Icahn Enterprises is a diversified holding company structured as an MLP, controlled by Carl Icahn, who owns approximately 86% of outstanding depositary units. The company's core activity is activist investing — taking concentrated positions in undervalued public companies, then pushing for operational or governance changes to unlock value through board representation, proxy contests, or management replacement. The Investment segment manages private funds using IEP's and the Icahn family's proprietary capital (no outside investors), with current positions including AEP, EchoStar, IFF, Centuri, and Caesars. Beyond investing, IEP owns a portfolio of operating subsidiaries, most of which originated as investment positions. The Energy segment, conducted through roughly 70%-owned CVR Energy, accounts for the large majority of consolidated revenues and operates two petroleum refineries in Kansas and Oklahoma with combined capacity of approximately 206,500 barrels per day; CVR also runs a nitrogen fertilizer business through CVR Partners. The Automotive segment operates auto repair and maintenance service centers, currently in a turnaround phase after closing underperforming locations and investing in renovations. Smaller subsidiaries include Viskase (processed meat casings), WestPoint Home (home textiles), a real estate portfolio, and Vivus (specialty pharma). IEP pays a quarterly cash distribution to unitholders and maintains a large liquidity buffer to fund distributions, service corporate debt, and pursue new acquisitions.