What CVR Energy, Inc. told the SEC could break it.

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.”

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.”

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”