Key Highlights

● Second-quarter net sales rose to $2,738 million from $1,761 million a year earlier.

● Crude utilisation reached 98.4 per cent, up from 76.9 per cent a year earlier.

● The NYMEX 2-1-1 crack spread more than doubled to $54.34 per barrel from $25.87.

● Nitrogen Fertilizer segment adjusted EBITDA rose to $107 million from $67 million.

The company reported on 29 July 2026 that net sales for the second quarter were $2,738 million, against $1,761 million a year earlier. Net income was $46 million, but after the share belonging to non-controlling interests the loss attributable to CVR (NYSE:CVI) stockholders was $3 million, or $0.03 per diluted share, compared with a loss of $114 million, or $1.14, in the prior-year quarter. Adjusted earnings per share were $0.34, against a loss of $0.23. EBITDA was $161 million and adjusted EBITDA $209 million, compared with $99 million a year before. Operating cash flow was $307 million and free cash flow $264 million, while income tax expense was $10 million, an effective rate of 17.8 per cent. The six-month net loss attributable to stockholders remained $195 million, or $1.94 per share, reflecting a weaker first quarter.

Refining: Higher Cracks and Utilisation

In the Petroleum segment, total throughput was 212,965 barrels per day against 172,149, and crude utilisation reached 98.4 per cent from 76.9 per cent. Reported refining margin was $9.94 per barrel, with an adjusted figure of $12.43. Benchmark spreads were far stronger than a year earlier: the NYMEX 2-1-1 crack was $54.34 per barrel against $25.87. Segment adjusted EBITDA was $106 million, compared with $38 million. The PADD II Group 3 2-1-1 crack was $44.91 per barrel against $24.02, and the ultra-low-sulphur diesel crack was $55.59 against $26.87. Direct operating expenses fell to $5.93 per barrel from $6.45. The release also noted an unfavourable $73 million adjustment connected to Renewable Fuel Standard obligations in the quarter, a reminder that regulatory compliance costs can offset market strength.

Nitrogen Fertiliser Segment

The Nitrogen Fertilizer segment earned net income of $78 million and adjusted EBITDA of $107 million, against $39 million and $67 million. Ammonia utilisation was 99 per cent, and realised gate prices rose to $791 per ton for ammonia and $392 for UAN, from $593 and $317. Ammonia sales were 54 thousand tons and UAN sales 333 thousand tons. A turnaround at East Dubuque was expected to begin in August, during which a brownfield ammonia expansion is planned to add about 5 per cent to production capacity.

Two Commodity Cycles, One Balance Sheet

CVR Energy's refining segment benefited from crack spreads far above year-earlier levels and near-full crude utilisation, while its nitrogen fertilizer business, held through CVR Partners, posted stronger ammonia and UAN prices of its own. A $73 million unfavourable Renewable Fuel Standard adjustment shows how regulatory compliance costs can offset market strength, and with third-quarter guidance assuming a planned turnaround that cuts ammonia utilisation to 75-80 per cent, the current strength in both businesses is not guaranteed to persist at this pace.