CVR Energy Inc.

Greetings and welcome to the CBR Energy second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone 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 and 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 Second 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 second quarter results, let me remind you that this conference call may contain forward-looking statements if 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 Finances and 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 disposers related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2025 second quarter earnings release that we filed with the SEC and Form 10Q 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 second quarter consolidated net loss of $90 million and a loss per share of $1.14. EBITDA was a loss of $24 million. Although crack spreads increased in the quarter, our results were impacted by an unfavorable mark-to-market impact of our outstanding rent obligation and reduced throughputs following the completion of the planned turnaround at Coffeyville. In our petroleum segment, combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day, with light product yield of 99% on crude oil processed. The planned turnaround at Coffeyville was complete in April, and we ran at a reduced crude rate for most of the quarter as we drew down intermediate inventories built during the turnaround. We resumed full operating rates at Coffeyville in July. and we do not currently have any additional turnarounds planned for the refining segment for the duration of 2025 and 26. We currently expect our next planned turnaround to be at Winniewood in 2027. Group 3-211 benchmark cracks averaged $24.02 per barrel for the second quarter compared to $18.83 per barrel for the second quarter last year. Average RIN prices for the quarter of Second quarter of 2025 were approximately $1.11 on an RVO weighted basis, an increase of over 70% from the prior year period. On a per barrel basis, RINs were approximately $6.08 per barrel, more than 25% of the Group 3 2-1-1 crack spread for the quarter. Regarding the RFS, the Supreme Court ruled on the venue case in the second quarter finding that venue for challenges of EPA's 2022 denial of certain small refinery exemptions lies exclusively in the D.C. Circuit. This ruling should make little difference in our case since the D.C. Circuit, like the Fifth Circuit before it, also held that EPA's denials of small refinery exemptions were arbitrary, capricious, and contrary to law. The comment period for the proposed 2026 and 2027 renewable volume obligation ends in August, and EPA has indicated it intends to rule on the 2024 SRE applications before finalizing the RVOs. In the meantime, we have already filed our 2025 SRE petition, and this will be a true test to see if EPA can finally meet its 90-day statutory deadline to rule on SRE petitions. Given the EPA has indicated it intends to clear the backlog of outstanding SRE petitions, we are holding back for now on filing additional lawsuits against EPA, though we will be prepared to respond to rapidly respond if appropriate. We remain hopeful under President Trump's leadership, EPA will see The critical role small refineries like ours plays in supporting rural communities across America and exactly why Congress included a small refinery exemption in the renewable fuels legislation. For the second quarter of 2025, we processed approximately 14 million gallons of vegetable fuel oil in the renewable diesel unit at Winniewood, which was impacted by some unplanned downtime in May. Gross margin was approximately $0.38 per gallon, for the second quarter of 2025 compared to 43 cents per gallon for the second quarter of 2024. As we continue to await for final regulations from the IRS, we did not recognize any PTC benefit in the quarter. As a reminder, we believe we would have the ability to retroactively claim credits once the regulations are finalized. In the fertilizer segment, We had some planned and unplanned downtime at both facilities during the quarter, which resulted in an ammonia utilization rate of 91%. Nitrogen fertilizer prices for the second quarter of 2025 were higher for both UAN and ammonia compared to the second quarter of 2024, and we saw strong demand for both products through the spring planning system. Now let me turn the call over to Dan to discuss our financial highlights.