Cvr Energy Stock Earnings Reports

CVR Energy reported a consolidated net loss of $160 million for Q1 2026 (loss per share $1.91) and EBITDA loss of $52 million. Adjusted EBITDA was $37 million after removing large mark-to-market derivative losses ($158M) and other noncash items. Refining throughput was ~214,000 bpd with 97% crude utilization and a realized margin (adjusted) of $4.72/bbl (22% capture of Group 3 2-1-1). Refining faced higher RINs expense (net RINs cost $143M, $7.37/bbl) and increased operating costs; management called out EPA RFS policy as a major headwind to margins and consumer fuel costs. Fertilizer performed strongly with adjusted EBITDA of $78M and ammonia utilization at 103%. Cash flow from operations was $64M and free cash flow $21M (Fertilizer contributed ~$63M). Balance sheet: $512M cash and total liquidity (ex-CVR Partners) ~$923M; company reiterated a deleveraging target to reach $1B gross debt. Capital spending guidance for 2026 is $200M–$240M. Management reinstated a $0.10/share quarterly dividend and intends to balance dividends with debt reduction. Management emphasized favorable market dynamics (Middle East conflict tightening crude/product and fertilizer markets) that have improved crack spreads and fertilizer prices, and they will actively manage hedges and crude slate (including increased WCS use) to capture improved margins. Near-term guidance: Q2 petroleum throughput ~200k–215k bpd, Petroleum OpEx $110M–$120M, Fertilizer ammonia utilization 95%–100% and Fertilizer OpEx $57M–$62M.