CVR Energy 2Q26 Flash: Upside Print Driven by Higher Refining and Fertilizer Results

Research evidence excerpt

CVR Energy 2Q26 Flash: Upside Print Driven by Higher Refining and Fertilizer Results

J P M O R G A N North America Equity Research

29 July 2026

CVR Energy Underweight

CVI, CVI US

2Q26 Flash: Upside Print Driven by Higher Refining and Price (29 Jul 26):$34.62

Fertilizer Results

Oil & Gas Exploration & Production

JPM View. CVI reported adjusted EBITDA of $209 MM, which was above JPMe Arun Jayaram AC

at $192 MM and the STe at $188 MM. Adjusted EPS of $0.34 was above JPMe/STe (1-212) 622-8541

estimates at $0.20/$0.07. The beat vs our model was driven by both refining and arun.jayaram@jpmchase.com

fertilizer, while the corporate charge was modestly above our estimate. CVI Kartikey H Pandey

announced a 10c/sh dividend for 2Q26, while CVR Partners declared a $6.08/unit (1-212) 622-5006

distribution. CVI highlighted strong operating results, with crude utilization of kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

98% and ammonia utilization of 99%, and noted that it remains focused on

pursuing accretive growth, reducing leverage and adding value for shareholders. In

the Nitrogen segment, the planned East Dubuque fertilizer facility turnaround is

expected to begin in August, during which CVI plans to complete a brownfield

ammonia expansion expected to increase production capacity by approximately

5%.

Refining EBITDA of $106 MM compared to JPMe at $97 MM. CVI reported an

adjusted gross refining margin at $12.43/bbl, vs JPMe at $12.09/bbl, and an opex

of $5.93/bbl, vs JPMe at $5.98/bbl. Throughput of 213 Mb/d was ahead of JPMe

at 211 Mb/d, the STe 211 Mb/d, and near the high-end of CVI’s 2Q guide of 200-

215 Mb/d. CVI processed ~19 Mb/d of Canadian crude during 2Q which was above

the 17 Mb/d it processed in 1Q. In Fertilizer, adjusted EBITDA of $107 MM was