CVR能源 2025年度报告

Mission & Values Mission To be a top-tier North American petroleum refining and nitrogen-based fertilizerCompany as measured by safeand reliable operations, superior financial performance and profitable growth. Values Our coreValues define the way we do business every day to accomplish ourMission. The foundation ofourCompany is built on these core Values. We are responsible to apply our core Values in all thedecisions we make and actions we take. SafetyWe always put safety first. The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to safety above allelse. If it’s not safe, then we don’t do it. EnvironmentWe care for our environment. Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand our obligation tothe environment and that it’s our duty to protect it. IntegrityWe 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 CitizenshipWe 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 positiveeconomic and social impact through our financial donations and the contributions of time,knowledge and talent of our employees to the places where we live and work. Continuous ImprovementWe believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversityand personal development so that employees can realize their maximum potential.We use defined work practices for consistency, efficiency and to create value acrossthe organization. At CVR, our people provide the energy behind our coreValues to achieve excellence forallour key stakeholders—employees, communities, customers and shareholders. DEAR STOCKHOLDERS A MESSAGE FROM MARK PYTOSH Recent geopolitical events have reminded us of the critical issues that drive our petroleum andnitrogen fertilizer businesses: 1.Abundance and Security of Energy and Food;2.Affordability of Energy and Food; and3.Raising the Standard of Living for the Human Population. Disruptionscaused by these significant geopolitical events increase demand for our twobusinesses due to interruptions in production and logistics in various regions around the world.We have quickly and efficiently responded to changing market needs through our unwaveringcommitment to safe, reliable operations, which has allowed us to overcome logistical challengesand focus on delivering products to our customers at the lowest cost possible. Moving forward, wewill remain flexible in addressing the geopolitical impacts on refining and fertilizer markets andserving our customers in the most effective way possible. Following this letter, you will find CVR Energy’s 2025 Annual Report on Form 10-K. In 2025,we focused on safe, reliable operations and creating value for our stockholders. For the full-year2025, CVR Energy reported net income attributable to stockholders of $27 million and EBITDAof $591 million. Highlights of the year included the removal of $488 million in liability from ourbalance sheet as a result of EPA’s August 2025 decision granting full or partial waivers forWynnewood Refining Company, LLC for certain historical periods. We also continued to makeprogress on our deleveraging strategy by paying down 50 percent of the balance of the Term Loanissued in December 2024 as part of our commitment to returning our balance sheet to targetedleverage levels. Operationally in 2025, we completed a major planned turnaround at the Coffeyville refinery andreverted the Renewable Diesel Unit at the Wynnewood refinery back to hydrocarbon processingservice. For 2026, our capital spending plan reflects an effort to focus spending in the Petroleumsegment to support safe, reliable operations while selectively investing in targeted growth projects.We also have a number of commercial efforts underway to focus on raising our margin capturerate by lowering our feedstock costs, increasing optionality and improving the netbacks we receivefor our products. In our Nitrogen Fertilizer Segment, we reduced our Company Total Recordable Incident Rate bymore than two-thirds in 2025 and continued to operate our facilities reliably during the year,achieving a combined ammonia utilization rate of 88 percent. While we had planned downtime forour Coffeyville turnaround that was largely completed on time, our utilization rate was negativelyimpacted by additional downtime outside of our control. For 2026, we remain diligently focusedon efforts to return to the industry-leading utilization we have achieved in the past. We werepleased to continue to return cash to unitholders, declaring cumulative cash distributions of $10.54per common unit for 2025. In addition, we continued to execute certain debottlenecking project