CVR Energy : Investor Relations Presentation

Investor Presentation

May 2024

Forward-Looking Statements

This presentation contains forward-looking statements ("FLS") which are protected as FLS under the PSLRA, and which are based on management's current expectations and beliefs, as well as a number of assumptions concerning

future events. The assumptions and estimates underlying FLS are inherently uncertain and are subject to a wide variety of significant business and economic uncertainties and competitive risks that could cause actual results to differ materially from those contained in the prospective information. Accordingly, there can be no assurance CVR Energy, Inc. (together with its subsidiaries, "CVI", "CVR Energy", "we", "us" or the Company") will achieve the future results we expect or that actual results will not differ materially from expectations. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are FLS and include, but are not limited to, statements regarding future: safe and reliable operations; compliance with regulations; ability to minimize environmental impacts and create value; financial performance; profitable growth; increasing focus on renewable production, energy transition and lower carbon emissions; crude oil capacities; strategic value of our locations; access to crude oil and condensate fields and price-advantaged sources; liquid volume yields; percentage ownership of CVR Partners common units and its general partner; our controlling shareholder's intention regarding ownership of our common stock and potential strategic transactions involving us or CVR Partners; capacity of and production from our renewable diesel unit; fertilizer segment feedstock diversity, costs, and utilization rates; strategic priorities including our ability to operate safely, improve EH&S performance, preserve cash, focus our growth spending on renewables and high yield projects, maintain our balance sheet and liquidity, take advantage of market conditions and potential near term opportunities, deliver high value neat crude oils to our refineries, increase crude oil gathering rates, reduce purchases of Cushing WTI, realize transportation and product yield advantages, grow our renewable biofuels businesses, participate in the energy transition, reduce our carbon footprint, minimize our RIN exposure through production of renewable biofuels, achieve RDU production volumes, construct and start-up pretreatment units, continue carbon capture and sequestration activities, and maximize returns to investors; market conditions; timing and cost of our turnarounds; ability to create long term value, optimize assets, invest in high return projects, improve feedstock supply, achieve capture rates and product placement, provide above average cash returns to investors, reduce cost of capital, optimize capital structure, maximize asset utilization and reduce downtime exposure; capex allocations; investments to diversify and enhance core assets; IRR targets; merger and acquisition opportunities; investment profile; repurchase of shares/common units/debt; divestiture of non-core or non-revenue generating assets; return or investment of excess cash; debt levels and capital structure in relation to peers; operation of our pretreatment unit project at Wynnewood; reductions in carbon dioxide equivalent emissions and total recordable injury rates; manufacture of "blue" hydrogen and ammonia; focus of our sponsorship and volunteer activities; company policies; composition, experience and tenure of our directors; variable nature of our executive compensation; overhead and SG&A costs; sustaining and regulatory capex levels; timing and amount of our dividends/distributions, if any; crude oil capacity and throughput; complexity and quality of our facilities; optionality of our crude oil sourcing and/or marketing network; access to production; storage capacity and space on and direction of pipelines we utilize; levels of organic growth and renewable-focused investments, including the multiple achievements associated therewith; potential operating hazards, including the impacts of fires at our facilities; impacts of plant outages on our results; ability to maximize refined product netbacks; participation in renewable fuel blending economics; sales of blended products and RIN generation and capture; product sales outlets; crude oil, shale oil and condensate production, quality and pricing (including price advantages) and our access thereto (including cost of such access) via our logistics assets, truck fleet, pipelines or otherwise; quality of our refining assets; refining margin and cost of operations as compared to peers or otherwise; product mix; liquid volume, gasoline and distillate yields; utilization rates; economics of crude oil sales at Cushing, OK; the macro environment; gasoline and diesel supply and demand; product inventories; crack spreads, crude oil differentials (including our exposure thereto); renewable volume obligations; our renewable biofuels projects including the cost, timing, benefits, capacities, phases, board of director and regulatory approvals, completion, production, capital investment recovery, feedstocks, margins, credit capture and RIN impact thereof; composition of renewable feedstocks; benefits of our pretreatment project; discussions with potential partners for a renewable diesel project at Coffeyville; sustainable aviation fuel opportunities, including capacity thereof; our ability to secure renewable feedstock supply; conversion of hydrotreater at our Coffeyville facility to renewable service; reduction of carbon emissions; exploration of renewable power generation and carbon capture opportunities; the benefits of our business transformation segregating our renewables business and operations; the renewable diesel margin environment; RIN and low carbon fuel standard credit pricing; availability of the blenders tax credit; renewable feedstock carbon intensity; the ability and any decisions to return converted unit to hydrocarbon processing or install additional reactor following renewable conversion; cash flows from our renewable diesel projects; sensitivities for our renewables initiatives, including impacts thereof on cash flow; capital and turnaround expenses and timing therefor, including for our renewables initiatives; global and domestic nitrogen fertilizer supply, demand and consumption; farmer economics and cost structure; impact of fertilizer on yields; European nitrogen fertilizer production, including curtailments thereof; U.S. imports and exports of nitrogen fertilizer; nitrogen fertilizer pricing, including the drivers thereof; corn demand, stocks, uses, pricing, consumption, production, planting and yield, including the drivers thereof; corn consumption, exports and production drivers; ethanol demand; gasoline and ethanol demand destruction resulting from pandemics, including impact on corn demand and fertilizer consumption; grain and corn pricing; domestic nitrogen fertilizer market conditions, natural gas pricing, including impacts thereof on production; cost advantage of U.S. producers; corn planted acre levels; nitrogen fertilizer application rates; harvest timing; carryout inventories of corn and soybeans; nitrogen fertilizer inventories; export restrictions; corn futures pricing; ability to minimize distribution costs and maximize net back pricing; logistics optionality; sustainability of production; diversification of feedstock at our Coffeyville fertilizer facility, including the economics thereof; access to transportation for our products, including via rail; nitrogen fertilizer capacity, production and utilization rates; feedstock type and cost; sales revenue; maintenance, growth and turnaround spending; budget; EBITDA and adjusted EBITDA; distributions from our 45Q JV; weather conditions, including droughts; product pricing and capacities; impact of our decision not to pursue a spin-off of our nitrogen fertilizer business at this time and the reasons therefor; and other matters.

You are cautioned not to put undue reliance on FLS (including forecasts and projections regarding our future performance) because actual results may vary materially from those expressed or implied as a result of various factors, including, but not limited to those set forth under "Risk Factors" in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other filings with the Securities and Exchange Commission by CVR Energy, Inc. ("CVI") or CVR Partners, LP ("UAN"). These FLS are made only as of the date hereof. Neither CVI nor UAN assume any obligation to, and they expressly disclaim any obligation to, update or revise any FLS, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

Certain financial information in this presentation (including EBITDA and Adjusted EBITDA) are not presentations made in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and use of such terms varies from others in the same industry. Non-GAAP financial measures should not be considered as alternatives to income from continuing operations, income from operations or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Market and Industry Data

The market and industry data included in this presentation is based on a variety of sources, including independent industry publications, government publications and other published independent sources, information obtained from customers, distributors, suppliers, trade and business organizations and publicly available information (including the reports and other information our competitors file with the Securities and Exchange Commission, which we did not participate in preparing and as to which we make no representation), as well as our good faith estimates, which have been derived from management's knowledge and experience in the areas in which our business operates.

Estimates of market size and relative positions in a market are difficult to develop and inherently uncertain. Accordingly, investors should not place undue weight on the industry and market share data presented in this presentation.

Mission and Values

Our mission is to be a top tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company as measured by safe and reliable operations, superior financial performance and profitable growth.

Our core values are driven by our people, inform the way we do business each and every day and enhance our ability to accomplish our mission and related strategic objectives.

Safety - We always put safety first.

The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to safety above all else. If it's not safe, then we don't do it.

Environment - We care for our environment.

Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand our

obligation to the environment and that it's our duty to protect it.

Integrity - We require high business ethics.

We comply with the law and practice sound corporate governance. We only conduct business one way - the right way with integrity.

Corporate Citizenship - We are proud members of the communities where we operate.

We are good neighbors and know that it's a privilege we can't take for granted. We seek to make a positive economic and social impact through our financial donations and contributions of time, knowledge and talent of our employees to the places where we live and work.

Continuous Improvement - We foster accountability under a performance-driven culture.

We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversity and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization.

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Company Overview

Company Highlights

Business Segments

• Founded: 2006
• Headquarters: Sugar Land, TX
• Employees: 1,550+
• Description: CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries, with an increasing focus on the production of renewable biofuels, the energy transition, and lower carbon emissions. CVR Energy has two primary business segments: Petroleum and Nitrogen Fertilizer. Our renewables business is comprised of our Renewable Diesel Unit and Pretreatment Unit at Wynnewood, the results of which are not currently reflected in our reportable segments.1

Petroleum Segment:

• Two strategically located Mid-Continent refineries close to Cushing, Oklahoma. Total nameplate capacity 206,500 bpd.
• Direct access to crude oil and condensate fields in the Anadarko and Arkoma Basins.
• Complementary logistics assets and access to multiple key pipelines provide a variety of price advantaged crude oil supply options - 100% exposure to Brent - WTI differential.
• 98% liquid volume yield and 92% yield of gasoline and distillate.2

Adjusted EBITDA (3)

(3)

(3)

Nitrogen Fertilizer Segment:

• CVR Energy owns the general partner and 37% of the common units of CVR Partners, LP (NYSE: UAN).
• Two strategically located facilities serving the Southern Plains and Corn Belt.
• Primarily engaged in the production of the nitrogen fertilizers ammonia and urea ammonium nitrate (UAN).
• Diverse feedstock exposure through petroleum coke and natural gas.

(1)	Our renewables business does not meet the definition of a reportable segment as defined under Accounting Standards Codification Topic 280.
(2)	Based on total throughputs; for the twelve months ended March 31, 2024.	3
(3)	Adjusted EBITDA, Petroleum Adjusted EBITDA and Nitrogen Fertilizer Adjusted EBITDA are non-GAAP measures. See the appendix for the definitions and reconciliations of these non-GAAP measures to their most directly

comparable GAAP measures.

Strategic Priorities

Focus on EH&S Performance

Preserve Cash Flow

Maintain Balance Sheet & Liquidity

Focus on Crude Oil Quality & Differentials

Grow our

Renewables

Business

Maximize Returns to Investors

Focusing on improvements in Environmental, Health and Safety Maters - Safety is Job #1

Consolidated Tier 1 process safety incidents and environmental events for 2023 declined 21% and 20%, respectively, compared to 2022. Nitrogen Fertilizer Segment achieved a 75% reduction in environmental events year over year and had zero Tier 1 process safety incidents in 2023.

Concentrating capital spending on projects that are critical to safe, reliable operations, with growth projects limited to renewables and high-return projects in refining and fertilizer

Growth capital spending focused on renewables and high-return projects in refining (i.e. Diesel Yield Optimization and Wynnewood HF Acid Replacement) and fertilizer (Electrical and Water Upgrades at Coffeyville). Wynnewood Refinery turnaround completed in March 2024. No additional refining or fertilizer turnarounds planned until 2025.

Positioned to take advantage of potential near-term opportunities

Preserving our strong balance sheet with total liquidity position of $830 million(1) excluding CVR Partners at the end of 1Q 2024. Increased liquidity position by approximately 6% relative to the end of 4Q 2023.

Leveraging our strategic location and proprietary gathering system to deliver high value neat crude oils to our refineries

Gathering volumes in 1Q 2024 averaged approx. 130,000 bpd, an increase of approx. 4,000 bpd from 1Q 2023. Working to further increase volumes and reduce purchases of Cushing WTI. Transportation and product yield advantages from gathered crude oil typically $0.50 - $1.00 per bbl relative to Cushing WTI.

Participating in the energy transition through the production of renewables and reducing the carbon footprint of our operations while reducing our exposure to Renewable Identification Numbers (RINs)

Wynnewood renewable diesel unit (RDU) completed in April 2022. Pretreatment unit (PTU) at Wynnewood completed and began operations in 1Q 2024. Carbon capture and sequestration activities continuing at Coffeyville Fertilizer Facility.

Focusing on free cash flow generation to maximize cash returns to investors

Over the past four quarters CVR Energy's regular and special dividends declared have totaled $4.50 per share, and CVR Partners' distributions declared have totaled $9.29 per common unit. CVR Energy's annualized dividend yield of 6.8%(2) is the highest

among the independent refiners.

(1)	Total liquidity as of March 31, 2024 comprised of $579MM of cash and availability under the CVR Refining ABL of $251MM.	4
(2)	As of 5/08/2024 closing price. Peer group includes: Delek US Holdings, HF Sinclair, Marathon Petroleum, Par Pacific , PBF Energy, Phillips 66 and Valero.

Capital Allocation Strategy

Key Priorities:

• Create long-term value through safe, reliable operations and continuously optimizing core refining, renewables, fertilizer and associated logistics assets;
• Invest in high return projects that are complimentary to existing assets and improve feedstock supply or improve capture rate and product placement;
• Provide above average cash returns to investors through dividends/distributions and buybacks when value added; and
• Protect the balance sheet by maintaining appropriate liquidity, reducing cost of capital and optimizing capital structure.

Non-Discretionary Asset Continuity

Safety, reliability and environmental

compliance are core to CVR's management philosophy

• Approximately $100MM in annual sustaining and regulatory capex, allocated to assets through a continuous assessment process.
• Run-rateannual refining turnaround investment of $75MM over a five-year cycle to maximize asset utilization and reduce downtime exposure.

Discretionary Investment

Strategically invest in asset development and businesses that diversify and enhance core assets

• 30% target IRR for traditional refining organic projects.
• 20% target IRR for renewables-focused investments as these assets typically garner higher multiples.
• Evaluate merger and acquisition activity as opportunities arise that diversify market exposure or offer significant synergy.

Financial Discipline & Investor Returns

Maintain an attractive investment profile by focusing on free cash flow generation for cash returns to stockholders

• Target an above average cash return yield for stockholders and unitholders.
• Repurchase stock/units/debt only when value added.
• Divest non-core or non-revenue generating assets.
• Ensure adequate liquidity to operate the business while returning or investing excess cash.
• Maintain debt levels and capital structure profile in line with or exceeding peer group.

CVR Energy declared a regular dividend of $0.50 per share for 1Q 2024.

Over the past four quarters regular and special dividends declared have totaled $4.50 per share.

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PETROLEUM SEGMENT

Asset Footprint

(1)

1. Included assets owned and leased by CVR.

Mid-Continent Refineries

Nameplate crude oil capacity of 206,500 bpd across two refineries

• 1Q 2024 total throughput of 195,792 bpd, impacted by the planned turnaround at the Wynnewood Refinery
• FY 2023 total throughput of 208,219 bpd; Crude oil capacity utilization of approximately 92%

Average complexity of 10.8

Located in Group 3 of PADD II

Crude Oil Sourcing Optionality

• Refineries are strategically located ~ 100 to 130 miles from Cushing, OK with access to domestic conventional and Canadian crude oils.
• Crude oil pipeline and truck gathering systems with access to production at the wellhead across Kansas, Nebraska, Oklahoma and Missouri.
• Historical space on key pipelines provide a variety of crude oil supply options; Reversed Red River pipeline connecting Wynnewood to Cushing.
• Contracted space on Keystone and Spearhead pipelines for up to 35,000 bpd of Canadian crude oil deliveries.

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Strategically Located Mid-Con Refineries

Multiple Product Sales Outlets

Focused on maximizing refined product netbacks and participating in renewable fuel blending economics and internal generation of RINs whenever possible. For the twelve months ended March 31, 2024:

• Approximately 20% of refined product sales were across
  CVR's refinery racks where we have opportunities to participate in renewable blending economics and internal generation of RINs.
• Approximately 32% of product sales were across Oneok and NuStar racks where we have opportunities to participate in renewable blending economics and capture of RINs at certain locations.
• Approximately 48% of product sales were to the bulk market where we do not participate in renewable blending.

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High-Quality Refining Assets

Consolidated Top Tier Refining Margin (1)

Consolidated Low-Cost Operator(1)

Peer group includes: Delek US Holdings, HF Sinclair, Marathon Petroleum, Par Pacific , PBF Energy, Phillips 66 and Valero.

Consolidated High Utilization Rates

Total Throughput and Production Mix(2)

Total Throughput 208,012 bpd	Total Production 207,011 bpd

1. Refining margin and Direct operating expense based on per barrel of total throughput.
2. Based on total throughputs and production for the twelve months ended March 31, 2024.
3. CVR Energy has contracted pipeline space up to 35,000 bpd but it has historically been more economic to sell heavy crude oils in Cushing, Oklahoma.

(4) Other includes natural gasoline, isobutane, normal butane and gas oil.	9
(5) Other includes pet coke, NGLs, slurry, sulfur and gas oil, and specialty products such as propylene and solvents; excludes internally produced fuels.