Bank CEOs meet with Trump to discuss Fannie Mae and Freddie Mac - Bloomberg
Investing.com -- CVR Energy, Inc. (NYSE:CVI) shares fell 6.9% after the petroleum refiner reported a wider-than-expected second quarter loss, with results hampered by unfavorable renewable fuel standard obligations and reduced throughput following a planned refinery turnaround.
The company posted an adjusted loss of $0.23 per share for the second quarter, significantly worse than analysts’ expectations of a $0.06 per share loss. Revenue came in at $1.76 billion, surpassing the consensus estimate of $1.68 billion and showing growth compared to the same period last year.
CVR Energy’s second quarter was heavily impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation. The company also reported reduced throughput volumes as it processed intermediate inventory following the completion of a planned turnaround at its Coffeyville refinery.
"CVR Energy’s 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory," said Dave Lamp, CVR Energy’s President and Chief Executive Officer.
Combined total throughput for the quarter was approximately 172,000 barrels per day, down from approximately 186,000 barrels per day in the second quarter of 2024.
The company also announced leadership transition plans, with Mark Pytosh set to assume the role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp’s retirement. Additionally, Brett Icahn has been appointed to the Board of Directors effective August 1, 2025.
CVR Partners (NYSE:UAN), the company’s nitrogen fertilizer segment, declared a cash distribution of $3.89 per common unit. This segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the quarter.
The company ended the quarter with consolidated cash and cash equivalents of $596 million, a decrease of $391 million from December 31, 2024.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.