On this page of StockholderLetter.com we present the 4/22/2025 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.


DEAR STOCKHOLDERS A MESSAGE FROM DAVE LAMP As a maker of affordable transportation fuels and low-carbon nitrogen fertilizer products, we are proud to make modern life possible through the products we manufacture. In 2024, CVR Energy remained committed to its core Values of Safety, Environment, Integrity, Corporate Citizenship and Continuous Improvement. We were pleased to return cash to shareholders in 2024 and reported full-year net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million with cumulative cash dividends attributable to 2024 of $1 per share. During the year, we achieved crude utilization of 87 percent and commenced startup of the pretreatment unit at the Wynnewood refinery. We also monetized our 50 percent interest in the Midway Pipeline at a favorable multiple and increased our ability to export products out of the Mid-Continent oil region. Our Nitrogen Fertilizer Segment achieved an ammonia utilization rate of 96 percent for the year and posted margins above mid-cycle ranges with declared cumulative cash distributions of $6.76 per common unit for 2024. In addition, our 2023 ESG report, which further highlights our environmental, social and governance performance, is now available on our website at www.CVREnergy.com. I would like to thank our employees as significant stakeholders in the Company for their efforts in 2024. Looking ahead, we will remain focused on 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 2025
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CVI 4/22/2025 Shareholder/Stockholder Letter Transcript:



DEAR STOCKHOLDERS
A MESSAGE FROM DAVE LAMP
As a maker of affordable transportation fuels and low-carbon nitrogen fertilizer products, we are
proud to make modern life possible through the products we manufacture. In 2024, CVR Energy
remained committed to its core Values of Safety, Environment, Integrity, Corporate Citizenship
and Continuous Improvement. We were pleased to return cash to shareholders in 2024 and reported
full-year net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394
million with cumulative cash dividends attributable to 2024 of $1 per share.
During the year, we achieved crude utilization of 87 percent and commenced startup of the pretreatment unit at the Wynnewood refinery. We also monetized our 50 percent interest in the
Midway Pipeline at a favorable multiple and increased our ability to export products out of the
Mid-Continent oil region. Our Nitrogen Fertilizer Segment achieved an ammonia utilization rate
of 96 percent for the year and posted margins above mid-cycle ranges with declared cumulative
cash distributions of $6.76 per common unit for 2024.
In addition, our 2023 ESG report, which further highlights our environmental, social and
governance performance, is now available on our website at www.CVREnergy.com.
I would like to thank our employees as significant stakeholders in the Company for their efforts in
2024. Looking ahead, we will remain focused on 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 2025


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CVI Stockholder/Shareholder Letter (CVR ENERGY INC) 4/22/2025 | www.StockholderLetter.com
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