0001376139-24-000031 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 644	$ 581
Accounts receivable, net	253	286
Inventories	601	604
Prepaid expenses	36	59
Other current assets	21	51
Property, plant and equipment, net	2,210	2,221
Other long-term assets	328	307
Current liabilities:
Accounts payable, current	551	530
Other current liabilities	484	546
Long-term liabilities:
Long-term debt and finance lease obligations	1,577	1,579
Other long-term liabilities	$ 84	$ 81
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	350,000,000	350,000,000
Common stock, issued (in shares)	100,629,209	100,629,209
Treasury stock, common shares (in shares)	98,610	98,610
Variable Interest Entities
Current assets:
Cash and cash equivalents	$ 65	$ 45
Accounts receivable, net	37	42
Inventories	72	69
Prepaid expenses	7	8
Other current assets	1	1
Property, plant and equipment, net	744	761
Other long-term assets	46	48
Current liabilities:
Accounts payable, current	32	39
Other current liabilities	47	37
Long-term liabilities:
Long-term debt and finance lease obligations	547	547
Other long-term liabilities	$ 48	$ 50

Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

(7) Other Current Liabilities

Other current liabilities were as follows:


(in millions)	March 31, 2024		December 31, 2023
Accrued Renewable Fuel Standard (“RFS”) obligation	$	294	$	329
Accrued taxes other than income taxes	43		47
Personnel accruals	31		51
Accrued interest	22		26
Accrued income taxes	21		25
Deferred revenue	20		16
Share-based compensation	19		13
Operating lease liabilities	15		14
Derivatives	9		—

Other accrued expenses and liabilities	10		25
Total other current liabilities	$	484	$	546

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Recognized revenue	$ 5	$ 12

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(12) Share-Based Compensation

A summary of compensation expense during the three months ended March 31, 2024 and 2023 is presented below:



	Three Months Ended March 31,
(in millions)		2024		2023


CVR Partners - Phantom Unit Awards		$	2	$	2
Incentive Unit Awards		8		7
Total share-based compensation expense		$	10	$	9

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Liabilities
Derivate asset, subject to master netting arrangement, collateral, obligation to return security not offset	$ 4	$ 13
Commodity derivative instruments
Assets
Derivative assets	20	31
Contract netting	(10)	(6)
Collateral netting	0	0
Net value	10	25
Liabilities
Derivative liabilities	19	6
Contract netting	(10)	(6)
Collateral netting	0	0
Net value	9	0
Commodity derivative instruments \| Level 1
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Commodity derivative instruments \| Level 2
Assets
Derivative assets	20	31
Liabilities
Derivative liabilities	19	6
Commodity derivative instruments \| Level 3
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
RFS
Liabilities
Derivative liabilities	294	329
Contract netting	0	0
Collateral netting	0	0
Net value	294	329
RFS \| Level 1
Liabilities
Derivative liabilities	0	0
RFS \| Level 2
Liabilities
Derivative liabilities	294	329
RFS \| Level 3
Liabilities
Derivative liabilities	$ 0	$ 0

Revenue - Revenue Disaggregated by Major Product (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,863	$ 2,286
Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,850	2,258
Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	888	1,010
Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	777	967
Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	37	38
UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	76	164
Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	5	8
Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	11	14
Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	56	57
Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	13	28
Petroleum Segment
Disaggregation of Revenue [Line Items]
Total revenue	1,718	1,987
Nitrogen Fertilizer Segment
Disaggregation of Revenue [Line Items]
Total revenue	128	226
Operating Segments \| Petroleum Segment
Disaggregation of Revenue [Line Items]
Total revenue	1,722	1,993
Operating Segments \| Petroleum Segment \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,709	1,965
Operating Segments \| Petroleum Segment \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	888	1,010
Operating Segments \| Petroleum Segment \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	767	919
Operating Segments \| Petroleum Segment \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Operating Segments \| Petroleum Segment \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Operating Segments \| Petroleum Segment \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Operating Segments \| Petroleum Segment \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	5	3
Operating Segments \| Petroleum Segment \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	49	33
Operating Segments \| Petroleum Segment \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	13	28
Operating Segments \| Nitrogen Fertilizer Segment
Disaggregation of Revenue [Line Items]
Total revenue	128	226
Operating Segments \| Nitrogen Fertilizer Segment \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	128	226
Operating Segments \| Nitrogen Fertilizer Segment \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	37	38
Operating Segments \| Nitrogen Fertilizer Segment \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	76	164
Operating Segments \| Nitrogen Fertilizer Segment \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	5	8
Operating Segments \| Nitrogen Fertilizer Segment \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	6	11
Operating Segments \| Nitrogen Fertilizer Segment \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	4	5
Operating Segments \| Nitrogen Fertilizer Segment \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Other / Elimination
Disaggregation of Revenue [Line Items]
Total revenue	13	67
Other / Elimination \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	13	67
Other / Elimination \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Other / Elimination \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	10	48
Other / Elimination \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Other / Elimination \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Other / Elimination \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Other / Elimination \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0
Other / Elimination \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	3	19
Other / Elimination \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	$ 0	$ 0

Derivative Financial Instruments - Schedule of Outstanding Positions Held (Details) - MBbls MBbls in Thousands	Mar. 31, 2024	Dec. 31, 2023
Forwards \| Crude \| Purchase Commitments
Derivative [Line Items]
Outstanding notional buy (sell) positions	(561)	(247)
Swaps \| NYMEX Diesel Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	(4,140)	(6,780)
Swaps \| NYMEX RBOB Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	(1,200)	(1,275)
Swaps \| NYMEX 2-1-1 Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	(2,130)	(3,030)
Futures \| Crude \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	(180)	0

Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation
Total share-based compensation expense	$ 10	$ 9
CVR Partners - Phantom Unit Awards \| CVR Partners \| CVR Partners Long Term Incentive Plan
Share-Based Compensation
Total share-based compensation expense	2	2
Incentive Unit Awards
Share-Based Compensation
Total share-based compensation expense	$ 8	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant, and equipment consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Machinery and equipment	$	4,390	$	4,287
Buildings and improvements	124		124
ROU finance leases	81		81
Land and improvements	74		74
Furniture and fixtures	29		33
Construction in progress	131		193
Other	15		15




	4,844		4,807
Less: Accumulated depreciation and amortization	(2,634)		(2,586)
Total property, plant, and equipment, net	$	2,210	$	2,221

Derivative Financial Instruments - Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other current assets
Assets
Derivative assets	$ 10	$ 24
Derivative liabilities	0	0
Other long-term assets
Assets
Derivative assets	0	1
Derivative liabilities	0	0
Other current liabilities
Assets
Derivative assets	0	0
Derivative liabilities	$ 9	$ 0

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Positions Held

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of March 31, 2024 and December 31, 2023:


(in thousands of barrels)	Commodity	March 31, 2024	December 31, 2023
Forwards	Crude	561	247
Swaps	NYMEX Diesel Cracks	(4,140)	(6,780)
Swaps	NYMEX RBOB Cracks	(1,200)	(1,275)
Swaps	NYMEX 2-1-1 Cracks	(2,130)	(3,030)
Futures	Crude	(180)	—

Schedule of Derivative Offsetting Assets

The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Condensed Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):


	March 31, 2024				December 31, 2023
(in millions)	Assets		Liabilities		Assets		Liabilities
Other current assets	$	10	$	—	$	24	$	—
Other long-term assets	—		—		1		—
Other current liabilities	—		9		—		—

Schedule of Derivative Offsetting Liabilities


	March 31, 2024				December 31, 2023
(in millions)	Assets		Liabilities		Assets		Liabilities
Other current assets	$	10	$	—	$	24	$	—
Other long-term assets	—		—		1		—
Other current liabilities	—		9		—		—

Schedule of Gains (Losses) on Derivatives

The following table represents CVR Energy’s incurred realized and unrealized net gains (losses) from derivative activities, recorded in Cost of materials and other on the Condensed Consolidated Statements of Operations:



	Three Months Ended March 31,
(in millions)	2024		2023
Commodity derivative instruments	$	(18)	$	45

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Long-Term Debt and Finance Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term debt and Finance Lease Obligations

Long-term debt and finance lease obligations consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
CVR Energy:

5.75% Senior Notes, due February 2028	$	400	$	400
8.50% Senior Notes, due January 2029	600		600
Unamortized debt issuance costs	(5)		(5)
Total CVR Energy debt	995		995
Petroleum Segment:
Finance lease obligations, net of current portion	35		37
Total Petroleum Segment finance lease obligations, net of current portion	35		37
Nitrogen Fertilizer Segment:
6.125% Senior Secured Notes, due June 2028	$	550	$	550

Unamortized debt issuance costs	(3)		(3)
Total Nitrogen Fertilizer Segment debt	547		547
Total long-term debt and finance lease obligations, net of current portion	1,577		1,579
Current portion of long-term debt and finance lease obligations	8		606
Total long-term debt and finance lease obligations, including current portion	$	1,585	$	2,185

Credit Agreements


(in millions)	Total Available Borrowing Capacity		Amount Borrowed as of March 31, 2024		Outstanding Letters of Credit		Available Capacity as of March 31, 2024		Maturity Date
CVR Energy:
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”)	$	275	$	—	$	24	$	251	June 30, 2027
Nitrogen Fertilizer Segment:
CVR Partners’ Credit Agreement (“CVR Partners ABL”)	$	43	$	—	$	—	$	43	September 26, 2028

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Organization and Nature of Business (Details) - USD ($)	3 Months Ended
Organization and Nature of Business (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
CVR Partners
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Percentage of interest held by the public	63.00%
Cost, inclusive of transaction costs, of repurchase of outstanding common units	$ 0	$ 0
CVR Services \| CVR Partners
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Percentage of common units owned by wholly-owned subsidiary	37.00%
CVR Services \| CVR GP
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Percentage of common units owned by general partner	100.00%
Majority Shareholder
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Ownership percentage held by controlling stockholder	66.00%

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

(11) Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of March 31, 2024 and December 31, 2023. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral.


	March 31, 2024
	Fair Value Hierarchy						Total gross fair value		Contract netting		Collateral netting (1)		Net value
(in millions)	Level 1		Level 2		Level 3
Assets
Commodity derivative instruments	$	—	$	20	$	—	$	20	$	(10)	$	—	$	10

Liabilities
Commodity derivative instruments	—		19		—		19		(10)		—		9
RFS	—		294		—		294		—		—		294


	December 31, 2023
	Fair Value Hierarchy						Total gross fair value		Contract netting		Collateral netting (1)		Net value
(in millions)	Level 1		Level 2		Level 3
Assets
Commodity derivative instruments	$	—	$	31	$	—	$	31	$	(6)	$	—	$	25

Liabilities
Commodity derivative instruments	—		6		—		6		(6)		—		—
RFS	—		329		—		329		—		—		329

(1)At March 31, 2024 and December 31, 2023, the Company had $4 million and $13 million of collateral under master netting arrangements not offset against the derivatives within Other current assets on the Condensed Consolidated Balance Sheets, respectively, primarily related to initial margin requirements.

The Petroleum Segment’s commodity derivative contracts consist of exchange traded futures, commodity price swaps, and sale and purchase forwards that are measured at fair value using a market approach based on available broker quoted market prices of identical or similar instruments. Similarly, RFS obligations are measured at fair value using a market approach based on available broker quoted market RIN prices for each specific or closest vintage year.

The Company had no transfers of assets or liabilities between any of the above levels during the three months ended March 31, 2024 and year ended December 31, 2023.

Assets and liabilities measured at fair value on a nonrecurring basis

CVR Partners performed a nonrecurring fair value measurement of the equity interest received as part of the 45Q Transaction in the first quarter of 2023. Such valuation used a combination of the market approach and the discounted cash flow methodology with key inputs including the discount rate, contractual and expected future cash flows, and market multiples. CVR Partners determined the estimated fair value of the consideration received to be $46 million, which is a non-recurring Level 3 measurement, as defined by FASB ASC Topic 820, Fair Value Measurements, based on the use of CVR Partners’ own assumptions described above. There are no other assets or liabilities that were measured at fair value on a nonrecurring basis for the periods presented.

Assets and liabilities not required to be measured at fair value

CVR Energy holds cash equivalents which consist primarily of bank time deposits with maturities of 90 days or less. Cash and cash equivalents and reserved funds had carrying and fair values of $644 million and $1.2 billion at March 31, 2024 and December 31, 2023, respectively, and are classified as Level 1 in the fair value hierarchy.

Long-term debt of $1.5 billion and $2.1 billion at March 31, 2024 and December 31, 2023, respectively, had estimated fair values of $1.5 billion and $2.1 billion, respectively, and are classified as Level 2 in the fair value hierarchy.

Other short-term financial assets and liabilities, which consist of restricted cash, accounts receivable, accounts payable, and operating and finance lease obligations, are carried at cost on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 and approximate their estimated fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies - Crude Oil Supply Agreement (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Crude Oil Supply Agreement \| Petroleum Segment \| Contracted Volume \| Supplier Concentration Risk
Loss Contingencies [Line Items]
Volume contracted under crude oil supply agreement as percentage of total crude oil purchases	21.00%	31.00%
Gunvor Crude Oil Supply Agreement
Loss Contingencies [Line Items]
Renewal term of agreement	1 year
Notice of renewal period termination	180 days

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,863	$ 2,286
Operating costs and expenses:
Cost of materials and other	1,463	1,680
Direct operating expenses (exclusive of depreciation and amortization)	164	169
Depreciation and amortization	75	66
Cost of sales	1,702	1,915
Selling, general and administrative expenses (exclusive of depreciation and amortization)	36	39
Depreciation and amortization	1	2
Loss on asset disposal	1	0
Operating income	123	330
Other (expense) income:
Interest expense, net	(20)	(18)
Other income, net	4	3
Income before income tax expense	107	315
Income tax expense	17	56
Net income	90	259
Less: Net income attributable to noncontrolling interest	8	64
Net income attributable to CVR Energy stockholders	$ 82	$ 195
Basic earnings per share (in dollars per share)	$ 0.81	$ 1.94
Diluted earnings per share (in dollars per share)	$ 0.81	$ 1.94
Weighted-average common shares outstanding:
Basic (in shares)	100.5	100.5
Diluted (in shares)	100.5	100.5

Basis of Presentation (Details)	3 Months Ended
Basis of Presentation (Details)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage	100.00%

Long-Term Debt and Finance Lease Obligations - Credit Agreement (Details) - Line of Credit - Revolving Credit Facility $ in Millions	Mar. 31, 2024 USD ($)
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) \| CVR Energy
Line of Credit Facility [Line Items]
Total Available Borrowing Capacity	$ 275
Amount Borrowed	0
Outstanding Letters of Credit	24
Available Capacity	251
CVR Partners’ Credit Agreement (“CVR Partners ABL”) \| Nitrogen Fertilizer Segment
Line of Credit Facility [Line Items]
Total Available Borrowing Capacity	43
Amount Borrowed	0
Outstanding Letters of Credit	0
Available Capacity	$ 43

Long-Term Debt and Finance Lease Obligations

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Finance Lease Obligations

(8) Long-Term Debt and Finance Lease Obligations

Long-term debt and finance lease obligations consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
CVR Energy:

5.75% Senior Notes, due February 2028	$	400	$	400
8.50% Senior Notes, due January 2029	600		600
Unamortized debt issuance costs	(5)		(5)
Total CVR Energy debt	995		995
Petroleum Segment:
Finance lease obligations, net of current portion	35		37
Total Petroleum Segment finance lease obligations, net of current portion	35		37
Nitrogen Fertilizer Segment:
6.125% Senior Secured Notes, due June 2028	$	550	$	550

Unamortized debt issuance costs	(3)		(3)
Total Nitrogen Fertilizer Segment debt	547		547
Total long-term debt and finance lease obligations, net of current portion	1,577		1,579
Current portion of long-term debt and finance lease obligations	8		606
Total long-term debt and finance lease obligations, including current portion	$	1,585	$	2,185

Credit Agreements


(in millions)	Total Available Borrowing Capacity		Amount Borrowed as of March 31, 2024		Outstanding Letters of Credit		Available Capacity as of March 31, 2024		Maturity Date
CVR Energy:
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”)	$	275	$	—	$	24	$	251	June 30, 2027
Nitrogen Fertilizer Segment:
CVR Partners’ Credit Agreement (“CVR Partners ABL”)	$	43	$	—	$	—	$	43	September 26, 2028

CVR Energy

2029 Notes - On December 21, 2023, CVR Energy completed the issuance of $600 million in aggregate principal amount of 8.50% Senior Notes, due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 each year, commencing on February 15, 2024. The 2029 Notes mature on January 15, 2029, unless earlier redeemed or purchased. See Part II, Item 8 of the 2023 Form 10-K for further details of the 2029 Notes.

In relation to the issuance of the 2029 Notes, the Company received $598 million of net cash proceeds, net of underwriting fees and certain other third-party fees and expenses associated with the offering. These proceeds were reserved for the payment of the Company’s 5.25% Senior Notes, due 2025 (the “2025 Notes”) on February 15, 2024, and were presented in Reserved funds for debt payment on our Condensed Consolidated Balance Sheets as of December 31, 2023.

2025 Notes - On December 21, 2023, the Company delivered a notice of redemption to the holders of its 2025 Notes that all outstanding amounts of the 2025 Notes, plus any accrued and unpaid interest to the redemption date, would be redeemed on February 15, 2024. As such, the outstanding balance of the $600 million principal amount of the 2025 Notes was classified as short-term as of December 31, 2023. On February 15, 2024, CVR Energy redeemed all of the outstanding 2025 Notes, at par, and settled accrued interest of approximately $16 million through the date of redemption. As a result of this transaction, the

Company recognized in Interest expense, net a $1 million loss on extinguishment of debt on our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024, which consisted of the write-off of unamortized deferred financing costs.

Covenant Compliance

The Company and its subsidiaries were in compliance with all covenants under their respective debt instruments as of March 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Operating Results and Capital Expenditures Information by Segment

The following table summarizes certain operating results and capital expenditures information by segment:


	Three Months Ended March 31, 2024
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Eliminations		Consolidated
Net sales	$	1,718	$	128	$	17	$	1,863
Inter-segment fees and sales	4		—		(4)		—
Total net sales	1,722		128		13		1,863

Operating income (loss)	$	118	$	20	$	(15)	$	123
Interest income (expense)							(20)
Other income, net							4
Income before income tax expense							$	107




Depreciation and amortization	$	48	$	19	$	9	$	76
Capital expenditures (1)	36		5		10		51


	Three Months Ended March 31, 2023
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Eliminations		Consolidated
Net sales	$	1,987	$	226	$	73	$	2,286
Inter-segment fees and sales	6		—		(6)		—
Total net sales	1,993		226		67		2,286

Operating income (loss)	$	237	$	109	$	(16)	$	330
Interest income (expense)							(18)
Other income, net							3
Income before income tax expense							$	315




Depreciation and amortization	$	46	$	15	$	7	$	68
Capital expenditures (1)	42		4		13		59

The following table summarizes total assets by segment:


(in millions)	March 31, 2024		December 31, 2023

Petroleum	$	2,986	$	2,978
Nitrogen Fertilizer	972		975
Other, including intersegment eliminations	135		754
Total assets	$	4,093	$	4,707

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 90	$ 259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	76	68
Deferred income taxes	(5)	3
Loss on asset disposal	1	0
Share-based compensation	10	9
Unrealized loss (gain) on derivatives, net	24	(32)
Income from equity method investments	(4)	(3)
Return from equity method investment earnings	3	2
Other items	2	1
Changes in assets and liabilities:
Current assets and liabilities	(21)	(58)
Other long-term assets and liabilities	1	(2)
Net cash provided by operating activities	177	247
Cash flows from investing activities:
Capital expenditures	(47)	(45)
Turnaround expenditures	(12)	(8)
Return of equity method investment	3	19
Proceeds from sale of assets	1	0
Net cash used in investing activities	(55)	(34)
Cash flows from financing activities:
Principal payments on senior secured notes	(600)	0
Dividends to CVR Energy’s stockholders	(50)	(50)
Distributions to CVR Partners’ noncontrolling interest holders	(11)	(70)
Other financing activities	(3)	(2)
Net cash used in financing activities	(664)	(122)
Net (decrease) increase in cash, cash equivalents, reserved funds and restricted cash	(542)	91
Cash, cash equivalents, reserved funds and restricted cash, beginning of period	1,186	517
Cash and cash equivalents, end of period	$ 644	$ 608

Leases - Balance Sheet Summary (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Pipeline and storage
Operating Leases
ROU assets, net	$ 11	$ 12
Lease liability	11	12
Finance Leases
ROU assets, net	16	17
Lease liability	28	28
Railcars
Operating Leases
ROU assets, net	12	12
Lease liability	12	12
Finance Leases
ROU assets, net	0	0
Lease liability	0	0
Real estate and other
Operating Leases
ROU assets, net	30	29
Lease liability	27	25
Finance Leases
ROU assets, net	13	14
Lease liability	$ 15	$ 16

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

(15) Supplemental Cash Flow Information

Cash flows related to income taxes, interest, leases, capital expenditures and deferred financing costs included in accounts payable were as follows:


	Three Months Ended March 31,
(in millions)	2024		2023
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$	26	$	4
Cash paid for interest	36		29
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4		4
Operating cash flows from finance leases	1		1
Financing cash flows from finance leases	2		1
Noncash investing and financing activities:

Change in capital expenditures included in accounts payable (1)	4		4
Change in turnaround expenditures included in accounts payable	27		32

ROU assets obtained in exchange for new or modified operating lease liabilities	4		9

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Cash, cash equivalents and restricted cash consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	644	$	581
Reserved funds (1)	—		598
Restricted cash (2)	—		7
Cash, cash equivalents and restricted cash	$	644	$	1,186

(1)Funds reserved for the redemption of the 2025 Notes in February 2024. See Note 8 (“Long-Term Debt and Finance Lease Obligations”) for further discussion.

(2)Restricted funds were released and paid in February 2024. See Note 13 (“Commitments and Contingencies”) for further discussion.

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Right of Use Asset and Lease Liability Balances for Operating and Finance Leases

The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipeline and storage	$	11	$	16	$	12	$	17
Railcars	12		—		12		—
Real estate and other	30		13		29		14
Lease liability
Pipelines and storage	11		28		12		28
Railcars	12		—		12		—
Real estate and other	27		15		25		16

Schedule of Lease Expense, Lease Terms, and Discount Rates

For the three months ended March 31, 2024 and 2023, we recognized lease expense comprised of the following components:


	Three Months Ended March 31,
(in millions)	2024		2023
Operating lease expense	$	4	$	4
Finance lease expense:
Amortization of ROU asset	1		1
Interest expense on lease liability	1		1
Short-term lease expense	3		2

Business Segments - Additional Information (Details)	3 Months Ended
Business Segments - Additional Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(13) Commitments and Contingencies Except as described below, there have been no material changes in the Company’s commitments and contingencies from those disclosed in the 2023 Form 10-K. In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While it is not possible to predict the outcome of such proceedings, if one or more of them were decided against us, the Company believes there would be no material impact to its consolidated financial statements. Crude Oil Supply Agreement The Petroleum Segment has a crude oil supply agreement with Gunvor USA LLC (“Gunvor”), which commenced on January 1, 2024 (as amended, the “Gunvor Crude Oil Supply Agreement”), pursuant to which Gunvor supplies the Petroleum Segment with certain crude oil and intermediation logistics helping to reduce the amount of inventory held at certain locations and mitigate crude oil pricing risk. The Gunvor Crude Oil Supply Agreement replaced a similar agreement with a different supplier that expired on December 31, 2023. Volumes contracted under these agreements, as a percentage of the total crude oil purchases (in barrels), were approximately 21% and 31% for the three months ended March 31, 2024 and 2023. The Gunvor Crude Oil Supply Agreement, which currently extends through January 31, 2026, is subject to automatic one-year renewals following the expiration of the initial term in the absence of either party providing 180 days’ notice of termination. As part of the transition of the crude oil supply agreement from Vitol to Gunvor, on December 31, 2023, the Company purchased the final inventory remaining under the crude oil supply agreement with Vitol and sold it to Gunvor on January 1, 2024. The inventory purchased from Vitol was included within Inventories on the Condensed Consolidated Balance Sheets as of December 31, 2023. 45Q Transaction Under the agreements entered into in connection with the 45Q Transaction, the Company’s indirect subsidiary CRNF is obligated to meet certain minimum quantities of carbon oxide supply each year during the term of the agreement and is subject to fees of up to $15 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $45 million cap, if these minimum quantities are not delivered. CVR Partners issued a guarantee to the unaffiliated third-party investors and certain affiliates involved in the 45Q Transaction of the payment and performance obligations of CRNF and CVRP JV, which include the aforementioned fees. This guarantee has no impacts on the accounting records of CVR Partners unless the parties fail to comply with the terms of the 45Q Transaction contracts. Renewable Fuel Standard Coffeyville Resources Refining & Marketing, LLC (“CRRM”) and Wynnewood Refining Company, LLC (“WRC”, and together with CRRM, the “obligated-party subsidiaries”) are subject to the RFS implemented by the U.S. Environmental Protection Agency (the “EPA”), which requires obligated parties to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. The Petroleum Segment’s obligated-party subsidiaries are not able to blend the majority of their transportation fuels with renewable fuels and, unless their RFS obligations are waived or exempted, must either purchase RINs or obtain waiver credits for cellulosic biofuels in order to comply with the RFS. Additionally, the Petroleum Segment’s obligated-party subsidiaries purchase RINs generated from our renewable diesel operations, whose operating results are not included in either of our reportable segments, to partially satisfy their RFS obligations. For the three months ended March 31, 2024 and 2023, the Company’s obligated-party subsidiaries recognized a benefit of $51 million and $11 million, respectively, for their compliance with the RFS (based on the 2020 through 2024 renewable volume obligation (“RVO”), for the respective periods, excluding the impacts of any exemptions or waivers to which the Company’s obligated-party subsidiaries may be entitled). The recognized amounts are included within Cost of materials and other in the Condensed Consolidated Statements of Operations and represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel. At each reporting period, to the extent RINs purchased and generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which the Company may be entitled), the remaining position is valued using RIN market prices at period end for each specific or closest vintage year. As of March 31, 2024 and December 31, 2023, the Company’s obligated-party subsidiaries’ RFS positions were approximately $294 million and $329 million, respectively, and are recorded in Other current liabilities in the Condensed Consolidated Balance Sheets. Litigation Call Option Coverage Case – In April 2024, in the lawsuit (the “Delaware Coverage Case”) filed by the Company and certain of its affiliates (the “Call Defendants”) against the Company’s primary and excess insurers (the “Insurers”) alleging breach of contract and breach of the implied covenant of good faith and fair dealing against the Insurers relating to their denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers relating to the Company’s December 2022 settlement of the consolidated lawsuits (collectively, the “Call Option Lawsuits”) filed by purported former unitholders of CVR Refining, LP (“CVR Refining”) on behalf of themselves and an alleged class of similarly situated unitholders against the Call Defendants relating to the Company’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner including the August 2022 Stipulation, Compromise and Release (the “Settlement”), the Superior Court of the State of Delaware (the “Superior Court”) issued an order compelling the parties to engage in briefing relating to, among other matters, the summary judgment granted in favor of the Insurers by the 434th Judicial District Court of Fort Bend County, Texas in the Insurer’s separate lawsuit (the “Texas Coverage Case”) against the Call Defendants seeking determination that the Insurers owe no indemnity coverage under policies with coverage limits of $50 million for the Settlement, which summary judgment the Call Defendants have appealed. While the Delaware Coverage Case and the Texas Coverage Case remain pending, the Company does not expect the outcome of these lawsuits to have a material adverse impact on the Company’s financial position, results of operations, or cash flows. RFS Disputes – Regarding WRC’s petitions for small refinery exemptions (“SREs”) for the 2017 to 2021 compliance periods which were denied by the EPA in April and June 2022 based on a new standard for evaluating SREs announced by the EPA in December 2021 and retroactively applied (collectively, the “2022 Denials”), the EPA has failed to act after the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) vacated the 2022 Denials and remanded the SRE petitions of WRC and certain other small refineries back to the EPA, finding that the 2022 Denials were impermissibly retroactive and that the EPA’s interpretation of the SRE provisions of the RFS was contrary to law and arbitrary and capricious as applied to the Fifth Circuit petitioners’ SRE petitions. As the mandate in the Fifth Circuit was issued in January 2024, WRC considers the EPA to have again violated the RFS by failing to rule on those petitions within 90 days following issuance of the mandate and expects to file suit against the EPA for this violation. In WRC’s lawsuit against the EPA for the damages it sustained as a result of the EPA’s late grant of its SRE petition for the 2018 compliance period (which SRE petition was later denied by the EPA in the 2022 Denials), the United States Courts of Appeals for the District of Columbia Circuit (the “DC Circuit”) held oral argument in April 2024, though no ruling has yet been issued. Regarding WRC’s SRE petition for the 2022 compliance period which was denied by the EPA in July 2023 largely on the same grounds as the 2022 Denials, the Fifth Circuit stayed WRC’s obligations under the RFS for 2022 and held its lawsuit against the EPA in abeyance pending the outcome of the lawsuit filed by certain other small refineries against the EPA in the DC Circuit related to the 2022 Denials. The DC Circuit held oral argument in April 2024, though no ruling has yet been issued. Regarding WRC’s SRE petition for the 2023 compliance period, the EPA has failed to rule on its SRE petition within 90 days as required by the RFS. WRC filed suit against the EPA relating to such failure, which suit was withdrawn in April 2024 following the filing by the EPA of a declaration that the EPA did not intend to pursue claims against WRC relating to the 2023 compliance period pending outcome of the various pending SRE litigation. If the EPA fails to rule on WRC’s 2023 SRE petition, WRC expects to file suit against the EPA for this failure. WRC’s challenges to the EPA’s Final Rules issued in June 2022 and June 2023 establishing the 2020 to 2022 RVOs and 2023 to 2025 RVOs, respectively, also remain pending. The Company cannot yet determine at this time the outcomes of these matters. While we intend to prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to the Company, they could have a material effect on the Company’s financial position, results of operations, or cash flows. Environmental, Health, and Safety (“EHS”) Matters Clean Air Act Matter - CRRM and certain of its affiliates settled claims brought in the United States District Court for the District of Kansas (“D. Kan”) by the United States, on behalf of the EPA, and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”) seeking both statutory and stipulated penalties primarily relating to the Coffeyville Refinery’s flares, heaters, and related matters. The terms of the settlement are set forth in a Consent Decree (“CD”) that was entered by the D. Kan on January 10, 2024. The EPA and KDHE sought stipulated penalties under a 2012 Consent Decree (the “Stipulated Claims”), which amount CRRM previously deposited into a commercial escrow account which were legally restricted for use and included in Other current assets on our Condensed Consolidated Balance Sheets; those escrowed funds were released in February 2024 and the settlement was paid. The settlement did not and is not expected in the future to have a material adverse impact on the Company’s financial position, results of operations, or cash flows.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(2) Basis of Presentation The accompanying condensed consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from the condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2023 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity (“VIE”). As the 100% owner of the general partner of CVR Partners, the Company has the sole ability to direct the activities that most significantly impact the economic performance of CVR Partners and is considered the primary beneficiary. In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Company for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. The condensed consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2024 or any other interim or annual period. Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company’s annual period beginning January 1, 2025 with early adoption permitted. The Company is evaluating the effects of adopting this new accounting guidance on its disclosures but does not currently expect adoption will have a material impact on the Company’s consolidated financial statements. The Company does not intend to early adopt this ASU. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 and should be applied retrospectively to all comparative periods. Early adoption is permitted. The Company is still evaluating the effects of adopting this new accounting guidance on its disclosures.

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

(9) Revenue

The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:


	Three Months Ended March 31, 2024
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	888	$	—	$	—	$	888
Distillates (2)	767		—		10		777
Ammonia	—		37		—		37
UAN	—		76		—		76
Urea products	—		5		—		5
Freight revenue (3)	5		6		—		11
Other products (4)	49		4		3		56
Revenue from product sales	1,709		128		13		1,850
Crude oil sales	13		—		—		13

Total revenue	$	1,722	$	128	$	13	$	1,863


	Three Months Ended March 31, 2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	1,010	$	—	$	—	$	1,010
Distillates (2)	919		—		48		967
Ammonia	—		38		—		38
UAN	—		164		—		164
Urea products	—		8		—		8
Freight revenue (3)	3		11		—		14
Other products (4)	33		5		19		57
Revenue from product sales	1,965		226		67		2,258
Crude oil sales	28		—		—		28

Total revenue	$	1,993	$	226	$	67	$	2,286

(1)The Petroleum Segment may incur broker commissions or transportation costs prior to the transfer on certain sales. The broker costs are expensed since the contract durations are less than one year. Transportation costs are accounted for as fulfillment costs and are expensed as incurred.

(2)Distillates consist primarily of diesel fuel, kerosene, jet fuel, and renewable fuels.

(3)Freight revenue recognized by the Petroleum Segment is primarily tariff and line loss charges rebilled to customers to reimburse the Petroleum Segment for expenses incurred from a pipeline operator. Freight revenue recognized by the Nitrogen Fertilizer Segment represents the pass-through finished goods delivery costs incurred prior to customer acceptance and are reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other.

(4)Other products for the Petroleum Segment consists primarily of (i) feedstock, heavy oils, and liquified petroleum gas sales, (ii) sulfur credits, and (iii) pipeline and processing fees. For the Nitrogen Fertilizer Segment, other products consists of sales of (i) nitric acid and (ii) carbon oxide, including sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. The Other/Elimination columns include certain credits related to renewable fuel activity and eliminations of intercompany transactions.

Remaining Performance Obligations

We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of March 31, 2024, these contracts have a remaining duration of less than three years.

As of March 31, 2024, the Nitrogen Fertilizer Segment had approximately $14 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $4 million of these performance obligations as revenue by the end of 2024, an additional $5 million during 2025, and the remaining balance in 2026.

Contract Balances

The following table provides the balance sheet location and amounts of deferred revenue from contracts with customers for the Nitrogen Fertilizer Segment:


Contract Balance Type	Balance Sheet Location	March 31, 2024		December 31, 2023
Deferred revenue	Other current liabilities	$	20	$	16
Long-term deferred revenue	Other long-term liabilities	32		33

During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $5 million and $12 million, respectively, that was included in the deferred revenue balances as of December 31, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

(16) Related Party Transactions

Activity associated with the Company’s related party arrangements for the three months ended March 31, 2024 and 2023 is summarized below:


	Three Months Ended March 31,
(in millions)		2024		2023
Sales to related parties:
CVRP JV CO Contract (1)		$	1	$	1
Purchases from related parties:
Enable Joint Venture Transportation Agreement		3		3
Midway Joint Venture Agreement (2)		7		6
Payments:
Dividends (3)		33		36

(1)Sales to related parties, included in Net sales in our Condensed Consolidated Statements of Operations, consists of CO sales to a CVRP JV subsidiary.

(2)Purchases from related parties, included in Cost of materials and other in our Condensed Consolidated Statements of Operations, represents reimbursements for crude oil transportation services incurred on the Midway JV through the intermediary purchasing agent.

(3)See below for a summary of the dividends paid to IEP during the three months ended March 31, 2024 and year ended December 31, 2023.

Dividends to CVR Energy Stockholders

Dividends, if any, including the payment, amount and timing thereof, are determined at the discretion of the Board. IEP, through its ownership of the Company’s common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2024 and 2023 (amounts presented in table below may not add to totals presented due to rounding):


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total
2023 - 4th Quarter	March 11, 2024	$	0.50	$	17	$	33	$	50


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total
2022 - 4th Quarter	March 13, 2023	$	0.50	$	15	$	36	$	50
2023 - 1st Quarter	May 22, 2023	$	0.50	$	15	$	36	$	50
2023 - 2nd Quarter	August 21, 2023	0.50		15		36		50
2023 - 3rd Quarter	November 20, 2023	0.50		17		33		50
Total 2023 quarterly dividends		$	2.00	$	61	$	140	$	201


				Special Dividends Paid (in millions)
Related Period	Date Paid	Special Dividends Per Share		Public Stockholders		IEP		Total
2023 - 2nd Quarter	August 21, 2023	$	1.00	$	29	$	71	$	101
2023 - 3rd Quarter	November 20, 2023	1.50		51		100		151
Total 2023 special dividends		$	2.50	$	80	$	171	$	251

For the first quarter of 2024, the Company, upon approval by the Board on April 29, 2024, declared a cash dividend of $0.50 per share, or $50 million, which is payable May 20, 2024 to shareholders of record as of May 13, 2024. Of this amount, IEP will receive $33 million due to its ownership interest in the Company’s shares.

Distributions to CVR Partners’ Unitholders

Distributions, if any, including the payment, amount and timing thereof, and UAN GP Board’s distribution policy, including the definition of available cash, are subject to change at the discretion of the UAN GP Board. The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company, during 2024 and 2023 (amounts presented in tables below may not add to totals presented due to rounding):



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2023 - 4th Quarter	March 11, 2024	$	1.68	$	11	$	7	$	18



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2022 - 4th Quarter	March 13, 2023	$	10.50	$	70	$	41	$	111
2023 - 1st Quarter	May 22, 2023	10.43		70		41		110
2023 - 2nd Quarter	August 21, 2023	4.14		28		16		44
2023 - 3rd Quarter	November 20, 2023	1.55		10		6		16
Total 2023 quarterly distributions		$	26.62	$	178	$	104	$	281

For the first quarter of 2024, CVR Partners, upon approval by the UAN GP Board on April 29, 2024, declared a distribution of $1.92 per common unit, or $20 million, which is payable May 20, 2024 to unitholders of record as of May 13, 2024. Of this amount, CVR Energy will receive approximately $7 million, with the remaining amount payable to public unitholders.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Revenue - Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	3 years
Nitrogen Fertilizer Segment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	9 months
Remaining performance obligation	$ 4
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation	$ 5

Commitment and Contingencies - 45Q Transaction (Details) - CVRP JV - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement and Third Party - CRNF $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Collaborative arrangement, fee threshold per year	$ 15
Fees threshold cap	$ 45

Equity Method Investments

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

(5) Equity Method Investments

We have variable interest in certain entities for which we have applied the VIE model under FASB ASC Topic 810, Consolidation and determined that these entities are variable interest entities. While we concluded we are not the primary beneficiary of these entities, we do have significant influence over their operating and financial policies and, therefore, applied the equity method of accounting for the respective investments. These investments are presented within Other long-term assets on our condensed consolidated financial statements:

•CVR-CapturePoint Parent, LLC (“CVRP JV”) - As part of a series of agreements entered into by our subsidiaries with unaffiliated parties with the objective to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (“45Q Transaction”), we received a 50% interest in CVRP JV in connection with a modification to a carbon oxide contract (“CO Contract”) with a customer.

•Enable South Central Pipeline, LLC (“Enable JV”) - Through our subsidiaries, we own a 40% interest in Enable JV, which operates a 12-inch 26-mile crude oil pipeline with a capacity of approximately 80,000 barrels per day that is connected to the Wynnewood Refinery. The remaining interest in Enable JV is owned by Enable Midstream Partners, LP, which was merged with Energy Transfer LP in December 2021.

•Midway Pipeline, LLC (“Midway JV”) - Through our subsidiaries, we own a 50% interest in Midway JV, which operates a 16-inch 99-mile crude oil pipeline with a capacity of approximately 131,000 barrels per day which connects the Coffeyville Refinery to the Cushing, Oklahoma oil hub. The remaining interest in Midway JV is owned by Plains Pipeline, L.P.


(in millions)	CVRP JV		Enable JV		Midway JV		Total
Balance at December 31, 2023	$	25	$	5	$	70	$	100

Cash distributions (1)	(3)		(1)		(2)		(6)
Equity income	—		1		3		4
Balance at March 31, 2024	$	22	$	5	$	71	$	98

(1)Includes a $2 million distribution for CVRP JV exceeding certain carbon oxide capture and sequestration milestones during 2023.

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant, and Equipment
Depreciation and amortization	$ 76	$ 68
Interest costs capitalized	1	2
Property, Plant and Equipment
Property, Plant, and Equipment
Depreciation and amortization	$ 56	$ 50

Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Contract with Customer, Liability, Activity [Line Items]
Deferred revenue	$ 20	$ 16
Nitrogen Fertilizer Segment
Schedule of Contract with Customer, Liability, Activity [Line Items]
Deferred revenue	20	16
Long-term deferred revenue	$ 32	$ 33

Commitments and Contingencies - Renewable Fuel Standard (Details) - Petroleum Segment - Environmental, Health, and Safety Matters - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Expense (benefit) for compliance with RFS	$ (51)	$ (11)
RFS obligation	$ 294		$ 329

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flows Related to Income Taxes, Interest, Leases, Capital Expenditures, and Deferred Financing Costs included in Accounts Payable, and Non-Cash Dividends

Cash flows related to income taxes, interest, leases, capital expenditures and deferred financing costs included in accounts payable were as follows:


	Three Months Ended March 31,
(in millions)	2024		2023
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$	26	$	4
Cash paid for interest	36		29
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4		4
Operating cash flows from finance leases	1		1
Financing cash flows from finance leases	2		1
Noncash investing and financing activities:

Change in capital expenditures included in accounts payable (1)	4		4
Change in turnaround expenditures included in accounts payable	27		32

ROU assets obtained in exchange for new or modified operating lease liabilities	4		9

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	644	$	581
Reserved funds (1)	—		598
Restricted cash (2)	—		7
Cash, cash equivalents and restricted cash	$	644	$	1,186

(1)Funds reserved for the redemption of the 2025 Notes in February 2024. See Note 8 (“Long-Term Debt and Finance Lease Obligations”) for further discussion.

(2)Restricted funds were released and paid in February 2024. See Note 13 (“Commitments and Contingencies”) for further discussion.

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	644	$	581
Reserved funds (1)	—		598
Restricted cash (2)	—		7
Cash, cash equivalents and restricted cash	$	644	$	1,186

(1)Funds reserved for the redemption of the 2025 Notes in February 2024. See Note 8 (“Long-Term Debt and Finance Lease Obligations”) for further discussion.

(2)Restricted funds were released and paid in February 2024. See Note 13 (“Commitments and Contingencies”) for further discussion.

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Equity Method Investments [Roll Forward]
Balance at beginning of period	$ 100
Cash distributions	(6)
Equity income	4	$ 3
Balance at end of period	98		$ 100
Cash distributions	6
CVRP JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	25
Cash distributions	(3)		(2)
Equity income	0
Balance at end of period	22		25
Cash distributions	3		2
Enable JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	5
Cash distributions	(1)
Equity income	1
Balance at end of period	5		5
Cash distributions	1
Midway JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	70
Cash distributions	(2)
Equity income	3
Balance at end of period	71		$ 70
Cash distributions	$ 2

Equity Method Investments (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments


(in millions)	CVRP JV		Enable JV		Midway JV		Total
Balance at December 31, 2023	$	25	$	5	$	70	$	100

Cash distributions (1)	(3)		(1)		(2)		(6)
Equity income	—		1		3		4
Balance at March 31, 2024	$	22	$	5	$	71	$	98

(1)Includes a $2 million distribution for CVRP JV exceeding certain carbon oxide capture and sequestration milestones during 2023.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 82	$ 195

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segments

(14) Business Segments

CVR Energy’s revenues are primarily derived from the two reportable segments: Petroleum and Nitrogen Fertilizer. The Company evaluates the performance of its segments based primarily on segment operating income (loss) and Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). For the purposes of the business segments disclosure, the Company presents operating income (loss) as it is the most comparable measure to the amounts presented on the Condensed Consolidated Statements of Operations. The other amounts reflect renewable fuels transactions, intercompany eliminations, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments.

The following table summarizes certain operating results and capital expenditures information by segment:


	Three Months Ended March 31, 2024
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Eliminations		Consolidated
Net sales	$	1,718	$	128	$	17	$	1,863
Inter-segment fees and sales	4		—		(4)		—
Total net sales	1,722		128		13		1,863

Operating income (loss)	$	118	$	20	$	(15)	$	123
Interest income (expense)							(20)
Other income, net							4
Income before income tax expense							$	107




Depreciation and amortization	$	48	$	19	$	9	$	76
Capital expenditures (1)	36		5		10		51


	Three Months Ended March 31, 2023
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Eliminations		Consolidated
Net sales	$	1,987	$	226	$	73	$	2,286
Inter-segment fees and sales	6		—		(6)		—
Total net sales	1,993		226		67		2,286

Operating income (loss)	$	237	$	109	$	(16)	$	330
Interest income (expense)							(18)
Other income, net							3
Income before income tax expense							$	315




Depreciation and amortization	$	46	$	15	$	7	$	68
Capital expenditures (1)	42		4		13		59

The following table summarizes total assets by segment:


(in millions)	March 31, 2024		December 31, 2023

Petroleum	$	2,986	$	2,978
Nitrogen Fertilizer	972		975
Other, including intersegment eliminations	135		754
Total assets	$	4,093	$	4,707

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair value measurements
Cash, cash equivalents, and reserved funds, carrying value	$ 644	$ 1,200
Long-term debt	1,500	2,100
Level 1
Fair value measurements
Cash, cash equivalents, and reserved funds, fair value	644	1,200
Level 2
Fair value measurements
Long-term debt, fair value	1,500	$ 2,100
CVRP JV
Fair value measurements
CVR Partners estimated fair value of consideration	$ 46

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

(6) Leases

Balance Sheet Summary as of March 31, 2024 and December 31, 2023

The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipeline and storage	$	11	$	16	$	12	$	17
Railcars	12		—		12		—
Real estate and other	30		13		29		14
Lease liability
Pipelines and storage	11		28		12		28
Railcars	12		—		12		—
Real estate and other	27		15		25		16

Lease Expense Summary for the Three Months Ended March 31, 2024 and 2023

We recognize operating lease expense on a straight-line basis over the lease term within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other and finance lease expense on a straight-line basis over the lease term within Depreciation and amortization. For the three months ended March 31, 2024 and 2023, we recognized lease expense comprised of the following components:


	Three Months Ended March 31,
(in millions)	2024		2023
Operating lease expense	$	4	$	4
Finance lease expense:
Amortization of ROU asset	1		1
Interest expense on lease liability	1		1
Short-term lease expense	3		2

The Company has entered into the following material lease commitments that have not yet commenced:

•Coffeyville Resources Nitrogen Fertilizer, LLC (“CRNF”), a subsidiary of CVR Partners, is party to an On-Site Product Supply Agreement (as amended, the “Messer Agreement”) with Messer LLC. Based on terms outlined in the Messer Agreement, the Company expects the lease to be classified as a finance lease with an estimated $20 million to $25 million being capitalized upon lease commencement when the Vessel is placed in service, which is currently expected to occur in the second half of 2024. Refer to Part II, Item 8, Note 6 (“Leases”) of our 2023 Form 10-K for further information.

Leases

(6) Leases

Balance Sheet Summary as of March 31, 2024 and December 31, 2023

The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipeline and storage	$	11	$	16	$	12	$	17
Railcars	12		—		12		—
Real estate and other	30		13		29		14
Lease liability
Pipelines and storage	11		28		12		28
Railcars	12		—		12		—
Real estate and other	27		15		25		16

Lease Expense Summary for the Three Months Ended March 31, 2024 and 2023


	Three Months Ended March 31,
(in millions)	2024		2023
Operating lease expense	$	4	$	4
Finance lease expense:
Amortization of ROU asset	1		1
Interest expense on lease liability	1		1
Short-term lease expense	3		2

The Company has entered into the following material lease commitments that have not yet commenced:

Related Party Transactions - Dividends to CVR Energy Stockholders (Details) - USD ($) $ / shares in Units, $ in Millions								12 Months Ended
	May 20, 2024	Apr. 29, 2024	Mar. 11, 2024	Nov. 20, 2023	Aug. 21, 2023	May 22, 2023	Mar. 13, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Quarterly dividends per share (in dollars per share)			$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 2.00
Quarterly dividends paid			$ 50	$ 50	$ 50	$ 50	$ 50	$ 201
Special dividend declared (in dollars per share)				$ 1.50	$ 1.00			$ 2.50
Special dividends paid				$ 151	$ 101			$ 251
Subsequent Event
Related Party Transaction [Line Items]
Dividends declared per share (in dollars per share)		$ 0.50
Dividends, cash		$ 50
Subsequent Event \| IEP \| Forecast
Related Party Transaction [Line Items]
Proceeds from dividends received	$ 33
Public Stockholders
Related Party Transaction [Line Items]
Quarterly dividends paid			17	17	15	15	15	61
Special dividends paid				51	29			80
IEP
Related Party Transaction [Line Items]
Quarterly dividends paid			$ 33	33	36	$ 36	$ 36	140
Special dividends paid				$ 100	$ 71			$ 171

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended
	Dec. 31, 2022 USD ($)
Call Option Lawsuits
Loss Contingencies [Line Items]
Indemnity insurance, coverage limit	$ 50

Supplemental Cash Flow Information - Schedule of Cash Flows Related to Income Taxes, Interest, Leases, Capital Expenditures, and Deferred Financing Costs Included in Accounts Payable, and Non-Cash Dividends (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$ 26	$ 4
Cash paid for interest	36	29
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	4	4
Operating cash flows from finance leases	1	1
Financing cash flows from finance leases	2	1
Noncash investing and financing activities:
Change in capital expenditures included in accounts payable	4	4
Change in turnaround expenditures included in accounts payable	27	32
ROU assets obtained in exchange for new or modified operating lease liabilities	$ 4	$ 9

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 264	$ 260
Raw materials	199	226
In-process inventories	39	21
Parts, supplies and other	99	97
Total inventories	$ 601	$ 604

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Major Product

The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:


	Three Months Ended March 31, 2024
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	888	$	—	$	—	$	888
Distillates (2)	767		—		10		777
Ammonia	—		37		—		37
UAN	—		76		—		76
Urea products	—		5		—		5
Freight revenue (3)	5		6		—		11
Other products (4)	49		4		3		56
Revenue from product sales	1,709		128		13		1,850
Crude oil sales	13		—		—		13

Total revenue	$	1,722	$	128	$	13	$	1,863


	Three Months Ended March 31, 2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	1,010	$	—	$	—	$	1,010
Distillates (2)	919		—		48		967
Ammonia	—		38		—		38
UAN	—		164		—		164
Urea products	—		8		—		8
Freight revenue (3)	3		11		—		14
Other products (4)	33		5		19		57
Revenue from product sales	1,965		226		67		2,258
Crude oil sales	28		—		—		28

Total revenue	$	1,993	$	226	$	67	$	2,286

(2)Distillates consist primarily of diesel fuel, kerosene, jet fuel, and renewable fuels.

Schedule of Deferred Revenue from Contracts with Customers

The following table provides the balance sheet location and amounts of deferred revenue from contracts with customers for the Nitrogen Fertilizer Segment:


Contract Balance Type	Balance Sheet Location	March 31, 2024		December 31, 2023
Deferred revenue	Other current liabilities	$	20	$	16
Long-term deferred revenue	Other long-term liabilities	32		33

Organization and Nature of Business	3 Months Ended
Organization and Nature of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	(1) Organization and Nature of Business Organization CVR Energy, Inc. (“CVR Energy”, “CVR”, “we”, “us”, “our”, or the “Company”) is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the “Petroleum Segment”) and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the “Nitrogen Fertilizer Segment” or “CVR Partners”). The Petroleum Segment refines and markets high value transportation fuels primarily in the form of gasoline and diesel fuels. CVR Partners produces and markets nitrogen fertilizers primarily in the form of urea ammonium nitrate (“UAN”) and ammonia. We also produce and market renewable diesel. CVR’s common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “CVI”. Icahn Enterprises L.P. and its affiliates (“IEP”) owned approximately 66% of the Company’s outstanding common stock as of March 31, 2024. CVR Partners, LP Interest Holders - As of March 31, 2024, public common unitholders held approximately 63% of CVR Partners’ outstanding common units and CVR Services, LLC (“CVR Services”), a wholly owned subsidiary of CVR Energy, held the remaining approximately 37% of CVR Partners’ outstanding common units. In addition, CVR Services held 100% of the interest in CVR Partners’ general partner, CVR GP, LLC, which held a non-economic general partner interest in CVR Partners as of March 31, 2024. The noncontrolling interest reflected on the Condensed Consolidated Balance Sheets of CVR is only impacted by the results of, distributions from, and unit repurchases by CVR Partners. Unit Repurchase Program - On May 6, 2020, the board of directors of CVR Partners’ general partner (the “UAN GP Board”), on behalf of CVR Partners, authorized a unit repurchase program (the “Unit Repurchase Program”), which was increased on February 22, 2021. During the three months ended March 31, 2024 and 2023, CVR Partners did not repurchase any common units. On February 20, 2024, the UAN GP Board, on behalf of CVR Partners, terminated the nominal authority remaining under the Unit Repurchase Program. Subsequent Events - The Company evaluated subsequent events, if any, that would require an adjustment to the Company’s condensed consolidated financial statements or require disclosure in the notes to the condensed consolidated financial statements through the date of issuance of the condensed consolidated financial statements. Where applicable, the notes to these condensed consolidated financial statements have been updated to discuss all significant subsequent events which have occurred.

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

(4) Property, Plant, and Equipment

Property, plant, and equipment consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Machinery and equipment	$	4,390	$	4,287
Buildings and improvements	124		124
ROU finance leases	81		81
Land and improvements	74		74
Furniture and fixtures	29		33
Construction in progress	131		193
Other	15		15




	4,844		4,807
Less: Accumulated depreciation and amortization	(2,634)		(2,586)
Total property, plant, and equipment, net	$	2,210	$	2,221

For the three months ended March 31, 2024 and 2023, depreciation and amortization expenses related to property, plant, and equipment were $56 million and $50 million, respectively, and capitalized interest was $1 million and $2 million, respectively.

During the three months ended March 31, 2024, the Company did not identify the existence of an impairment indicator for our long-lived asset groups as outlined under the FASB Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and Equipment.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Subsequent Events	Subsequent Events - The Company evaluated subsequent events, if any, that would require an adjustment to the Company’s condensed consolidated financial statements or require disclosure in the notes to the condensed consolidated financial statements through the date of issuance of the condensed consolidated financial statements. Where applicable, the notes to these condensed consolidated financial statements have been updated to discuss all significant subsequent events which have occurred.
Basis of Presentation	The accompanying condensed consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from the condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2023 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity (“VIE”). As the 100% owner of the general partner of CVR Partners, the Company has the sole ability to direct the activities that most significantly impact the economic performance of CVR Partners and is considered the primary beneficiary. In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Company for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. The condensed consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2024 or any other interim or annual period.
Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented	Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company’s annual period beginning January 1, 2025 with early adoption permitted. The Company is evaluating the effects of adopting this new accounting guidance on its disclosures but does not currently expect adoption will have a material impact on the Company’s consolidated financial statements. The Company does not intend to early adopt this ASU. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 and should be applied retrospectively to all comparative periods. Early adoption is permitted. The Company is still evaluating the effects of adopting this new accounting guidance on its disclosures.

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Finished goods	$	264	$	260
Raw materials	199		226
In-process inventories	39		21
Parts, supplies and other	99		97
Total inventories	$	601	$	604

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

A summary of compensation expense during the three months ended March 31, 2024 and 2023 is presented below:



	Three Months Ended March 31,
(in millions)		2024		2023


CVR Partners - Phantom Unit Awards		$	2	$	2
Incentive Unit Awards		8		7
Total share-based compensation expense		$	10	$	9

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Transactions

Activity associated with the Company’s related party arrangements for the three months ended March 31, 2024 and 2023 is summarized below:


	Three Months Ended March 31,
(in millions)		2024		2023
Sales to related parties:
CVRP JV CO Contract (1)		$	1	$	1
Purchases from related parties:
Enable Joint Venture Transportation Agreement		3		3
Midway Joint Venture Agreement (2)		7		6
Payments:
Dividends (3)		33		36

(1)Sales to related parties, included in Net sales in our Condensed Consolidated Statements of Operations, consists of CO sales to a CVRP JV subsidiary.

(3)See below for a summary of the dividends paid to IEP during the three months ended March 31, 2024 and year ended December 31, 2023.

Schedule of Dividends Paid

The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2024 and 2023 (amounts presented in table below may not add to totals presented due to rounding):


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total
2023 - 4th Quarter	March 11, 2024	$	0.50	$	17	$	33	$	50


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total
2022 - 4th Quarter	March 13, 2023	$	0.50	$	15	$	36	$	50
2023 - 1st Quarter	May 22, 2023	$	0.50	$	15	$	36	$	50
2023 - 2nd Quarter	August 21, 2023	0.50		15		36		50
2023 - 3rd Quarter	November 20, 2023	0.50		17		33		50
Total 2023 quarterly dividends		$	2.00	$	61	$	140	$	201


				Special Dividends Paid (in millions)
Related Period	Date Paid	Special Dividends Per Share		Public Stockholders		IEP		Total
2023 - 2nd Quarter	August 21, 2023	$	1.00	$	29	$	71	$	101
2023 - 3rd Quarter	November 20, 2023	1.50		51		100		151
Total 2023 special dividends		$	2.50	$	80	$	171	$	251

Schedule of Distributions Paid

The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company, during 2024 and 2023 (amounts presented in tables below may not add to totals presented due to rounding):



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2023 - 4th Quarter	March 11, 2024	$	1.68	$	11	$	7	$	18



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2022 - 4th Quarter	March 13, 2023	$	10.50	$	70	$	41	$	111
2023 - 1st Quarter	May 22, 2023	10.43		70		41		110
2023 - 2nd Quarter	August 21, 2023	4.14		28		16		44
2023 - 3rd Quarter	November 20, 2023	1.55		10		6		16
Total 2023 quarterly distributions		$	26.62	$	178	$	104	$	281

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Total CVR Stockholders’ Equity	$0.01 Par Value Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022			100,629,209
Beginning balance at Dec. 31, 2022	$ 791	$ 531	$ 1	$ 1,508	$ (976)	$ (2)	$ 260
Increase (Decrease) in Stockholders' Equity
Net income	259	195			195		64
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(70)						(70)
Other	(1)	(1)			(1)
Ending balance (in shares) at Mar. 31, 2023			100,629,209
Ending balance at Mar. 31, 2023	929	675	$ 1	1,508	(832)	(2)	254
Beginning balance (in shares) at Dec. 31, 2023			100,629,209
Beginning balance at Dec. 31, 2023	1,038	847	$ 1	1,508	(660)	(2)	191
Increase (Decrease) in Stockholders' Equity
Net income	90	82			82		8
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(11)						(11)
Ending balance (in shares) at Mar. 31, 2024			100,629,209
Ending balance at Mar. 31, 2024	$ 1,067	$ 879	$ 1	$ 1,508	$ (628)	$ (2)	$ 188

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities were as follows:


(in millions)	March 31, 2024		December 31, 2023
Accrued Renewable Fuel Standard (“RFS”) obligation	$	294	$	329
Accrued taxes other than income taxes	43		47
Personnel accruals	31		51
Accrued interest	22		26
Accrued income taxes	21		25
Deferred revenue	20		16
Share-based compensation	19		13
Operating lease liabilities	15		14
Derivatives	9		—

Other accrued expenses and liabilities	10		25
Total other current liabilities	$	484	$	546

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

(10) Derivative Financial Instruments

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of March 31, 2024 and December 31, 2023:


(in thousands of barrels)	Commodity	March 31, 2024	December 31, 2023
Forwards	Crude	561	247
Swaps	NYMEX Diesel Cracks	(4,140)	(6,780)
Swaps	NYMEX RBOB Cracks	(1,200)	(1,275)
Swaps	NYMEX 2-1-1 Cracks	(2,130)	(3,030)
Futures	Crude	(180)	—


	March 31, 2024				December 31, 2023
(in millions)	Assets		Liabilities		Assets		Liabilities
Other current assets	$	10	$	—	$	24	$	—
Other long-term assets	—		—		1		—
Other current liabilities	—		9		—		—



	Three Months Ended March 31,
(in millions)	2024		2023
Commodity derivative instruments	$	(18)	$	45

CVR Energy has certain derivative instruments that contain credit risk-related contingent provisions associated with our credit ratings. If our credit rating were to be downgraded, it would allow the counterparty to require us to post collateral or to request immediate, full settlement of derivative instruments in liability positions. As of March 31, 2024, the aggregate fair value of our derivative liabilities with credit risk-related contingent provisions was $9 million, for which no collateral has been posted.

Derivative Financial Instruments - Additional Information (Details)	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate fair value of derivative liabilities	$ 9,000,000
Fair value of collateral for derivative liabilities	$ 0

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commodity derivative instruments
Derivative Instruments, Gain (Loss) [Line Items]
Commodity derivative instruments	$ (18)	$ 45

Related Party Transactions - Distributions to CVR Partners' Unitholders (Details) - USD ($) $ / shares in Units, $ in Millions								12 Months Ended
	May 20, 2024	Apr. 29, 2024	Mar. 11, 2024	Nov. 20, 2023	Aug. 21, 2023	May 22, 2023	Mar. 13, 2023	Dec. 31, 2023
CVR Partners
Related Party Transaction [Line Items]
Quarterly distributions per common unit (in dollars per share)			$ 1.68	$ 1.55	$ 4.14	$ 10.43	$ 10.50	$ 26.62
Quarterly distributions paid			$ 18	$ 16	$ 44	$ 110	$ 111	$ 281
CVR Partners \| Subsequent Event
Related Party Transaction [Line Items]
Distributions declared (in dollars per share)		$ 1.92
Distributions declared		$ 20
CVR Partners \| CVR Energy
Related Party Transaction [Line Items]
Quarterly distributions paid			7	6	16	41	41	104
CVR Partners \| Public Unitholders
Related Party Transaction [Line Items]
Quarterly distributions paid			$ 11	$ 10	$ 28	$ 70	$ 70	$ 178
CVR Energy \| Subsequent Event \| Forecast
Related Party Transaction [Line Items]
Proceeds from distribution	$ 7

Related Party Transactions - Expenses from Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Sales to related parties:	$ 1,863	$ 2,286
Dividends	50	50
Related Party \| CVRP JV CO Contract
Related Party Transaction [Line Items]
Sales to related parties:	1	1
Related Party \| Enable Joint Venture Transportation Agreement
Related Party Transaction [Line Items]
Purchases from related parties:	3	3
Related Party \| Midway Joint Venture Agreement
Related Party Transaction [Line Items]
Purchases from related parties:	7	6
Dividends
Related Party Transaction [Line Items]
Dividends	$ 33	$ 36

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant, and Equipment
Finance lease, right-of-use asset, statement of financial position [extensible list]	Total property, plant, and equipment, net	Total property, plant, and equipment, net
ROU finance leases	$ 81	$ 81
Property, plant and equipment, gross	4,844	4,807
Less: Accumulated depreciation and amortization	(2,634)	(2,586)
Total property, plant, and equipment, net	2,210	2,221
Machinery and equipment
Property, Plant, and Equipment
Property, plant and equipment, gross	4,390	4,287
Buildings and improvements
Property, Plant, and Equipment
Property, plant and equipment, gross	124	124
Land and improvements
Property, Plant, and Equipment
Property, plant and equipment, gross	74	74
Furniture and fixtures
Property, Plant, and Equipment
Property, plant and equipment, gross	29	33
Construction in progress
Property, Plant, and Equipment
Property, plant and equipment, gross	131	193
Other
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 15	$ 15

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

(3) Inventories

Inventories consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
Finished goods	$	264	$	260
Raw materials	199		226
In-process inventories	39		21
Parts, supplies and other	99		97
Total inventories	$	601	$	604

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-33492
Entity Registrant Name	CVR ENERGY, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1512186
Entity Address, Address Line One	2277 Plaza Drive, Suite 500
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77479
City Area Code	281
Local Phone Number	207-3200
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CVI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,530,599
Entity Central Index Key	0001376139
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Leases - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Minimum
Lessee, Lease, Description [Line Items]
Finance lease not yet commenced	$ 20
Maximum
Lessee, Lease, Description [Line Items]
Finance lease not yet commenced	$ 25

Supplemental Cash Flow Information - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 644	$ 581
Reserved funds	0	598
Restricted cash	0	7
Cash, cash equivalents and restricted cash	$ 644	$ 1,186	$ 608	$ 517

Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued Renewable Fuel Standard (“RFS”) obligation	$ 294	$ 329
Accrued taxes other than income taxes	43	47
Personnel accruals	31	51
Accrued interest	22	26
Accrued income taxes	21	25
Deferred revenue	20	16
Share-based compensation	$ 19	$ 13
Operating lease, liability, current, statement of financial position [extensible list]	Total other current liabilities	Total other current liabilities
Operating lease liabilities	$ 15	$ 14
Derivatives	9	0
Other accrued expenses and liabilities	10	25
Total other current liabilities	$ 484	$ 546

Long-Term Debt and Finance Lease Obligations - CVR Energy (Details) - Senior Notes - CVR Energy - USD ($)			3 Months Ended
	Feb. 15, 2024	Dec. 21, 2023	Mar. 31, 2024	Dec. 31, 2023
8.50% Senior Notes, due January 2029
Line of Credit Facility [Line Items]
Aggregate principal amount of private offering		$ 600,000,000
Stated interest rate		8.50%
Proceeds from notes payable		$ 598,000,000
5.25% Senior Notes, due February 2025
Line of Credit Facility [Line Items]
Aggregate principal amount of private offering				$ 600,000,000
Stated interest rate		5.25%
Repayments of senior debt	$ 16,000,000
Loss on extinguishment of debt			$ 1,000,000

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 4	$ 4
Finance lease expense:
Amortization of ROU asset	1	1
Interest expense on lease liability	1	1
Short-term lease expense	$ 3	$ 2

Business Segments - Schedule of Operating Results and Capital Expenditures by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 1,863	$ 2,286
Operating income (loss)	123	330
Interest income (expense)	(20)	(18)
Other income, net	4	3
Income before income tax expense	107	315
Depreciation and amortization	76	68
Capital expenditures	51	59
Total assets	4,093		$ 4,707
Petroleum Segment
Segment Reporting Information [Line Items]
Total net sales	1,718	1,987
Nitrogen Fertilizer Segment
Segment Reporting Information [Line Items]
Total net sales	128	226
Operating Segments \| Petroleum Segment
Segment Reporting Information [Line Items]
Total net sales	1,722	1,993
Operating income (loss)	118	237
Depreciation and amortization	48	46
Capital expenditures	36	42
Total assets	2,986		2,978
Operating Segments \| Nitrogen Fertilizer Segment
Segment Reporting Information [Line Items]
Total net sales	128	226
Operating income (loss)	20	109
Depreciation and amortization	19	15
Capital expenditures	5	4
Total assets	972		975
Other / Elimination
Segment Reporting Information [Line Items]
Total net sales	13	67
Capital expenditures	10	13
Total assets	135		$ 754
Inter-segment fees and sales
Segment Reporting Information [Line Items]
Total net sales	(4)	(6)
Inter-segment fees and sales \| Petroleum Segment
Segment Reporting Information [Line Items]
Total net sales	(4)	(6)
Inter-segment fees and sales \| Nitrogen Fertilizer Segment
Segment Reporting Information [Line Items]
Total net sales	0	0
Other / Eliminations
Segment Reporting Information [Line Items]
Total net sales	17	73
Operating income (loss)	(15)	(16)
Depreciation and amortization	$ 9	$ 7

Equity Method Investments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 in mi bbl
CVRP JV
Related Party Transaction [Line Items]
Ownership percentage in joint venture	50.00%
Enable JV
Related Party Transaction [Line Items]
Ownership percentage in joint venture	40.00%
Pipeline diameter (in inches) \| in	12
Pipeline length (in miles) \| mi	26
Pipeline capacity, barrels per day \| bbl	80,000
Midway JV
Related Party Transaction [Line Items]
Ownership percentage in joint venture	50.00%
Pipeline diameter (in inches) \| in	16
Pipeline length (in miles) \| mi	99
Pipeline capacity, barrels per day \| bbl	131,000

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


	March 31, 2024
	Fair Value Hierarchy						Total gross fair value		Contract netting		Collateral netting (1)		Net value
(in millions)	Level 1		Level 2		Level 3
Assets
Commodity derivative instruments	$	—	$	20	$	—	$	20	$	(10)	$	—	$	10

Liabilities
Commodity derivative instruments	—		19		—		19		(10)		—		9
RFS	—		294		—		294		—		—		294


	December 31, 2023
	Fair Value Hierarchy						Total gross fair value		Contract netting		Collateral netting (1)		Net value
(in millions)	Level 1		Level 2		Level 3
Assets
Commodity derivative instruments	$	—	$	31	$	—	$	31	$	(6)	$	—	$	25

Liabilities
Commodity derivative instruments	—		6		—		6		(6)		—		—
RFS	—		329		—		329		—		—		329

Long-Term Debt and Finance Lease Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Total long-term debt and finance lease obligations, net of current portion	Total long-term debt and finance lease obligations, net of current portion
Total long-term debt and finance lease obligations, net of current portion	$ 1,577	$ 1,579
Current portion of finance lease obligations	8	606
Total long-term debt and finance lease obligations, including current portion	1,585	2,185
Petroleum Segment
Debt Instrument [Line Items]
Finance lease obligations, net of current portion	35	37
Total long-term debt and finance lease obligations, net of current portion	35	37
Nitrogen Fertilizer Segment
Debt Instrument [Line Items]
Unamortized debt issuance costs	(3)	(3)
Total debt	$ 547	547
6.125% Senior Secured Notes, due June 2028 \| Senior Notes \| Nitrogen Fertilizer Segment
Debt Instrument [Line Items]
Stated interest rate	6.125%
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount	$ 550	550
CVR Energy
Debt Instrument [Line Items]
Unamortized debt issuance costs	(5)	(5)
Total debt	$ 995	995
CVR Energy \| 5.75% Senior Notes, due February 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.75%
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount	$ 400	400
CVR Energy \| 8.50% Senior Notes, due January 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	8.50%
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount	$ 600	$ 600

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (including $65 and $45, respectively, of consolidated variable interest entity (“VIE”))	$ 644	$ 581
Reserved funds for debt payment	0	598
Accounts receivable, net (including $37 and $42, respectively, of VIE)	253	286
Inventories (including $72 and $69, respectively, of VIE)	601	604
Prepaid expenses (including $7 and $8, respectively, of VIE)	36	59
Other current assets (including $1 and $1, respectively, of VIE)	21	51
Total current assets	1,555	2,179
Property, plant, and equipment, net (including $744 and $761, respectively, of VIE)	2,210	2,221
Other long-term assets (including $46 and $48, respectively, of VIE)	328	307
Total assets	4,093	4,707
Current liabilities:
Current portion of long-term debt and finance lease obligations	8	606
Accounts payable (including $32 and $39, respectively, of VIE)	551	530
Other current liabilities (including $47 and $37, respectively, of VIE)	484	546
Total current liabilities	1,043	1,682
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion (including $547 and $547, respectively, of VIE)	1,577	1,579
Deferred income taxes	322	327
Other long-term liabilities (including $48 and $50, respectively, of VIE)	84	81
Total long-term liabilities	1,983	1,987
Commitments and contingencies (See Note 13)
CVR Energy stockholders’ equity:
Common stock, $0.01 par value per share; 350,000,000 shares authorized; 100,629,209 and 100,629,209 shares issued as of March 31, 2024 and December 31, 2023, respectively	1	1
Additional paid-in-capital	1,508	1,508
Accumulated deficit	(628)	(660)
Treasury stock, 98,610 shares at cost	(2)	(2)
Total CVR stockholders’ equity	879	847
Noncontrolling interest	188	191
Total equity	1,067	1,038
Total liabilities and equity	$ 4,093	$ 4,707