CVR Energy Inc. Files 2023 Annual Report on Form 10-K

Ticker: CVI · Form: 10-K · Filed: Feb 21, 2024 · CIK: 1376139

Cvr Energy INC 10-K Filing Summary
FieldDetail
CompanyCvr Energy INC (CVI)
Form Type10-K
Filed DateFeb 21, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, CVR Energy, Petroleum Refining, Annual Report, Financials

TL;DR

<b>CVR Energy Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CVR ENERGY INC (CVI) filed a Annual Report (10-K) with the SEC on February 21, 2024. CVR Energy Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is petroleum refining. The filing includes financial data for the fiscal years 2021, 2022, and 2023. CVR Energy Inc. is incorporated in Delaware and headquartered in Sugar Land, Texas.

Why It Matters

For investors and stakeholders tracking CVR ENERGY INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CVR Energy's financial health, operational performance, and strategic positioning within the petroleum refining industry for the past fiscal year. Investors and stakeholders can use this report to assess the company's profitability, debt levels, and overall financial stability, which are crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — CVR ENERGY INC shows moderate risk based on this filing. The company operates in the volatile petroleum refining industry, which is subject to significant price fluctuations and regulatory changes that can impact financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand CVR Energy's performance drivers and potential challenges in the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did CVR ENERGY INC file this 10-K?

CVR ENERGY INC filed this Annual Report (10-K) with the SEC on February 21, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CVR ENERGY INC (CVI).

Where can I read the original 10-K filing from CVR ENERGY INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CVR ENERGY INC.

What are the key takeaways from CVR ENERGY INC's 10-K?

CVR ENERGY INC filed this 10-K on February 21, 2024. Key takeaways: CVR Energy Inc. filed its 2023 Form 10-K on February 21, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is petroleum refining..

Is CVR ENERGY INC a risky investment based on this filing?

Based on this 10-K, CVR ENERGY INC presents a moderate-risk profile. The company operates in the volatile petroleum refining industry, which is subject to significant price fluctuations and regulatory changes that can impact financial performance.

What should investors do after reading CVR ENERGY INC's 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand CVR Energy's performance drivers and potential challenges in the upcoming fiscal year. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,469 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-02-21 16:18:02

Key Financial Figures

Filing Documents

PART III

PART I PART III Item 1.

Business

Business 8 Item 10. Directors, Executive Officers and Corporate Governance 114 Item 1A.

Risk Factors

Risk Factors 25 Item 11.

Executive Compensation

Executive Compensation 114 Item 1B. Unresolved Staff Comments 42 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114 Item 1C. Cybersecurity 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 114 Item 2.

Properties

Properties 43 Item 14. Principal Accounting Fees and Services 114 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 43

PART IV

PART II PART IV Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Item 15. Exhibits, Financial Statement Schedules 115 Item 6. [Reserved] 44 Item 16. Form 10-K Summary 120 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 75 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 113 Item 9A.

Controls and Procedures

Controls and Procedures 113 Item 9B. Other Information 113 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 December 31, 2023 | 1 Table of Contents GLOSSARY OF SELECTED TERMS The following are definitions of certain terms used in this Annual Report on Form 10-K for the year ended December 31, 2023 (this "Report"). 2-1-1 crack spread — The approximate gross margin resulting from processing two barrels of crude oil to produce one barrel of gasoline and one barrel of distillate. The 2-1-1 crack spread is expressed in dollars per barrel and is a proxy for the per barrel margin that a sweet crude oil refinery would earn assuming it produced and sold the benchmark production of gasoline and distillate. Ammonia — Ammonia is a direct application fertilizer and is primarily used as a building block for other nitrogen products for industrial applications and finished fertilizer products. Biodiesel — A renewable fuel that can be manufactured from vegetable oils, animal fats, or recycled restaurant grease for use in diesel vehicles or any equipment that operates on diesel fuel and has physical properties similar to those of petroleum diesel. Blendstocks — Various compounds that are combined with gasoline or diesel from the crude oil refining process to make finished gasoline and diesel fuel; these may include natural gas liquids, ethanol, or reformate, among others. Bpd — Barrels per day. Bulk sales — Volume sales through third-party pipelines, in contrast to tanker truck quantity rack sales. Capacity — Capacity is defined as the throughput a process unit is capable of sustaining, either on a calendar or stream day basis. The throughput may be expressed in terms of maximum sustainable, nameplate or economic capacity. The maximum sustainable or nameplate capacities may not be the most economical. The economic capacity is the throughput that generally provides the greatest economic benefit based on considerations such

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