On this page of StockholderLetter.com we present the 4/17/2024 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 renewable fuels, 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 DAVE LAMP Looking back over 2023, CVR Energy is proud of the continued improvements we achieved in our core Values of Safety, Environment, Integrity, Corporate Citizenship and Continuous Improvement while completing another record year for the Company. Highlights included a record low Process Safety Management Tier 1 incident rate and record low environmental events. CVR Energy also achieved record EBITDA of $1.4 billion driven by strong crack spreads, lower RINs expense, high utilization of our assets, solid capture rates, record premium gasoline production, record crude oil gathering volumes and a continued peer-leading distillate yield of 43 percent. We were pleased to continue to return value to stockholders, as demonstrated by our regular quarterly cash dividend for 2023 of 50 cents per share, bringing our cumulative cash dividends declared for 2023 to $4.50 per share, inclusive of special dividends, representing a payout ratio of 64 percent of free cash flow for the year. As part of our commitment to lowering our carbon footprint and reducing our RINs exposure, we continued to produce renewable diesel at our Wynnewood refinery and completed the construction of the site s renewable diesel pre-treatment unit in 2023, which commenced commissioning in February 2024. We also continued to evaluate a potential renewable diesel/sustainable aviation fuel project at our Coffeyville refinery and began evaluating the possibility of converting some or all of our renewable diesel production capacity at Wynnewood to sustainable aviation fuel. Looking at our fertilizer segment, we successfully completed the transaction to monetize the 45Q tax credits generated from the carbon capture and sequestration activities at our Coffeyville, Kansas, fertilizer facility. We also were pleased to achieve a combined ammonia utilization rate of 100 percent for the full-year 2023 while our employees went above and beyond to cover shifts during a labor strike at the East Dubuque fertilizer facility. Our continued focus on safe, reliable operations of our fertilizer facilities in 2023 led to a new record for UAN production volumes at our Coffeyville fertilizer facility along with new monthly production volume records of both ammonia and UAN at our East Dubuque facility. The fertilizer business also reported continued improvement in environmental and safety metrics for 2023, with only one environmental event for the entire year and zero Tier 1 process safety incidents. We remain committed to reducing our environmental footprint and continue to track our Environmental, Social & Governance ( ESG ) metrics through the publication of our annual ESG reports, with the 2022 report now available on our website at www.CVREnergy.com. We look forward to publishing our 2023 ESG report later this year to further highlight our efforts. I would like to thank our employees as significant stakeholders in the Company for the incredible accomplishments they helped us achieve during the past year. Looking ahead, we will remain committed to our Mission of being a top-tier North American renewable fuels, petroleum refining and nitrogen-based fertilizer Company as measured by safe and reliable operations, superior financial performance and profitable growth. On behalf of our Board of Directors and employees, thank you for your continued support of and investment in our Company. Sincerely, Dave Lamp President and Chief Executive Officer April 2024
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CVI 4/17/2024 Shareholder/Stockholder Letter Transcript:


Mission & Values
Mission
To be a top-tier North American renewable fuels, 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 DAVE LAMP
Looking back over 2023, CVR Energy is proud of the continued improvements we achieved in our core Values
of Safety, Environment, Integrity, Corporate Citizenship and Continuous Improvement while completing another
record year for the Company. Highlights included a record low Process Safety Management Tier 1 incident rate
and record low environmental events. CVR Energy also achieved record EBITDA of $1.4 billion driven by strong
crack spreads, lower RINs    expense, high utilization of our assets, solid capture rates, record premium gasoline
production, record crude oil gathering volumes and a continued peer-leading distillate yield of 43 percent.
We were pleased to continue to return value to stockholders, as demonstrated by our regular quarterly cash
dividend for 2023 of 50 cents per share, bringing our cumulative cash dividends declared for 2023 to $4.50 per
share, inclusive of special dividends, representing a payout ratio of 64 percent of free cash flow for the year.
As part of our commitment to lowering our carbon footprint and reducing our RINs    exposure, we continued to
produce renewable diesel at our Wynnewood refinery and completed the construction of the site   s renewable
diesel pre-treatment unit in 2023, which commenced commissioning in February 2024. We also continued to
evaluate a potential renewable diesel/sustainable aviation fuel project at our Coffeyville refinery and began
evaluating the possibility of converting some or all of our renewable diesel production capacity at Wynnewood
to sustainable aviation fuel.
Looking at our fertilizer segment, we successfully completed the transaction to monetize the 45Q tax credits
generated from the carbon capture and sequestration activities at our Coffeyville, Kansas, fertilizer facility. We
also were pleased to achieve a combined ammonia utilization rate of 100 percent for the full-year 2023 while our
employees went above and beyond to cover shifts during a labor strike at the East Dubuque fertilizer facility. Our
continued focus on safe, reliable operations of our fertilizer facilities in 2023 led to a new record for UAN
production volumes at our Coffeyville fertilizer facility along with new monthly production volume records of
both ammonia and UAN at our East Dubuque facility. The fertilizer business also reported continued
improvement in environmental and safety metrics for 2023, with only one environmental event for the entire year
and zero Tier 1 process safety incidents.
We remain committed to reducing our environmental footprint and continue to track our Environmental, Social
& Governance (   ESG   ) metrics through the publication of our annual ESG reports, with the 2022 report now
available on our website at www.CVREnergy.com. We look forward to publishing our 2023 ESG report later this
year to further highlight our efforts.
I would like to thank our employees as significant stakeholders in the Company for the incredible
accomplishments they helped us achieve during the past year. Looking ahead, we will remain committed to our
Mission of being a top-tier North American renewable fuels, petroleum refining and nitrogen-based fertilizer
Company as measured by safe and reliable operations, superior financial performance and profitable growth.
On behalf of our Board of Directors and employees, thank you for your continued support of and investment in
our Company.
Sincerely,
Dave Lamp
President and Chief Executive Officer
April 2024


shareholder letter icon 4/17/2024 Letter Continued (Full PDF)
 

CVI Stockholder/Shareholder Letter (CVR ENERGY INC) 4/17/2024 | www.StockholderLetter.com
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