Quarterly ResultApr 29, 2026, 04:55 PM
CVI Q1 Net Loss $(192)M; Revenue $1.98B; Debt Refinanced
AI Summary
CVR Energy reported a net loss attributable to stockholders of $(192) million for Q1 2026, widening from $(123) million in Q1 2025, despite net sales increasing to $1.98 billion from $1.65 billion. The company completed a significant debt refinancing, issuing $1 billion in new Senior Notes and repaying $157 million of Term Loan and $817 million of Senior Secured Notes, incurring a $28 million loss on extinguishment. Additionally, the ABL Credit Agreement was increased to $550 million and its maturity extended. The Wynnewood refinery's renewable diesel unit was reverted to hydrocarbon processing in December 2025 due to unfavorable economics.
Key Highlights
- Net loss attributable to CVI stockholders $(192)M in Q1 2026, up from $(123)M in Q1 2025.
- Net sales increased to $1.98B in Q1 2026 from $1.65B in Q1 2025.
- Issued $1B in new Senior Notes (7.500% due 2031, 7.875% due 2034).
- Redeemed $600M of 8.500% Senior Notes due 2029, incurring $28M loss on extinguishment.
- Repaid $157M Term Loan and $217M of 5.750% Senior Notes due 2028.
- Increased ABL Credit Agreement to $550M from $345M, extended maturity to 2031.
- Petroleum Segment revenue rose to $1.80B from $1.48B YoY.
- Nitrogen Fertilizer Segment revenue increased to $180M from $143M YoY.
Price Impact
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