CVR Energy Inc.

Welcome to the CVR Energy Third Quarter 2025 conference call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President of FP&A and Investor Relations. Thank you, sir. You may begin.

Thank you, Eric. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy third 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 third quarter results, let me remind you that this 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 filings with 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 third quarter earnings release that we filed with the SEC in Form 10-Q for the period and will be discussed during the call. That said, I'll turn the call over to Dave.

Thank you, Richard. Yesterday, we reported third quarter consolidated net income of $401 million and earnings per share of $3.72. EBITDA was $625 million. These results include a $488 million benefit associated with the full and partial small refinery exemptions granted to the Winnie Wood Refining Company for the 2019 through 2024 compliance years, in addition to solid operations and improved market conditions in both our petroleum and fertilizer business. In our petroleum segment, combined total throughput for the third quarter of 2025 was approximately 216,000 barrels per day, for crude processing utilization of 97%. Life product yield was 97% on crude oil process. After working off intermediate inventories built during the coffee bill turnaround earlier this year, we ran at full rates at both refineries in the third quarter with no significant lost opportunities. We do not currently have any additional turnarounds planned in the refining section for the duration of 25 or 26, and we currently expect the next planned turnaround to be at Winneywood Refinery in 2027. Group 3 benchmark cracks averaged $25.97 per barrel for the third quarter of 25, compared to $19.40 per barrel last year. Average RIN prices for the third quarter were approximately $6.33 a barrel nearly 25% of the group 3211 craft. Regarding RFS, after years of fighting for the rights of the Winningwood Refinery Company, that the rights of the Winningwood Refinery Company is entitled to, EPA in August finally ruled on a backlog of 175 outstanding SRE petitions covering the past compliance period that had been pending before it for years. In addition to affirming its Prior grants of the Winnie Wood Refining Company's 2027 and 2028 petitions, EPA granted full waivers for 2019 and 21 and 50% waivers for 2020, 22, and 24. Based on these decisions, we were able to reduce our outstanding RFS obligation on our balance sheet by over 80%. While we continue to believe Winningwood Refinery deserves 100% waivers for every year, we are pleased to have these lingering issues resolved and a large obligation on our balance sheet significantly reduced. For the third quarter of 2025, we processed approximately 19 million gallons of vegetable oil feedstock in our renewable diesel unit at Winningwood. Gross margin was negative by approximately one cent per gallon, for the third quarter compared to a positive $1.09 per gallon for the previous year. The loss of the blender's tax credit and a significant increase in soybean prices this year continue to weigh on the profitability of the renewables business. We did not recognize any of production tax credit benefits in the quarter as we continue to weigh final regulations from the IRS, but we estimate the unbooked production tax credit value would have been approximately 4 million for the third quarter and 9 million year-to-date. As a reminder, we believe that we would have the ability to retroactively claim these credits once regulations are finalized. In the fertilizer segment, the ammonia utilization rate was 95% for the quarter compared to 97% for the third quarter of 2024. Nitrogen fertilizer prices for the third quarter of 2025 were higher for both UAN and ammonia compared to the third quarter of 2024. And fertilizer supplies remain tight around the world, which has been supportive of pricing. Now let me turn the call over to Dane to discuss our financial highlights.