0001376139-23-000054 | 10-Q | XBRL Viewer

Inventories

9 Months Ended

Sep. 30, 2023

(3) Inventories

Inventories consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Finished goods	$	278	$	297
Raw materials	214		206
In-process inventories	25		35
Parts, supplies and other	93		86
Total inventories	$	610	$	624

Derivative Financial Instruments and Fair Value Measurements - Schedule of Realized and Unrealized Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain on derivatives, net	$ (106)	$ 23	$ (65)	$ (43)
Forwards
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain on derivatives, net	3	13	13	18
Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain on derivatives, net	(98)	(1)	(69)	(48)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total (loss) gain on derivatives, net	$ (11)	$ 11	$ (9)	$ (13)

Leases - Lease Terms and Discount Rates (Details)	Sep. 30, 2023	Dec. 31, 2022
Weighted-average remaining lease term
Operating Leases	3 years 10 months 24 days	4 years 1 month 6 days
Finance Leases	5 years 6 months	6 years 3 months 18 days
Weighted-average discount rate
Operating Leases	5.60%	5.20%
Finance Leases	9.00%	9.00%

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Related Party Transactions

Activity associated with the Company’s related party arrangements for the three and nine months ended September 30, 2023 and 2022 is summarized below:

Related Party Activity


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Sales to related parties:
CVRP JV CO Contract (1)	$	1	$	—	$	3	$	—
Purchases from related parties:
Enable Joint Venture Transportation Agreement	3		3		9		7
Midway Joint Venture Agreement (2)	6		6		17		16
Payments:
Dividends (3)	107		214		178		242

(1)Sales to related parties, included in Net sales in our condensed consolidated financial statements, consists of CO sales to a CVRP JV subsidiary.

(2)Purchases from related parties, included in Cost of materials and other in our condensed consolidated financial statements, represents reimbursements for crude oil transportation services incurred on the Midway JV through Vitol as the intermediary purchasing agent.

(3)See below for a summary of the dividends paid to IEP during the nine months ended September 30, 2023 and year ended December 31, 2022.

Summary of Dividends Paid

The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2023 and 2022 (amounts presented in table below may not add to totals presented due to rounding):


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total
2022 - 4th Quarter	March 13, 2023	$	0.50	$	15	$	36	$	50
2023 - 1st Quarter	May 22, 2023	0.50		15		36		50
2023 - 2nd Quarter	August 21, 2023	0.50		15		36		50
Total 2023 quarterly dividends		$	1.50	$	44	$	107	$	151


				Special Dividends Paid (in millions)
Related Period	Date Paid	Special Dividends Per Share		Public Stockholders		IEP		Total


2023 - 2nd Quarter	August 21, 2023	$	1.00	$	29	$	71	$	101


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total

2022 - 1st Quarter	May 23, 2022	$	0.40	$	12	$	28	$	40
2022 - 2nd Quarter	August 22, 2022	0.40		12		28		40
2022 - 3rd Quarter	November 21, 2022	0.40		12		28		40
Total 2022 quarterly dividends		$	1.20	$	35	$	85	$	121


				Special Dividends Paid (in millions)
Related Period	Date Paid	Special Dividends Per Share		Public Stockholders		IEP		Total
2022 - 2nd Quarter	August 22, 2022	$	2.60	$	76	$	185	$	261
2022 - 3rd Quarter	November 21, 2022	1.00		29		71		101
Total 2022 special dividends		$	3.60	$	106	$	256	$	362

Summary of Distributions Paid

The following tables

present quarterly distributions paid by CVR Partners to its unitholders, including amounts received by the Company, during 2023 and 2022 (amounts presented in tables below may not add to totals presented due to rounding):



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2022 - 4th Quarter	March 13, 2023	$	10.50	$	70	$	41	$	111
2023 - 1st Quarter	May 22, 2023	10.43		70		41		110
2023 - 2nd Quarter	August 21, 2023	4.14		28		16		44

Total 2023 quarterly distributions		$	25.07	$	168	$	98	$	265



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2021 - 4th Quarter	March 14, 2022	$	5.24	$	36	$	20	$	56
2022 - 1st Quarter	May 23, 2022	2.26		15		9		24
2022 - 2nd Quarter	August 22, 2022	10.05		67		39		106
2022 - 3rd Quarter	November 21, 2022	1.77		12		7		19
Total 2022 quarterly distributions		$	19.32	$	130	$	75	$	205

Equity Method Investments

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

(5) Equity Method Investments

In January 2023, CVR Partners and its subsidiary, Coffeyville Resources Nitrogen Fertilizer, LLC (“CRNF”), entered into a series of agreements with CapturePoint LLC, an unaffiliated Texas limited liability company, and certain unaffiliated third-party investors intended to qualify under the Internal Revenue Service (“IRS”) safe harbor described in Revenue Procedure 2020-12 for certain joint ventures that are eligible to claim certain tax credits available to joint ventures under Section 45Q of the Internal Revenue Code of 1986, as amended (“Section 45Q Credits”) and allow us to monetize Section 45Q Credits we

expect to generate from January 6, 2023 until March 31, 2030 (the “45Q Transaction”). Among other items, the 45Q Transaction resulted in the creation of CVR-CapturePoint Parent LLC, which was accounted for by CVR Partners as an equity-method investment.

We have the following investments which have applied the equity method of accounting and are presented within Other long-term assets on our condensed consolidated financial statements:

•CVR-CapturePoint Parent, LLC (“CVRP JV”) - Through our subsidiaries, and in connection with the 45Q Transaction, we received a 50% interest in CVRP JV in connection with a modification to a carbon oxide contract (“CO Contract”) with a customer. We applied the VIE model under FASB ASC Topic 810, Consolidation, to our variable interest in CVRP JV and determined that CVRP JV is a VIE. While we concluded we are not the primary beneficiary of CVRP JV, we do have significant influence over CVRP JV’s operating and financial policies and, therefore, applied the equity method of accounting for our investment in CVRP JV.

We deferred the recognition of the noncash consideration received and expect to recognize such revenue as the performance obligation associated with the CO Contract is satisfied. Refer to Note 9 (“Revenue”) for further discussion. We have elected to record our share of the earnings or loss of CVRP JV one quarter in arrears. Distributions received from CVRP JV will reduce our equity method investment and will be recorded in the period in which they are received.

•Enable South Central Pipeline, LLC (“Enable JV”) - Through our subsidiaries, we own a 40% interest in Enable JV, which operates a 12-inch 26-mile crude oil pipeline with a capacity of approximately 20,000 barrels per day that is connected to the Wynnewood Refinery. The remaining interest in Enable JV is owned by a subsidiary of Energy Transfer LP, which also serves as the operator of the pipeline owned by the Enable JV.

•Midway Pipeline, LLC (“Midway JV”) - Through our subsidiaries, we own a 50% interest in Midway JV, which operates a 16-inch 99-mile crude oil pipeline with a capacity of approximately 131,000 barrels per day which connects the Coffeyville Refinery to the Cushing, Oklahoma oil hub. The remaining interest in Midway JV is owned by Plains Pipeline, L.P.


(in millions)	CVRP JV		Enable JV		Midway JV		Total
Balance at December 31, 2022	$	—	$	5	$	71	$	76
CVRP JV inception	46		—		—		46

Cash distributions (1)	(19)		(1)		(2)		(22)
Equity income	—		1		2		3
Balance at March 31, 2023	27		5		71		103
Cash distributions	(1)		(1)		(2)		(4)
Equity income	—		1		2		3
Balance at June 30, 2023	26		5		71		102
Cash distributions	(1)		(1)		(2)		(4)
Equity income	—		1		2		3
Balance at September 30, 2023	$	25	$	5	$	71	$	101

(1)Of the CVRP JV amount, approximately $1 million related to incremental costs associated with obtaining the CO Contract were capitalized and included in Prepaid expenses and other current assets and Other long-term assets in our condensed consolidated financial statements.

Derivative Financial Instruments and Fair Value Measurements - Outstanding Positions Held (Details) - MBbls MBbls in Thousands	Sep. 30, 2023	Dec. 31, 2022
Forwards \| Crude \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	123
Forwards \| Crude \| Purchase Commitments
Derivative [Line Items]
Outstanding notional buy (sell) positions		373
Swaps \| NYMEX Diesel Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	6,825	0
Swaps \| NYMEX RBOB Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	2,025	0
Swaps \| NYMEX 2-1-1 Cracks \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	4,530	0
Futures \| Crude \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	50	150
Futures \| ULSD \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	0	215
Futures \| Soybean \| Sell Position
Derivative [Line Items]
Outstanding notional buy (sell) positions	0	109

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(2) Basis of Presentation The accompanying condensed consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from the condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2022 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity (“VIE”). In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Company for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. The condensed consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2023 or any other interim or annual period.

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 278	$ 297
Raw materials	214	206
In-process inventories	25	35
Parts, supplies and other	93	86
Total inventories	$ 610	$ 624

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended
	Sep. 30, 2023 USD ($)	Jul. 31, 2023 petition
Loss Contingencies [Line Items]
Number of petitions EPA denied \| petition		26
Call Option Lawsuits
Loss Contingencies [Line Items]
Indemnity insurance, coverage limit \| $	$ 50

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Less:
Less: Current portion of deferred revenue	$ (39)	$ (48)
Nitrogen Fertilizer Segment
Change in Contract with Customer, Liability [Roll Forward]
Balance at beginning of period	48
Add:
New prepay contracts entered into during the period	44
Noncash consideration received as part of the 45Q Transaction	46
Less:
Revenue recognized that was included in the contract liability balance at the beginning of the period	(46)
Revenue recognized related to contracts entered into during the period	(11)
Revenue recognized related to noncash consideration	(5)
Other changes	(1)
Balance at end of period	74
Less: Current portion of deferred revenue	(39)
Total long-term deferred revenue	$ 35

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

(4) Property, Plant and Equipment

Property, plant and equipment consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Machinery and equipment	$	4,265	$	4,194
Buildings and improvements	87		86
ROU finance leases	81		79
Land and improvements	73		72
Furniture and fixtures	37		37
Construction in progress	215		143
Other	15		15




	4,773		4,626
Less: Accumulated depreciation and amortization	(2,546)		(2,379)
Total property, plant and equipment, net	$	2,227	$	2,247

During the nine months ended September 30, 2023, the Company did not identify the existence of an impairment indicator for our long-lived asset groups as outlined under the FASB ASC Topic 360, Property, Plant, and Equipment. The depreciation and amortization expense related to property, plant and equipment was $59 million and $57 million for the three months ended September 30, 2023 and 2022, respectively, and $165 million and $167 million for the nine months ended September 30, 2023 and 2022, respectively.

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

(6) Leases

Lease Overview

We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer, and corporate operations. Most of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Certain leases also include options to purchase the leased property. Certain of our lease agreements include rental payments, which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements.

Balance Sheet Summary as of September 30, 2023 and December 31, 2022

The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at September 30, 2023 and December 31, 2022:


	September 30, 2023				December 31, 2022
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipeline and storage	$	13	$	18	$	16	$	20
Railcars	9		—		11		—
Real estate and other	16		14		13		15
Lease liability
Pipelines and storage	12		29		16		32
Railcars	9		—		11		—
Real estate and other	15		17		13		16

Lease Expense Summary for the Three and Nine Months Ended September 30, 2023 and 2022

We recognize operating lease expense on a straight-line basis over the lease term within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other and finance lease expense on a straight-line basis over the lease term within Depreciation and amortization. For the three and nine months ended September 30, 2023 and 2022, we recognized lease expense comprised of the following components:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Operating lease expense	$	4	$	4	$	13	$	12
Finance lease expense:
Amortization of ROU asset	1		2		4		5
Interest expense on lease liability	1		1		3		4
Short-term lease expense	3		3		8		7

Lease Terms and Discount Rates

The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities:


	September 30, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term	3.9 years		5.5 years		4.1 years		6.3 years
Weighted-average discount rate	5.6	%	9.0	%	5.2	%	9.0	%

Maturities of Lease Liabilities

The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at September 30, 2023:


(in millions)	Operating Leases		Finance Leases
Remainder of 2023	$	5	$	4
2024	14		11
2025	9		11
2026	7		11
2027	3		10
Thereafter	3		12
Total lease payments	41		59
Less: imputed interest	(5)		(13)
Total lease liability	$	36	$	46

The Company has entered into the following material lease commitments that have not yet commenced:

•On February 21, 2022, CRNF entered into the First Amendment to the On-Site Product Supply Agreement with Messer LLC (“Messer”), which amended the July 31, 2020 On-Site Product Supply Agreement (as amended, the “Messer Agreement”). Under the Messer Agreement, among other obligations, Messer is obligated to supply oxygen and make certain capital improvements during the term of the Messer Agreement, and CRNF is obligated to take as available and pay for oxygen from Messer’s facility. This arrangement for CRNF’s purchase of oxygen from Messer does not meet the definition of a lease under FASB ASC Topic 842, Leases (“Topic 842”), as CRNF does not expect to receive substantially all of the output, which includes oxygen, nitrogen, and compressed air, of Messer’s on-site production from its air separation unit over the life of the Messer Agreement. The Messer Agreement also obligates Messer to install a new oxygen storage vessel, related equipment and infrastructure (“Oxygen Storage Vessel” or “Vessel”) to be used solely by the Coffeyville Fertilizer Facility. The arrangement for the use of the Oxygen Storage Vessel meets the definition of a lease under Topic 842, as CRNF will receive all output associated with the Vessel. Based on terms outlined in the Messer Agreement, the Company expects the lease of the Oxygen Storage Vessel to be classified as a finance lease with an estimated amount within the range of $20 million to $25 million being capitalized upon lease commencement when the Vessel is placed in service, which is currently expected to occur in the first quarter of 2024.

•On July 14, 2022, the Company entered into the Sixth Amendment to the Sugar Land Plaza Office Building Agreement with LCFRE Sugar Land Town Square, LLC (“LCFRE”), which amends the Sugar Land Plaza Office Building Agreement dated 2016 (as amended, the “LCFRE Agreement”). Under the LCFRE Agreement, LCFRE will provide office space to the Company which will continue to serve as the Company’s corporate office in Sugar Land, Texas with the lease term start date of October 1, 2023. Based on the terms outlined in the LCFRE Agreement, the Company expects the lease to be classified as an operating lease under Topic 842, with an estimated amount within the range of $8 million to $12 million being capitalized upon lease commencement.

Leases

(6) Leases

Lease Overview

Balance Sheet Summary as of September 30, 2023 and December 31, 2022

The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at September 30, 2023 and December 31, 2022:


	September 30, 2023				December 31, 2022
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipeline and storage	$	13	$	18	$	16	$	20
Railcars	9		—		11		—
Real estate and other	16		14		13		15
Lease liability
Pipelines and storage	12		29		16		32
Railcars	9		—		11		—
Real estate and other	15		17		13		16

Lease Expense Summary for the Three and Nine Months Ended September 30, 2023 and 2022


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Operating lease expense	$	4	$	4	$	13	$	12
Finance lease expense:
Amortization of ROU asset	1		2		4		5
Interest expense on lease liability	1		1		3		4
Short-term lease expense	3		3		8		7

Lease Terms and Discount Rates

The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities:


	September 30, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term	3.9 years		5.5 years		4.1 years		6.3 years
Weighted-average discount rate	5.6	%	9.0	%	5.2	%	9.0	%

Maturities of Lease Liabilities

The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at September 30, 2023:


(in millions)	Operating Leases		Finance Leases
Remainder of 2023	$	5	$	4
2024	14		11
2025	9		11
2026	7		11
2027	3		10
Thereafter	3		12
Total lease payments	41		59
Less: imputed interest	(5)		(13)
Total lease liability	$	36	$	46

The Company has entered into the following material lease commitments that have not yet commenced:

Supplemental Cash Flow Information - Schedule of Cash Flows Related to Income Taxes, Interest, Leases, Capital Expenditures, and Deferred Financing Costs Included in Accounts Payable, and Non-Cash Dividends (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$ 88	$ 131
Cash paid for interest	76	78
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	13	13
Operating cash flows from finance leases	3	4
Financing cash flows from finance leases	5	4
Noncash investing and financing activities:
Change in capital expenditures included in accounts payable	(2)	14
Change in turnaround expenditures included in accounts payable	$ 0	$ (1)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 889	$ 510
Accounts receivable	316	358
Inventories	610	624
Prepaid expenses and other current assets	72	101
Property, plant and equipment, net	2,227	2,247
Other long-term assets	307	279
Current liabilities:
Accounts payable, current	566	497
Other current liabilities	745	942
Long-term liabilities:
Long-term debt and finance lease obligations	1,583	1,585
Other long-term liabilities	$ 99	$ 55
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	350,000,000	350,000,000
Common stock, issued (in shares)	100,629,209	100,629,209
Treasury stock, common shares (in shares)	98,610	98,610
Variable Interest Entities
Current assets:
Cash and cash equivalents	$ 89	$ 86
Accounts receivable	36	90
Inventories	74	78
Prepaid expenses and other current assets	4	11
Property, plant and equipment, net	770	811
Other long-term assets	46	24
Current liabilities:
Accounts payable, current	37	51
Other current liabilities	77	75
Long-term liabilities:
Long-term debt and finance lease obligations	547	547
Other long-term liabilities	$ 49	$ 16

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Summary of Other Current Liabilities

Other current liabilities were as follows:


(in millions)	September 30, 2023		December 31, 2022
Accrued Renewable Fuel Standards (“RFS”) obligation	$	413	$	692
Share-based compensation	52		31
Accrued taxes other than income taxes	47		51
Personnel accruals	45		47
Accrued income taxes	44		—
Derivatives	37		4
Deferred revenue	39		48
Accrued interest	19		24
Operating lease liabilities	13		15
Current portion of finance lease obligations	7		6
Other accrued expenses and liabilities	29		24
Total other current liabilities	$	745	$	942

Derivative Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Positions Held

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of September 30, 2023 and December 31, 2022:


(in thousands of barrels)	Commodity	September 30, 2023	December 31, 2022
Forwards	Crude	123	373
Swaps	NYMEX Diesel Cracks	(6,825)	—
Swaps	NYMEX RBOB Cracks	(2,025)	—
Swaps	NYMEX 2-1-1 Cracks	(4,530)	—
Futures	Crude	(50)	(150)
Futures	ULSD	—	(215)
Futures	Soybean	—	(109)

Schedule of Gains (Losses) on Derivatives

The following outlines the realized and unrealized gains (losses) incurred from derivative activities, all of which were recorded in Cost of materials and other on the condensed consolidated statements of operations:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Forwards	$	3	$	13	$	13	$	18
Swaps	(98)		(1)		(69)		(48)
Futures	(11)		11		(9)		(13)
Total (loss) gain on derivatives, net	$	(106)	$	23	$	(65)	$	(43)

Schedule of Derivative Offsetting Assets

The following outlines the condensed consolidated balance sheet line items that include our derivative financial instruments and the effect of the collateral netting. Such amounts are presented on a gross basis, before the effects of collateral netting. The Company elected to offset the derivative assets and liabilities with the same counterparty on a net basis when the legal right of offset exists.


	September 30, 2023								December 31, 2022
	Derivatives				Collateral Netting		Net Value		Derivatives				Collateral Netting		Net Value
(in millions)	Assets		Liabilities						Assets		Liabilities
Prepaid expenses and other current assets	$	—	$	—	$	—	$	—	$	—	$	(1)	$	1	$	—

Other current liabilities	—		(39)		2		(37)		—		(4)		—		(4)
Other long-term liabilities	—		(2)		—		(2)		—		—		—		—

Schedule of Derivative Offsetting Liabilities


	September 30, 2023								December 31, 2022
	Derivatives				Collateral Netting		Net Value		Derivatives				Collateral Netting		Net Value
(in millions)	Assets		Liabilities						Assets		Liabilities
Prepaid expenses and other current assets	$	—	$	—	$	—	$	—	$	—	$	(1)	$	1	$	—

Other current liabilities	—		(39)		2		(37)		—		(4)		—		(4)
Other long-term liabilities	—		(2)		—		(2)		—		—		—		—

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of September 30, 2023 and December 31, 2022:


	September 30, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Location and description:








Other current liabilities (RFS obligations)	$	—	$	(413)	$	—	$	(413)
Other current liabilities (derivative financial instruments)	—		(37)		—		(37)
Other long-term liabilities (derivative financial instruments)	—		(2)		—		(2)
Long-term debt	—		(1,442)		—		(1,442)
Total liabilities	$	—	$	(1,894)	$	—	$	(1,894)


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3		Total
Location and description:






Other current liabilities (commodity derivatives)	$	—	$	(4)	$	—	$	(4)
Other current liabilities (RFS obligations)	—		(692)		—		(692)
Long-term debt	—		(1,394)		—		(1,394)
Total liabilities	$	—	$	(2,090)	$	—	$	(2,090)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Supplemental Cash Flow Information - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 889	$ 510
Restricted cash	7	7
Cash, cash equivalents and restricted cash	$ 896	$ 517	$ 625	$ 517

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 781	$ 472
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	221	215
Deferred income taxes	31	(22)
Loss on asset disposal	1	1
Share-based compensation	30	49
Unrealized (gain) loss on derivatives, net	35	(5)
Other items	1	4
Changes in assets and liabilities:
Current assets and liabilities	(105)	157
Non-current assets and liabilities	(11)	(3)
Net cash provided by operating activities	984	868
Cash flows from investing activities:
Capital expenditures	(150)	(145)
Turnaround expenditures	(53)	(74)
Return of equity method investment	21	0
Other investing activities	1	2
Net cash used in investing activities	(181)	(217)
Cash flows from financing activities:
Principal payments on senior secured notes	0	(65)
Repurchase of common units by CVR Partners	0	(12)
Dividends to CVR Energy’s stockholders	(251)	(342)
Distributions to CVR Partners’ noncontrolling interest holders	(168)	(118)
Other financing activities	(5)	(6)
Net cash used in financing activities	(424)	(543)
Net increase in cash, cash equivalents and restricted cash	379	108
Cash, cash equivalents and restricted cash, beginning of period	517	517
Cash, cash equivalents and restricted cash, end of period	$ 896	$ 625

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

(9) Revenue

The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:


	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	1,186	$	—	$	—	$	1,186	$	3,287	$	—	$	—	$	3,287
Distillates (2)	1,057		—		67		1,124		2,806		—		150		2,956
Ammonia	—		22		—		22		—		116		—		116
UAN	—		86		—		86		—		354		—		354
Urea products	—		8		—		8		—		23		—		23
Freight revenue (3)	5		10		—		15		13		32		—		45
Other (4)	42		5		26		73		123		15		65		203
Revenue from product sales	2,290		131		93		2,514		6,229		540		215		6,984
Crude oil sales	8		—		—		8		60		—		—		60
Other revenue	—		—		—		—		1		—		—		1
Total revenue	$	2,298	$	131	$	93	$	2,522	$	6,290	$	540	$	215	$	7,045


	Three Months Ended September 30, 2022								Nine Months Ended September 30, 2022
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	1,207	$	—	$	—	$	1,207	$	3,732	$	—	$	—	$	3,732
Distillates (2)	1,202		—		50		1,252		3,513		—		76		3,589
Ammonia	—		22		—		22		—		125		—		125
UAN	—		119		—		119		—		438		—		438
Urea products	—		6		—		6		—		26		—		26
Freight revenue (3)	4		7		—		11		13		27		—		40
Other products (4)	49		2		19		70		209		7		20		236
Revenue from product sales	2,462		156		69		2,687		7,467		623		96		8,186
Crude oil sales	12		—		—		12		29		—		—		29
Other revenue	—		—		—		—		1		—		—		1
Total revenue	$	2,474	$	156	$	69	$	2,699	$	7,497	$	623	$	96	$	8,216

(1)The Petroleum Segment may incur broker commissions or transportation costs prior to the transfer on certain sales. The broker costs are expensed since the contract durations are less than one year. Transportation costs are accounted for as fulfillment costs and are expensed as incurred.

(2)Distillates consist primarily of diesel fuel, kerosene, jet fuel, and renewable fuels activity.

(3)Freight revenue recognized by the Petroleum Segment is primarily tariff and line loss charges rebilled to customers to reimburse the Petroleum Segment for expenses incurred from a pipeline operator. Freight revenue recognized by the Nitrogen Fertilizer Segment represents the pass-through finished goods delivery costs incurred prior to customer acceptance and are reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other.

(4)Other products for the Petroleum Segment consists primarily of (i) feedstock, heavy oils, and liquified petroleum gas sales, (ii) sulfur credits, and (iii) pipeline and processing fees. For the Nitrogen Fertilizer Segment, other products consists of sales of (i) nitric acid and (ii) carbon oxide, including sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term of 7 years, 3 months. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. The Other/Elimination columns include certain credits related to renewable fuel activity and eliminations of intercompany transactions.

Remaining Performance Obligations

We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of September 30, 2023, these contracts have a remaining duration of less than three years.

As of September 30, 2023, the Nitrogen Fertilizer Segment had approximately $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize the majority of these performance obligations as revenue by the end of 2023 and the remaining nominal balance during 2024.

Contract Balances

A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the nine months ended September 30, 2023 is presented below:


(in millions)
Balance at December 31, 2022	$	48
Add:
New prepay contracts entered into during the period	44
Noncash consideration received as part of the 45Q Transaction	46
Less:
Revenue recognized that was included in the contract liability balance at the beginning of the period	(46)
Revenue recognized related to contracts entered into during the period	(11)
Revenue recognized related to noncash consideration	(5)
Other changes	(1)
Total deferred revenue	74
Less: Current portion of deferred revenue	(39)
Total long-term deferred revenue	$	35

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Long-Term Debt and Finance Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term debt and Finance Lease Obligations

Long-term debt and finance lease obligations consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
CVR Partners:
6.125% Senior Secured Notes, due June 2028	$	550	$	550

Unamortized discount and debt issuance costs	(3)		(3)
Total CVR Partners debt	547		547

CVR Refining, LP (“CVR Refining”):

Finance lease obligations, net of current portion	39		42


Total CVR Refining finance lease obligations, net of current portion	39		42

CVR Energy:
5.25% Senior Notes, due February 2025	600		600
5.75% Senior Notes, due February 2028	400		400
Unamortized debt issuance costs	(3)		(4)
Total CVR Energy debt	997		996
Total long-term debt and finance lease obligations, net of current portion	1,583		1,585
Current portion of finance lease obligations	7		6
Total long-term debt and finance lease obligations, including current portion	$	1,590	$	1,591

Credit Agreements


(in millions)	Total Available Borrowing Capacity		Amount Borrowed as of September 30, 2023		Outstanding Letters of Credit		Available Capacity as of September 30, 2023		Maturity Date
CVR Partners:
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement	$	48	$	—	$	—	$	48	September 26, 2028
CVR Refining:
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement	$	275	$	—	$	24	$	251	June 30, 2027

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Related Party Transactions - Expenses from Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Net sales	$ 2,522	$ 2,699	$ 7,045	$ 8,216
Dividends			251	342
Related Party \| CVRP JV CO Contract
Related Party Transaction [Line Items]
Net sales	1	0	3	0
Related Party \| Enable Joint Venture Transportation Agreement
Related Party Transaction [Line Items]
Purchases from related parties:	3	3	9	7
Related Party \| Midway Joint Venture Agreement
Related Party Transaction [Line Items]
Purchases from related parties:	6	6	17	16
Dividends
Related Party Transaction [Line Items]
Dividends	$ 107	$ 214	$ 178	$ 242

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

A summary of compensation expense during the three and nine months ended September 30, 2023 and 2022 is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022


CVR Partners - Phantom Unit Awards	$	3	$	9	$	7	$	20
Incentive Unit Awards	12		4		23		29
Total share-based compensation expense	$	15	$	13	$	30	$	49

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33492
Entity Registrant Name	CVR ENERGY, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1512186
Entity Address, Address Line One	2277 Plaza Drive, Suite 500
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77479
City Area Code	281
Local Phone Number	207-3200
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CVI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,530,599
Entity Central Index Key	0001376139
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 353	$ 93	$ 678	$ 351

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Organization and Nature of Business (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Organization and Nature of Business (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Feb. 22, 2021	Oct. 23, 2019
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Stock Repurchase Program, authorized amount							$ 300,000,000
Recognition of deferred tax liability from change in book versus tax basis in CVR Partners					$ 1,000,000
Additional Paid-In Capital
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Noncontrolling interest, decrease (increase) from redemptions or purchase of interests					2,000,000
Noncontrolling Interest
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Noncontrolling interest, decrease (increase) from redemptions or purchase of interests					$ 3,000,000
CVR Partners
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Stock Repurchase Program, authorized amount						$ 20,000,000
Percentage of interest held by the public			63.00%
Common stock repurchased (in shares)	0	0	0	111,695
Cost, inclusive of transaction costs, of repurchase of outstanding common units				$ 12,000,000
Average price per common unit (in dollars per share)				$ 110.98
Amount remaining under Unit Repurchase Program	$ 0		$ 0
CVR Services \| CVR Partners
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Percentage of common units owned by wholly-owned subsidiary			37.00%
CVR Services \| CVR GP
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Percentage of common units owned by general partner			100.00%
Majority Shareholder
Organization, Consolidation, and Presentation of Financial Statements [Line Items]
Ownership percentage held by controlling stockholder			66.00%

Business Segments - Additional Information (Details)	9 Months Ended
Business Segments - Additional Information (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Derivative Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivate Financial Instruments and Fair Value Measurements

(10) Derivative Financial Instruments and Fair Value Measurements

Derivative Financial Instruments

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of September 30, 2023 and December 31, 2022:


(in thousands of barrels)	Commodity	September 30, 2023	December 31, 2022
Forwards	Crude	123	373
Swaps	NYMEX Diesel Cracks	(6,825)	—
Swaps	NYMEX RBOB Cracks	(2,025)	—
Swaps	NYMEX 2-1-1 Cracks	(4,530)	—
Futures	Crude	(50)	(150)
Futures	ULSD	—	(215)
Futures	Soybean	—	(109)

As of September 30, 2023, the Petroleum Segment had open, fixed-price commitments to purchase a net amount of 28 million RINs.



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Forwards	$	3	$	13	$	13	$	18
Swaps	(98)		(1)		(69)		(48)
Futures	(11)		11		(9)		(13)
Total (loss) gain on derivatives, net	$	(106)	$	23	$	(65)	$	(43)

Offsetting Assets and Liabilities


	September 30, 2023								December 31, 2022
	Derivatives				Collateral Netting		Net Value		Derivatives				Collateral Netting		Net Value
(in millions)	Assets		Liabilities						Assets		Liabilities
Prepaid expenses and other current assets	$	—	$	—	$	—	$	—	$	—	$	(1)	$	1	$	—

Other current liabilities	—		(39)		2		(37)		—		(4)		—		(4)
Other long-term liabilities	—		(2)		—		(2)		—		—		—		—

At September 30, 2023 and December 31, 2022, the Company had $20 million and $7 million of collateral under master netting arrangements not offset against the derivatives within Prepaid expenses and other current assets on the condensed consolidated balance sheets, respectively, primarily related to initial margin requirements. Our derivative instruments contain credit risk-related contingent provisions associated with our credit ratings. If our credit ratings were to be downgraded, it would allow the counterparty to require us to post additional collateral or to request immediate, full settlement of derivative instruments in liability positions. As of September 30, 2023, the aggregate fair value of our derivative liabilities with credit risk-related contingent provisions was $35 million, for which $2 million of collateral has been posted.

Fair Value Measurements

The following tables set forth the assets and liabilities measured or disclosed at fair value on a recurring basis, by input level, as of September 30, 2023 and December 31, 2022:


	September 30, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Location and description:








Other current liabilities (RFS obligations)	$	—	$	(413)	$	—	$	(413)
Other current liabilities (derivative financial instruments)	—		(37)		—		(37)
Other long-term liabilities (derivative financial instruments)	—		(2)		—		(2)
Long-term debt	—		(1,442)		—		(1,442)
Total liabilities	$	—	$	(1,894)	$	—	$	(1,894)


	December 31, 2022
(in millions)	Level 1		Level 2		Level 3		Total
Location and description:






Other current liabilities (commodity derivatives)	$	—	$	(4)	$	—	$	(4)
Other current liabilities (RFS obligations)	—		(692)		—		(692)
Long-term debt	—		(1,394)		—		(1,394)
Total liabilities	$	—	$	(2,090)	$	—	$	(2,090)

As of September 30, 2023 and December 31, 2022, the only financial assets and liabilities that are measured at fair value on a recurring basis are the Company’s derivative instruments and the RFS obligations. The estimated fair value of cash equivalents, including amounts invested in short-term money market funds, and restricted cash approximate their carrying amounts. The Petroleum Segment’s commodity derivative contracts are valued using broker quoted market prices of identical or similar instruments and are considered Level 2 in the fair value hierarchy. Similarly, RFS obligations are valued using available broker quoted market RIN prices for each specific or closest vintage year and are considered Level 2 in the fair value hierarchy.

CVR Partners performed a non-recurring fair value measurement of the equity interest received as part of the 45Q Transaction in the first quarter of 2023. Such valuation used a combination of the market approach and the discounted cash flow methodology with key inputs including the discount rate, contractual and expected future cash flows, and market multiples. CVR Partners determined the estimated fair value of the consideration received to be $46 million, which is a non-recurring Level 3 measurement, as defined by FASB ASC Topic 820, Fair Value Measurements, based on the use of CVR Partners’ own assumptions described above. The Company had no transfers of assets or liabilities between any of the above levels during the nine months ended September 30, 2023 and year ended December 31, 2022.

Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation
Total share-based compensation expense	$ 15	$ 13	$ 30	$ 49
Phantom Unit Awards \| CVR Partners \| CVR Partners LTIP
Share-Based Compensation
Total share-based compensation expense	3	9	7	20
Incentive Unit Awards
Share-Based Compensation
Total share-based compensation expense	$ 12	$ 4	$ 23	$ 29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Party Transactions - Dividends to CVR Energy Stockholders (Details) - USD ($) $ / shares in Units, $ in Millions									3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 20, 2023	Oct. 30, 2023	Aug. 21, 2023	May 22, 2023	Mar. 13, 2023	Nov. 21, 2022	Aug. 22, 2022	May 23, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Quarterly dividends per share (in dollars per share)			$ 0.50	$ 0.50	$ 0.50	$ 0.40	$ 0.40	$ 0.40	$ 0	$ 1.50	$ 1.20
Quarterly dividends paid			$ 50	$ 50	$ 50	$ 40	$ 40	$ 40		$ 151	$ 121
Special dividend declared (in dollars per share)			$ 1.00			$ 1.00	$ 2.60				$ 3.60
Special dividends			$ 101			$ 101	$ 261				$ 362
Subsequent Event
Related Party Transaction [Line Items]
Special dividend declared (in dollars per share)		$ 1.50
Special dividends		$ 151
Dividends declared per share (in dollars per share)		$ 0.50
Dividends, cash		$ 50
Subsequent Event \| IEP \| Forecast
Related Party Transaction [Line Items]
Proceeds from dividends received	$ 33
Proceeds from special dividend received	$ 100
Public Stockholders
Related Party Transaction [Line Items]
Quarterly dividends paid			15	15	15	12	12	12		44	35
Special dividends			29			29	76				106
IEP
Related Party Transaction [Line Items]
Quarterly dividends paid			36	$ 36	$ 36	28	28	$ 28		$ 107	85
Special dividends			$ 71			$ 71	$ 185				$ 256

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(12) Commitments and Contingencies Except as described below, there have been no material changes in the Company’s commitments and contingencies from those disclosed in the 2022 Form 10-K and in the Forms 10-Q for the periods ended March 31, 2023 and June 30, 2023. In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While it is not possible to predict the outcome of such proceedings, if one or more of them were decided against us, the Company believes there would be no material impact to its consolidated financial statements. The Company continues to monitor its contractual arrangements and customer, vendor, and supplier relationships to determine whether and to what extent, if any, the impacts of the Russia-Ukraine conflict, the current global and domestic economic environment, including increasing interest rates and inflation or a potential recession, or ongoing crude oil, refined product, or utility price volatility will impair or excuse the performance of the Company or its subsidiaries or their customers, vendors, or suppliers under existing agreements. As of September 30, 2023, the Company had not experienced a material financial impact from any actual or threatened impairment of or excuse in its or others’ performance under such agreements. Crude Oil Supply Agreement Effective on August 4, 2021, an indirect, wholly-owned subsidiary of CVR Refining entered into the Second Amended and Restated Crude Oil Supply Agreement (the “Vitol Crude Oil Supply Agreement”) with Vitol Inc. (“Vitol”), which superseded, in its entirety, the August 31, 2012 Amended and Restated Crude Oil Supply Agreement between the parties. Under the Vitol Crude Oil Supply Agreement, Vitol supplies the Petroleum Segment with crude oil and intermediation logistics helping to reduce the amount of inventory held at certain locations and mitigate crude oil pricing risk. Volumes contracted under the Vitol Crude Oil Supply Agreement, as a percentage of the total crude oil purchases (in barrels), were approximately 23% and 30% for the three months ended September 30, 2023 and 2022, respectively, and approximately 24% and 33% for the nine months ended September 30, 2023 and 2022, respectively. In June 2023, the Company’s subsidiary delivered a notice of termination to Vitol, which terminates the Vitol Crude Oil Supply Agreement according to previously disclosed terms, effective December 31, 2023. The foregoing description of the Vitol Crude Oil Supply Agreement does not purport to be complete and is qualified in its entirety by reference to its full text which was filed with the Company’s quarterly report on Form 10-Q for the period ended September 30, 2021. 45Q Transaction Under the agreements entered into in connection with the 45Q Transaction, the Company’s indirect subsidiary CRNF is obligated to meet certain minimum quantities of carbon oxide supply each year during the term of the agreement and is subject to fees of up to $15 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $45 million cap, if these minimum quantities are not delivered. CVR Partners issued a guarantee to the unaffiliated third-party investors and certain affiliates involved in the 45Q Transaction of the payment and performance obligations of CRNF and CVRP JV, which include the aforementioned fees. This guarantee has no impacts on the accounting records of CVR Partners unless the parties fail to comply with the terms of the 45Q Transaction contracts. Renewable Fuel Standards Certain of the Petroleum Segment’s subsidiaries are subject to the RFS (collectively, the “obligated-party subsidiaries”) implemented by the Environmental Protection Agency (the “EPA”), which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. The Petroleum Segment’s obligated-party subsidiaries are not able to blend the majority of their transportation fuels and must either purchase RINs or obtain waiver credits for cellulosic biofuels, or other exemptions from the EPA, in order to comply with the RFS. Additionally, the Petroleum Segment’s obligated-party subsidiaries purchase RINs generated from our renewable diesel operations, whose operating results are not included in either of our reportable segments, to partially satisfy their RFS obligations. The Company’s obligated-party subsidiaries recognized a benefit of $135 million and an expense of $86 million for the three months ended September 30, 2023 and 2022, respectively, and a benefit of $99 million and an expense of $328 million for the nine months ended September 30, 2023 and 2022, respectively, for its compliance with the RFS (based on the 2020, 2021, 2022 and 2023 renewable volume obligation (“RVO”), for the respective periods, excluding the impacts of any exemptions or waivers to which the Company’s obligated-party subsidiaries may be entitled). The recognized amounts are included within Cost of materials and other in the condensed consolidated statements of operations and represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel. At each reporting period, to the extent RINs purchased and generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which the Company may be entitled), the remaining position is valued using RIN market prices at period end using for each specific or closest vintage year. As of September 30, 2023 and December 31, 2022, the Company’s obligated-party subsidiaries’ RFS positions were approximately $413 million and $692 million, respectively, and are recorded in Other current liabilities in the condensed consolidated balance sheets. Litigation Call Option Coverage Case – In September 2023, the Superior Court of the State of Delaware (the “Delaware Court”) denied the motion filed by the primary and excess insurers (the “Insurers”) of the Company and certain of its affiliates (the “Call Defendants”) seeking to stay the Call Defendants’ action against the Insurers in relation to insurance policies that have coverage limits of $50 million (the “Policies”) alleging breach of contract and breach of the implied covenant of good faith and fair dealing relating to the Insurers’ denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers, relating to the lawsuits filed by former unitholders of CVR Refining against the Call Defendants relating to the Company’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner, which action was settled by the parties on August 19, 2022 (the “Call Option Lawsuits”). This ruling allows our case against the Insurers to proceed in the Delaware Court. The 434th Judicial District Court of Fort Bend County, Texas (the “Texas Court”) granted summary judgments in the Insurers’ declaratory judgment action seeking determination that the Insurers owe no indemnity coverage in relation to the Policies for settlement of the Call Option Lawsuits, which the Company intends to appeal once final judgment is entered. As our potential appeal of the Texas Court’s summary judgment rulings and our Delaware Court lawsuit are not yet concluded, the Company cannot determine at this time the outcome of these lawsuits, including whether the outcome would have a material impact on the Company’s financial position, results of operations, or cash flows. RFS Disputes – In October 2023, the United States Court of Appeals for the Fifth Circuit (“Fifth Circuit”) heard oral arguments in the action by Wynnewood Refining Company, LLC (“WRC”) against the EPA relating to its April and June 2022 denial of WRC’s small refinery exemptions (“SREs”) as well as WRC’s claims against the EPA for RIN replacement relief for losses it sustained from the EPA’s late approval of WRC’s 2018 SRE, which SRE the EPA later purported to retroactively revoke and deny. No decision has yet been issued by the Fifth Circuit. Also in October 2023, the Fifth Circuit granted WRC’s motion to stay enforcement of its compliance obligations for the 2022 compliance year pending resolution of its underlying challenges to the EPA’s July 2023 denial of 26 petitions from small refineries seeking SREs for one or more of the compliance years between 2016 and 2023, including the SRE sought by WRC for 2022, which challenges remain pending before the Fifth Circuit as well as the United States Court of Appeals for the District of Columbia Circuit. The Fifth Circuit had previously granted WRC’s motion to stay enforcement of its compliance obligations for the 2020 through 2021 compliance years. The Company’s other challenges against the EPA relating to the RFS, including to the EPA’s Final Rule issued in July 2022 establishing RVO and its intervention in an action filed by certain biofuels producers relating to the RFS, remain pending. The Company cannot yet determine at this time the outcomes of these matters. While we intend to prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to the Company, they could have a material effect on the Company’s financial position, results of operations, or cash flows. Environmental, Health, and Safety (“EHS”) Matters Clean Air Act Matter - Coffeyville Resources Refining & Marketing, LLC (“CRRM”) and certain of its affiliates have agreed to settle claims brought in the United States District Court for the District of Kansas (“D. Kan”) by the United States, on behalf of the EPA, and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”) which primarily relate to the CRRM refinery’s flares. The EPA and KDHE are seeking stipulated penalties under a 2012 Consent Decree (“CD”) (the “Stipulated Claims”), which amount CRRM previously deposited into a commercial escrow account and which escrowed funds are legally restricted for use and are included in Other assets in our condensed consolidated balance sheets. The EPA and KDHE also filed a complaint in the D. Kan alleging violations of the Clean Air Act, the Kansas State Implementation Plan, Kansas law, and CRRM’s permits relating to flares, heaters, and related matters. The United States, on behalf of the EPA, and KDHE are seeking civil penalties, injunctive relief, and related relief in connection with these claims (collectively, the “Statutory Claims”). The parties have reached agreement to resolve the Stipulated Claims and the Statutory Claims subject to final approvals by the EPA and KDHE. The terms of the settlement will be set forth in a consent decree that is in the process of being executed by the parties, which consent decree is subject to the approval and entry by the D. Kan following a period for public notice and comment. Should the settlement and consent decree be finalized as agreed to between the parties, such settlement is not expected to have a material impact on the Company’s financial position, results of operations, or cash flows. Should such settlement not be finalized as agreed to between the parties, the Company cannot determine whether any subsequent enforcement or litigation relating thereto would have a material impact on the Company’s financial position, results of operations, or cash flows.

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated by Major Product

The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments:


	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	1,186	$	—	$	—	$	1,186	$	3,287	$	—	$	—	$	3,287
Distillates (2)	1,057		—		67		1,124		2,806		—		150		2,956
Ammonia	—		22		—		22		—		116		—		116
UAN	—		86		—		86		—		354		—		354
Urea products	—		8		—		8		—		23		—		23
Freight revenue (3)	5		10		—		15		13		32		—		45
Other (4)	42		5		26		73		123		15		65		203
Revenue from product sales	2,290		131		93		2,514		6,229		540		215		6,984
Crude oil sales	8		—		—		8		60		—		—		60
Other revenue	—		—		—		—		1		—		—		1
Total revenue	$	2,298	$	131	$	93	$	2,522	$	6,290	$	540	$	215	$	7,045


	Three Months Ended September 30, 2022								Nine Months Ended September 30, 2022
(in millions)	Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated		Petroleum Segment (1)		Nitrogen Fertilizer Segment		Other / Elimination		Consolidated
Gasoline	$	1,207	$	—	$	—	$	1,207	$	3,732	$	—	$	—	$	3,732
Distillates (2)	1,202		—		50		1,252		3,513		—		76		3,589
Ammonia	—		22		—		22		—		125		—		125
UAN	—		119		—		119		—		438		—		438
Urea products	—		6		—		6		—		26		—		26
Freight revenue (3)	4		7		—		11		13		27		—		40
Other products (4)	49		2		19		70		209		7		20		236
Revenue from product sales	2,462		156		69		2,687		7,467		623		96		8,186
Crude oil sales	12		—		—		12		29		—		—		29
Other revenue	—		—		—		—		1		—		—		1
Total revenue	$	2,474	$	156	$	69	$	2,699	$	7,497	$	623	$	96	$	8,216

(2)Distillates consist primarily of diesel fuel, kerosene, jet fuel, and renewable fuels activity.

Summary of Deferred Revenue Activity

A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the nine months ended September 30, 2023 is presented below:


(in millions)
Balance at December 31, 2022	$	48
Add:
New prepay contracts entered into during the period	44
Noncash consideration received as part of the 45Q Transaction	46
Less:
Revenue recognized that was included in the contract liability balance at the beginning of the period	(46)
Revenue recognized related to contracts entered into during the period	(11)
Revenue recognized related to noncash consideration	(5)
Other changes	(1)
Total deferred revenue	74
Less: Current portion of deferred revenue	(39)
Total long-term deferred revenue	$	35

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from the condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2022 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity (“VIE”). In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Company for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. The condensed consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2023 or any other interim or annual period.

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Finished goods	$	278	$	297
Raw materials	214		206
In-process inventories	25		35
Parts, supplies and other	93		86
Total inventories	$	610	$	624

Long-Term Debt and Finance Lease Obligations

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt and Finance Lease Obligations

(8) Long-Term Debt and Finance Lease Obligations

Long-term debt and finance lease obligations consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
CVR Partners:
6.125% Senior Secured Notes, due June 2028	$	550	$	550

Unamortized discount and debt issuance costs	(3)		(3)
Total CVR Partners debt	547		547

CVR Refining, LP (“CVR Refining”):

Finance lease obligations, net of current portion	39		42


Total CVR Refining finance lease obligations, net of current portion	39		42

CVR Energy:
5.25% Senior Notes, due February 2025	600		600
5.75% Senior Notes, due February 2028	400		400
Unamortized debt issuance costs	(3)		(4)
Total CVR Energy debt	997		996
Total long-term debt and finance lease obligations, net of current portion	1,583		1,585
Current portion of finance lease obligations	7		6
Total long-term debt and finance lease obligations, including current portion	$	1,590	$	1,591

Credit Agreements


(in millions)	Total Available Borrowing Capacity		Amount Borrowed as of September 30, 2023		Outstanding Letters of Credit		Available Capacity as of September 30, 2023		Maturity Date
CVR Partners:
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement	$	48	$	—	$	—	$	48	September 26, 2028
CVR Refining:
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement	$	275	$	—	$	24	$	251	June 30, 2027

CVR Partners

Nitrogen Fertilizer ABL - On September 26, 2023, CVR Partners and certain of its subsidiaries entered into Amendment No. 1 to the Credit Agreement (the “ABL Amendment”). The ABL Amendment amended that certain Credit Agreement, dated as of September 30, 2021, to, among other things, (i) increase the aggregate principal amount available under the credit facility by an additional $15 million to a total of $50 million in the aggregate, with an incremental facility of an additional $15 million in the aggregate subject to additional lender commitments and certain other conditions, and (ii) extend the maturity date by an additional four years to September 26, 2028. The foregoing description of the ABL Amendment does not purport to be complete and is qualified in its entirety by the terms of the ABL Amendment, which is filed as an exhibit to this Report.

Covenant Compliance

The Company and its subsidiaries were in compliance with all covenants under their respective debt instruments as of September 30, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Organization and Nature of Business	9 Months Ended
Organization and Nature of Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	(1) Organization and Nature of Business Organization CVR Energy, Inc. (“CVR Energy,” “CVR,” “we,” “us,” “our,” or the “Company”) is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the “Petroleum Segment”) and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the “Nitrogen Fertilizer Segment” or “CVR Partners”). The Petroleum Segment refines and markets high value transportation fuels primarily in the form of gasoline and diesel fuels. CVR Partners produces and markets nitrogen fertilizers primarily in the form of urea ammonium nitrate (“UAN”) and ammonia. We also produce and market renewable diesel. CVR’s common stock is listed on the New York Stock Exchange under the symbol “CVI.” Icahn Enterprises L.P. and its affiliates (“IEP”) owned approximately 66% of the Company’s outstanding common stock as of September 30, 2023. Stock Repurchase Program - On October 23, 2019, CVR Energy’s board of directors (the “Board”) authorized a stock repurchase program (the “Stock Repurchase Program”), which would enable the Company to repurchase up to $300 million of the Company’s common stock. As of September 30, 2023, the Company had not repurchased any of the Company’s common stock under the Stock Repurchase Program, which expired, in accordance with its terms, on October 22, 2023. CVR Partners, LP Interest Holders - As of September 30, 2023, public common unitholders held approximately 63% of CVR Partners’ outstanding common units and CVR Services, LLC (“CVR Services”), a wholly-owned subsidiary of CVR Energy, held the remaining approximately 37% of CVR Partners’ outstanding common units. In addition, CVR Services held 100% of the interest in CVR Partners’ general partner, CVR GP, LLC (“CVR GP”), which held a non-economic general partner interest in CVR Partners as of September 30, 2023. The noncontrolling interest reflected on the condensed consolidated balance sheets of CVR is only impacted by the results of, distributions from, and unit repurchases by CVR Partners. Unit Repurchase Program - On May 6, 2020, the board of directors of CVR Partners’ general partner (the “UAN GP Board”), on behalf of CVR Partners, authorized a unit repurchase program (the “Unit Repurchase Program”), which was increased on February 22, 2021. The Unit Repurchase Program, as increased, authorized CVR Partners to repurchase up to $20 million of the CVR Partners’ common units. During the three and nine months ended September 30, 2023 and the three months ended September 30, 2022, CVR Partners did not repurchase any common units. During the nine months ended September 30, 2022, CVR Partners repurchased 111,695 common units on the open market in accordance with a repurchase agreement under Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended, at a cost of $12 million, exclusive of transaction costs, or an average price of $110.98 per common unit. As of September 30, 2023, CVR Partners, considering all repurchases made since inception of the Unit Repurchase Program, had a nominal authorized amount remaining under the Unit Repurchase Program. This Unit Repurchase Program does not obligate CVR Partners to acquire any common units and may be cancelled, modified, or terminated by the UAN GP Board at any time. As a result of these repurchases, and the resulting change in CVR Energy’s ownership of CVR Partners while maintaining control, CVR Energy recognized a decrease of $2 million to additional paid-in capital from the reduction of noncontrolling interests totaling $3 million and the related reduction of a deferred tax liability totaling $1 million from changes in its book versus tax basis in CVR Partners as of December 31, 2022.

Long-Term Debt and Finance Lease Obligations - Credit Agreement (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Millions	Sep. 30, 2023	Sep. 26, 2023
CVR Partners LP [Member] \| Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement
Line of Credit Facility [Line Items]
Total Available Borrowing Capacity	$ 48	$ 50
Amount Borrowed	0
Outstanding Letters of Credit	0
Available Capacity	48
CVR Refining: \| Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement
Line of Credit Facility [Line Items]
Total Available Borrowing Capacity	275
Amount Borrowed	0
Outstanding Letters of Credit	24
Available Capacity	$ 251

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Equity Method Investments [Roll Forward]
Balance at beginning of period	$ 102	$ 103	$ 76	$ 76
CVRP JV inception			46
Cash distributions	(4)	(4)	(22)
Equity income	3	3	3
Balance at end of period	101	102	103	101
CVRP JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	26	27	0	0
CVRP JV inception			46
Cash distributions	(1)	(1)	(19)
Equity income	0	0	0
Balance at end of period	25	26	27	25
Transaction costs capitalized				1
Enable JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	5	5	5	5
CVRP JV inception			0
Cash distributions	(1)	(1)	(1)
Equity income	1	1	1
Balance at end of period	5	5	5	5
Midway JV
Equity Method Investments [Roll Forward]
Balance at beginning of period	71	71	71	71
CVRP JV inception			0
Cash distributions	(2)	(2)	(2)
Equity income	2	2	2
Balance at end of period	$ 71	$ 71	$ 71	$ 71

Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Property, Plant, and Equipment
Finance lease, right-of-use asset, statement of financial position [extensible list]	Total property, plant and equipment, net	Total property, plant and equipment, net
ROU finance leases	$ 81	$ 79
Property, plant and equipment, gross	4,773	4,626
Less: Accumulated depreciation and amortization	(2,546)	(2,379)
Total property, plant and equipment, net	2,227	2,247
Machinery and equipment
Property, Plant, and Equipment
Property, plant and equipment, gross	4,265	4,194
Buildings and improvements
Property, Plant, and Equipment
Property, plant and equipment, gross	87	86
Land and improvements
Property, Plant, and Equipment
Property, plant and equipment, gross	73	72
Furniture and fixtures
Property, Plant, and Equipment
Property, plant and equipment, gross	37	37
Construction in progress
Property, Plant, and Equipment
Property, plant and equipment, gross	215	143
Other
Property, Plant, and Equipment
Property, plant and equipment, gross	$ 15	$ 15

Leases - Remaining Minimum Lease Payments (Details) $ in Millions	Sep. 30, 2023 USD ($)
Operating Leases
Remainder of 2023	$ 5
2024	14
2025	9
2026	7
2027	3
Thereafter	3
Total lease payments	41
Less: imputed interest	(5)
Total lease liability	36
Finance Leases
Remainder of 2023	4
2024	11
2025	11
2026	11
2027	10
Thereafter	12
Total lease payments	59
Less: imputed interest	(13)
Total lease liability	$ 46

Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued Renewable Fuel Standards (“RFS”) obligation	$ 413	$ 692
Share-based compensation	52	31
Accrued taxes other than income taxes	47	51
Personnel accruals	45	47
Accrued income taxes	44	0
Derivatives	37	4
Deferred revenue	39	48
Accrued interest	19	24
Operating lease liabilities	$ 13	$ 15
Operating lease, liability, current, statement of financial position [extensible list]	Total other current liabilities	Total other current liabilities
Current portion of finance lease obligations	$ 7	$ 6
Other accrued expenses and liabilities	29	24
Total other current liabilities	$ 745	$ 942

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents (including $89 and $86, respectively, of consolidated variable interest entity (“VIE”))	$ 889	$ 510
Accounts receivable (including $36 and $90, respectively, of VIE)	316	358
Inventories (including $74 and $78, respectively, of VIE)	610	624
Prepaid expenses and other current assets (including $4 and $11, respectively, of VIE)	72	101
Total current assets	1,887	1,593
Property, plant and equipment, net (including $770 and $811, respectively, of VIE)	2,227	2,247
Other long-term assets (including $46 and $24, respectively, of VIE)	307	279
Total assets	4,421	4,119
Current liabilities:
Accounts payable (including $37 and $51, respectively, of VIE)	566	497
Other current liabilities (including $77 and $75, respectively, of VIE)	745	942
Total current liabilities	1,311	1,439
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion (including $547 and $547, respectively, of VIE)	1,583	1,585
Deferred income taxes	276	249
Other long-term liabilities (including $49 and $16, respectively, of VIE)	99	55
Total long-term liabilities	1,958	1,889
Commitments and contingencies (See Note 12)
CVR Energy stockholders’ equity:
Common stock, $0.01 par value per share; 350,000,000 shares authorized; 100,629,209 and 100,629,209 shares issued as of September 30, 2023 and December 31, 2022, respectively	1	1
Additional paid-in-capital	1,508	1,508
Accumulated deficit	(550)	(976)
Treasury stock, 98,610 shares at cost	(2)	(2)
Total CVR stockholders’ equity	957	531
Noncontrolling interest	195	260
Total equity	1,152	791
Total liabilities and equity	$ 4,421	$ 4,119

Equity Method Investments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 in mi bbl
CVRP JV
Related Party Transaction [Line Items]
Ownership percentage in joint venture	50.00%
Enable JV
Related Party Transaction [Line Items]
Ownership percentage in joint venture	40.00%
Pipeline diameter (in inches) \| in	12
Pipeline length (in miles) \| mi	26
Pipeline capacity, barrels per day \| bbl	20,000
Midway JV
Related Party Transaction [Line Items]
Ownership percentage in joint venture	50.00%
Pipeline diameter (in inches) \| in	16
Pipeline length (in miles) \| mi	99
Pipeline capacity, barrels per day \| bbl	131,000

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

(14) Supplemental Cash Flow Information

Cash flows related to income taxes, interest, leases, and capital and turnaround expenditures included in accounts payable were as follows:


	Nine Months Ended September 30,
(in millions)	2023		2022
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$	88	$	131
Cash paid for interest	76		78
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	13		13
Operating cash flows from finance leases	3		4
Financing cash flows from finance leases	5		4
Noncash investing and financing activities:

Change in capital expenditures included in accounts payable (1)	(2)		14
Change in turnaround expenditures included in accounts payable	—		(1)

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Cash, cash equivalents and restricted cash consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	889	$	510
Restricted cash (1)	7		7
Cash, cash equivalents and restricted cash	$	896	$	517

(1)The restricted cash balance is included within Prepaid expenses and other current assets on the condensed consolidated balance sheets.

Commitment and Contingencies - 45Q Transaction (Details) - CVRP JV - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement and Third Party - CRNF $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Collaborative arrangement, fee threshold per year	$ 15
Fees threshold cap	$ 45

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Total CVR Stockholders’ Equity	$0.01 Par Value Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2021			100,629,209
Beginning balance at Dec. 31, 2021	$ 770	$ 553	$ 1	$ 1,510	$ (956)	$ (2)	$ 217
Increase (Decrease) in Stockholders' Equity
Net income (loss)	153	94			94		59
Distributions from CVR Partners to its public unitholders	(36)						(36)
Changes in equity due to CVR Partners’ common unit repurchases	(11)	(2)		(2)			(9)
Other	0	(1)			(1)		1
Ending balance (in shares) at Mar. 31, 2022			100,629,209
Ending balance at Mar. 31, 2022	876	644	$ 1	1,508	(863)	(2)	232
Beginning balance (in shares) at Dec. 31, 2021			100,629,209
Beginning balance at Dec. 31, 2021	770	553	$ 1	1,510	(956)	(2)	217
Increase (Decrease) in Stockholders' Equity
Net income (loss)	472
Ending balance (in shares) at Sep. 30, 2022			100,629,209
Ending balance at Sep. 30, 2022	771	560	$ 1	1,508	(947)	(2)	211
Beginning balance (in shares) at Mar. 31, 2022			100,629,209
Beginning balance at Mar. 31, 2022	876	644	$ 1	1,508	(863)	(2)	232
Increase (Decrease) in Stockholders' Equity
Net income (loss)	239	165			165		74
Dividends paid to CVR Energy stockholders	(40)	(40)			(40)
Distributions from CVR Partners to its public unitholders	(15)						(15)
Ending balance (in shares) at Jun. 30, 2022			100,629,209
Ending balance at Jun. 30, 2022	1,060	769	$ 1	1,508	(738)	(2)	291
Increase (Decrease) in Stockholders' Equity
Net income (loss)	80	93			93		(13)
Dividends paid to CVR Energy stockholders	(302)	(302)			(302)
Distributions from CVR Partners to its public unitholders	(67)						(67)
Ending balance (in shares) at Sep. 30, 2022			100,629,209
Ending balance at Sep. 30, 2022	771	560	$ 1	1,508	(947)	(2)	211
Beginning balance (in shares) at Dec. 31, 2022			100,629,209
Beginning balance at Dec. 31, 2022	791	531	$ 1	1,508	(976)	(2)	260
Increase (Decrease) in Stockholders' Equity
Net income (loss)	259	195			195		64
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(70)						(70)
Other	(1)	(1)			(1)
Ending balance (in shares) at Mar. 31, 2023			100,629,209
Ending balance at Mar. 31, 2023	929	675	$ 1	1,508	(832)	(2)	254
Beginning balance (in shares) at Dec. 31, 2022			100,629,209
Beginning balance at Dec. 31, 2022	791	531	$ 1	1,508	(976)	(2)	260
Increase (Decrease) in Stockholders' Equity
Net income (loss)	781
Ending balance (in shares) at Sep. 30, 2023			100,629,209
Ending balance at Sep. 30, 2023	1,152	957	$ 1	1,508	(550)	(2)	195
Beginning balance (in shares) at Mar. 31, 2023			100,629,209
Beginning balance at Mar. 31, 2023	929	675	$ 1	1,508	(832)	(2)	254
Increase (Decrease) in Stockholders' Equity
Net income (loss)	168	130			130		38
Dividends paid to CVR Energy stockholders	(50)	(50)			(50)
Distributions from CVR Partners to its public unitholders	(70)						(70)
Ending balance (in shares) at Jun. 30, 2023			100,629,209
Ending balance at Jun. 30, 2023	977	755	$ 1	1,508	(752)	(2)	222
Increase (Decrease) in Stockholders' Equity
Net income (loss)	354	353			353		1
Dividends paid to CVR Energy stockholders	(151)	(151)			(151)
Distributions from CVR Partners to its public unitholders	(28)						(28)
Ending balance (in shares) at Sep. 30, 2023			100,629,209
Ending balance at Sep. 30, 2023	$ 1,152	$ 957	$ 1	$ 1,508	$ (550)	$ (2)	$ 195

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Business Segments

(13) Business Segments

CVR Energy’s revenues are primarily derived from two reportable segments: the Petroleum Segment and the Nitrogen Fertilizer Segment. The Company evaluates the performance of its segments based primarily on segment operating income (loss) and Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). For the purposes of the business segments disclosure, the Company presents operating income (loss) as it is the most comparable measure to the amounts presented on the condensed consolidated statements of operations. The other amounts reflect activities associated with our renewable fuels business, intercompany eliminations, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments.

The following table summarizes certain operating results and capital expenditures information by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net sales:
Petroleum	$	2,298	$	2,474	$	6,290	$	7,497
Nitrogen Fertilizer	131		156		540		623
Other, including intersegment eliminations	93		69		215		96
Total net sales	$	2,522	$	2,699	$	7,045	$	8,216










Operating income (loss):
Petroleum	$	431	$	137	$	838	$	564
Nitrogen Fertilizer	8		(12)		184		218
Other, including intersegment eliminations	6		(22)		(22)		(56)
Total operating income (loss)	445		103		1,000		726
Interest expense, net	(11)		(19)		(44)		(67)

Other income (expense), net	4		3		10		(81)
Income before income tax expense	$	438	$	87	$	966	$	578
Depreciation and amortization:
Petroleum	$	50	$	47	$	141	$	140
Nitrogen Fertilizer	23		22		59		64
Other	8		6		21		11
Total depreciation and amortization	$	81	$	75	$	221	$	215
Capital expenditures: (2)
Petroleum	$	26	$	23	$	79	$	61
Nitrogen Fertilizer	8		25		18		38
Other (1)	17		20		51		59
Total capital expenditures	$	51	$	68	$	148	$	158

The following table summarizes total assets by segment:


(in millions)	September 30, 2023		December 31, 2022

Petroleum	$	4,635	$	4,354
Nitrogen Fertilizer	1,019		1,100
Other, including intersegment eliminations (1)	(1,233)		(1,335)
Total assets	$	4,421	$	4,119

(1)Other includes amounts for the Wynnewood Refinery’s renewable feedstock pretreater project.

(2)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Crude Oil Supply Agreement (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Crude Oil Supply Agreement \| Petroleum Segment \| Contracted Volume \| Supplier Concentration Risk
Loss Contingencies [Line Items]
Volume contracted under crude oil supply agreement as percentage of total crude oil purchases	23.00%	30.00%	24.00%	33.00%

Long-Term Debt and Finance Lease Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease, liability, noncurrent, statement of financial position [extensible list]	Total long-term debt and finance lease obligations, net of current portion	Total long-term debt and finance lease obligations, net of current portion
Total long-term debt and finance lease obligations, net of current portion	$ 1,583	$ 1,585
Current portion of finance lease obligations	7	6
Total long-term debt and finance lease obligations, including current portion	1,590	1,591
CVR Energy
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	(3)	(4)
Total debt	$ 997	996
Senior Notes \| CVR Energy \| 5.25% Senior Notes, due February 2025
Debt Instrument [Line Items]
Stated interest rate	5.25%
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount	$ 600	600
Senior Notes \| CVR Energy \| 5.75% Senior Notes, due February 2028
Debt Instrument [Line Items]
Stated interest rate	5.75%
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount	$ 400	400
CVR Partners
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	(3)	(3)
Total debt	$ 547	547
CVR Partners \| Senior Notes \| 6.125% Senior Secured Notes, due June 2028
Debt Instrument [Line Items]
Stated interest rate	6.125%
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount	$ 550	550
CVR Refining, LP (“CVR Refining”):
Debt Instrument [Line Items]
Finance lease obligations, net of current portion	39	42
Total long-term debt and finance lease obligations, net of current portion	$ 39	$ 42

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

(15) Related Party Transactions

Activity associated with the Company’s related party arrangements for the three and nine months ended September 30, 2023 and 2022 is summarized below:

Related Party Activity


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Sales to related parties:
CVRP JV CO Contract (1)	$	1	$	—	$	3	$	—
Purchases from related parties:
Enable Joint Venture Transportation Agreement	3		3		9		7
Midway Joint Venture Agreement (2)	6		6		17		16
Payments:
Dividends (3)	107		214		178		242

(1)Sales to related parties, included in Net sales in our condensed consolidated financial statements, consists of CO sales to a CVRP JV subsidiary.

(3)See below for a summary of the dividends paid to IEP during the nine months ended September 30, 2023 and year ended December 31, 2022.

Dividends to CVR Energy Stockholders

Dividends, if any, including the payment, amount and timing thereof, are determined in the discretion of the Board. IEP, through its ownership of the Company’s common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2023 and 2022 (amounts presented in table below may not add to totals presented due to rounding):


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total
2022 - 4th Quarter	March 13, 2023	$	0.50	$	15	$	36	$	50
2023 - 1st Quarter	May 22, 2023	0.50		15		36		50
2023 - 2nd Quarter	August 21, 2023	0.50		15		36		50
Total 2023 quarterly dividends		$	1.50	$	44	$	107	$	151


				Special Dividends Paid (in millions)
Related Period	Date Paid	Special Dividends Per Share		Public Stockholders		IEP		Total


2023 - 2nd Quarter	August 21, 2023	$	1.00	$	29	$	71	$	101


				Quarterly Dividends Paid (in millions)
Related Period	Date Paid	Quarterly Dividends Per Share		Public Stockholders		IEP		Total

2022 - 1st Quarter	May 23, 2022	$	0.40	$	12	$	28	$	40
2022 - 2nd Quarter	August 22, 2022	0.40		12		28		40
2022 - 3rd Quarter	November 21, 2022	0.40		12		28		40
Total 2022 quarterly dividends		$	1.20	$	35	$	85	$	121


				Special Dividends Paid (in millions)
Related Period	Date Paid	Special Dividends Per Share		Public Stockholders		IEP		Total
2022 - 2nd Quarter	August 22, 2022	$	2.60	$	76	$	185	$	261
2022 - 3rd Quarter	November 21, 2022	1.00		29		71		101
Total 2022 special dividends		$	3.60	$	106	$	256	$	362

No quarterly dividends were paid during the first quarter of 2022 related to the fourth quarter of 2021.

For the third quarter of 2023, the Company, upon approval by the Board on October 30, 2023, declared a cash dividend of $0.50 per share, or $50 million, which is payable November 20, 2023 to shareholders of record as of November 13, 2023. Of this amount, IEP will receive $33 million due to its ownership interest in the Company’s shares.

In addition, the Company, upon approval by the Board on October 30, 2023, declared a special dividend of $1.50 per share, or $151 million, which is payable November 20, 2023 to shareholders of record as of November 13, 2023. Of this amount, IEP will receive $100 million due to its ownership interest in the Company’s shares.

Distributions to CVR Partners’ Unitholders

Distributions, if any, including the payment, amount and timing thereof, and UAN GP Board’s distribution policy, including the definition of available cash, are subject to change at the discretion of the UAN GP Board. The following tables



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2022 - 4th Quarter	March 13, 2023	$	10.50	$	70	$	41	$	111
2023 - 1st Quarter	May 22, 2023	10.43		70		41		110
2023 - 2nd Quarter	August 21, 2023	4.14		28		16		44

Total 2023 quarterly distributions		$	25.07	$	168	$	98	$	265



				Quarterly Distributions Paid (in millions)
Related Period	Date Paid	Quarterly Distributions Per Common Unit		Public Unitholders		CVR Energy		Total
2021 - 4th Quarter	March 14, 2022	$	5.24	$	36	$	20	$	56
2022 - 1st Quarter	May 23, 2022	2.26		15		9		24
2022 - 2nd Quarter	August 22, 2022	10.05		67		39		106
2022 - 3rd Quarter	November 21, 2022	1.77		12		7		19
Total 2022 quarterly distributions		$	19.32	$	130	$	75	$	205

For the third quarter of 2023, CVR Partners, upon approval by the UAN GP Board on October 30, 2023, declared a distribution of $1.55 per common unit, or $16 million, which is payable November 20, 2023 to unitholders of record as of November 13, 2023. Of this amount, CVR Energy will receive approximately $6 million, with the remaining amount payable to public unitholders.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Summary of Right of Use Asset and Lease Liability Balances for Operating and Finance Leases

The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at September 30, 2023 and December 31, 2022:


	September 30, 2023				December 31, 2022
(in millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
ROU assets, net
Pipeline and storage	$	13	$	18	$	16	$	20
Railcars	9		—		11		—
Real estate and other	16		14		13		15
Lease liability
Pipelines and storage	12		29		16		32
Railcars	9		—		11		—
Real estate and other	15		17		13		16

Schedule of Lease Expense, Lease Terms, and Discount Rates

For the three and nine months ended September 30, 2023 and 2022, we recognized lease expense comprised of the following components:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Operating lease expense	$	4	$	4	$	13	$	12
Finance lease expense:
Amortization of ROU asset	1		2		4		5
Interest expense on lease liability	1		1		3		4
Short-term lease expense	3		3		8		7

The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities:


	September 30, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term	3.9 years		5.5 years		4.1 years		6.3 years
Weighted-average discount rate	5.6	%	9.0	%	5.2	%	9.0	%

Summary of Remaining Minimum Lease Payments for Operating Leases

The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at September 30, 2023:


(in millions)	Operating Leases		Finance Leases
Remainder of 2023	$	5	$	4
2024	14		11
2025	9		11
2026	7		11
2027	3		10
Thereafter	3		12
Total lease payments	41		59
Less: imputed interest	(5)		(13)
Total lease liability	$	36	$	46

Summary of Remaining Minimum Lease Payments for Finance Leases

The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at September 30, 2023:


(in millions)	Operating Leases		Finance Leases
Remainder of 2023	$	5	$	4
2024	14		11
2025	9		11
2026	7		11
2027	3		10
Thereafter	3		12
Total lease payments	41		59
Less: imputed interest	(5)		(13)
Total lease liability	$	36	$	46

Derivative Financial Instruments and Fair Value Measurements - Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Derivative Assets
Derivative Assets	$ 0	$ 0
Collateral Netting	0	1
Net Value	0	0
Derivative Liabilities
Derivative Liabilities	0	(1)
Other current liabilities
Derivative Assets
Derivative Assets	0	0
Derivative Liabilities
Derivative Liabilities	(39)	(4)
Collateral Netting	2	0
Net Value	(37)	(4)
Other long-term liabilities
Derivative Assets
Derivative Assets	0	0
Derivative Liabilities
Derivative Liabilities	(2)	0
Collateral Netting	0	0
Net Value	$ (2)	$ 0

Derivative Financial Instruments and Fair Value Measurements - Additional Information (Details) derivative in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) derivative	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Collateral under master netting arrangements not offset against the derivatives		$ 20	$ 7
Aggregate fair value of derivative liabilities		35
Fair value of collateral for derivative liabilities		$ 2
CVRP JV inception	$ 46
CVRP JV
Derivative [Line Items]
CVRP JV inception	$ 46
RINs \| Purchase Commitments
Derivative [Line Items]
Outstanding positions \| derivative		28

Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

(11) Share-Based Compensation

A summary of compensation expense during the three and nine months ended September 30, 2023 and 2022 is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022


CVR Partners - Phantom Unit Awards	$	3	$	9	$	7	$	20
Incentive Unit Awards	12		4		23		29
Total share-based compensation expense	$	15	$	13	$	30	$	49

Related Party Transactions - Distributions to CVR Partners' Unitholders (Details) - USD ($) $ / shares in Units, $ in Millions										9 Months Ended	12 Months Ended
	Nov. 20, 2023	Oct. 30, 2023	Aug. 21, 2023	May 22, 2023	Mar. 13, 2023	Nov. 21, 2022	Aug. 22, 2022	May 23, 2022	Mar. 14, 2022	Sep. 30, 2023	Dec. 31, 2022
CVR Partners
Related Party Transaction [Line Items]
Quarterly distributions per common unit (in dollars per share)			$ 4.14	$ 10.43	$ 10.50	$ 1.77	$ 10.05	$ 2.26	$ 5.24	$ 25.07	$ 19.32
Quarterly distributions paid			$ 44	$ 110	$ 111	$ 19	$ 106	$ 24	$ 56	$ 265	$ 205
CVR Partners \| Subsequent Event
Related Party Transaction [Line Items]
Distributions declared (in dollars per share)		$ 1.55
Distributions declared		$ 16
CVR Partners \| CVR Energy
Related Party Transaction [Line Items]
Quarterly distributions paid			16	41	41	7	39	9	20	98	75
CVR Partners \| Public Unitholders
Related Party Transaction [Line Items]
Quarterly distributions paid			$ 28	$ 70	$ 70	$ 12	$ 67	$ 15	$ 36	$ 168	$ 130
CVR Energy \| Subsequent Event \| Forecast
Related Party Transaction [Line Items]
Proceeds from distribution	$ 6

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Machinery and equipment	$	4,265	$	4,194
Buildings and improvements	87		86
ROU finance leases	81		79
Land and improvements	73		72
Furniture and fixtures	37		37
Construction in progress	215		143
Other	15		15




	4,773		4,626
Less: Accumulated depreciation and amortization	(2,546)		(2,379)
Total property, plant and equipment, net	$	2,227	$	2,247

Leases - Balance Sheet Summary (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
Lease liability	$ 36
Finance Leases
Lease liability	46
Pipeline and storage
Operating Leases
ROU assets, net	13	$ 16
Lease liability	12	16
Finance Leases
ROU assets, net	18	20
Lease liability	29	32
Railcars
Operating Leases
ROU assets, net	9	11
Lease liability	9	11
Finance Leases
ROU assets, net	0	0
Lease liability	0	0
Real estate and other
Operating Leases
ROU assets, net	16	13
Lease liability	15	13
Finance Leases
ROU assets, net	14	15
Lease liability	$ 17	$ 16

Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments


(in millions)	CVRP JV		Enable JV		Midway JV		Total
Balance at December 31, 2022	$	—	$	5	$	71	$	76
CVRP JV inception	46		—		—		46

Cash distributions (1)	(19)		(1)		(2)		(22)
Equity income	—		1		2		3
Balance at March 31, 2023	27		5		71		103
Cash distributions	(1)		(1)		(2)		(4)
Equity income	—		1		2		3
Balance at June 30, 2023	26		5		71		102
Cash distributions	(1)		(1)		(2)		(4)
Equity income	—		1		2		3
Balance at September 30, 2023	$	25	$	5	$	71	$	101

Revenue - Revenue Disaggregated by Major Product (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,522	$ 2,699	$ 7,045	$ 8,216
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-02-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	7 years 3 months		7 years 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	3 years		3 years
Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	$ 2,514	2,687	$ 6,984	8,186
Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,186	1,207	3,287	3,732
Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,124	1,252	2,956	3,589
Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	22	22	116	125
UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	86	119	354	438
Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	8	6	23	26
Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	15	11	45	40
Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	73	70	203	236
Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	8	12	60	29
Other revenue
Disaggregation of Revenue [Line Items]
Other revenue	$ 0	0	$ 1	1
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	3 months		3 months
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Operating Segments \| Petroleum
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,298	2,474	$ 6,290	7,497
Operating Segments \| Petroleum \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	2,290	2,462	6,229	7,467
Operating Segments \| Petroleum \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,186	1,207	3,287	3,732
Operating Segments \| Petroleum \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	1,057	1,202	2,806	3,513
Operating Segments \| Petroleum \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Petroleum \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Petroleum \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Petroleum \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	5	4	13	13
Operating Segments \| Petroleum \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	42	49	123	209
Operating Segments \| Petroleum \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	8	12	60	29
Operating Segments \| Petroleum \| Other revenue
Disaggregation of Revenue [Line Items]
Other revenue	0	0	1	1
Operating Segments \| Nitrogen Fertilizer Segment
Disaggregation of Revenue [Line Items]
Total revenue	131	156	540	623
Operating Segments \| Nitrogen Fertilizer Segment \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	131	156	540	623
Operating Segments \| Nitrogen Fertilizer Segment \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	22	22	116	125
Operating Segments \| Nitrogen Fertilizer Segment \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	86	119	354	438
Operating Segments \| Nitrogen Fertilizer Segment \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	8	6	23	26
Operating Segments \| Nitrogen Fertilizer Segment \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	10	7	32	27
Operating Segments \| Nitrogen Fertilizer Segment \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	5	2	15	7
Operating Segments \| Nitrogen Fertilizer Segment \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Operating Segments \| Nitrogen Fertilizer Segment \| Other revenue
Disaggregation of Revenue [Line Items]
Other revenue	0	0	0	0
Other / Elimination
Disaggregation of Revenue [Line Items]
Total revenue	93	69	215	96
Other / Elimination \| Revenue from product sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	93	69	215	96
Other / Elimination \| Gasoline
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Distillates
Disaggregation of Revenue [Line Items]
Revenue from product sales	67	50	150	76
Other / Elimination \| Ammonia
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| UAN
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Urea products
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Freight revenue
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Other products
Disaggregation of Revenue [Line Items]
Revenue from product sales	26	19	65	20
Other / Elimination \| Crude oil sales
Disaggregation of Revenue [Line Items]
Revenue from product sales	0	0	0	0
Other / Elimination \| Other revenue
Disaggregation of Revenue [Line Items]
Other revenue	$ 0	$ 0	$ 0	$ 0

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flows Related to Income Taxes, Interest, Leases, Capital Expenditures, and Deferred Financing Costs included in Accounts Payable, and Non-Cash Dividends

Cash flows related to income taxes, interest, leases, and capital and turnaround expenditures included in accounts payable were as follows:


	Nine Months Ended September 30,
(in millions)	2023		2022
Supplemental disclosures:
Cash paid for income taxes, net of refunds	$	88	$	131
Cash paid for interest	76		78
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	13		13
Operating cash flows from finance leases	3		4
Financing cash flows from finance leases	5		4
Noncash investing and financing activities:

Change in capital expenditures included in accounts payable (1)	(2)		14
Change in turnaround expenditures included in accounts payable	—		(1)

(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	889	$	510
Restricted cash (1)	7		7
Cash, cash equivalents and restricted cash	$	896	$	517

(1)The restricted cash balance is included within Prepaid expenses and other current assets on the condensed consolidated balance sheets.

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following:


(in millions)	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	889	$	510
Restricted cash (1)	7		7
Cash, cash equivalents and restricted cash	$	896	$	517

(1)The restricted cash balance is included within Prepaid expenses and other current assets on the condensed consolidated balance sheets.

Derivative Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair value measurements
Other current liabilities (derivative financial instruments)	$ (37)	$ (4)
Recurring
Fair value measurements
Total liabilities	(1,894)	(2,090)
Recurring \| Commodity Contract
Fair value measurements
Other current liabilities (derivative financial instruments)		(4)
Other current liabilities (derivative financial instruments) \| Recurring
Fair value measurements
Other current liabilities (derivative financial instruments)	(37)
Other long-term liabilities (derivative financial instruments)	(2)
Level 1 \| Recurring
Fair value measurements
Total liabilities	0	0
Level 1 \| Recurring \| Commodity Contract
Fair value measurements
Other current liabilities (derivative financial instruments)		0
Level 1 \| Other current liabilities (derivative financial instruments) \| Recurring
Fair value measurements
Other current liabilities (derivative financial instruments)	0
Other long-term liabilities (derivative financial instruments)	0
Level 2 \| Recurring
Fair value measurements
Total liabilities	(1,894)	(2,090)
Level 2 \| Recurring \| Commodity Contract
Fair value measurements
Other current liabilities (derivative financial instruments)		(4)
Level 2 \| Other current liabilities (derivative financial instruments) \| Recurring
Fair value measurements
Other current liabilities (derivative financial instruments)	(37)
Other long-term liabilities (derivative financial instruments)	(2)
Level 3 \| Recurring
Fair value measurements
Total liabilities	0	0
Level 3 \| Recurring \| Commodity Contract
Fair value measurements
Other current liabilities (derivative financial instruments)		0
Level 3 \| Other current liabilities (derivative financial instruments) \| Recurring
Fair value measurements
Other current liabilities (derivative financial instruments)	0
Other long-term liabilities (derivative financial instruments)	0
Other current liabilities \| Other current liabilities (RFS obligations) \| Recurring
Fair value measurements
Other current liabilities (RFS obligations)	(413)	(692)
Other current liabilities \| Level 1 \| Other current liabilities (RFS obligations) \| Recurring
Fair value measurements
Other current liabilities (RFS obligations)	0	0
Other current liabilities \| Level 2 \| Other current liabilities (RFS obligations) \| Recurring
Fair value measurements
Other current liabilities (RFS obligations)	(413)	(692)
Other current liabilities \| Level 3 \| Other current liabilities (RFS obligations) \| Recurring
Fair value measurements
Other current liabilities (RFS obligations)	0	0
Long-term debt \| Recurring
Fair value measurements
Long-term debt	(1,442)	(1,394)
Long-term debt \| Level 1 \| Recurring
Fair value measurements
Long-term debt	0	0
Long-term debt \| Level 2 \| Recurring
Fair value measurements
Long-term debt	(1,442)	(1,394)
Long-term debt \| Level 3 \| Recurring
Fair value measurements
Long-term debt	$ 0	$ 0

Revenue - Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	7 years 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	3 years
Nitrogen Fertilizer Segment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	3 months
Nitrogen Fertilizer Segment \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction, period	1 year

Leases - Additional Information (Details) $ in Millions	9 Months Ended
Leases - Additional Information (Details) $ in Millions	Sep. 30, 2023 option	Jul. 14, 2022 USD ($)	Feb. 21, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of options to extend the lease term \| option	1
Minimum
Lessee, Lease, Description [Line Items]
Finance lease not yet commenced			$ 20
Operating lease not yet commenced		$ 8
Maximum
Lessee, Lease, Description [Line Items]
Finance lease not yet commenced			$ 25
Operating lease not yet commenced		$ 12

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 4	$ 4	$ 13	$ 12
Finance lease expense:
Amortization of ROU asset	1	2	4	5
Interest expense on lease liability	1	1	3	4
Short-term lease expense	$ 3	$ 3	$ 8	$ 7

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 2,522	$ 2,699	$ 7,045	$ 8,216
Operating costs and expenses:
Cost of materials and other	1,787	2,267	5,211	6,619
Direct operating expenses (exclusive of depreciation and amortization)	170	218	503	545
Depreciation and amortization	80	74	217	210
Cost of sales	2,037	2,559	5,931	7,374
Selling, general and administrative expenses (exclusive of depreciation and amortization)	38	35	109	110
Depreciation and amortization	1	1	4	5
Loss on asset disposal	1	1	1	1
Operating income	445	103	1,000	726
Other (expense) income:
Interest expense, net	(11)	(19)	(44)	(67)
Other income (expense), net	4	3	10	(81)
Income before income tax expense	438	87	966	578
Income tax expense	84	7	185	106
Net income	354	80	781	472
Less: Net income (loss) attributable to noncontrolling interest	1	(13)	103	121
Net income attributable to CVR Energy stockholders	$ 353	$ 93	$ 678	$ 351
Basic earnings per share (in dollars per share)	$ 3.51	$ 0.92	$ 6.74	$ 3.49
Diluted earnings per share (in dollars per share)	$ 3.51	$ 0.92	$ 6.74	$ 3.49
Weighted-average common shares outstanding:
Basic (in shares)	100.5	100.5	100.5	100.5
Diluted (in shares)	100.5	100.5	100.5	100.5

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant, and Equipment
Depreciation and amortization	$ 81	$ 75	$ 221	$ 215
Property, Plant and Equipment
Property, Plant, and Equipment
Depreciation and amortization	$ 59	$ 57	$ 165	$ 167

Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

(7) Other Current Liabilities

Other current liabilities were as follows:


(in millions)	September 30, 2023		December 31, 2022
Accrued Renewable Fuel Standards (“RFS”) obligation	$	413	$	692
Share-based compensation	52		31
Accrued taxes other than income taxes	47		51
Personnel accruals	45		47
Accrued income taxes	44		—
Derivatives	37		4
Deferred revenue	39		48
Accrued interest	19		24
Operating lease liabilities	13		15
Current portion of finance lease obligations	7		6
Other accrued expenses and liabilities	29		24
Total other current liabilities	$	745	$	942

Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Operating Results and Capital Expenditures Information by Segment

The following table summarizes certain operating results and capital expenditures information by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2023		2022		2023		2022
Net sales:
Petroleum	$	2,298	$	2,474	$	6,290	$	7,497
Nitrogen Fertilizer	131		156		540		623
Other, including intersegment eliminations	93		69		215		96
Total net sales	$	2,522	$	2,699	$	7,045	$	8,216










Operating income (loss):
Petroleum	$	431	$	137	$	838	$	564
Nitrogen Fertilizer	8		(12)		184		218
Other, including intersegment eliminations	6		(22)		(22)		(56)
Total operating income (loss)	445		103		1,000		726
Interest expense, net	(11)		(19)		(44)		(67)

Other income (expense), net	4		3		10		(81)
Income before income tax expense	$	438	$	87	$	966	$	578
Depreciation and amortization:
Petroleum	$	50	$	47	$	141	$	140
Nitrogen Fertilizer	23		22		59		64
Other	8		6		21		11
Total depreciation and amortization	$	81	$	75	$	221	$	215
Capital expenditures: (2)
Petroleum	$	26	$	23	$	79	$	61
Nitrogen Fertilizer	8		25		18		38
Other (1)	17		20		51		59
Total capital expenditures	$	51	$	68	$	148	$	158

The following table summarizes total assets by segment:


(in millions)	September 30, 2023		December 31, 2022

Petroleum	$	4,635	$	4,354
Nitrogen Fertilizer	1,019		1,100
Other, including intersegment eliminations (1)	(1,233)		(1,335)
Total assets	$	4,421	$	4,119

(1)Other includes amounts for the Wynnewood Refinery’s renewable feedstock pretreater project.

(2)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Commitments and Contingencies - RFS (Details) - Petroleum Segment - Environmental, Health, and Safety Matters - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Loss Contingencies [Line Items]
Expense (benefit) for compliance with RFS	$ (135)	$ 86	$ (99)	$ 328
RFS obligation	$ 413		$ 413		$ 692

Business Segments - Summary of Operating Results and Capital Expenditures by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales:	$ 2,522	$ 2,699	$ 7,045	$ 8,216
Operating income (loss):	445	103	1,000	726
Interest expense, net	(11)	(19)	(44)	(67)
Other income (expense), net	4	3	10	(81)
Income before income tax expense	438	87	966	578
Depreciation and amortization:	81	75	221	215
Capital expenditures	51	68	148	158
Total assets	4,421		4,421		$ 4,119
Operating Segments \| Petroleum
Segment Reporting Information [Line Items]
Net sales:	2,298	2,474	6,290	7,497
Operating income (loss):	431	137	838	564
Depreciation and amortization:	50	47	141	140
Capital expenditures	26	23	79	61
Total assets	4,635		4,635		4,354
Operating Segments \| Nitrogen Fertilizer
Segment Reporting Information [Line Items]
Net sales:	131	156	540	623
Operating income (loss):	8	(12)	184	218
Depreciation and amortization:	23	22	59	64
Capital expenditures	8	25	18	38
Total assets	1,019		1,019		1,100
Other, including intersegment eliminations
Segment Reporting Information [Line Items]
Net sales:	93	69	215	96
Operating income (loss):	6	(22)	(22)	(56)
Depreciation and amortization:	8	6	21	11
Capital expenditures	17	$ 20	51	$ 59
Total assets	$ (1,233)		$ (1,233)		$ (1,335)

Long-Term Debt and Finance Lease Obligations - CVR Partners (Details) - Revolving Credit Facility - Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement - Line of Credit - CVR Partners LP [Member] - USD ($) $ in Millions	Sep. 26, 2023	Sep. 30, 2023
Line of Credit Facility [Line Items]
Incremental facility, increase limit	$ 15
Total Available Borrowing Capacity	$ 50	$ 48
Line of credit facility, expiration period	4 years