CVR Energy : Investor Relations Presentation

Investor Presentation

June 2023

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, energy transition and lower carbon emissions; percentage ownership of 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; strategic priorities including our ability to operate safely, improve EH&S performance, preserve cash, maintain our balance sheet and liquidity, take advantage of 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, participate in the energy transition, reduce our 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, minimize lost profit opportunities, 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 downtime exposure, diversify market driver exposure and core assets, offer synergies, maintain an attractive investment profile, repurchase shares/common units/debt, divest non-core or non-revenue generating assets, maintain debt levels and capital structure profile in line with peers, and manage overhead and SG&A costs; sustaining and regulatory capex levels; availability of merger and acquisition opportunities; timing and amount of our dividends/distributions, if any; 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; access to production; space on and direction of pipelines we utilize; levels of organic growth and renewable- focused investments, including the multiple achievements associated therewith; complexity and quality of our facilities; optionality of our crude oil sourcing and/or marketing network; ability to maximize refined product netbacks; participation in renewable fuel blending economics; 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; 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; the benefits of our business transformation segregating our renewables business and 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 our renewable diesel projects; RIN and low carbon fuel standard credit pricing; availability of the blenders tax credit; capital and turnaround expenses and project timing, including for our renewables initiatives; global and domestic nitrogen supply, demand and consumption; demand for ammonia applications; domestic nitrogen fertilizer supply; U.S. exports of nitrogen fertilizer; nitrogen fertilizer demand and pricing; corn demand, stocks, uses, pricing, consumption, production, planting and yield; carryout inventories of corn and soybeans; impact of corn stocks and pricing on nitrogen fertilizer demand and pricing; corn consumption; corn exports and production drivers; European nitrogen fertilizer production, including curtailments thereof; U.S. imports of nitrogen fertilizer; cost advantage of U.S. producers; nitrogen fertilizer application rates; grain, 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; planted acre levels; logistics optionality; sustainability of production; access to transportation for our products, including via rail; 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; impact of our decision not to pursue a spin-off of our nitrogen fertilizer business at this time and the reasons therefor; 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, the energy transition, and lower carbon emissions. 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. Our renewables business is comprised of our Renewable Diesel Unit at Wynnewood, the results of which are not currently reflected in our reportable segments.1

Petroleum Segment

Fertilizer Segment

	 206,500 bpd of nameplate crude		 CVI owns the general
	oil capacity across 2 strategically			partner and 37% of the
	located Mid-Continent refineries			common units of CVR
	close to Cushing, Oklahoma.			Partners, LP (NYSE: UAN).
	 Direct access to crude oil and			2 strategically located
	condensate fields in the
			facilities serving the
	Anadarko and Arkoma Basins.
			Southern Plains and Corn
	 Complimentary logistics assets
			Belt.
	and access to multiple key			Diverse feedstock exposure
	pipelines provide a variety of
	price advantaged crude oil supply			through petroleum coke and
	options - 100% exposure to WTI-			natural gas.
	Brent differential.			Consistently maintain high
	 97% liquid volume yield & 92%			utilization rates at
			production facilities.
	yield of gasoline and distillate.2
	 Renewable Diesel Unit at
	Wynnewood with production
	capacity of 100 mm gal. per year.
	Pre-treatment unit under
	construction and 65% complete.
(1) Our renewables business does not meet the definition of a reportable segment as defined under Accounting Standards Codification Topic 280.	3
(2) Based on total throughputs; for the twelve months ended March 31, 2023.

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

Minimize Lost Opportunities

Focusing on improvements in Environmental, Health and Safety matters - Safety is Job #1

Recorded no process safety incidents for Petroleum and Fertilizer segments in 1Q2023.

Concentrating capital spending on projects that are critical to safe, reliable operations

Reduced our capital spending on growth projects, with the exception of renewables projects. Completed Coffeyville Refinery turnaround in early April 2023 and our next turnaround is planned for Wynnewood in 2024. No turnarounds planned at fertilizer facilities until 2025.

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

Preserving our strong balance sheet with total liquidity position of $734 million(1) excluding CVR Partners at the end of 1Q 2023. Increased liquidity position by approximately 8% from year end 2022.

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

Gathering volumes in 1Q 2023 averaged approx. 139,000 bpd, which is an increase of 12,000 bpd from 1Q 2022. 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.

Participating in the energy transition through the production of renewables and reducing the carbon footprint of our operations while minimizing our exposure to Renewable Identification Numbers (RINs)

Wynnewood renewable diesel unit (RDU) completed in April 2022. Wynnewood pretreatment unit (PTU) under construction and expected to be completed in 3Q 2023. Continued carbon capture and sequestration activities at our Coffeyville Fertilizer Facility, and recently entered into a JV to claim Section 45Q tax credits, with an initial upfront payment of $18MM received in 1Q 2023.

Minimizing lost profit opportunities and improving capture rates

Total 1Q 2023 lost profit opportunities (LPO) of $7MM down from $29MM in 1Q 2022, with the Fertilizer segment only contributing $0.1MM. $9MM of the 1Q22 LPO was due to external causes, primarily as a result of a third-party outage at Coffeyville fertilizer facility.

(1) Total liquidity as of March 31, 2023 comprised of $480 million of cash and availability under the CVR Refining ABL of $254 million.	4