CVR Energy : Investor Relations Presentation

Investor Presentation

November 2022

Forward-Looking Statements

This presentation contains forward-looking statements ("FLS") which are protected as FLS under the PSLRA, and which are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. The assumptions and estimates underlying FLS are inherently uncertain and are subject to a wide variety of significant business and economic uncertainties and competitive risks that could cause actual results to differ materially from those contained in the prospective information. Accordingly, there can be no assurance CVR Energy, Inc. (together with its subsidiaries, "CVI", "CVR Energy", "we", "us" or the Company") will achieve the future results we expect or that actual results will not differ materially from expectations. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are FLS and include, but are not limited to, statements regarding future:

continued safe and reliable operations; financial performance; profitable growth; compliance with regulations; ability to minimize environmental impacts; increasing focus on renewable production; percentage of ownership in CVR Partners common units and its general partner; crude oil capacities; strategic value of our locations; access to crude oil and condensate fields and price-advantaged sources; liquid volume yields; fertilizer segment feedstock diversity, costs, and utilization rates; agreements for UAN production; strategic priorities including our ability to operate safely, improve EH&S performance, preserve cash, maintain our balance sheet and liquidity, take advantage of strong market conditions and potential near term opportunities, deliver high value neat crude oils to our refineries, increase crude oil gathering rates, reduce purchases of Cushing WTI, realize transportation and product yield advantages, grow our renewable biofuels businesses, reduce the carbon footprint, minimize our RIN exposure through production of renewable biofuels, achieve RDU production volumes, construct pre-treatment units, pursue and secure 45Q tax credits, and maximize shareholder return; market conditions; timing and cost of our turnarounds; ability to create long term value, optimize assets, invest in high return projects, improve feedstock supply and product placement, provide above average cash returns, reduce cost of capital, optimize capital structure, maximize asset utilization and reduce down time exposure, diversify market driver exposure and core assets, offer synergies, maintain an attractive investment profile, repurchase shares/common units, divest non-core or non-revenue generating assets, maintain debt levels and capital structure profile in line with peers, manage overhead and SG&A costs, and provide a high dividend yield; sustaining and regulatory capex levels; availability of merger and acquisition opportunities; completion of construction of a renewable feedstock pretreater; conversion of hydrotreater at our Coffeyville facility to renewable service; manufacture of "blue" hydrogen and ammonia; carbon footprint reductions; crude oil capacity and throughput; strategic location of our facilities; access to production; space on and direction of pipelines we utilize; levels of organic growth and renewable-focused investments; complexity and quality of our facilities; optionality of our crude oil sourcing and/or marketing network; crude oil, shale oil and condensate production, quality and pricing (including price advantages) and our access thereto (including cost of such access) via our logistics assets, truck fleet, pipelines or otherwise; sales of blended products and RIN generation and capture; storage capacity; product mix; liquid volume, gasoline and distillate yields; refining 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 environment; mid-continent supply and demand; product inventories; crack spreads, crude oil differentials (including our exposure thereto); renewable volume obligations; our renewable biofuels projects including the cost, timing, benefits, capacities, phases, board of director and regulatory approvals, completion, production, processing, capital investment recovery, feedstocks, margins, credit capture and RIN impact thereof; further carbon reduction expansion opportunities; renewable feedstock supply and integration up the supply chain; plans to restructure our business to segregate our renewable operations; reduction of carbon emissions; exploration of renewable power generation and carbon capture opportunities; the renewable diesel margin environment; the ability to return converted unit to hydrocarbon processing or install additional reactor following renewable conversion; cash flows from a renewable diesel project; RIN and low carbon fuel standard credit pricing; expiration of the blenders tax credit; capital and turnaround expenses and project timing; global and domestic nitrogen supply, demand and consumption; demand for ammonia applications; tightening of domestic supply; U.S. exports of nitrogen fertilizer; nitrogen fertilizer demand and pricing; corn demand, stocks, uses, pricing, consumption, production, planting and yield; impact of corn stocks and pricing on nitrogen fertilizer demand and pricing; increase in corn consumption; corn exports and production drivers; European production curtailments; corn and natural gas pricing, including the impact of the Russia/Ukraine conflict thereon; export restrictions; gasoline and ethanol demand destruction resulting from COVID-19, including impact on corn demand and fertilizer consumption; domestic nitrogen fertilizer market conditions, including impacts of inventories, turnarounds, weather events, and corn and wheat pricing; urea and UAN pricing; ability to minimize distribution costs and maximize net back pricing; logistics optionality; rail access and delivery points; sustainability of production; access to transportation for our products, including via rail; marketing agreements for UAN production; impact of the Russia/Ukraine conflict on our business, including nitrogen fertilizer pricing; production and utilization rates; feedstock cost; environmental and maintenance spending; growth capex projects and budget; weather; biofuel consumption; product pricing and capacities; timing and amount of our dividends/distributions, if any; and other matters.

You are cautioned not to put undue reliance on FLS (including forecasts and projections regarding our future performance) because actual results may vary materially from those expressed or implied as a

result of various factors, including, but not limited to those set forth under "Risk Factors" in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other filings 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 revise any FLS, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

Certain financial information 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 varies from others in the same industry. Non-GAAP financial measures should not be considered as alternatives to income from continuing operations, income from operations or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures to the most directly comparable financial 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 protection of 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 and minimizing any environmental impact from our operations is essential. We understand

our obligation to the environment and that it's our duty to protect it.

Integrity - We 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 Citizenship - We 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 positive economic and social impact through our financial donations and contributions 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 so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to 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 common units 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 September 30, 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.

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Strategic Priorities

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

Focus on

EH&S	Petroleum Segment experienced a 57%, 36%, and 20% reduction in recordable incident rate, environmental events and process safety
incident rate, respectively, compared to YTD 2021. Fertilizer segment had no process safety incidents and achieved a 79% reduction in
Performance
recordable incident rate for YTD 2022 compared to YTD 2021.
	Focusing capital spending on projects that are critical to safe and reliable operations

Preserve

Cash Flow

Maintain

Balance

Sheet and

Liquidity

Focus on Crude Oil Quality and Differentials

Grow our

Renewables

Businesses

Maximize

Shareholder

Returns

Deferring the majority of our growth capital spending, with the exception of renewables projects. Completed Wynnewood Refinery turnaround in early April 2022 and completed turnarounds at the Coffeyville and East Dubuque fertilizer facilities in August and September 2022, respectively. Plan to complete a small turnaround at the Coffeyville Refinery in the Spring of 2023.

Positioned to take advantage of strong market conditions and potential near-term opportunities

Ended 3Q 2022 with total liquidity position of $746 million(1) excluding CVR Partners. Increased liquidity position by approximately 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 YTD 2022 averaged approx. 123,000 bpd with current rates at approx. 128,000 bpd which is 9,000 bpd increase from YTD 2021. Working to further increase volumes and reduce purchases of Cushing WTI. Transportation and product yield advantages from gathered crude oils typically $0.50 - $1.00 per bbl relative to Cushing WTI.

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) completed in April 2022 and ramping toward production capacity. Construction of Wynnewood pre-treatment unit (PTU) approved by the Board and expected to be completed by 3Q 2023. Engineering design underway on potential Coffeyville RDU project. Pursuing 45Q tax credits for carbon capture and sequestration activities at Coffeyville fertilizer facility.

Maximizing shareholder returns through cash distributions amid strong market conditions

Declared total regular dividends of $1.20/share and special dividends of $3.60/share for YTD 2022, representing a total cash return yield of over 12% based on the CVI closing price on November 16, 2022.

(1) Total liquidity as of September 30, 2022 comprised of $499 million of cash and availability under the ABL of $247 million.	4