CVR Energy is a holding company with two core businesses: petroleum refining and nitrogen fertilizer manufacturing. CVR operates two mid-continent refineries — Coffeyville in Kansas (132,000 bpd capacity) and Wynnewood in Oklahoma (74,500 bpd capacity) — processing crude oil into gasoline, diesel, and jet fuel, sold to retailers, railroads, farm cooperatives, and other customers in the Group 3 PADD II region. Refining is a margin business: CVR buys crude, refines it, and earns the spread between product prices and crude costs. CVR's key structural advantage is an extensive crude gathering system that sources the majority of both refineries' crude locally, reducing transportation costs. A key cost headwind is the federal Renewable Fuel Standard, which requires CVR to purchase RINs on the open market, a cost that has averaged roughly 20-25% of the Group 3 crack spread. CVR's nitrogen fertilizer business is run through CVR Partners, a publicly traded subsidiary in which CVR holds roughly a 37% stake. CVR Partners operates two fertilizer plants — Coffeyville, Kansas and East Dubuque, Illinois — producing ammonia and UAN sold to agricultural customers across the U.S. Corn Belt. CVR Energy receives cash from this business primarily as quarterly distributions from CVR Partners. CVR also operated a renewable diesel unit at Wynnewood, but shut it down in late 2025 after sustained losses. CVR's near-term priorities are paying down debt taken on in 2024 and reinstating its quarterly dividend.