CVR Energy : Investor Relations Presentation

Investor Presentation

May 2022

Forward-Looking Statements

This presentation contains f orward-looking statements ("FLS") which are protected as FLS und er the PSLRA, and which ar e based on man agement's current expectations and belief s, as well as a number of assumptions concerning f uture ev ents. The assumptions and estimates underly ing FLS are inherently uncertain and are subject to a wide v ariety of signif icant business and economic uncertainties and competitiv e risks that could cause actual results to differ materially f rom those contained in the prospectiv e inf ormation. Accordingly , there can be no assurance CVR Energy, Inc. (together with its subsidiaries, "CVI", "CVR Energy ", "we", "us" or the Company ") will achiev e the f uture results we expect or that actual results will not diff er materially f rom expectations. Statements concerning current estimates, expectations and projections about f uture results, perf ormance, prospects, opportunities, plans, actions and ev ents and other statements, concerns, or matters that are not historical f acts are FLS and include, but are not limited to, statements regarding f uture:

continued saf e and reliable operations; financial perf ormance; prof itable growth; compliance with regulations; increasing f ocus on renewable production; crude oil capacities; strategic v alue of our locations; access to crude oil and condensate fields and price-adv antaged sources; liquid v olume y ields; percentage of ownership in CVR Partners common units and its general partner; f ertilizer segment f eedstock div ersity, costs, and utilization rates; agreements f or UAN production; strategic priorities including our ability to operate saf ely, improv e EH&S perf ormance, preserv e cash, reduce operating and S G&A expenses, maintain our balance sheet and liquidity , take adv antage of market recov ery and potential near term opportunities, deliv er high v alue neat crude oils to our ref ineries, increase crude oil gathering rates, reduce purchases of Cushing WTI, grow our renewable biof uels businesses, reduce the carbon f ootprint of our operations, minimize our RIN exposure through production of renewable biof uels, achiev e RDU production v olumes, construct RDU and pre-treatment units, pursue and secure 45Q tax credits, minimize lost prof it opportunities, and improv e capture rates; transportation and product yield adv antages; timing and cost of our turnarounds; ability to create long term v alue, optimize assets, inv est in high return projects, improv e f eedstock supply and product placement, prov ide abov e av erage cash returns, reduce cost of capital, optimize capital structure, maximize asset utilization and reduce down time exposure, div ersify market driv er exposure and core assets, offer sy nergies, maintain an attractiv e inv estment prof ile, repurchase shares/common units, div est non-core or non-rev enue gene rating assets, maintain debt lev els and capital structure prof ile in line with pee rs and prov ide a high div idend y ield in relation to ref ining peers; sustaining and regulatory capex lev els; av ailability of merger and acquisition opportunities; crude oil capacity and throughput; strategic location of our f acilities; access to production; space on and direction of pipelines we utilize; lev els of organic growth and renewa ble-f ocused inv estments; manuf acture of "blue" hy drogen and ammonia; carbon f ootprint reductions; complexity and quality of our f acilities; optionality of our crude oil sourcing and/or marketing network; crude oil, shale oil and condensate production, quality and pricing (including price adv antages) and our access thereto (including cost of such access) v ia our logistics assets, truck f leet, pipelines or otherwise; impacts of COVID-19 on the Company and product demand; sales of blended products and RIN generation and capture; storage capacity ; product mix; liquid v olume, gasoline and distillate y ields; ref ining margin and cost of operations as compared to peers or otherwise; utilization; throughput and production; economics of crude oil sales

at Cushing,	OK; operating costs; the macro env ironment; mid-continent supply and demand; product inv entories; crack spreads, crude oil diff erentials (including our exposure thereto); renewable v olume
obligations;	our renewa ble biof uels projects including the cost, timing, benef its, capacities, phases, board of director and regulatory approv als, completion, production, processing, capital inv estment recov ery,

f eedstocks, margins, credit capture and RIN impact thereof ; f urther carbon reduction expansion opportunities; rene wable f eedstock supply and integration up the supply chain; plans to restructure our business to segregate our renewable operations; reduction of carbon emissions; exploration of renewable po wer generation and carbon capture opportunities; the renewable diesel margin env ironment; the ability to return conv erted unit to hy drocarbon processing or install additional reactor f ollowing renewa ble conv ersion; cash f lows f rom a renewable diesel project; RIN and low carbon f uel standard credit

pricing; expiration or extension of the blenders tax credit; capital and turnaround	expenses and project timing; global and domestic nitrogen supply , demand and	consumption; demand f or ammonia
applications; tightening of domestic supply ; nitrogen f ertilizer demand and pricing;	corn demand, stocks, uses, pricing, consumption, production, planting and y ield;	impact of corn stocks and pricing on

nitrogen f ertilizer demand and pricing; increase in corn consumption; corn exports and production driv ers; European production curtailments; corn and natural gas pricing, including the impact of the Russia/Ukraine conf lict thereon; export restrictions; gasoline and ethanol demand destruction resulting f rom COVID-19, including impact on corn demand and f ertilizer consumption; domestic nitrogen f ertilizer market conditions, including impacts of inv entories, turnarounds, weather ev ents, and corn and wheat pricing; urea a nd UAN pricing; ability to minimize distribution costs and maximize net back pricing; logistics optionality; rail access and deliv ery points; sustainability of production; access to transportation f or our products, including v ia rail; marketing agreements for UAN production; impact of the Russia/Ukraine conf lict on our business, including nitrogen f ertilizer pricing; production and utilization rates; f eedstock cost; env ironmental and maintenance spending; growth capex proj ects and budget; weather; population growth; amount of arable f armland; biof uel consumption; diet ev olution; product pricing and capacities; and other matters.

Y ou are cautioned not to put undue reliance on FLS (including f orecasts and projections regarding our f uture perf ormance) because actual results may v ary materially from those expressed or implied as a result of v arious factors, including, but not limited to those set f orth under "Risk Factors" in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other f ilings 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 rev ise any FLS, whether as a result of new inf ormation, f uture ev ents or otherwise, except as required by law.

Non-GAAP Financial Measures

Certain f inancial inf ormation in this presentation (including EBITDA, Adjusted EBITDA) are not presentations made in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") and use of such terms v aries f rom others in the same industry . Non-GAAP f inancial measures should not be considered as alternativ es to income f rom continuing operations, income f rom operations or any other perf ormance measures deriv ed in accordance with GAAP. Non-GAA P f inancial measures hav e important limitations as analy tical tools, and y ou should not consider them in isolation or as substitutes f or results as reported under GAAP. This presentation includes a reconciliation of certain non-GAAP f inancial measures to the most directly comparable f inancial measures calculated in accordance with GAAP.

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 define the way we do business every day to accomplish our mission. The foundation of our company is built on these core values. We are responsible to apply our core values in all the decisions we make and actions we take.

Safety - We always put safety first.

The protectionof 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 andminimizing any environmental impact from our operations is essential. We understand

our obligationto the environment andthat it's our duty to protect it.

Integrity - We require high business ethics.

We comply with the law and practice soundcorporate governance. We onlyconduct business one way- the right way with integrity.

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

We are good neighbors andknow that it's a privilege we can't take for granted. We seek to make a positive economic and socialimpact through our financial donations andcontributions 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 a success. We foster accountability under a performance-driven culture that supports

creative thinking, teamwork, diversity and personal development sothat employees can realize their maximum potential. We

use defined work practices for consistency, efficiencyandto create value across the organization.

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Company Overview

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. CVR Energy's Petroleum segment is comprised of two Mid-Continent complex refineries and associated logistics assets, including a significant crude oil gathering business. Our Nitrogen Fertilizer segment is comprised of our ownership of the general partner and approximately 37 percent of the commonunits of CVR Partners, LP.

Petroleum Segment

1. • 206,500 bpd of nameplate crude oil capacity across 2 strategically located Mid-Continent refineries close to Cushing, Oklahoma.
   • Direct access to crude oil and condensate fields in the Anadarko and Arkoma Basins.
   • Complimentary logistics assets and access to multiple key pipelines provide a variety of price advantaged crude oil supply options - 100% exposure to WTI-Brent differential.
   • 97% liquid volume yield & 93% yield of gasoline and distillate.(1)
   • Completed construction of Renewable Diesel Unit at Wynnewood with expected production capacity of 100 mm gal. per year.
2. Based on total throughputs; for the last twelve months ended March 31, 2022

Fertilizer Segment

• CVI owns the general partner and 37% of the common units of CVR Partners, LP (NYSE: UAN).
• 2 strategically located facilities serving the Southern Plains and Corn Belt.
• Diverse feedstock exposure through petroleum coke and natural gas.
• Consistently maintain high utilization rates at production facilities.
• Marketing agreement with LSB Industries Pryor, OK, facility's UAN production.

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Strategic Priorities

Focus on

EH&S

Performance

Preserve Cash Flow

Maintain

Balance

Sheet and

Liquidity

Focus on

Crude Oil

Quality and

Differentials

Grow our

Renewables

Businesses

Continuing to improve in all Environmental, Health and Safety matters - Safety is Job #1

Petroleum Segment had no recordable incidents in 1Q 2022, representing a 100% reduction from 1.7 in 1Q 2021. Fertilizer segment hadno

process safety incidents or recordable incidents and achieved a 50%reduction in environmental events for 1Q 2022 compared to1Q 2021.

Focusing capital spending on projects that are critical to safe and reliable operations

Deferring the majority of our growth capital spending, with the exception of renewablesprojects. Completed Wynnewoodturnaround in early April and planto complete turnarounds at the Coffeyville andEast Dubuque fertilizer facilities in the Summer of 2022.Planto complete a small turnaround at the Coffeyville Refinery in the Spring of 2023.

Positioning to take advantage of market recovery and potential near-term opportunities

Ended 1Q 2022 with total liquidity positionof $755 million(1) excludingCVR Partners. Increased liquidity position by 30% from year end 2021.

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

Gathering volumes in 1Q 2022 averagedapprox. 114,000 bpdwith current rates at approx. 127,000 bpd. Working to further increase volumes and reduce purchases of Cushing WTI. Transportationandproduct yield advantages from gatheredcrude oils typically $ 0.50 - $1.00 per bbl relative to CushingWTI.

Reducing the carbon footprint of our operations and minimizing our exposure to Renewable Identification Numbers (RINs) through production of renewable biofuels

Wynnewood renewable diesel unit (RDU) completedin April2022 andwe are in the process of rampingup production. Construction of

Wynnewood pre-treatment unit (PTU) approvedby the Board and expected to be completedby 2Q 2023. Engineeringdesign underway on

potential CoffeyvilleRDU project. Pursuing 45Q tax credits for carbon capture andsequestrationactivities at Coffeyville fertilizer facility.

Minimize Lost

Opportunities

Minimizing lost profit opportunities and improving capture rates

Total 1Q 2022 lost profit opportunities (LPO) of $29mm down from $53mmin 1Q 2021. $9mm of the 1Q22 LPO and$43mm of the 1Q 2021 LPO was due to externalcauses, primarily as a result of a third-party outage at Coffeyville fertilizer facility for 2022 and primarily

Winter Storm Uri for 2021.

(1) Total liquidity as of March 31, 2022 comprised of $539 million of cash and availability under the ABL of $371 million, less cash included in the borrowing base of $155 million	4