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CVR Energy Inc.
4/30/2026
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the first quarter 2026 CVR Energy, Inc. Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. We ask that you please limit your questions to one and one follow-up. I'd now like to turn the conference over to Richard Roberts, Vice President of FP&A and Investor Relations. Please go ahead.
Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy First Quarter 2026 Earnings Call. With me today are Mark Pytosh, our Chief Executive Officer, Dane Newman, our Chief Financial Officer, Mike Wright, our Chief Operating Officer, Travis Capps, our Chief Commercial Officer, and other members of management. Prior to discussing our 2026 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 filings with the Securities and Exchange Commission and in our way to 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 disposures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2026 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 Mark.
Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. In the first quarter, our operations performed well with crude utilization of 97% and ammonia plant utilization of 103%. Major geopolitical events drove volatility in energy and fertilizer markets, which have set up attractive market opportunities for the balance of 2026. Given the disruptions in global supply chains with loss of production and lack of product movement for refined products and fertilizer, CVR Energy is well positioned to improve our margin capture for the balance of the year. We're pleased to announce the first quarter of 2026 dividend of 10 cents per share, and we believe our prospects should allow for balanced debt reduction and capital returns to shareholders as we move forward. Now, let me turn the call over to Dane to discuss our financial highlights.
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