CVR Energy reported record third-quarter results, with higher earnings driven by strong refining performance and record crack spreads. It also said it had reached a definitive agreement to buy Marathon Petroleum’s St. Paul Park and Mandan refineries, along with related marketing and logistics assets, and is targeting a year-end close.
The quarter also brought a large reduction in a regulatory liability tied to the company’s Wynnewood refinery. CVR declared a quarterly dividend, while its nitrogen-fertilizer partnership announced a separate distribution.
Key details
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Earnings rose sharply. Net income attributable to CVR Energy stockholders was $570 million, or $5.67 per diluted share, compared with $374 million, or $3.72 per share, a year earlier. Adjusted earnings were $4.00 per share, up from 40 cents. Adjusted EBITDA increased to $582 million from $180 million.
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Refining was the main source of strength. The petroleum segment reported $746 million in net income, versus $520 million a year earlier, and $565 million in adjusted EBITDA, compared with $120 million. Average throughput rose to 227,637 barrels per day from 215,968. The segment’s adjusted refining margin was $34.97 per throughput barrel, up from $12.87.
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The fertilizer business was affected by planned maintenance. The nitrogen-fertilizer segment posted an $11 million net loss, compared with $43 million in net income a year earlier. Its EBITDA and adjusted EBITDA were $20 million, down from $71 million. Ammonia utilization fell to 80% from 95%, reflecting the planned turnaround at the East Dubuque facility, which was completed in mid-October. Ammonia sales were 36,000 tons, while UAN sales were 327,000 tons.
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CVR removed a $253 million liability. The Environmental Protection Agency granted Wynnewood Refining Company a full waiver for the 2025 compliance period in August, allowing CVR to remove the associated liability from its balance sheet.
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The Marathon acquisition is targeted to close by year-end. The announced transaction covers the St. Paul Park and Mandan refineries and associated marketing and logistics assets. The results announcement did not provide the purchase price or other transaction terms.
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CVR declared a 10-cent-per-share cash dividend for the third quarter of 2026.
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CVR Partners declared a $1.79-per-unit distribution for the quarter. CVR Partners is the company’s nitrogen-fertilizer partnership.
The results show a pronounced contrast between the company’s refining and fertilizer businesses: refining margins and earnings strengthened, while planned maintenance weighed on fertilizer production. The announced refinery purchase would expand CVR’s refining and related marketing footprint if completed; the company said it was seeking to close the deal by year-end.