CVR Energy, Inc. (CVI)

CVR Energy's stock has experienced several notable events and fluctuations over the past six months. The company reported a Q1 2025 loss of $0.58 per share, surpassing analyst estimates, though the petroleum segment reported a loss. Q2 2025 results showed a net loss of $114 million, impacted by an unfavorable mark-to-market adjustment on its Renewable Fuel Standard (RFS) obligation and reduced throughput volumes. Following the Q2 earnings announcement, CVI shares initially declined but subsequently increased. The stock price jumped due to widening crack spreads, and saw an increase over the three months leading up to October 3, 2025. Over the past year, CVR Energy's stock gained, driven by favorable regulatory changes, particularly the EPA's small refinery exemption. Leadership transition plans were announced, with Mark Pytosh slated to become President and CEO and Brett Icahn appointed to the Board of Directors. The company suspended its dividend in late 2024 but a resumption is anticipated in early 2026. The share price also saw a significant increase between October 15, 2024, and October 14, 2025.

Demand for CVR Energy's products exhibits seasonality, particularly in its agricultural and transportation fuel segments. The nitrogen fertilizer segment experiences strong demand through the spring planting season. For its refined products, demand generally remains steady, with the expectation of strong crack spreads during the summer driving season indicating a seasonal uplift in demand for transportation fuels.

CVR Energy operates in the energy and agriculture sectors, focusing on downstream energy and fertilizer industries. Its major products include refined petroleum products like gasoline, diesel, and jet fuel, as well as nitrogen fertilizers such as ammonia and urea ammonium nitrate (UAN). The company has also expanded into renewable fuels production, including renewable diesel.

CVR Energy's operational footprint is primarily concentrated in the mid-continent and Corn Belt regions of the United States. The company operates two petroleum refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma, and nitrogen fertilizer manufacturing facilities in Coffeyville, Kansas, and East Dubuque, Illinois. CVR Energy markets its products across the Midwestern United States, as well as in other domestic and international markets.

CVR Energy's brand reputation has been influenced by environmental challenges and sustainability efforts. The company agreed to a settlement for emitting excess sulfur dioxide from its Coffeyville, Kansas refinery. Operational incidents, such as damage to the Coffeyville refinery and an ammonia leak at the fertilizer facility, also impacted the company. Despite these incidents, CVR Energy's ESG report highlights positive strides, including a reduction in reportable environmental events and greenhouse gas emissions. CVR Energy emphasizes its commitment to safety, environmental care, high business ethics, integrity, corporate citizenship, and continuous improvement as core values.

CVR Energy's ownership structure includes a mix of institutional, retail, and individual investors. Carl C. Icahn is a major individual owner and the majority controlling stakeholder. Insiders collectively hold approximately 70.05% of the company's stock. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, IJR - iShares Core S&P Small-Cap ETF, Dimensional Fund Advisors Lp, and State Street Corp.