CVR Energy Posts Record Third-Quarter Profit

The Tip Desk · November 4, 2026 · 3 min read

Net income attributable to stockholders was $570 million, or $5.67 a share, as Petroleum net income reached $746 million and the company agreed to buy Marathon’s St. Paul Park and Mandan refineries.

CVR Energy (CVI), the Sugar Land, Texas refining and nitrogen fertilizer holding company, reported net income attributable to stockholders of $570 million, or $5.67 a share, for the third quarter of 2026, after a $3 million net loss in the second quarter. Adjusted earnings were $4.00 a share versus 34 cents.

The company said the results were the best quarterly figures in its history on both a consolidated basis and in the Petroleum segment, driven by strong operations and record crack spreads. Adjusted EBITDA was $582 million. Net income was $563 million.

Petroleum net income was $746 million, up from a $12 million profit in the second quarter. Petroleum Adjusted EBITDA was $565 million. Total throughput rose to 227,637 barrels per day. The refining margin expanded to $45.56 per throughput barrel; the adjusted refining margin was $34.97. Direct operating expenses were $6.15 a throughput barrel.

Crude utilization was 104.9% of 206,500 barrels per day of capacity. Gasoline production was 111,944 barrels per day and distillate 99,285 barrels per day. NYMEX 2-1-1 crack spreads averaged $73.43 a barrel in the quarter.

The company said a $253 million Renewable Fuel Standard liability was removed after the EPA granted Wynnewood Refining Company a full waiver for the 2025 compliance period. Capitalized turnaround expenditures in Petroleum were $4 million.

Nitrogen Fertilizer swung to an $11 million net loss from $78 million of net income in the second quarter. EBITDA was $20 million. Ammonia utilization fell to 80% from 99% as a planned turnaround at East Dubuque was completed in mid-October. Ammonia sales volumes were 36 thousand tons and UAN sales 327 thousand tons. Ammonia gate pricing was $637 a ton and UAN gate pricing $309 a ton. Turnaround expenses in the segment were $27 million.

Consolidated cash and cash equivalents were $1.3 billion at September 30, 2026. Free cash flow was $593 million in the quarter. Total debt and finance lease obligations were $1.8 billion, including $570 million held by Nitrogen Fertilizer. The company declared a 10-cent cash dividend for the third quarter. CVR Partners declared a cash distribution of $1.79 per common unit, down from $6.08 in the second quarter.

On the same day as the results, CVR Energy announced a definitive agreement to acquire Marathon Petroleum Corporation’s St. Paul Park and Mandan refineries and related marketing business. President and Chief Executive Officer Dane Neumann said the company remains optimistic about the near-term outlook while it seeks to close the transaction by the end of the year.

For the fourth quarter of 2026, the company guides Petroleum throughput of 210,000 to 225,000 barrels per day, crude utilization of 95% to 100%, and Petroleum direct operating expenses of $115 million to $125 million. Nitrogen Fertilizer ammonia utilization is guided at 88% to 93%, with direct operating expenses of $58 million to $63 million. Total capital expenditures are guided at $75 million to $95 million.