0001376139-24-000053 | 10-Q | XBRL Viewer

Long-Term Debt and Finance Lease Obligations

9 Months Ended

Sep. 30, 2024

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)	September 30, 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	31		37
Total Petroleum Segment finance lease obligations, net of current portion	31		37
Nitrogen Fertilizer Segment:
6.125% Senior Secured Notes, due June 2028	550		550

Unamortized debt issuance costs	(2)		(3)
Total Nitrogen Fertilizer Segment debt	548		547
Total long-term debt and finance lease obligations, net of current portion	1,574		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	$	1,582	$	2,185

Credit Agreements


(in millions)	Total Available Borrowing Capacity		Amount Borrowed as of September 30, 2024		Outstanding Letters of Credit		Available Capacity as of September 30, 2024		Maturity Date
CVR Energy:
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) (1)	$	314	$	—	$	24	$	290	June 30, 2027
Nitrogen Fertilizer Segment:
CVR Partners’ Credit Agreement (“CVR Partners ABL”)	$	39	$	—	$	—	$	39	September 26, 2028

(1)As permitted under the CVR Energy ABL, certain subsidiaries of the Company entered into an Incremental Commitment Agreement on September 25, 2024 for an amount of $70 million, which increased the total aggregate principal amount available under the CVR Energy ABL from $275 million to $345 million.

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 Sheet 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 nine months ended September 30, 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 September 30, 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (124)	$ 353	$ (22)	$ 678

- Definition

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

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+ Details

Long-Term Debt and Finance Lease Obligations - CVR Energy (Details) - Senior Notes - CVR Energy - USD ($)			9 Months Ended
	Feb. 15, 2024	Dec. 21, 2023	Sep. 30, 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

Derivative Financial Instruments - Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other current assets
Assets
Derivative assets	$ 15	$ 24
Derivative liabilities	0	0
Other long-term assets
Assets
Derivative assets	1	1
Derivative liabilities	0	0
Other current liabilities
Assets
Derivative assets	0	0
Derivative liabilities	$ 7	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01

Business Segments

9 Months Ended

Sep. 30, 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 September 30,
	2024								2023
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Net sales	$	1,645	$	124	$	64	$	1,833	$	2,293	$	131	$	99	$	2,522
Inter-segment fees and sales	3		1		(4)		—		5		—		(5)		—
Total sales	1,648		125		60		1,833		2,298		131		93		2,522

Operating (loss) income	$	(119)	$	11	$	(5)	$	(113)	$	431	$	8	$	6	$	445
Interest expense, net							(18)								(11)

Other income, net							3								4
(Loss) income before income tax expense							$	(128)							$	438




Depreciation and amortization	$	40	$	25	$	10	$	75	$	50	$	23	$	8	$	81
Capital expenditures (1)	28		10		1		39		26		8		17		51


	Nine Months Ended September 30,
	2024								2023
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Net sales	$	5,155	$	385	$	123	$	5,663	$	6,273	$	540	$	232	$	7,045
Inter-segment fees and sales	10		1		(11)		—		17		—		(17)		—
Total net sales	5,165		386		112		5,663		6,290		540		215		7,045

Operating income (loss)	$	9	$	65	$	(37)	$	37	$	838	$	184	$	(22)	$	1,000
Interest expense, net							(56)								(44)
Other income, net							10								10
(Loss) income before income tax expense							$	(9)							$	966




Depreciation and amortization	$	133	$	64	$	27	$	224	$	141	$	59	$	21	$	221
Capital expenditures (1)	97		19		14		130		79		18		51		148

The following table summarizes total assets by segment:


(in millions)	September 30, 2024		December 31, 2023

Petroleum	$	2,804	$	2,978
Nitrogen Fertilizer	987		975
Other, including intersegment eliminations	87		754
Total assets	$	3,878	$	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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+ Details

Revenue - Revenue Disaggregated by Major Product (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,833	$ 2,522	$ 5,663	$ 7,045
Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,807	2,514	5,551	6,984
Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	882	1,186	2,713	3,287
Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	736	1,124	2,273	2,956
Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	25	22	84	116
UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	77	86	241	354
Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	8	8	22	23
Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	15	15	41	45
Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	64	73	177	203
Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	26	8	111	60
Other revenue
Disaggregation of Revenue [Line Items]
Other revenue			1	1
Petroleum Segment
Disaggregation of Revenue [Line Items]
Total revenue	1,645	2,293	5,155	6,273
Nitrogen Fertilizer Segment
Disaggregation of Revenue [Line Items]
Total revenue	124	131	385	540
Operating Segments \| Petroleum Segment
Disaggregation of Revenue [Line Items]
Total revenue	1,648	2,298	5,165	6,290
Operating Segments \| Petroleum Segment \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,622	2,290	5,053	6,229
Operating Segments \| Petroleum Segment \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	882	1,186	2,713	3,287
Operating Segments \| Petroleum Segment \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	699	1,057	2,201	2,806
Operating Segments \| Petroleum Segment \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Petroleum Segment \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Petroleum Segment \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Petroleum Segment \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	4	5	14	13
Operating Segments \| Petroleum Segment \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	37	42	125	123
Operating Segments \| Petroleum Segment \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	26	8	111	60
Operating Segments \| Petroleum Segment \| Other revenue
Disaggregation of Revenue [Line Items]
Other revenue			1	1
Operating Segments \| Nitrogen Fertilizer Segment
Disaggregation of Revenue [Line Items]
Total revenue	125	131	386	540
Operating Segments \| Nitrogen Fertilizer Segment \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	125	131	386	540
Operating Segments \| Nitrogen Fertilizer Segment \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	25	22	84	116
Operating Segments \| Nitrogen Fertilizer Segment \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	77	86	241	354
Operating Segments \| Nitrogen Fertilizer Segment \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	8	8	22	23
Operating Segments \| Nitrogen Fertilizer Segment \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	11	10	27	32
Operating Segments \| Nitrogen Fertilizer Segment \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	4	5	12	15
Operating Segments \| Nitrogen Fertilizer Segment \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Other revenue
Disaggregation of Revenue [Line Items]
Other revenue			0	0
Other / Elimination
Disaggregation of Revenue [Line Items]
Total revenue	60	93	112	215
Other / Elimination \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	60	93	112	215
Other / Elimination \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	37	67	72	150
Other / Elimination \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	23	26	40	65
Other / Elimination \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	$ 0	$ 0	0	0
Other / Elimination \| Other revenue
Disaggregation of Revenue [Line Items]
Other revenue			$ 0	$ 0

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023:


(in thousands of barrels)	Commodity	September 30, 2024	December 31, 2023
Forwards	Crude	193	247
Swaps	NYMEX Diesel Cracks (1)	—	(6,780)
Swaps	NYMEX RBOB Cracks	—	(1,275)
Swaps	NYMEX 2-1-1 Cracks	—	(3,030)


Futures	Soybean Oil	(63)	—

(1)As of September 30, 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 4 million barrels.

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):


	September 30, 2024				December 31, 2023
(in millions)	Assets		Liabilities		Assets		Liabilities
Other current assets	$	15	$	—	$	24	$	—
Other long-term assets	1		—		1		—
Other current liabilities	—		7		—		—

Schedule of Derivative Offsetting Liabilities


	September 30, 2024				December 31, 2023
(in millions)	Assets		Liabilities		Assets		Liabilities
Other current assets	$	15	$	—	$	24	$	—
Other long-term assets	1		—		1		—
Other current liabilities	—		7		—		—

Schedule of Net (Losses) Gains 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 September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Commodity derivative instruments	$	2	$	(106)	$	7	$	(65)

- 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

Commitment and Contingencies - 45Q Transaction (Details) - CVRP JV - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement and Third Party - CRNF $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Collaborative arrangement, fee threshold per year	$ 15
Fees threshold cap	$ 45

- 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.

+ References + Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Fair value measurements
Cash, cash equivalents, and reserved funds, carrying value		$ 534	$ 1,200
Long-term debt		1,500	2,100
Level 1
Fair value measurements
Cash, cash equivalents, and reserved funds, fair value		534	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

Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 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.


	September 30, 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	$	—	$	32	$	—	$	32	$	(16)	$	—	$	16

Liabilities
Commodity derivative instruments	—		23		—		23		(16)		—		7
RFS	—		374		—		374		—		—		374


	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 September 30, 2024 and December 31, 2023, the Company had $12 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 spot 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 nine months ended September 30, 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 January 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. In January 2023, 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 $534 million and $1.2 billion at September 30, 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 September 30, 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 September 30, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Organization and Nature of Business (Details)	9 Months Ended
Organization and Nature of Business (Details)	Sep. 30, 2024
CVR Partners
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Percentage of interest held by the public	63.00%
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%

Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation
Total share-based compensation expense	$ 3	$ 15	$ 13	$ 30
CVR Partners - Phantom Unit Awards \| CVR Partners \| CVR Partners Long Term Incentive Plan
Share-Based Compensation
Total share-based compensation expense	1	3	3	7
Incentive Unit Awards
Share-Based Compensation
Total share-based compensation expense	$ 2	$ 12	$ 10	$ 23

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)(iii)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

(7) Other Current Liabilities

Other current liabilities were as follows:


(in millions)	September 30, 2024		December 31, 2023
Accrued Renewable Fuel Standard (“RFS”) obligation	$	374	$	329
Personnel accruals	50		51
Accrued taxes other than income taxes	44		47
Deferred revenue	39		16
Accrued interest	22		26
Share-based compensation	20		13
Operating lease liabilities	14		14
Accrued income taxes	—		25

Other accrued expenses and liabilities	20		25
Total other current liabilities	$	583	$	546

Long-Term Debt and Finance Lease Obligations - Credit Agreement (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Millions	Sep. 30, 2024	Sep. 25, 2024	Sep. 24, 2024
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) \| CVR Energy
Line of Credit Facility [Line Items]
Total Available Borrowing Capacity	$ 314	$ 345	$ 275
Amount Borrowed as of September 30, 2024	0
Outstanding Letters of Credit	24
Available Capacity as of September 30, 2024	290
Line of credit facility, accordion feature, increase limit		$ 70
CVR Partners’ Credit Agreement (“CVR Partners ABL”) \| Nitrogen Fertilizer Segment
Line of Credit Facility [Line Items]
Total Available Borrowing Capacity	39
Amount Borrowed as of September 30, 2024	0
Outstanding Letters of Credit	0
Available Capacity as of September 30, 2024	$ 39

Leases (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipelines and storage	$	8	$	15	$	12	$	17
Railcars	14		—		12		—
Real estate and other	33		12		29		14
Lease liability
Pipelines and storage	8		25		12		28
Railcars	14		—		12		—
Real estate and other	30		14		25		16

Schedule of Lease Expense, Lease Terms, and Discount Rates

For the three and nine months ended September 30, 2024 and 2023, we recognized lease expense comprised of the following components:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Operating lease expense	$	5	$	4	$	14	$	13
Finance lease expense:
Amortization of ROU asset	1		1		4		4
Interest expense on lease liability	1		1		3		3
Short-term lease expense	3		3		9		8

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Finished goods	$	237	$	260
Raw materials	128		226
In-process inventories	31		21
Parts, supplies and other	102		97
Total inventories	$	498	$	604

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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. While the Company does not expect adoption will have a material impact on its consolidated financial statements, it currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2025. 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 about significant segment expenses and information used in assessing segment performance on an annual and interim basis. 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. While the Company continues to evaluate the effects of adopting this new accounting guidance, it currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2024.

Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 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	4,910	4,807
Less: Accumulated depreciation and amortization	(2,746)	(2,586)
Total property, plant, and equipment, net	2,164	2,221
Machinery and equipment
Property, Plant, and Equipment
Property, plant and equipment, gross	4,414	4,287
Buildings and improvements
Property, Plant, and Equipment
Property, plant and equipment, gross	143	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	32	33
Construction in progress
Property, Plant, and Equipment
Property, plant and equipment, gross	150	193
Other
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 16	$ 15

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commodity derivative instruments
Derivative Instruments, Gain (Loss) [Line Items]
Commodity derivative instruments	$ 2	$ (106)	$ 7	$ (65)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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


	September 30, 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	$	—	$	32	$	—	$	32	$	(16)	$	—	$	16

Liabilities
Commodity derivative instruments	—		23		—		23		(16)		—		7
RFS	—		374		—		374		—		—		374


	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

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage	100.00%

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant, and equipment consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Machinery and equipment	$	4,414	$	4,287
Buildings and improvements	143		124
ROU finance leases	81		81
Land and improvements	74		74
Furniture and fixtures	32		33
Construction in progress	150		193
Other	16		15




	4,910		4,807
Less: Accumulated depreciation and amortization	(2,746)		(2,586)
Total property, plant, and equipment, net	$	2,164	$	2,221

Equity Method Investments

9 Months Ended

Sep. 30, 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 Energy Transfer LP.

•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
Cash distributions	(1)		(1)		(3)		(5)
Equity income	—		1		2		3
Balance at June 30, 2024	21		5		70		96
Cash distributions	(1)		(1)		(3)		(5)
Equity income	—		1		2		3
Balance at September 30, 2024	$	20	$	5	$	69	$	94

(1)Includes a $2 million distribution to CVR Partners subsidiaries related to CVRP JV exceeding certain carbon oxide capture and sequestration milestones during 2023.

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities were as follows:


(in millions)	September 30, 2024		December 31, 2023
Accrued Renewable Fuel Standard (“RFS”) obligation	$	374	$	329
Personnel accruals	50		51
Accrued taxes other than income taxes	44		47
Deferred revenue	39		16
Accrued interest	22		26
Share-based compensation	20		13
Operating lease liabilities	14		14
Accrued income taxes	—		25

Other accrued expenses and liabilities	20		25
Total other current liabilities	$	583	$	546

Leases - Balance Sheet Summary (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Pipelines and storage
Operating Leases
ROU assets, net	$ 8	$ 12
Lease liability	8	12
Finance Leases
ROU assets, net	15	17
Lease liability	25	28
Railcars
Operating Leases
ROU assets, net	14	12
Lease liability	14	12
Finance Leases
ROU assets, net	0	0
Lease liability	0	0
Real estate and other
Operating Leases
ROU assets, net	33	29
Lease liability	30	25
Finance Leases
ROU assets, net	12	14
Lease liability	$ 14	$ 16

Derivative Financial Instruments - Schedule of Outstanding Positions Held (Details) - bbl bbl in Thousands	Sep. 30, 2024	Dec. 31, 2023
NYMEX Diesel Cracks
Derivative [Line Items]
Outstanding notional buy (sell) positions	4,000
Forwards \| Crude \| Purchase Commitments
Derivative [Line Items]
Outstanding notional buy (sell) positions	193	247
Swaps \| NYMEX Diesel Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	0	6,780
Swaps \| NYMEX RBOB Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	0	1,275
Swaps \| NYMEX 2-1-1 Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	0	3,030
Futures \| Soybean Oil \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	63	0

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 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:


	Nine Months Ended September 30,
(in millions)	2024		2023
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$	60	$	88
Cash paid for interest	94		76
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	14		13
Operating cash flows from finance leases	3		3
Financing cash flows from finance leases	6		5
Noncash investing and financing activities:

Change in capital expenditures included in accounts payable (1)	6		(2)
Change in turnaround expenditures included in accounts payable	(1)		—

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

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


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	534	$	581
Reserved funds (1)	—		598
Restricted cash (2)	—		7
Cash, cash equivalents, reserved funds and restricted cash	$	534	$	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.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 534	$ 581
Accounts receivable, net	281	286
Inventories	498	604
Prepaid expenses	25	59
Other current assets	70	51
Property, plant and equipment, net	2,164	2,221
Other long-term assets	306	307
Current liabilities:
Accounts payable, current	464	530
Other current liabilities	583	546
Long-term liabilities:
Long-term debt and finance lease obligations	1,574	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	$ 111	$ 45
Accounts receivable, net	36	42
Inventories	75	69
Prepaid expenses	4	8
Other current assets	1	1
Property, plant and equipment, net	715	761
Other long-term assets	45	48
Current liabilities:
Accounts payable, current	34	39
Other current liabilities	71	37
Long-term liabilities:
Long-term debt and finance lease obligations	548	547
Other long-term liabilities	$ 46	$ 50

Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued Renewable Fuel Standard (“RFS”) obligation	$ 374	$ 329
Personnel accruals	50	51
Accrued taxes other than income taxes	44	47
Deferred revenue	39	16
Accrued interest	22	26
Share-based compensation	$ 20	$ 13
Operating lease, liability, current, statement of financial position [extensible list]	Total other current liabilities	Total other current liabilities
Operating lease liabilities	$ 14	$ 14
Accrued income taxes	0	25
Other accrued expenses and liabilities	20	25
Total other current liabilities	$ 583	$ 546

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,833	$ 2,522	$ 5,663	$ 7,045
Operating costs and expenses:
Cost of materials and other	1,666	1,787	4,796	5,211
Direct operating expenses (exclusive of depreciation and amortization)	165	170	502	503
Depreciation and amortization	73	80	218	217
Cost of sales	1,904	2,037	5,516	5,931
Selling, general and administrative expenses (exclusive of depreciation and amortization)	40	38	103	109
Depreciation and amortization	2	1	6	4
Loss on asset disposal	0	1	1	1
Operating (loss) income	(113)	445	37	1,000
Other (expense) income:
Interest expense, net	(18)	(11)	(56)	(44)
Other income, net	3	4	10	10
(Loss) income before income tax benefit	(128)	438	(9)	966
Income tax (benefit) expense	(6)	84	(14)	185
Net (loss) income	(122)	354	5	781
Less: Net income attributable to noncontrolling interest	2	1	27	103
Net (loss) income attributable to CVR Energy stockholders	$ (124)	$ 353	$ (22)	$ 678
Basic (loss) earnings per share (in dollars per share)	$ (1.24)	$ 3.51	$ (0.22)	$ 6.74
Diluted (loss) earnings per share (in dollars per share)	$ (1.24)	$ 3.51	$ (0.22)	$ 6.74
Weighted-average common shares outstanding:
Basic (in shares)	100.5	100.5	100.5	100.5
Diluted (in shares)	100.5	100.5	100.5	100.5

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments [Roll Forward]
Balance at beginning of period	$ 96	$ 98	$ 100	$ 100
Cash distributions	(5)	(5)	(6)
Equity income	3	3	4	10	$ 9
Balance at end of period	94	96	98	94
CVRP JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	21	22	25	25
Cash distributions	(1)	(1)	(3)
Equity income	0	0	0
Balance at end of period	20	21	22	20
Cash distribution for CVRP JV			2
Enable JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	5	5	5	5
Cash distributions	(1)	(1)	(1)
Equity income	1	1	1
Balance at end of period	5	5	5	5
Midway JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	70	71	70	70
Cash distributions	(3)	(3)	(2)
Equity income	2	2	3
Balance at end of period	$ 69	$ 70	$ 71	$ 69

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Long-Term Debt and Finance Lease Obligations (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 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	31		37
Total Petroleum Segment finance lease obligations, net of current portion	31		37
Nitrogen Fertilizer Segment:
6.125% Senior Secured Notes, due June 2028	550		550

Unamortized debt issuance costs	(2)		(3)
Total Nitrogen Fertilizer Segment debt	548		547
Total long-term debt and finance lease obligations, net of current portion	1,574		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	$	1,582	$	2,185

Credit Agreements


(in millions)	Total Available Borrowing Capacity		Amount Borrowed as of September 30, 2024		Outstanding Letters of Credit		Available Capacity as of September 30, 2024		Maturity Date
CVR Energy:
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) (1)	$	314	$	—	$	24	$	290	June 30, 2027
Nitrogen Fertilizer Segment:
CVR Partners’ Credit Agreement (“CVR Partners ABL”)	$	39	$	—	$	—	$	39	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.

+ References

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+ Details

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Liabilities
Derivate asset, subject to master netting arrangement, collateral, obligation to return security not offset	$ 12	$ 13
Commodity derivative instruments
Assets
Derivative assets	32	31
Contract netting	(16)	(6)
Collateral netting	0	0
Net value	16	25
Liabilities
Derivative liabilities	23	6
Contract netting	(16)	(6)
Collateral netting	0	0
Net value	7	0
Commodity derivative instruments \| Level 1
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Commodity derivative instruments \| Level 2
Assets
Derivative assets	32	31
Liabilities
Derivative liabilities	23	6
Commodity derivative instruments \| Level 3
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
RFS
Liabilities
Derivative liabilities	374	329
Contract netting	0	0
Collateral netting	0	0
Net value	374	329
RFS \| Level 1
Liabilities
Derivative liabilities	0	0
RFS \| Level 2
Liabilities
Derivative liabilities	374	329
RFS \| Level 3
Liabilities
Derivative liabilities	$ 0	$ 0

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Required Payments for Unconditional Purchase Obligations

The Company entered into new transportation agreements related to the Petroleum Segment during the third quarter of 2024, and as of September 30, 2024, the Company’s future minimum required payments for all unconditional purchase obligations as defined in FASB ASC Topic 440, Commitments, are as follows:


(in millions)	Unconditional Purchase Obligations
Year Ended December 31,
2024	$	19
2025	74
2026	75
2027	96
2028	96
Thereafter	669
	$	1,029

Business Segments - Additional Information (Details)	9 Months Ended
Business Segments - Additional Information (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Related Party Transactions - Expenses from Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Sales to related parties:	$ 1,833	$ 2,522	$ 5,663	$ 7,045
Dividends			151	251
Related Party \| CVRP JV CO Contract
Related Party Transaction [Line Items]
Sales to related parties:	1	1	2	3
Related Party \| Enable Joint Venture Transportation Agreement
Related Party Transaction [Line Items]
Purchases from related parties:	3	3	9	9
Related Party \| Midway Joint Venture Agreement
Related Party Transaction [Line Items]
Purchases from related parties:	6	6	20	17
Dividends
Related Party Transaction [Line Items]
Dividends	$ 33	$ 107	$ 100	$ 178

- 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).

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+ Details

Leases - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Unrecorded unconditional purchase obligation	$ 1,029
Financing Lease, Lease Not yet Commenced
Lessee, Lease, Description [Line Items]
Unrecorded unconditional purchase obligation	$ 21

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(13) Commitments and Contingencies

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. 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 or in the Company’s quarterly reports on Form 10-Q for the periods ended March 31, 2024 and June 30, 2024.

Unconditional Purchase Obligations


(in millions)	Unconditional Purchase Obligations
Year Ended December 31,
2024	$	19
2025	74
2026	75
2027	96
2028	96
Thereafter	669
	$	1,029

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 23% for the three months ended September 30, 2024 and 2023, respectively, and 21% and 24% for the nine months ended September 30, 2024 and 2023, respectively. 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 of their 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.

The Company’s obligated-party subsidiaries recognized an expense of $86 million and a benefit of $135 million for the three months ended September 30, 2024 and 2023, respectively, and an expense of $65 million and a benefit of $99 million for the nine months ended September 30, 2024 and 2023, 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 September 30, 2024 and December 31, 2023, the Company’s obligated-party subsidiaries’ RFS positions were approximately $374 million and $329 million, respectively, and are recorded in Other current liabilities in the Condensed Consolidated Balance Sheets.

Litigation

Call Option Coverage Case – The lawsuits involving the Company and certain of its affiliates (the “Call Defendants”) and the Company’s primary and excess insurers (the “Insurers”) relating to insurance coverage for settlement by the Call Defendants of the consolidated lawsuits filed by purported former unitholders of CVR Refining, LP (“CVR Refining”) on behalf of themselves and an alleged class of similarly situated unitholders relating to the Company’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership remain pending, with mediation scheduled for November 2024. While these cases remain pending, the Company does not expect their outcome have a material adverse impact on the Company’s financial position, results of operations, or cash flows.

RFS Disputes – WRC has filed petitions for small refinery exemptions (“SREs”) for the 2017 through 2024 compliance periods, which petitions are in various stages of review by the EPA and/or various courts.

Regarding WRC’s petitions for the 2017 to 2021 compliance periods which, together with the SRE petitions from certain other small refineries, had been denied by the EPA in 2022 (the “2022 Denials”), the EPA has yet to act on those petitions after the EPA’s denials were vacated by the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) in November 2023 and remanded back to the EPA on the grounds that the EPA’s denials were impermissibly retroactive and that the EPA’s interpretation was contrary to law and arbitrary and capricious as applied to petitioners’ exemptions. In May 2024, the EPA and certain biofuels groups sought certiorari before the Supreme Court of the United States (“SCOTUS”) seeking review of whether venue for these challenges to the 2022 Denials lies exclusively in the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”), which certiorari was granted in October 2024. Oral argument is expected sometime in 2025.

In July 2024, the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”) ruled in favor of certain small refineries also challenging the 2022 Denials, holding that the 2022 Denials as applicable to those small refineries was arbitrary and capricious, vacating such denials and remanding such petitions back to the EPA. The DC Circuit also dismissed a challenge brought by biofuel producers to the EPA’s alternative compliance action, concluding that the petitioners had not established any harm from EPA’s decision and therefore lacked standing to sue. 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, remains stayed until issuance of the mandate in the DC Circuit case.

WRC’s lawsuit filed suit in the United States District Court for the Southern District of Texas seeking, among other relief, a declaration that the Administrator of the EPA violated the Clean Air Act by failing to timely rule on WRC’s SRE petition for the 2023 compliance period within 90 days following receipt and compelling the Administrator to rule on WRC’s 2023 SRE petition by an expeditious date certain, remains pending. Similarly, the EPA has not yet ruled on WRC’s petition for the 2024 compliance period, which ruling is due before the end of 2024.

As these matters are in various stages, 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.

Guaranty Dispute – During a mediation conducted in September 2024, Exxon Mobil Corporation (“XOM”) formally demanded, pursuant to a guaranty claimed by XOM to have been issued in its favor in 1993 by a subsidiary of CVR Energy, that such subsidiary defend and indemnify it against claims by numerous property owners in Louisiana alleging contamination from historic well operations. The Company disputes the validity of the alleged guaranty and has filed suit in the Superior Court of the State of Delaware for declaratory judgment relating thereto, which suit remains pending. As this matter remains in its early stages, the Company cannot yet determine whether its outcome will have a material adverse impact on the Company’s financial position, results of operations, or cash flows.

Business Segments - Schedule of Operating Results and Capital Expenditures by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total net sales	$ 1,833	$ 2,522	$ 5,663	$ 7,045
Operating (loss) income	(113)	445	37	1,000
Interest expense, net	(18)	(11)	(56)	(44)
Other income, net	3	4	10	10
(Loss) income before income tax benefit	(128)	438	(9)	966
Depreciation and amortization	75	81	224	221
Capital expenditures	39	51	130	148
Total assets	3,878		3,878		$ 4,707
Petroleum Segment
Segment Reporting Information [Line Items]
Total net sales	1,645	2,293	5,155	6,273
Nitrogen Fertilizer Segment
Segment Reporting Information [Line Items]
Total net sales	124	131	385	540
Operating Segments \| Petroleum Segment
Segment Reporting Information [Line Items]
Total net sales	1,648	2,298	5,165	6,290
Operating (loss) income	(119)	431	9	838
Depreciation and amortization	40	50	133	141
Capital expenditures	28	26	97	79
Total assets	2,804		2,804		2,978
Operating Segments \| Nitrogen Fertilizer Segment
Segment Reporting Information [Line Items]
Total net sales	125	131	386	540
Operating (loss) income	11	8	65	184
Depreciation and amortization	25	23	64	59
Capital expenditures	10	8	19	18
Total assets	987		987		975
Other / Elimination
Segment Reporting Information [Line Items]
Total net sales	60	93	112	215
Capital expenditures	1	17	14	51
Total assets	87		87		$ 754
Inter-segment fees and sales
Segment Reporting Information [Line Items]
Total net sales	(4)	(5)	(11)	(17)
Inter-segment fees and sales \| Petroleum Segment
Segment Reporting Information [Line Items]
Total net sales	(3)	(5)	(10)	(17)
Inter-segment fees and sales \| Nitrogen Fertilizer Segment
Segment Reporting Information [Line Items]
Total net sales	(1)	0	(1)	0
Other / Elimination
Segment Reporting Information [Line Items]
Total net sales	64	99	123	232
Operating (loss) income	(5)	6	(37)	(22)
Depreciation and amortization	$ 10	$ 8	$ 27	$ 21

Revenue

9 Months Ended

Sep. 30, 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 September 30,
	2024								2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	882	$	—	$	—	$	882	$	1,186	$	—	$	—	$	1,186
Distillates (2)	699		—		37		736		1,057		—		67		1,124
Ammonia	—		25		—		25		—		22		—		22
UAN	—		77		—		77		—		86		—		86
Urea products	—		8		—		8		—		8		—		8
Freight revenue (3)	4		11		—		15		5		10		—		15
Other products (4)	37		4		23		64		42		5		26		73
Revenue from product sales	1,622		125		60		1,807		2,290		131		93		2,514
Crude oil sales	26		—		—		26		8		—		—		8

Total revenue	$	1,648	$	125	$	60	$	1,833	$	2,298	$	131	$	93	$	2,522


	Nine Months Ended September 30,
	2024								2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	2,713	$	—	$	—	$	2,713	$	3,287	$	—	$	—	$	3,287
Distillates (2)	2,201		—		72		2,273		2,806		—		150		2,956
Ammonia	—		84		—		84		—		116		—		116
UAN	—		241		—		241		—		354		—		354
Urea products	—		22		—		22		—		23		—		23
Freight revenue (3)	14		27		—		41		13		32		—		45
Other products (4)	125		12		40		177		123		15		65		203
Revenue from product sales	5,053		386		112		5,551		6,229		540		215		6,984
Crude oil sales	111		—		—		111		60		—		—		60
Other revenue	1		—		—		1		1		—		—		1
Total revenue	$	5,165	$	386	$	112	$	5,663	$	6,290	$	540	$	215	$	7,045

(1)The Petroleum Segment may incur broker commissions or transportation costs in connection with 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, if any, 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 September 30, 2024, these contracts have a remaining duration of less than one year.

As of September 30, 2024, the Nitrogen Fertilizer Segment had approximately $9 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $1 million of these performance obligations as revenue by the end of 2024, $4 million during 2025, an additional $3 million in 2026, and the remaining balance in 2027.

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	September 30, 2024		December 31, 2023
Deferred revenue	Other current liabilities	$	39	$	16
Long-term deferred revenue	Other long-term liabilities	29		33

During the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $14 million and $46 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
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

(16) Related Party Transactions

Activity associated with the Company’s related party arrangements for the three and nine months ended September 30, 2024 and 2023 is summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Sales to related parties:
CVRP JV CO Contract (1)	$	1	$	1	$	2	$	3
Purchases from related parties:
Enable Joint Venture Transportation Agreement	3		3		9		9
Midway Joint Venture Agreement (2)	6		6		20		17
Payments:
Dividends (3)	33		107		100		178

(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 nine months ended September 30, 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 of directors of the Company (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
2024 - 1st Quarter	May 20, 2024	0.50		17		33		50
2024 - 2nd Quarter	August 19, 2024	0.50		17		33		50
Total 2024 quarterly dividends		$	1.50	$	51	$	100	$	151


				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

No dividends were declared for the third quarter of 2024.

Distributions to CVR Partners’ Unitholders

Distributions, if any, including the payment, amount and timing thereof, and the board of directors of CVR Partners’ general partner’s (the “UAN GP Board”) 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
2024 - 1st Quarter	May 20, 2024	1.92		13		7		20
2024 - 2nd Quarter	August 19, 2024	1.90		13		7		20

Total 2024 quarterly distributions		$	5.50	$	37	$	21	$	58



				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 third quarter of 2024, CVR Partners, upon approval by the UAN GP Board on October 28, 2024, declared a distribution of $1.19 per common unit, or $13 million, which is payable November 18, 2024 to unitholders of record as of November 8, 2024. Of this amount, CVR Energy will receive approximately $5 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
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-Paragraph 2
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-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 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Revenue - Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Nitrogen Fertilizer Segment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 9
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	3 months
Remaining performance obligation	$ 1
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	$ 4
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation	$ 3

Commitments and Contingencies - Schedule of Minimum Required Payments for Unconditional Purchase Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Unconditional Purchase Obligations
2024	$ 19
2025	74
2026	75
2027	96
2028	96
Thereafter	669
Unrecorded unconditional purchase obligation	$ 1,029

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ 5	$ 781
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	224	221
Deferred income taxes	(17)	31
Share-based compensation	13	30
Unrealized loss on derivatives, net	16	35
Income from equity method investments	(10)	(9)
Return from equity method investment earnings	11	8
Other items	7	3
Changes in assets and liabilities:
Current assets and liabilities	58	(105)
Other long-term assets and liabilities	(1)	(11)
Net cash provided by operating activities	306	984
Cash flows from investing activities:
Capital expenditures	(124)	(150)
Turnaround expenditures	(46)	(53)
Return of equity method investment	5	21
Proceeds from sale of assets	1	1
Net cash used in investing activities	(164)	(181)
Cash flows from financing activities:
Principal payments on senior secured notes	(600)	0
Dividends to CVR Energy’s stockholders	(151)	(251)
Distributions to CVR Partners’ noncontrolling interest holders	(37)	(168)
Other financing activities	(6)	(5)
Net cash used in financing activities	(794)	(424)
Net (decrease) increase in cash, cash equivalents, reserved funds and restricted cash	(652)	379
Cash, cash equivalents, reserved funds and restricted cash, beginning of period	1,186	517
Cash, cash equivalents and restricted cash, end of period	$ 534	$ 896

Related Party Transactions - Distributions to CVR Partners' Unitholders (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended							9 Months Ended	12 Months Ended
	Nov. 18, 2024	Oct. 28, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
CVR Partners
Related Party Transaction [Line Items]
Quarterly distributions per common unit (in dollars per share)			$ 1.90	$ 1.92	$ 1.68	$ 1.55	$ 4.14	$ 10.43	$ 10.50	$ 5.50	$ 26.62
Quarterly distributions paid			$ 20	$ 20	$ 18	$ 16	$ 44	$ 110	$ 111	$ 58	$ 281
CVR Partners \| Subsequent Event
Related Party Transaction [Line Items]
Distributions declared (in dollars per share)		$ 1.19
Distributions declared		$ 13
CVR Partners \| CVR Energy
Related Party Transaction [Line Items]
Quarterly distributions paid			7	7	7	6	16	41	41	21	104
CVR Partners \| Public Unitholders
Related Party Transaction [Line Items]
Quarterly distributions paid			$ 13	$ 13	$ 11	$ 10	$ 28	$ 70	$ 70	$ 37	$ 178
CVR Energy \| Subsequent Event \| Forecast
Related Party Transaction [Line Items]
Proceeds from distribution	$ 5

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 5	$ 4	$ 14	$ 13
Finance lease expense:
Amortization of ROU asset	1	1	4	4
Interest expense on lease liability	1	1	3	3
Short-term lease expense	$ 3	$ 3	$ 9	$ 8

Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Contract with Customer, Liability, Activity [Line Items]
Deferred revenue	$ 39	$ 16
Nitrogen Fertilizer Segment
Schedule of Contract with Customer, Liability, Activity [Line Items]
Deferred revenue	39	16
Long-term deferred revenue	$ 29	$ 33

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant, and Equipment
Depreciation and amortization expenses	$ 75	$ 81	$ 224	$ 221
Interest costs capitalized	2	2	5	6
Property, Plant and Equipment
Property, Plant, and Equipment
Depreciation and amortization expenses	$ 63	$ 59	$ 177	$ 165

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

A summary of compensation expense during the three and nine months ended September 30, 2024 and 2023 is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023


CVR Partners - Phantom Unit Awards	$	1	$	3	$	3	$	7
Incentive Unit Awards	2		12		10		23
Total share-based compensation expense	$	3	$	15	$	13	$	30

Revenue (Tables)

9 Months Ended

Sep. 30, 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 September 30,
	2024								2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	882	$	—	$	—	$	882	$	1,186	$	—	$	—	$	1,186
Distillates (2)	699		—		37		736		1,057		—		67		1,124
Ammonia	—		25		—		25		—		22		—		22
UAN	—		77		—		77		—		86		—		86
Urea products	—		8		—		8		—		8		—		8
Freight revenue (3)	4		11		—		15		5		10		—		15
Other products (4)	37		4		23		64		42		5		26		73
Revenue from product sales	1,622		125		60		1,807		2,290		131		93		2,514
Crude oil sales	26		—		—		26		8		—		—		8

Total revenue	$	1,648	$	125	$	60	$	1,833	$	2,298	$	131	$	93	$	2,522


	Nine Months Ended September 30,
	2024								2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	2,713	$	—	$	—	$	2,713	$	3,287	$	—	$	—	$	3,287
Distillates (2)	2,201		—		72		2,273		2,806		—		150		2,956
Ammonia	—		84		—		84		—		116		—		116
UAN	—		241		—		241		—		354		—		354
Urea products	—		22		—		22		—		23		—		23
Freight revenue (3)	14		27		—		41		13		32		—		45
Other products (4)	125		12		40		177		123		15		65		203
Revenue from product sales	5,053		386		112		5,551		6,229		540		215		6,984
Crude oil sales	111		—		—		111		60		—		—		60
Other revenue	1		—		—		1		1		—		—		1
Total revenue	$	5,165	$	386	$	112	$	5,663	$	6,290	$	540	$	215	$	7,045

(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	September 30, 2024		December 31, 2023
Deferred revenue	Other current liabilities	$	39	$	16
Long-term deferred revenue	Other long-term liabilities	29		33

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (including $111 and $45, respectively, of consolidated variable interest entity (“VIE”))	$ 534	$ 581
Reserved funds for debt payment	0	598
Accounts receivable, net (including $36 and $42, respectively, of VIE)	281	286
Inventories (including $75 and $69, respectively, of VIE)	498	604
Prepaid expenses (including $4 and $8, respectively, of VIE)	25	59
Other current assets (including $1 and $1, respectively, of VIE)	70	51
Total current assets	1,408	2,179
Property, plant, and equipment, net (including $715 and $761, respectively, of VIE)	2,164	2,221
Other long-term assets (including $45 and $48, respectively, of VIE)	306	307
Total assets	3,878	4,707
Current liabilities:
Current portion of long-term debt and finance lease obligations	8	606
Accounts payable (including $34 and $39, respectively, of VIE)	464	530
Other current liabilities (including $71 and $37, respectively, of VIE)	583	546
Total current liabilities	1,055	1,682
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion (including $548 and $547, respectively, of VIE)	1,574	1,579
Deferred income taxes	309	327
Other long-term liabilities (including $46 and $50, respectively, of VIE)	84	81
Total long-term liabilities	1,967	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 September 30, 2024 and December 31, 2023, respectively	1	1
Additional paid-in-capital	1,508	1,508
Accumulated deficit	(832)	(660)
Treasury stock, 98,610 shares at cost	(2)	(2)
Total CVR stockholders’ equity	675	847
Noncontrolling interest	181	191
Total equity	856	1,038
Total liabilities and equity	$ 3,878	$ 4,707

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 237	$ 260
Raw materials	128	226
In-process inventories	31	21
Parts, supplies and other	102	97
Total inventories	$ 498	$ 604

Business Segments (Tables)

9 Months Ended

Sep. 30, 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 September 30,
	2024								2023
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Net sales	$	1,645	$	124	$	64	$	1,833	$	2,293	$	131	$	99	$	2,522
Inter-segment fees and sales	3		1		(4)		—		5		—		(5)		—
Total sales	1,648		125		60		1,833		2,298		131		93		2,522

Operating (loss) income	$	(119)	$	11	$	(5)	$	(113)	$	431	$	8	$	6	$	445
Interest expense, net							(18)								(11)

Other income, net							3								4
(Loss) income before income tax expense							$	(128)							$	438




Depreciation and amortization	$	40	$	25	$	10	$	75	$	50	$	23	$	8	$	81
Capital expenditures (1)	28		10		1		39		26		8		17		51


	Nine Months Ended September 30,
	2024								2023
(in millions)	Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Net sales	$	5,155	$	385	$	123	$	5,663	$	6,273	$	540	$	232	$	7,045
Inter-segment fees and sales	10		1		(11)		—		17		—		(17)		—
Total net sales	5,165		386		112		5,663		6,290		540		215		7,045

Operating income (loss)	$	9	$	65	$	(37)	$	37	$	838	$	184	$	(22)	$	1,000
Interest expense, net							(56)								(44)
Other income, net							10								10
(Loss) income before income tax expense							$	(9)							$	966




Depreciation and amortization	$	133	$	64	$	27	$	224	$	141	$	59	$	21	$	221
Capital expenditures (1)	97		19		14		130		79		18		51		148

The following table summarizes total assets by segment:


(in millions)	September 30, 2024		December 31, 2023

Petroleum	$	2,804	$	2,978
Nitrogen Fertilizer	987		975
Other, including intersegment eliminations	87		754
Total assets	$	3,878	$	4,707

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

Commitments and Contingencies - Crude Oil Supply Agreement (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gunvor Crude Oil Supply Agreement
Loss Contingencies [Line Items]
Renewal term of agreement			1 year
Notice of renewal period termination			180 days
Gunvor 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%		21.00%
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		23.00%		24.00%

- 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.

+ References + Details

Equity Method Investments - Additional Information (Details)	9 Months Ended
	Sep. 30, 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

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

(6) Leases

Balance Sheet Summary as of September 30, 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 September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipelines and storage	$	8	$	15	$	12	$	17
Railcars	14		—		12		—
Real estate and other	33		12		29		14
Lease liability
Pipelines and storage	8		25		12		28
Railcars	14		—		12		—
Real estate and other	30		14		25		16

Lease Expense Summary for the Three and Nine Months Ended September 30, 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 and nine months ended September 30, 2024 and 2023, we recognized lease expense comprised of the following components:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Operating lease expense	$	5	$	4	$	14	$	13
Finance lease expense:
Amortization of ROU asset	1		1		4		4
Interest expense on lease liability	1		1		3		3
Short-term lease expense	3		3		9		8

Lease Commitments Not Yet Commenced

Coffeyville Resources Nitrogen Fertilizer, LLC (“CRNF”), a subsidiary of CVR Partners, is party to an On-Site Product Supply Agreement with Messer LLC. Based on terms outlined in this agreement, the Company expects this contract to be recorded as a finance lease with approximately $21 million being capitalized upon lease commencement when the item is placed in service, which is currently expected to occur in the fourth quarter 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 September 30, 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 September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipelines and storage	$	8	$	15	$	12	$	17
Railcars	14		—		12		—
Real estate and other	33		12		29		14
Lease liability
Pipelines and storage	8		25		12		28
Railcars	14		—		12		—
Real estate and other	30		14		25		16

Lease Expense Summary for the Three and Nine Months Ended September 30, 2024 and 2023


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Operating lease expense	$	5	$	4	$	14	$	13
Finance lease expense:
Amortization of ROU asset	1		1		4		4
Interest expense on lease liability	1		1		3		3
Short-term lease expense	3		3		9		8

Lease Commitments Not Yet Commenced

Long-Term Debt and Finance Lease Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 1,574	$ 1,579
Current portion of finance lease obligations	8	606
Total long-term debt and finance lease obligations, including current portion	1,582	2,185
Petroleum Segment
Debt Instrument [Line Items]
Finance lease obligations, net of current portion	31	37
Total long-term debt and finance lease obligations, net of current portion	31	37
Nitrogen Fertilizer Segment
Debt Instrument [Line Items]
Unamortized debt issuance costs	(2)	(3)
Total debt	$ 548	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

Revenue - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Recognized revenue	$ 14	$ 46

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 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. While the Company does not expect adoption will have a material impact on its consolidated financial statements, it currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2025. 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 about significant segment expenses and information used in assessing segment performance on an annual and interim basis. 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. While the Company continues to evaluate the effects of adopting this new accounting guidance, it currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2024.

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 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:


	Nine Months Ended September 30,
(in millions)	2024		2023
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$	60	$	88
Cash paid for interest	94		76
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	14		13
Operating cash flows from finance leases	3		3
Financing cash flows from finance leases	6		5
Noncash investing and financing activities:

Change in capital expenditures included in accounts payable (1)	6		(2)
Change in turnaround expenditures included in accounts payable	(1)		—

(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)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	534	$	581
Reserved funds (1)	—		598
Restricted cash (2)	—		7
Cash, cash equivalents, reserved funds and restricted cash	$	534	$	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.

Schedule of Restricted Cash

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


(in millions)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	534	$	581
Reserved funds (1)	—		598
Restricted cash (2)	—		7
Cash, cash equivalents, reserved funds and restricted cash	$	534	$	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.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

Activity associated with the Company’s related party arrangements for the three and nine months ended September 30, 2024 and 2023 is summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Sales to related parties:
CVRP JV CO Contract (1)	$	1	$	1	$	2	$	3
Purchases from related parties:
Enable Joint Venture Transportation Agreement	3		3		9		9
Midway Joint Venture Agreement (2)	6		6		20		17
Payments:
Dividends (3)	33		107		100		178

(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 nine months ended September 30, 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
2024 - 1st Quarter	May 20, 2024	0.50		17		33		50
2024 - 2nd Quarter	August 19, 2024	0.50		17		33		50
Total 2024 quarterly dividends		$	1.50	$	51	$	100	$	151


				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
2024 - 1st Quarter	May 20, 2024	1.92		13		7		20
2024 - 2nd Quarter	August 19, 2024	1.90		13		7		20

Total 2024 quarterly distributions		$	5.50	$	37	$	21	$	58



				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

Organization and Nature of Business	9 Months Ended
Organization and Nature of Business	Sep. 30, 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 September 30, 2024. CVR Partners, LP Interest Holders - As of September 30, 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 September 30, 2024. The noncontrolling interest reflected on the Condensed Consolidated Balance Sheets of CVR is only impacted by the results of and distributions from CVR Partners. 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.

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$ 60	$ 88
Cash paid for interest	94	76
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	14	13
Operating cash flows from finance leases	3	3
Financing cash flows from finance leases	6	5
Noncash investing and financing activities:
Change in capital expenditures included in accounts payable	6	(2)
Change in turnaround expenditures included in accounts payable	$ (1)	$ 0

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate fair value of derivative liabilities	$ 5
Fair value of collateral for derivative liabilities	$ 3

Related Party Transactions - Dividends to CVR Energy Stockholders (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Dividends paid								$ 151	$ 251
O 2024 A Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)								$ 1.50
Dividends paid								$ 151
O 2024 Q1 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)			$ 0.50
Dividends paid			$ 50
O 2024 Q2 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)		$ 0.50
Dividends paid		$ 50
O 2024 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)	$ 0.50
Dividends paid	$ 50
O 2023 A Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)										$ 2.00
Dividends paid										$ 201
O 2023 Q1 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)							$ 0.50
Dividends paid							$ 50
O 2023 Q2 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)						$ 0.50
Dividends paid						$ 50
O 2023 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)					$ 0.50
Dividends paid					$ 50
O 2023 Q4 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)				$ 0.50
Dividends paid				$ 50
S 2023 A Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)										$ 2.50
Dividends paid										$ 251
S 2023 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)					$ 1.00
Dividends paid					$ 101
S 2023 Q4 Dividends
Related Party Transaction [Line Items]
Dividends paid per share (in dollars per share)				$ 1.50
Dividends paid				$ 151
Public Stockholders \| O 2024 A Dividends
Related Party Transaction [Line Items]
Dividends paid								51
Public Stockholders \| O 2024 Q1 Dividends
Related Party Transaction [Line Items]
Dividends paid			17
Public Stockholders \| O 2024 Q2 Dividends
Related Party Transaction [Line Items]
Dividends paid		17
Public Stockholders \| O 2024 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid	17
Public Stockholders \| O 2023 A Dividends
Related Party Transaction [Line Items]
Dividends paid										61
Public Stockholders \| O 2023 Q1 Dividends
Related Party Transaction [Line Items]
Dividends paid							15
Public Stockholders \| O 2023 Q2 Dividends
Related Party Transaction [Line Items]
Dividends paid						15
Public Stockholders \| O 2023 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid					15
Public Stockholders \| O 2023 Q4 Dividends
Related Party Transaction [Line Items]
Dividends paid				17
Public Stockholders \| S 2023 A Dividends
Related Party Transaction [Line Items]
Dividends paid										80
Public Stockholders \| S 2023 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid					29
Public Stockholders \| S 2023 Q4 Dividends
Related Party Transaction [Line Items]
Dividends paid				51
IEP \| O 2024 A Dividends
Related Party Transaction [Line Items]
Dividends paid								$ 100
IEP \| O 2024 Q1 Dividends
Related Party Transaction [Line Items]
Dividends paid			$ 33
IEP \| O 2024 Q2 Dividends
Related Party Transaction [Line Items]
Dividends paid		$ 33
IEP \| O 2024 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid	$ 33
IEP \| O 2023 A Dividends
Related Party Transaction [Line Items]
Dividends paid										140
IEP \| O 2023 Q1 Dividends
Related Party Transaction [Line Items]
Dividends paid							$ 36
IEP \| O 2023 Q2 Dividends
Related Party Transaction [Line Items]
Dividends paid						$ 36
IEP \| O 2023 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid					36
IEP \| O 2023 Q4 Dividends
Related Party Transaction [Line Items]
Dividends paid				33
IEP \| S 2023 A Dividends
Related Party Transaction [Line Items]
Dividends paid										$ 171
IEP \| S 2023 Q3 Dividends
Related Party Transaction [Line Items]
Dividends paid					$ 71
IEP \| S 2023 Q4 Dividends
Related Party Transaction [Line Items]
Dividends paid				$ 100

Commitments and Contingencies - Renewable Fuel Standard (Details) - Petroleum Segment - Environmental, Health, and Safety Matters - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Expense (benefit) for compliance with RFS	$ 86	$ (135)	$ 65	$ (99)
RFS obligation	$ 374		$ 374		$ 329

- 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.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Supplemental Cash Flow Information - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 534	$ 581
Reserved funds	0	598
Restricted cash	0	7
Cash, cash equivalents, reserved funds and restricted cash	$ 534	$ 1,186	$ 896	$ 517

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(12) Share-Based Compensation

A summary of compensation expense during the three and nine months ended September 30, 2024 and 2023 is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023


CVR Partners - Phantom Unit Awards	$	1	$	3	$	3	$	7
Incentive Unit Awards	2		12		10		23
Total share-based compensation expense	$	3	$	15	$	13	$	30

Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 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
Cash distributions	(1)		(1)		(3)		(5)
Equity income	—		1		2		3
Balance at June 30, 2024	21		5		70		96
Cash distributions	(1)		(1)		(3)		(5)
Equity income	—		1		2		3
Balance at September 30, 2024	$	20	$	5	$	69	$	94

(1)Includes a $2 million distribution to CVR Partners subsidiaries related to CVRP JV exceeding certain carbon oxide capture and sequestration milestones during 2023.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Total CVR Stockholders’ Equity	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 (loss) 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, 2022			100,629,209
Beginning balance at Dec. 31, 2022	791	531	$ 1	1,508	(976)	(2)	260
Increase (Decrease) in Stockholders' Equity
Net (loss) income	781
Ending balance (in shares) at Sep. 30, 2023			100,629,209
Ending balance at Sep. 30, 2023	1,152	957	$ 1	1,508	(550)	(2)	195
Beginning balance (in shares) at Mar. 31, 2023			100,629,209
Beginning balance at Mar. 31, 2023	929	675	$ 1	1,508	(832)	(2)	254
Increase (Decrease) in Stockholders' Equity
Net (loss) income	168	130			130		38
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(70)						(70)
Ending balance (in shares) at Jun. 30, 2023			100,629,209
Ending balance at Jun. 30, 2023	977	755	$ 1	1,508	(752)	(2)	222
Increase (Decrease) in Stockholders' Equity
Net (loss) income	354	353			353		1
Dividends paid to CVR Energy stockholders	(151)	(151)			(151)
Distributions from CVR Partners to its public unitholders	(28)						(28)
Ending balance (in shares) at Sep. 30, 2023			100,629,209
Ending balance at Sep. 30, 2023	1,152	957	$ 1	1,508	(550)	(2)	195
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 (loss) 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
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 (loss) income	5
Ending balance (in shares) at Sep. 30, 2024			100,629,209
Ending balance at Sep. 30, 2024	856	675	$ 1	1,508	(832)	(2)	181
Beginning balance (in shares) at Mar. 31, 2024			100,629,209
Beginning balance at Mar. 31, 2024	1,067	879	$ 1	1,508	(628)	(2)	188
Increase (Decrease) in Stockholders' Equity
Net (loss) income	38	21			21		17
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(13)						(13)
Other	(1)	(1)			(1)
Ending balance (in shares) at Jun. 30, 2024			100,629,209
Ending balance at Jun. 30, 2024	1,041	849	$ 1	1,508	(658)	(2)	192
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(122)	(124)			(124)		2
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(13)						(13)
Ending balance (in shares) at Sep. 30, 2024			100,629,209
Ending balance at Sep. 30, 2024	$ 856	$ 675	$ 1	$ 1,508	$ (832)	$ (2)	$ 181

- 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
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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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+ Details

- Definition

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

+ References

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+ Details

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

(3) Inventories

Inventories consisted of the following:


(in millions)	September 30, 2024		December 31, 2023
Finished goods	$	237	$	260
Raw materials	128		226
In-process inventories	31		21
Parts, supplies and other	102		97
Total inventories	$	498	$	604

Derivative Financial Instruments

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023:


(in thousands of barrels)	Commodity	September 30, 2024	December 31, 2023
Forwards	Crude	193	247
Swaps	NYMEX Diesel Cracks (1)	—	(6,780)
Swaps	NYMEX RBOB Cracks	—	(1,275)
Swaps	NYMEX 2-1-1 Cracks	—	(3,030)


Futures	Soybean Oil	(63)	—

(1)As of September 30, 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 4 million barrels.


	September 30, 2024				December 31, 2023
(in millions)	Assets		Liabilities		Assets		Liabilities
Other current assets	$	15	$	—	$	24	$	—
Other long-term assets	1		—		1		—
Other current liabilities	—		7		—		—



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Commodity derivative instruments	$	2	$	(106)	$	7	$	(65)

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 September 30, 2024, the aggregate fair value of our derivative liabilities with credit risk-related contingent provisions was $5 million, for which $3 million in collateral has been posted.

Property, Plant, and Equipment

9 Months Ended

Sep. 30, 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)	September 30, 2024		December 31, 2023
Machinery and equipment	$	4,414	$	4,287
Buildings and improvements	143		124
ROU finance leases	81		81
Land and improvements	74		74
Furniture and fixtures	32		33
Construction in progress	150		193
Other	16		15




	4,910		4,807
Less: Accumulated depreciation and amortization	(2,746)		(2,586)
Total property, plant, and equipment, net	$	2,164	$	2,221

For the three and nine months ended September 30, 2024, depreciation and amortization expense related to property, plant, and equipment was $63 million and $177 million, respectively, compared to $59 million and $165 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2024, capitalized interest was $2 million and $5 million, respectively, compared to $2 million and $6 million for the three and nine months ended September 30, 2023, respectively.