On this page of StockholderLetter.com we present the latest annual shareholder letter from CVR ENERGY INC — ticker symbol CVI. Reading current and past CVI letters to shareholders can bring important insights into the investment thesis.

Mission & Values Mission To be a top-tier North American petroleum refining and nitrogen-based fertilizer Company as measured by safe and reliable operations, superior financial performance and profitable growth. Values Our core Values define the way we do business every day to accomplish our Mission. The foundation of our Company is built on these core Values. We are responsible to apply our core Values in all the decisions we make and actions we take. Safety We always put safety first. The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to safety above all else. If it s not safe, then we don t do it. Environment We care for our environment. Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand our obligation to the environment and that it s our duty to protect it. Integrity We require high business ethics. We comply with the law and practice sound corporate governance. We only conduct business one way the right way with integrity. Corporate Citizenship We are proud members of the communities where we operate. We are good neighbors and know that it s a privilege we can t take for granted. We seek to make a positive economic and social impact through our financial donations and the contributions of time, knowledge and talent of our employees to the places where we live and work. Continuous Improvement We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversity and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization. At CVR, our people provide the energy behind our core Values to achieve excellence for all our key stakeholders employees, communities, customers and shareholders.
DEAR STOCKHOLDERS A MESSAGE FROM MARK PYTOSH Recent geopolitical events have reminded us of the critical issues that drive our petroleum and nitrogen fertilizer businesses: 1. Abundance and Security of Energy and Food; 2. Affordability of Energy and Food; and 3. Raising the Standard of Living for the Human Population. Disruptions caused by these significant geopolitical events increase demand for our two businesses due to interruptions in production and logistics in various regions around the world. We have quickly and efficiently responded to changing market needs through our unwavering commitment to safe, reliable operations, which has allowed us to overcome logistical challenges and focus on delivering products to our customers at the lowest cost possible. Moving forward, we will remain flexible in addressing the geopolitical impacts on refining and fertilizer markets and serving our customers in the most effective way possible. Following this letter, you will find CVR Energy s 2025 Annual Report on Form 10-K. In 2025, we focused on safe, reliable operations and creating value for our stockholders. For the full-year 2025, CVR Energy reported net income attributable to stockholders of $27 million and EBITDA of $591 million. Highlights of the year included the removal of $488 million in liability from our balance sheet as a result of EPA s August 2025 decision granting full or partial waivers for Wynnewood Refining Company, LLC for certain historical periods. We also continued to make progress on our deleveraging strategy by paying down 50 percent of the balance of the Term Loan issued in December 2024 as part of our commitment to returning our balance sheet to targeted leverage levels. Operationally in 2025, we completed a major planned turnaround at the Coffeyville refinery and reverted the Renewable Diesel Unit at the Wynnewood refinery back to hydrocarbon processing service. For 2026, our capital spending plan reflects an effort to focus spending in the Petroleum segment to support safe, reliable operations while selectively investing in targeted growth projects. We also have a number of commercial efforts underway to focus on raising our margin capture rate by lowering our feedstock costs, increasing optionality and improving the netbacks we receive for our products. In our Nitrogen Fertilizer Segment, we reduced our Company Total Recordable Incident Rate by more than two-thirds in 2025 and continued to operate our facilities reliably during the year, achieving a combined ammonia utilization rate of 88 percent. While we had planned downtime for our Coffeyville turnaround that was largely completed on time, our utilization rate was negatively impacted by additional downtime outside of our control. For 2026, we remain diligently focused on efforts to return to the industry-leading utilization we have achieved in the past. We were pleased to continue to return cash to unitholders, declaring cumulative cash distributions of $10.54 per common unit for 2025. In addition, we continued to execute certain debottlenecking projects at both fertilizer plants that are expected to improve reliability and production rates. During our planned turnaround at the East Dubuque facility scheduled for 2026, we expect to complete a
number of reliability enhancement projects as well as a brownfield capacity expansion project that should add approximately 5 percent to nameplate production. Our great employees drive the business and we thank them for their efforts in 2025. For 2026, we will continue to focus on execution in all aspects of the business to help deliver affordable, abundant and secure energy and food for the country. On behalf of our Board of Directors and employees, thank you for your continued support of and investment in our Company. Sincerely, Mark Pytosh President and Chief Executive Officer April 2026
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CVI Shareholder/Stockholder Letter Transcript:


Mission & Values
Mission
To be a top-tier North American petroleum refining and nitrogen-based fertilizer Company as measured by safe
and reliable operations, superior financial performance and profitable growth.
Values
Our core Values define the way we do business every day to accomplish our Mission. The foundation of
our Company is built on these core Values. We are responsible to apply our core Values in all the
decisions we make and actions we take.
Safety
We always put safety first. The protection of our employees, contractors and
communities is paramount. We have an unwavering commitment to safety above all
else. If it   s not safe, then we don   t do it.
Environment
We care for our environment. Complying with all regulations and minimizing any
environmental impact from our operations is essential. We understand our obligation to
the environment and that it   s our duty to protect it.
Integrity
We require high business ethics. We comply with the law and practice sound corporate
governance. We only conduct business one way   the right way with integrity.
Corporate Citizenship
We are proud members of the communities where we operate. We are good neighbors
and know that it   s a privilege we can   t take for granted. We seek to make a positive
economic and social impact through our financial donations and the contributions of time,
knowledge and talent of our employees to the places where we live and work.
Continuous Improvement
We believe in both individual and team success. We foster accountability under
a performance-driven culture that supports creative thinking, teamwork, diversity
and personal development so that employees can realize their maximum potential.
We use defined work practices for consistency, efficiency and to create value across
the organization.
At CVR, our people provide the energy behind our core Values to achieve excellence for
all our key stakeholders   employees, communities, customers and shareholders.

DEAR STOCKHOLDERS
A MESSAGE FROM MARK PYTOSH
Recent geopolitical events have reminded us of the critical issues that drive our petroleum and
nitrogen fertilizer businesses:
1. Abundance and Security of Energy and Food;
2. Affordability of Energy and Food; and
3. Raising the Standard of Living for the Human Population.
Disruptions caused by these significant geopolitical events increase demand for our two
businesses due to interruptions in production and logistics in various regions around the world.
We have quickly and efficiently responded to changing market needs through our unwavering
commitment to safe, reliable operations, which has allowed us to overcome logistical challenges
and focus on delivering products to our customers at the lowest cost possible. Moving forward, we
will remain flexible in addressing the geopolitical impacts on refining and fertilizer markets and
serving our customers in the most effective way possible.
Following this letter, you will find CVR Energy   s 2025 Annual Report on Form 10-K. In 2025,
we focused on safe, reliable operations and creating value for our stockholders. For the full-year
2025, CVR Energy reported net income attributable to stockholders of $27 million and EBITDA
of $591 million. Highlights of the year included the removal of $488 million in liability from our
balance sheet as a result of EPA   s August 2025 decision granting full or partial waivers for
Wynnewood Refining Company, LLC for certain historical periods. We also continued to make
progress on our deleveraging strategy by paying down 50 percent of the balance of the Term Loan
issued in December 2024 as part of our commitment to returning our balance sheet to targeted
leverage levels.
Operationally in 2025, we completed a major planned turnaround at the Coffeyville refinery and
reverted the Renewable Diesel Unit at the Wynnewood refinery back to hydrocarbon processing
service. For 2026, our capital spending plan reflects an effort to focus spending in the Petroleum
segment to support safe, reliable operations while selectively investing in targeted growth projects.
We also have a number of commercial efforts underway to focus on raising our margin capture
rate by lowering our feedstock costs, increasing optionality and improving the netbacks we receive
for our products.
In our Nitrogen Fertilizer Segment, we reduced our Company Total Recordable Incident Rate by
more than two-thirds in 2025 and continued to operate our facilities reliably during the year,
achieving a combined ammonia utilization rate of 88 percent. While we had planned downtime for
our Coffeyville turnaround that was largely completed on time, our utilization rate was negatively
impacted by additional downtime outside of our control. For 2026, we remain diligently focused
on efforts to return to the industry-leading utilization we have achieved in the past. We were
pleased to continue to return cash to unitholders, declaring cumulative cash distributions of $10.54
per common unit for 2025. In addition, we continued to execute certain debottlenecking projects
at both fertilizer plants that are expected to improve reliability and production rates. During our
planned turnaround at the East Dubuque facility scheduled for 2026, we expect to complete a

number of reliability enhancement projects as well as a brownfield capacity expansion project that
should add approximately 5 percent to nameplate production.
Our great employees drive the business and we thank them for their efforts in 2025. For 2026, we
will continue to focus on execution in all aspects of the business to help deliver affordable,
abundant and secure energy and food for the country.
On behalf of our Board of Directors and employees, thank you for your continued support of and
investment in our Company.
Sincerely,
Mark Pytosh
President and Chief Executive Officer
April 2026


shareholder letter icon 4/21/2026 Letter Continued (Full PDF)
 

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