Icahn Enterprises L.P.

Our investment in the funds was $4 billion as of September 30, 2020. Now to our energy segment. For Q3 2020, our energy segment reported net sales of $1 billion and consolidated adjusted EBITDA of a loss of $39 million compared to net sales of $1.6 billion and consolidated adjusted EBITDA of $235 million for the prior year period. The Q3 2020 EBITDA loss includes a loss of $65 million related to CVR's investment in DELIC. Q3 2020 combined total throughput was approximately 201,000 barrels per day compared to approximately 222,000 barrels per day for Q3 2019. This decrease was primarily attributable to a change in the crude slate towards maximizing light crude and weather-related power issues. Refining margin per throughput barrel was $5.47 in the third quarter of 2020 compared to $16.34 during the same period in 2019. The refining margin was significantly impacted by narrow crack spreads and tight crude differentials as low air travel continues to force excess jet fuel into the diesel fuel market, resulting in low diesel prices. CVR Partners reported Q3 2020 EBITDA of $15 million compared to $11 million in Q3 2019. While UAN volumes increased 7%, UAN prices were down 23% due to low natural gas prices. CVR Energy did not declare a dividend this quarter, as it evaluates various investment opportunities, including renewable diesel. Now turning to our automotive segment. Q3 2020 net sales and service revenues for Icon Automotive Group were $660 million, down $84 million from the prior year period, with $48 million of the decline related to store closures and the remainder primarily related to the sales slowdown due to COVID-19. Q3 2020 adjusted EBITDA, which excludes losses associated with closed stores, was $6 million, compared to a loss of $23 million in the prior period. Icon Automotive continues to push forward with a multi-year transformation plan to restructure the operations and improve profitability. Icon Auto accelerated closures of certain parts stores, adjusted store hours, and staffing to match reduced demand, implemented significant cost savings measures, and reduced capital spending to minimum levels. All these initiatives helped IconAuto offset the impact of significant sales decline and position the company for profitability as sales return. Now turning to our food packaging segment. Q3 2020 net sales increased by $7 million, or 7%, and consolidated adjusted EBITDA was $15 million compared to $12 million in the prior year period. Net sales increased due to increases in both volume and price. Demand for Viscase casing products remained strong and steady, with increased global demand related to the COVID-19 pandemic. In October 2020, Viscase completed an equity private placement with IEP for $100 million. This case also entered into a credit agreement providing for a $150 million term loan and a $30 million revolving credit facility. The proceeds from the new term loan plus the equity private placement were used to repay in full the existing term loan. And now to our metal segment. Q3 2020 net sales increased by $1 million and adjusted EBITDA increased by $6 million compared to the prior year. Volumes and prices have recovered from the low point in Q2, contributing to a return of profitability. And now to our real estate segment. Q3 2020 net operating revenues decreased by $7 million compared to the prior year. Adjusted EBITDA for the quarter decreased by $2 million compared to the prior year period. Revenue from our real estate operations for both Q3 2020 and Q3 2019 were substantially derived from income from the sales of residential units and rental operations. Now turning to our home fashion segment. Q3 2020 net sales increased by $2 million compared to the comparable prior year period. Sales to hospitality customers were down significantly but were offset by strong sales of face masks. West Point achieved adjusted EBITDA of $4 million in Q3 compared to a loss of $2 million in the prior year period. Sales of higher margin face masks and cost cutting were the primary drivers of increased profitability. Now I will discuss our liquidity position. We maintain ample liquidity at the holding company, and at each of our operating subs to take advantage of attractive opportunities. We ended Q3 2020 cash, cash equivalents, our investment in the investment fund, and revolver availability totaling approximately $6.5 billion. Our subsidiaries have approximately $775 million of cash and $591 million of of undrawn credit facilities to enable them to take advantage of attractive opportunities. In summary, we continue to focus on building asset value and maintaining ample liquidity to enable us to capitalize on opportunities within and outside of our existing operating segments. Thank you. Operator, can you please open the call for questions, please?

Thank you. As a reminder, to ask a question, you'll need to press star 1 on your telephone. To withdraw your question, press the pound key. Please stand by as we compile the Q&A roster. Our first question comes from Dan Fenn with Jefferies. You may proceed with your question.

Hey, good morning. Thanks for taking the question. So first is just on the new agreement in terms of the succession planning and Thinking about the team coming over, you mentioned multiple investment professionals. I guess you could just put some numbers around that, and will there be any changes in terms of the AUM that's coming with them or thoughts around potentially looking at raising external capital or any just kind of shifts in terms of the mandate of what you guys are currently doing across the current hedge fund?