CVR Energy Inc.

What CVR Energy Inc. does

CVR Energy, Inc. (NYSE: CVI) is a diversified holding company headquartered in Sugar Land, Texas, that operates through two segments: petroleum refining and marketing, and nitrogen fertilizer manufacturing. The petroleum segment consists of two mid-content refineries — the full-coking, medium-sour Coffeyville refinery in Kansas (132,000 bpd nameplate capacity) and the complex Wynnewood refinery in Oklahoma (74,500 bpd) — producing gasoline, diesel, jet fuel, solvents, and asphalt. These are supported by approximately 920 miles of owned, leased, and joint-venture pipelines, 98 crude oil transports, 2.2 million barrels of leased storage capacity, and crude oil gathering tank farms strategically positioned near Cushing, Oklahoma. The Wynnewood renewable diesel unit was reverted to hydrocarbon processing in late 2025 due to unfavorable renewable economics. The nitrogen fertilizer segment operates through a majority interest in CVR Partners, LP, producing ammonia and urea ammonium nitrate (UAN) for the agricultural sector, with 103% ammonia plant utilization reported in Q1 2026. Revenue is generated through commodity-based rack marketing, bulk sales, and third-party pipeline distribution to wholesale fuel buyers and agricultural distributors across the mid-continent, southern plains, and Texas markets.

The company generates revenue primarily through transaction-based commodity pricing on refined petroleum products (gasoline and diesel) and nitrogen fertilizers (ammonia at approximately $582/ton and UAN at $314/ton realized prices in 2025). FY2025 net sales were approximately $7.2 billion, with EBITDA of $591 million — a meaningful recovery from $394 million in 2024, partly supported by $488 million in EPA small refinery hardship relief benefits. The company carried approximately $1.8 billion in total debt against $511 million in cash at year-end 2025, refinanced in part by a $1 billion senior unsecured note issuance in January 2026. Carl C. Icahn holds approximately 71.2% of shares, making CVR Energy effectively a controlled company with public minority float. The customer base is diversified across regional fuel wholesalers and agricultural distributors, with no material single-customer concentration.

Name

CVR Energy Inc.

Legal name

CVR Energy, Inc.

Website

https://cvrenergy.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CVR Energy is a Sugar Land, Texas-based holding company operating two mid-content petroleum refineries (206,500 bpd combined) in Kansas and Oklahoma and a nitrogen fertilizer business through CVR Partners, LP, selling gasoline, diesel, ammonia, and UAN to regional wholesalers and agricultural distributors.

Ownership category

akta.pro rank

Headquarters

HQ city

Sugar Land

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Others

Revenue model

1. Petroleum Refining and Marketing: Refining crude oil into clean transportation products (gasoline, diesel fuels) and other refined products. Revenue generated through rack marketing, bulk sales, and third-party pipeline networks. The company operates two mid-content refineries with combined nameplate capacity of 206,500 bpd.
2. Nitrogen Fertilizer Manufacturing: Through its interest in CVR Partners, LP, the company manufactures nitrogen fertilizers including ammonia and UAN (urea ammonium nitrate). Revenue generated from agricultural fertilizer sales to farmers and distributors.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

CVR Energy is a diversified holding company that operates two mid-content petroleum refineries (combined 206,500 bpd capacity) producing clean transportation products such as gasoline, diesel fuel, renewable diesel, military jet fuel, solvents and asphalt. Through its interest in CVR Partners, LP, the company also manufactures nitrogen fertilizers including ammonia and urea ammonium nitrate (UAN) for agricultural use.

Product overview

CVR Energy is a diversified holding company operating in two primary business segments: petroleum refining and nitrogen fertilizer manufacturing. The petroleum segment operates two mid-content refineries - the Coffeyville refinery in Kansas (132,000 bpd capacity) and the Wynnewood refinery in Oklahoma (74,500 bpd capacity) - that produce clean transportation fuels including gasoline, diesel, and jet fuel. Supporting the refining operations is an extensive logistics network of pipelines, crude transports, and storage facilities. The nitrogen fertilizer segment is operated through its interest in CVR Partners, LP, which produces ammonia and UAN fertilizers. The company also previously operated a renewable diesel unit at Wynnewood but has since reverted it back to hydrocarbon processing due to unfavorable renewables economics.

Differentiator

Problem solved

Functional benefit

Products and services

• Coffeyville Refinery

Quantifiable outcome

• Refining capacity of 206,500 bpd across two refineries
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• PBF Energy: Independent US mid-continent and East Coast refiner operating ~1 million bpd across five refineries, producing gasoline, diesel, and jet fuel. Closest direct peer to CVR given similar mid-content complexity, geographic focus on inland US markets, and exposure to RIN/waiver regulatory dynamics.
• HF Sinclair (HollyFrontier): Independent US refiner with ~640,000 bpd capacity concentrated in Mid-Continent and Southwest regions, producing gasoline, diesel, and specialty products including renewable diesel. Comparable complex refining footprint, similar crack-spread exposure, and overlapping regulatory/waiver considerations.
• Delek US Holdings: Independent refiner with refineries in Texas, Arkansas, and Louisiana producing gasoline, diesel, and jet fuel, plus midstream logistics operations. Comparable inland US refining exposure and similar size and complexity profile to CVR's refining segment.
• Par Pacific Holdings: Independent US refiner operating three refineries in Hawaii, Wyoming, and Washington with ~360,000 bpd capacity plus retail and logistics operations. Compares on complexity-based refining margins and inland-market positioning.
• CF Industries Holdings: Largest North American nitrogen fertilizer producer of ammonia, UAN, and urea. Direct comparable to CVR Partners for nitrogen fertilizer pricing, demand, and agricultural end-market exposure.

Broad incumbents

• Valero Energy: Largest independent US refiner with ~3.2 million bpd capacity across 15 refineries plus extensive renewable diesel operations. Provides scale benchmarks and complexity-based margin comparisons for the US refining sector.
• Marathon Petroleum: Largest US refiner with ~2.9 million bpd capacity plus midstream (MPLX) and retail (Marathon/Speedway) operations. Comparable product slate of gasoline, diesel, jet fuel, and asphalts, providing a diversified downstream comparison.
• Phillips 66: Diversified US downstream and midstream operator with ~1.9 million bpd refining capacity, extensive pipeline/logistics, chemicals, and marketing operations. Comparable integrated mid-Continent refining and chemicals exposure.
• Nutrien: World's largest fertilizer producer with nitrogen, potash, phosphate, and agricultural retail operations across North and South America. Comparable nitrogen production economics and agricultural end-market dynamics to CVR Partners.

Emerging players

• Calumet Specialty Products Partners: Specialty hydrocarbons producer with refineries in Louisiana, Montana, and Indiana producing fuels, lubricants, and specialty products. Compares on niche refining positioning and similar commodity-cycle exposure, with smaller scale than CVR.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CVR Energy Inc.