CVR Energy Inc.

Keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President, Financial Planning and Analysis at Investor Relations. Thank you, sir. You may begin.

Thank you, Christine. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CBR Energy First Quarter 2025 Earnings Call. With me today are Dave Lamp, our Chief Executive Officer, Dane Newman, our Chief Financial Officer, and other members of management. Prior to discussing our 2025 first quarter results, let me remind you that this conference call may contain forward-looking statements, as that term is defined under federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filing to the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law. This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2025 first quarter earnings release that we filed with the SEC in Form 10-Q for the period and will be discussed during the call. With that said, I'll turn the call over to Dave.

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. Yesterday, we reported a first quarter consolidated net loss of $105 million and a loss per share of $1.22. EBITDA was a loss of $61 million. Our results were impacted by the planned turnaround at Coffeyville, the Coffeyville refinery. unplanned events in January, and an unfavorable mark-to-market impact of our outstanding RFS obligation. In our petroleum segment, combined total throughput for the first quarter of 2025 was approximately 125,000 barrels per day, and light product yield was 95% on crude oil processed The planned turnaround at Coffeyville began in late January following an incident at our naphtha hydrotreater during freezing weather conditions. Inefficiencies resulting from the incident, including mobilizing contractors earlier than planned, among other factors, impacted the duration of the turnaround by approximately four weeks. Startup of the refinery is underway, and we currently expect to ramp to full rates over the course of the second quarter as we draw down crude and intermediate inventories. For the duration of 2025 and 26, we do not currently have any additional turnarounds planned in the refining segment, with the next planned turnaround at Winnie Wood scheduled for 2027. Group 3-211 benchmark cracks at average $17.65 per barrel for the first quarter of 2025, compared to $19.55 per barrel for the first quarter of last year. Average RIN prices in the first quarter of 2025 were approximately $0.84 on an RVO-weighted basis, an increase of over 25% from the previous year period. On a per barrel basis, RINs were approximately $4.75 per barrel or more than 25% of the Group 3 2-1-1 crack spread for the quarter. Regarding the RFS, we were pleased with the First Circuit granting the Winningwood Refining Company's unopposed motion to stay its 2023 compliance obligations in March. Also in March, the Supreme Court heard oral arguments on whether the venue whether venue for challenges to the EPA's denial of small refinery exemptions lies exclusively within the D.C. Circuit. Recurrent expect of ruling on the venue case in the second quarter, although the ruling should make little difference in this case since the D.C. Circuit, like the Fifth Circuit before it, also held EPA's denial of small refinery exemptions were arbitrary, capricious, and contrary to the law. The Woody Wood Refinery Company filed its 2024 petition for small refinery exemptions last year, but EPA once again missed its deadline to rule. We urge EPA to meet with us as soon as possible or would be forced to file suit again. At this point, EPA is sitting on Woody Wood's small refinery exemption petitions for 2019, 20, 21, 22, and 23. The prior administration only acted on our 23 petition when it denied it in January for ridiculous and, we think, illegal reasons. The RIN market causes higher prices at the pump for all Americans, which EPA has omitted. As a reminder, we currently estimate the cost of RINs at 10 cents to 15 cents per gallon on all transportation fuels. We believe that EPA should be doing everything it can to keep fuel prices low. At a minimum, EPA should immediately hit the easy button and apply the same alternative compliance strategy it used in 2017 and 2018 for all historical SREs from 2019 to 2024. All these compliance periods are in the past. This harms no one. and could save small refineries from the risk of closure due to the crushing weight of RFS. Despite EPA's continued lack of action, we are encouraged by the administration's statement that they are reassessing their position on SREs. I'm confident that under President Trump's leadership, the EPA will see the critical role small refineries like ours play in supporting rural communities communities across America, exactly why Congress included the small refinery exemptions in the renewable fuels legislation. For the first quarter of 2025, we processed approximately 14 million gallons of vegetable fuel oil in our renewable diesel unit at Winneywood. Gross margin was approximately $1.13 per gallon for the first quarter of 2025, compared to $0.65 per gallon for the first quarter of 2024. The blender's tax credit expired at the end of 2024, and we did not recognize any clean fuel production credits in the quarter as the final rules have not been issued. Despite the loss of the BTC, we generated positive adjusted EBITDA in the renewable section, primarily driven by increased RIN prices and reduced feedstock basis. In the fertilizer segment, Both facilities ran well during the quarter with a consolidated ammonia utilization rate of 101%. Nitrogen fertilizer prices in the first quarter of 2025 were higher for ammonia and slightly lower for UAN compared to the first quarter of 2024. And we continue to see strong demand for both products as we head into the spring planting season. Now let me turn the call over to Dane to discuss our financial highlights.