offsetting $354M revaluation hit from soaring RINs ($5.78/bbl blended, up 56% y/y). Renewables lost $137M on RDU reversion and HOBO crush to -$1.32/gal; Nitrogen gained on 27% UAN pricing surge despite 88% utilization. Debt stands at $1.7B; liquidity $807M. RFS volatility threatens quarterly flows.
8-K
CVR issues $1B notes, ups ABL
CVR Energy issued $600M 7.500% senior notes due 2031 and $400M 7.875% notes due 2034 on February 12, 2026, in a private Rule 144A/Reg S offering, guaranteed by most domestic subsidiaries. Simultaneously, it amended its ABL facility, boosting commitments from $345M to $550M (expandable to $700M) and extending maturity to February 2031, while tweaking borrowing base and covenants. Lenders gain longer liquidity runway. Covenants restrict debt and liens.
8-K
Launches $1B notes offering
CVR Energy announced plans for a $1 billion private placement of senior unsecured notes due 2031 and 2034, subject to market conditions. Proceeds, plus cash or ABL borrowings, will repay its $157 million term loan, redeem all $600 million 8.5% 2029 notes at 104.25%, and $217 million of 5.75% 2028 notes at par. Debt matures later. Offering not assured.
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