CVR Energy Posts $73M Q4 Petroleum EBITDA Despite $90M RIN Expense
In Q4, CVR Energy’s petroleum segment delivered a $9.92/barrel margin at 44% capture, and adjusted EBITDA rose to $73M from $9M despite a $90M net RIN expense. It posted a $110M net loss (adjusted loss per share $0.80) after Coffeyville fertilizer faced three-week downtime and guided $200–240M 2026 capital spending.
1. Fourth-Quarter Financial Results
CVR Energy reported a realized petroleum margin of $9.92 per barrel with a $90M net RIN expense, resulting in adjusted EBITDA of $91M and a GAAP net loss of $110M (adjusted loss per share $0.80). The quarter included a $39M unfavorable inventory valuation impact and $9M of RFS liability changes.
2. Segment Performance
The petroleum segment’s adjusted EBITDA jumped to $73M from $9M year-over-year on stronger crack spreads and throughput. Fertilizer EBITDA declined to $20M after Coffeyville faced three weeks of startup issues at a third-party air separation plant, and renewable diesel operations ceased, reverting the unit to hydrocarbon processing with breakeven results.
3. Balance Sheet Actions and Guidance
After year-end, the company raised $1B through senior notes maturing in 2031 and 2034 to repay term loans and redeem existing debt, and upsized its asset-based lending facility to $550M, extended to 2031. CVR Energy forecasts 2026 capital spending of $200M–$240M, with $15M–$20M for petroleum turnarounds and $75M–$90M in growth projects.
4. Strategic Outlook
CEO Mark Pytosh outlined priorities of safe, reliable operations, improved margin capture through commercial optimization, and disciplined M&A in refining and fertilizer. He introduced Travis Capps as Chief Commercial Officer and plans to fund peak spending on the Wynnewood alkylation project from CVR Partners’ cash reserves.