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CVR Energy Reports Fourth Quarter and Full-Year 2025 Results
•Net loss attributable to CVR Energy stockholders of $110 million for fourth quarter 2025, and net income attributable to CVR Energy stockholders of $27 million for full-year 2025
•EBITDA and Adjusted EBITDA of $51 million and $91 million, respectively, for fourth quarter 2025, and $591 million and $393 million, respectively, for full-year 2025
•Completed the reversion of the Renewable Diesel Unit (“RDU”) at the Wynnewood Refinery back to hydrocarbon processing service in December 2025
•Prepaid $75 million in principal of the Term Loan in December 2025
•CVR Partners announced a fourth quarter 2025 cash distribution of 37 cents per common unit

SUGAR LAND, Texas (February 18, 2026) – CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its fourth quarter 2025 results including a net loss attributable to CVR Energy stockholders of $110 million, or $1.10 per diluted share, and an adjusted loss per diluted share of 80 cents, compared to net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, and an adjusted loss of 13 cents per diluted share for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 was $116 million compared to net income of $40 million for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 included $62 million of accelerated depreciation associated with the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing. EBITDA and adjusted EBITDA for the fourth quarter of 2025 were $51 million and $91 million, respectively, compared to EBITDA and adjusted EBITDA of $122 million and $67 million, respectively, for the fourth quarter of 2024.
For full-year 2025, the Company reported net income attributable to CVR Energy stockholders of $27 million, or 27 cents per diluted share, and an adjusted loss per diluted share of $1.22, compared to net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, and an adjusted loss per diluted share of 51 cents for full-year 2024. Net income for full-year 2025 was $90 million compared to net income of $45 million for full-year 2024. Net income for full-year 2025 included $93 million of accelerated depreciation associated with the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing. EBITDA and adjusted EBITDA for full-year 2025 were $591 million and $393 million, respectively, compared to EBITDA and adjusted EBITDA of $394 million and $317 million, respectively, for full-year 2024.
“CVR Energy’s solid fourth quarter results were driven by strong throughput volumes in our refining operations, along with attractive seasonal crack spreads in the Fall,” said Mark Pytosh, CVR Energy’s Chief Executive Officer. “We remain optimistic about the intermediate term prospects for refining, with expected steady increases in global demand for refined products and fewer supply additions compared to the past few years.
“CVR Partners’ results were impacted by a 32-day planned turnaround at our Coffeyville fertilizer facility followed by subsequent downtime due to three weeks of startup issues at the third-party air separation plant. Nitrogen fertilizer market conditions continue to be supportive with tight global supply balances and continued strong demand, and pricing has remained robust so far this year.”
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Segment Highlights
Below are financial and operational highlights of each of the Company’s reportable segments:
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Petroleum Segment
Petroleum Segment net (loss) income (in millions)
$(16)$35 $207 $70 
Petroleum Segment EBITDA* (in millions)
41 72 411 223 
Petroleum Segment Adjusted EBITDA* (in millions)
73 9 199 138 
Total throughput barrels per day218,013 213,703 181,988 196,278 
Refining margin* ($ per throughput barrel)
$8.35 $8.37 $13.64 $9.53 
Adjusted refining margin* ($ per throughput barrel)
9.92 6.45 10.45 8.67 
Direct operating expenses* ($ per throughput barrel)
5.40 5.13 6.25 5.86 
Renewables Segment (1)
Renewables Segment net loss (in millions)
$(76)$(3)$(137)$(21)
Renewables Segment EBITDA* (in millions)
(8)3 (22)3 
Renewables Segment Adjusted EBITDA* (in millions)
— 9 (8)10 
Total vegetable oil throughput gallons per day137,091 185,730 163,894 150,716 
Renewables margin* ($ per vegetable oil throughput gallon)
$0.25 $0.79 $0.40 $0.80 
Adjusted renewables margin* ($ per vegetable oil throughput gallon)
0.91 1.15 0.63 0.94 
Direct operating expenses* ($ per vegetable oil throughput gallon)
0.56 0.48 0.50 0.58 
Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment net (loss) income (in millions)
$(10)$18 $99 $61 
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA* (in millions)
20 50 211 179 
Ammonia utilization rate (percent of capacity utilization)
64 %96 %88 %96 %
Ammonia sales (thousands of tons)
81 97 246 271 
UAN sales (thousands of tons)
182 310 1,191 1,260 
Ammonia pricing at gate ($ per ton)
$626 $475 $582 $479 
UAN pricing at gate ($ per ton)
355 229 314 248 
*See “Non-GAAP Reconciliations” section below.
(1)In December 2025, the Company reverted the RDU at the Wynnewood Refinery back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business.
Corporate and Other
The Company reported income tax benefit of $10 million, or (12.5) percent of income before income taxes, for the year ended December 31, 2025, compared to income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024. The decrease in income tax benefit was due primarily to an increase in overall pretax earnings for full-year 2025, compared to full-year 2024. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for full-year 2025, compared to full-year 2024.
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Cash, Debt and Dividend
Consolidated cash and cash equivalents was $511 million at December 31, 2025. Consolidated total debt and finance lease obligations was $1.8 billion at December 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.
CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2025 cash distribution of $0.37 per common unit, which will be paid on March 9, 2026, to common unitholders of record as of March 2, 2026.
Fourth Quarter 2025 Earnings Conference Call
CVR Energy previously announced that it will host its fourth quarter and full-year 2025 Earnings Conference Call on Thursday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The fourth quarter and full-year 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard (“RFS”) and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
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About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners, LP.
Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.
Contact Information:
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com
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Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.
The following are non-GAAP measures we present for the three and twelve months ended December 31, 2025 and 2024:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.
Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.
Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.
Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.
Renewables Margin - The difference between our Renewables Segment net sales and cost of materials and other.
Adjusted Renewables Margin - Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon - Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.
Direct Operating Expenses per Vegetable Oil Throughput Gallon - Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.
Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.
Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.
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We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Factors Affecting Comparability of Our Financial Results
Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.
Petroleum Segment
Major Scheduled Turnaround Activities - The Petroleum Segment had total capitalized expenditures of $1 million and $13 million during the three months ended December 31, 2025 and 2024 and $190 million and $58 million during the twelve months ended December 31, 2025 and 2024, respectively. The next planned turnaround is currently scheduled to take place during 2027 at the Wynnewood Refinery.
Renewable Fuel Standard - Based on the U.S. Environmental Protection Agency decision document to the Company’s subsidiary, Wynnewood Refining Company, LLC’s (“WRC”), affirming the validity of its previous grant of WRC’s petitions for small refinery hardship relief under the RFS for WRC’s 2017 and 2018 compliance periods and granting 100 percent waivers for WRC’s 2019 and 2021 compliance periods and granting 50 percent waivers for its 2020, 2022, 2023 and 2024 compliance periods (the “August 2025 SRE Decision”), WRC obligations for the 2020 through 2024 compliance periods were reduced by more than 424 million RINs, resulting in an RVO adjustment and a gain of $488 million to reflect the small refinery hardship relief waivers.
Renewables Segment
The remaining useful lives of certain assets within the Renewables Segment were adjusted as a result of changes in their expected utilization beginning in September 2025, which resulted in additional depreciation expense of $62 million and $93 million during the three and twelve months ended December 31, 2025.
Nitrogen Fertilizer Segment
Major Scheduled Turnaround Activities - We incurred turnaround expenses of $14 million and less than $1 million during the three months ended December 31, 2025 and 2024, respectively, and $17 million and less than $1 million during the twelve months ended December 31, 2025, and 2024, respectively. The next planned turnaround is currently scheduled to commence in August 2026 at the East Dubuque Fertilizer Facility.
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CVR Energy, Inc.
(unaudited)

Consolidated Statement of Operations Data
Three Months Ended
December 31,		 Year Ended
December 31,
(in millions, except per share data)2025 2024 2025 2024
Net sales $1,810 $1,947 $7,162 $7,610 
Operating costs and expenses:
Cost of materials and other1,527 1,653 5,722 6,448 
Direct operating expenses (exclusive of depreciation and amortization)197 165 700 667 
Depreciation and amortization143 72 394 290 
Cost of sales1,867 1,890 6,816 7,405 
Selling, general and administrative expenses (exclusive of depreciation and amortization)33 35 148 139 
Depreciation and amortization2 2 9 8 
Other operating expenses (income), net3 (1)7 — 
Operating (loss) income(95)21 182 58 
Other income (expense):
Interest expense, net(29)(20)(108)(77)
Other income, net1 27 6 38 
Income (loss) before income taxes(123)28 80 19 
Income tax benefit(7)(12)(10)(26)
Net (loss) income(116)40 90 45 
Less: Net (loss) income attributable to noncontrolling interest(6)12 63 38 
Net (loss) income attributable to CVR Energy stockholders$(110)$28 $27 $7 
Basic and diluted (loss) earnings per share$(1.10)$0.28 $0.27 $0.06 
Dividends declared per share$— $— $— $1.50 
Adjusted loss per share*
$(0.80)$(0.13)$(1.22)$(0.51)
EBITDA*
$51 $122 $591 $394 
Adjusted EBITDA*
$91 $67 $393 $317 
Weighted-average common shares outstanding - basic and diluted100.5 100.5 100.5 100.5 
*See “Non-GAAP Reconciliations” section below.
Selected Consolidated Balance Sheet Data
(in millions)December 31, 2025 December 31, 2024
Cash and cash equivalents
$511 $987 
Working capital (inclusive of cash and cash equivalents)
561 726 
Total assets
3,706 4,263 
Total debt and finance lease obligations, including current portion
1,765 1,919 
Total liabilities
2,808 3,375 
Total CVR stockholders’ equity
730 703 


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Selected Consolidated Cash Flow Data
Three Months Ended
December 31,		 Year Ended
December 31,
(in millions)2025 2024 2025 2024
Net cash flows provided by (used in):
Operating activities
$— $98 $144 $404 
Investing activities
(53)43 (362)(121)
Financing activities
(106)312 (258)(482)
Net (decrease) increase in cash, cash equivalents and restricted cash$(159)$453 $(476)$(199)
Free cash flow *
$(55)$40 $(231)$181 
*See “Non-GAAP Reconciliations” section below.
Selected Segment Data
Three Months Ended December 31, 2025Three Months Ended December 31, 2024
(in millions)PetroleumRenewablesNitrogen FertilizerConsolidatedPetroleumRenewablesNitrogen FertilizerConsolidated
Net sales$1,649 $72 $131 $1,810 $1,755 $93 $140 $1,947 
Operating (loss) income(13)(76)(3)(95)4 (3)26 21 
Net (loss) income(16)(76)(10)(116)35 (3)18 40 
EBITDA *
41 (8)20 51 72 3 50 122 
Capital Expenditures: (1)
Maintenance$26 $1 $17 $44 $24 $1 $15 $40 
Growth11 — 10 21 7 — 3 11 
Total capital expenditures$37 $1 $27 $65 $31 $1 $18 $51 
Year Ended December 31, 2025Year Ended December 31, 2024
(in millions)PetroleumRenewablesNitrogen FertilizerConsolidatedPetroleumRenewablesNitrogen FertilizerConsolidated
Net sales$6,426 $312 $606 $7,162 $6,920 $289 $525 $7,610 
Operating (loss) income211 (137)129 182 12 (22)90 58 
Net income (loss)207 (137)99 90 70 (21)61 45 
EBITDA *
411 (22)211 591 223 3 179 394 
Capital Expenditures: (1)
Maintenance$96 $3 $35 $134 $90 $3 $30 $127 
Growth39 1 22 63 38 8 7 54 
Total capital expenditures$135 $4 $57 $197 $128 $11 $37 $181 
*See “Non-GAAP Reconciliations” section below.
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.
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December 31, 2025December 31, 2024
(in millions)PetroleumRenewablesNitrogen FertilizerConsolidatedPetroleumRenewablesNitrogen FertilizerConsolidated
Cash and cash equivalents (1)
$253 $9 $69 $511 $735 $13 $91 $987 
Total assets2,987 294 969 3,706 3,288 420 1,019 4,263 
Total debt and finance lease obligations, including current portion (2)
195 — 570 1,765 354 — 569 1,919 
(1)Corporate cash and cash equivalents consisted of $180 million and $148 million at December 31, 2025 and December 31, 2024, respectively.
(2)Corporate total debt and finance lease obligations, including current portion consisted of $1.0 billion and $996 million at December 31, 2025 and December 31, 2024, respectively.
Petroleum Segment
Throughput Data by Refinery
Three Months Ended
December 31,		 Year Ended
December 31,
(in bpd)2025 2024 2025 2024
Coffeyville
Gathered crude48,885 75,269 48,598 73,928 
Other domestic74,272 47,732 47,279 39,360 
Canadian711 3,969 482 7,304 
Condensate6,406 — 2,398 3,177 
Other feedstocks and blendstocks12,993 14,997 9,594 12,511 
Wynnewood
Gathered crude54,103 55,507 55,607 46,185 
Other domestic6,930 — 4,070 980 
Condensate8,000 10,747 8,509 9,165 
Other feedstocks and blendstocks5,713 5,482 5,451 3,668 
Total throughput218,013 213,703 181,988 196,278 

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Production Data by Refinery
Three Months Ended
December 31,		 Year Ended
December 31,
(in bpd)2025 2024 2025 2024
Coffeyville
Gasoline73,25072,86853,23869,771
Distillate61,13261,01647,98356,690
Other liquid products4,8163,7754,0405,125
Solids4,6244,3493,5234,762
Wynnewood
Gasoline40,50440,13938,29433,106
Distillate26,01724,47324,99420,917
Other liquid products6,3764,4057,4104,551
Solids—1289
Total production216,719211,037179,490194,931
Crude utilization (1)
96.5 %93.6 %80.8 %87.2 %
Distillate yield (as % of total crude throughput) (2)
43.7 %44.2 %43.7 %43.1 %
Light product yield (as % of total crude throughput) (3)
100.8 %102.7 %98.5 %100.2 %
Liquid volume yield (as % of total throughput) (4)
97.3 %96.7 %96.7 %96.9 %
(1)Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2)Total Distillate divided by Total Crude Throughput.
(3)Total Gasoline and Distillate divided by Total Crude Throughput.
(4)Total Gasoline, Distillate, and Other liquid products divided by total throughput.
Key Market Indicators
 Three Months Ended
December 31,		 Year Ended
December 31,
(dollars per barrel)2025 2024 2025 2024
West Texas Intermediate (WTI) NYMEX
$59.14 $70.32 $64.73 $75.77 
Crude Oil Differentials to WTI:
Brent
3.94 3.69 3.45 4.09 
WCS (heavy sour)
(12.06)(12.25)(11.34)(13.86)
Condensate
(0.02)(0.24)(0.42)(0.48)
Midland Cushing
0.62 0.87 0.81 1.10 
NYMEX Crack Spreads:
Gasoline
18.85 13.84 20.85 20.91 
Heating Oil
38.21 23.40 31.89 26.67 
NYMEX 2-1-1 Crack Spread
28.53 18.62 26.37 23.79 
PADD II Group 3 Product Basis:
Gasoline
(6.80)(4.03)(4.22)(6.52)
Ultra Low Sulfur Diesel (ULSD)
(4.86)(4.57)(3.26)(4.96)
PADD II Group 3 Product Crack Spread:
Gasoline
12.04 9.81 16.63 14.40 
ULSD
33.35 18.83 28.63 21.71 
PADD II Group 3 2-1-1
22.70 14.32 22.63 18.05 
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Renewables Segment
Renewables Throughput and Production Data
Three Months Ended
December 31,		 Year Ended
December 31,
(in gallons per day)2025 2024 2025 2024
Throughput Data
Corn Oil—81,0095,15353,984
Soybean Oil137,091104,721158,74196,732
Production Data
Renewable diesel124,453163,110151,921134,399
Renewable utilization (1)
54.4 %73.7 %65.0 %59.8 %
Renewable diesel yield (as % of corn and soybean oil throughput)90.8 %87.8 %92.7 %89.2 %
(1)Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.
Key Market Indicators
 Three Months Ended
December 31,		 Year Ended
December 31,
2025 2024 2025 2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)
$0.50 $0.43 $0.49 $0.44 
Midwest crude corn oil (dollars per pound)
0.52 0.46 0.51 0.50 
CARB ULSD (dollars per gallon)
2.36 2.28 2.41 2.47 
NYMEX ULSD (dollars per gallon)
2.32 2.23 2.30 2.44 
California LCFS (dollars per metric ton)
53.64 72.05 56.30 60.07 
Biodiesel RINs (dollars per RIN)
1.03 0.66 1.01 0.59 
Nitrogen Fertilizer Segment

Production Data
 Three Months Ended
December 31,		 Year Ended
December 31,
 2025 2024 2025 2024
Consolidated production volume (thousands of tons): 
Ammonia (gross produced) (2)
140 210 761 836 
Ammonia (net available for sale) (2)
62 80 243 270 
UAN169 310 1,174 1,273 
 
Feedstock:
Petroleum coke used in production (thousands of tons)
64 123 459 517 
Petroleum coke used in production (dollars per ton)
$56.76 $55.71 $49.11 $59.69 
Natural gas used in production (thousands of MMBtus) (3)
2,063 2,224 8,234 8,667 
Natural gas used in production (dollars per MMBtu) (3)
$3.82 $3.00 $3.74 $2.56 
(1)Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
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Key Market Indicators
Three Months Ended
December 31,		 Year Ended
December 31,
2025 2024 2025 2024
Ammonia — Southern plains (dollars per ton)
$679 $526 $606 $526 
Ammonia — Corn belt (dollars per ton)
741 595 661 573 
UAN — Corn belt (dollars per ton)
382 274 377 277 
Natural gas NYMEX (dollars per MMBtu)
$3.73 $2.98 $3.53 $2.41 

Q1 2026 Outlook
The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2026. See “Forward-Looking Statements” above.
Q1 2026
LowHigh
Petroleum Segment
Total throughput (bpd)
200,000 215,000 
Crude Utilization (1)
92 %97 %
Direct operating expenses (in millions) (2)
$110 $120 
Nitrogen Fertilizer Segment
Ammonia utilization rate95 %100 %
Direct operating expenses (in millions) (2)
$57 $62 
Capital Expenditures (in millions) (3)
Petroleum Segment$30 $35 
Nitrogen Fertilizer Segment25 30 
Other (4)
1 3 
Total capital expenditures$56 $68 
(1)Represents crude oil throughput divided by total crude oil capacity (bpd). Our consolidated crude oil capacity is 206,500 bpd.
(2)Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(3)Turnaround and capital expenditures are disclosed on an accrual basis.
(4)Capital expenditures for the Renewables Segment are expected to be minimal following the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing service and are included in ‘Other’ for purposes of this guidance.
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Non-GAAP Reconciliations
Reconciliation of Consolidated Net (Loss) Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,		 Year Ended
December 31,
(in millions)2025 2024 2025 2024
Net (loss) income$(116)$40 $90 $45 
Interest expense, net29 20 108 77 
Income tax (benefit)(7)(12)(10)(26)
Depreciation and amortization
145 74 403 298 
EBITDA51 122 591 394 
Adjustments:
Changes in RFS liability, unfavorable (favorable)9 (57)(262)(89)
Unrealized (gain) loss on derivatives(10)6 (4)22 
Inventory valuation impacts, unfavorable39 20 66 14 
Gain on sale of equity method investment— (24)— (24)
Other non-cash adjustments2 — 2 — 
Adjusted EBITDA$91 $67 $393 $317 
Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted Earnings per Share
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Basic and diluted (loss) earnings per share$(1.10)$0.28 $0.27 $0.06 
Adjustments: (1)
Changes in RFS liability, unfavorable (favorable)0.07 (0.43)(1.97)(0.67)
Unrealized (gain) loss on derivatives(0.08)0.04 (0.03)0.16 
Inventory valuation impacts, unfavorable0.30 0.16 0.50 0.12 
Gain on sale of equity method investment— (0.18)— (0.18)
Other non-cash adjustments0.01 — 0.01 — 
Adjusted loss per share$(0.80)$(0.13)$(1.22)$(0.51)
(1)Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Three Months Ended
December 31,		Year Ended
December 31,
(in millions)2025202420252024
Net cash provided by operating activities$— $98 $144 $404 
Less:
Capital expenditures(55)(55)(185)(179)
Capitalized turnaround expenditures(1)(7)(197)(53)
Return on equity method investment1 4 7 9 
Free cash flow$(55)$40 $(231)$181 
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Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,		 Year Ended
December 31,
(in millions)2025 2024 2025 2024
Petroleum Segment net (loss) income$(16)$35 $207 $70 
Interest expense (income), net5 (4)10 (21)
Depreciation and amortization52 41 194 174 
Petroleum Segment EBITDA41 72 411 223 
Adjustments:
Changes in RFS liability, unfavorable (favorable) (1)
9 (57)(262)(89)
Unrealized (gain) loss on derivatives, net(10)6 (4)22 
Inventory valuation impact, unfavorable (2)
33 12 54 6 
Gain on sale of equity method investment— (24)— (24)
Petroleum Segment Adjusted EBITDA$73 $9 $199 $138 
Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin
Three Months Ended
December 31,		 Year Ended
December 31,
(in millions, except throughput data)2025 2024 2025 2024
Net sales$1,649 $1,755 $6,426 $6,920 
Less:
Cost of materials and other(1,482)(1,590)(5,520)(6,236)
Direct operating expenses (exclusive of depreciation and amortization)(108)(101)(415)(421)
Depreciation and amortization(52)(41)(194)(174)
Gross profit7 23 297 89 
Add:
Direct operating expenses (exclusive of depreciation and amortization)108 101 415 421 
Depreciation and amortization52 41 194 174 
Refining margin167 165 906 684 
Adjustments:
Revaluation of RFS liability, (unfavorable) favorable
9 (57)(262)(89)
Unrealized (gain) loss on derivatives, net(10)6 (4)22 
Inventory valuation impact, unfavorable (2)
33 12 54 6 
Adjusted refining margin$199 $126 $694 $623 
Total throughput barrels per day218,013 213,703 181,988 196,278 
Days in the period92 92 365 366 
Total throughput barrels20,057,204 19,660,650 66,425,773 71,837,644 
Refining margin per total throughput barrel$8.35 $8.37 $13.64 $9.53 
Adjusted refining margin per total throughput barrel9.92 6.45 10.45 8.67 
Direct operating expenses per total throughput barrel5.40 5.13 6.25 5.86 
(1)Changes in the RFS liability include adjustments to reflect the August 2025 SRE Decision in the amount of $488 million for the year ended December 31, 2025, as well as the revaluation of the RVO.
(2)The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.
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Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,		Year Ended
December 31,
(in millions)2025202420252024
Renewables Segment net loss$(76)$(3)$(137)$(21)
Interest expense, net— — — (1)
Depreciation and amortization68 6 115 25 
Renewables Segment EBITDA(8)3 (22)3 
Adjustments:
Inventory valuation, unfavorable (1)
6 6 12 7 
Other non-cash adjustments (2)
2 — 2 — 
Renewables Segment Adjusted EBITDA$— $9 $(8)$10 
Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin
Three Months Ended
December 31,		Year Ended
December 31,
(in millions, except throughput data)2025202420252024
Net sales$72 $93 $312 $289 
Less:
Cost of materials and other(69)(79)(288)(245)
Direct operating expenses (exclusive of depreciation and amortization)(7)(8)(30)(31)
Depreciation and amortization(68)(6)(115)(25)
Gross loss
(72)— (121)(12)
Add:
Direct operating expenses (exclusive of depreciation and amortization)7 8 30 31 
Depreciation and amortization68 6 115 25 
Renewables margin3 14 24 44 
Inventory valuation, unfavorable (1) (3)
6 6 12 7 
Other non-cash adjustments (2)
2 — 2 — 
Adjusted renewables margin
$11 $20 $38 $51 
Total vegetable oil throughput gallons per day137,091 185,730 163,894 150,716 
Days in the period92 92 365 366 
Total vegetable oil throughput gallons12,612,400 17,087,105 59,820,859 55,161,935 
Renewables margin per vegetable oil throughput gallon$0.25 $0.79 $0.40 $0.80 
Adjusted renewables margin per vegetable oil throughput gallon0.91 1.15 0.63 0.94 
Direct operating expenses per vegetable oil throughput gallon0.56 0.48 0.50 0.58 
(1)The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.
(2)Consists of asset write-downs associated with the reversion of the RDU at the Wynnewood Refinery in December 2025.
(3)Includes an inventory valuation charge of $2 million and $9 million for the second and third quarters of 2025, respectively, and $5 million recorded in the fourth quarter of 2024, as inventories were reflected at the lower of cost or net realizable value. No adjustment was necessary for any other period in 2025 or 2024.
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Reconciliation of Nitrogen Fertilizer Segment Net (Loss) Income to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,		 Year Ended
December 31,
(in millions)2025 2024 2025 2024
Nitrogen Fertilizer Segment net (loss) income$(10)$18 $99 $61 
Add:  
Interest expense, net7 7 30 30 
Depreciation and amortization23 25 82 88 
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA$20 $50 $211 $179 
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