CVI · CIK 1376139
What CVR Energy, Inc. told the SEC could break it.
CVR Energy's disclosures show customer concentration running through every part of its business: its top Petroleum customer was 12% of segment sales, its top two Nitrogen Fertilizer customers 28%, and its Renewables segment leans on two customers at roughly 50% each — none under long-term minimum-purchase contracts. Profitability also turns on volatile feedstocks — crude oil and product spreads in refining, and pet coke (36% sourced internally from the Coffeyville Refinery) plus natural gas in fertilizer. On top of that, its obligated refining subsidiaries can't meet most of their Renewable Fuel Standard volume obligations through blending, forcing RIN purchases unless granted small-refinery exemptions — a material, fluctuating compliance cost shaped by evolving EPA rules.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Customer concentration across all three segmentshigh
Each of CVR's segments is customer-concentrated: the Petroleum segment's top customer was 12% of segment sales, the Nitrogen Fertilizer segment's top two were 28%, and the Renewables segment had two customers each at ~50% — with no long-term minimum-purchase contracts.
“The largest customer of our Petroleum Segment comprised 12% of its net sales for the year ended December 31, 2025. For the same period, the top two customers of our Nitrogen Fertilizer Segment represented 28% of its net sales, and the Renewables Segment has two customers that each accounted for approximately 50% of its net sales.”
SEC filing →As of 2026
Commodity & input dependence
- Crude oil, natural gas and pet coke feedstocksmedium
CVR's refining margins depend on crude oil/product spreads and its Coffeyville fertilizer plant runs on pet coke (36% sourced internally from the Coffeyville Refinery under the MSA, plus third-party contracts) and natural gas, exposing profitability to volatile feedstock prices and availability.
“Our profitability is directly affected by the price and availability of pet coke obtained from our Coffeyville Refinery under the Coffeyville MSA. Our Coffeyville Fertilizer Facility obtained 36% of its pet coke from our Coffeyville Refinery in 2025.”
Regulatory & policy
- EPA Renewable Fuel Standard (RVO/RIN obligations and small-refinery exemptions)medium
CVR's obligated-party refining subsidiaries cannot meet most of their annual Renewable Volume Obligations through blending and must purchase RINs unless granted small-refinery exemptions; EPA's evolving RFS rules, RVO reallocations and pending/partial SRE decisions create material, volatile compliance-cost exposure.
“Our obligated-party subsidiaries are not able to meet the majority of their annual RVOs through blending, so, unless their RVOs are waived or exempted, they have had to and currently expect to be required”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
BNSF Railway (Burlington Northern Santa Fe)
“CVR Partners distributes its nitrogen fertilizer products via railcars, primarily using the Union Pacific or Burlington Northern Santa Fe railroads, truck”
Cited →“CVR Partners distributes its nitrogen fertilizer products via railcars, primarily using the Union Pacific or Burlington Northern Santa Fe railroads, truck”
Cited →
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