Risk Factors Update Summary

• The estimated cost of the renewable feedstock pretreater project at the Wynnewood Refinery decreased from $95 million to $94 million.
• The policy for the recovery of erroneously awarded compensation was added, complying with regulations.
• Failure to renew or extend the crude oil supply agreement beyond January 31, 2026, could lead to crude oil supply disruptions. This change might impact production costs and supply chain reliability.
• Geopolitical risks increased due to the conflict between Russia and Ukraine, impacting global markets.
• The East Dubuque Fertilizer Facility experienced a strike after the collective bargaining agreement expired.
• The two largest customers of the Petroleum Segment represented 27% of net sales in 2023, down from 25% in 2022. This change may reduce revenue dependency on a few customers.
• Renewable identification number (RIN) prices declined due to higher distillate prices and increased RIN production.
• Operating income decreased by $227 million due to lower RFS expenses and decreased refined product prices.
• Inclusion of "Crude Oil Pool" definition and the ability to pool volumes for pricing purposes.
• Inventory changes show a decrease in finished goods from $297 million to $260 million.
• Unconditional Purchase Obligations increased significantly from $73 million in 2023 to $142 million in 2024.
• Unrecognized tax benefits were not netted with Deferred income tax asset, increasing from $2 million to $3 million.
• Total capital expenditures for 2023 increased from $203 million to $197 million.
• The reporting date changed from December 31, 2022, to December 21, 2023.
• Completed transaction to monetize 45Q tax credits for $12 million.
• Addition of 2023 Performance-Based Bonus Plans for Corporate, Fertilizer, and Refining divisions.
• The Company declared special dividends of $10 per common unit in August and October 2022.
• CVR Energy ABL now provides for loans and letters of credit up to $100 million.
• Gunvor will maintain insurance coverage with a minimum limit of [value] and notify CVR within [value] days of any changes. This change enhances risk mitigation.
• Sanctions on Russian exports led to oil price volatility and disruptions in oil, gas, and fertilizer markets.
• Failure to comply with environmental laws and climate change regulations could lead to increased operating costs and capital expenditures. This change may result in higher compliance costs and operational disruptions.
• Price level changes during the period between purchasing feedstocks and selling the refined products could negatively impact the carrying value of inventories. This change might result in a decrease in carrying value from $22 million to $19 million.
• Definitions added for "CMA," "Closed Days," "Commencement Date," "Confirmation," "Contract Price," and "Counterparty."
• Long-term debt and finance lease obligations increased from $1,585 million to $1,660 million.
• Consolidation rules changed to "Exchange." No comprehensive income recognized for "years" instead of "periods."
• Inclusion of "Force Majeure" definition, detailing events beyond control affecting contractual obligations.
• Net sales for the Petroleum Segment decreased by $303 million primarily due to unfavorable pricing conditions.
• Transitioned from "sustainability" to "ESG initiatives" in reporting, publishing the 2022 ESG Report.
• Refining market recovery noted, with reduced refined product demand and elevated natural gas prices.
• The CVR Energy ABL maturity date extended by four years to September 26, 2028.
• Introduction of "CRCT Pipeline" definition and its ownership by an Affiliate of CVR.
• Amendment to Credit Agreement dated September 26, 2023, among CVR Partners, LP, and others.
• Introduction of "Environmental Law" definition covering regulations on environmental protection and compliance.
• Refining margin decreased by $227 million, primarily due to a decline in RFS-related expenses.
• Introduction of "Gathered Crude" definition and its consideration for transportation via specific means.
• Quarterly dividends paid to stockholders increased from $1.20 million in 2022 to $2.00 million in 2023.
• Cash and cash equivalents now include "reserved funds." Restricted cash details expanded.
• CVR shall acquire all Crude Oil in the Designated Tanks at the Transfer Price effective [value], excluding [value]. This change impacts financial settlements.
• Interest benefit increased from $1 million to $3 million as of December 31, 2023.
• Equity method investments detail a change in balance from $71 million to $100 million.
• The number of subsidiaries increased from 21 to 22, with the addition of CHC GP.
• Lease liability details show an increase from $48 million to $49 million.
• The U.S. Department of Commerce did not impose import tariffs on UAN from Russia and Trinidad and Tobago, affecting UAN imports. This change could impact UAN import costs and market competitiveness.
• Quarterly dividends paid to public stockholders increased from $36 million in 2022 to $61 million in 2023.
• An increase in inflation rates from 3.4% in December 2023, down from 6.5% in December 2022, could negatively impact operating costs and financing expenses. This change may affect profitability and financial performance.
• Quarterly distributions per common unit increased from $10.50 in 2022 to $26.62 in 2023.
• Gunvor shall invoice CVR for Transportation and Direct Costs on a [value] basis during the Term. This change affects financial reporting and cost management.
• Addition of "Ending Inventory" definition for monthly calculation during the Term.
• Property, plant, and equipment additions show an increase from $4,194 million to $4,287 million.
• An inability to compete successfully could result in exposure to regional economic downturns and seasonal variations, affecting production levels. This change could impact market share and revenue stability.
• Crude oil supply agreement with Vitol Inc. ended in 2023, transitioning to a new agreement with Gunvor USA LLC.
• Quarterly dividends paid to IEP increased from $35 million in 2022 to $61 million in 2023.
• The CVR Partners ABL increased the aggregate principal amount by $15 million to $50 million.
• Addition of a Performance Unit Award Agreement dated November 1, 2017, for David L. Lamp.
• Direct operating expenses per total throughput barrel decreased to $5.34 from $4.83 due to decreased expenses.
• Adjusted EBITDA for the Petroleum Segment decreased by $126 million to $903 million.
• The Petroleum Segment's next planned turnaround at the Coffeyville Refinery was rescheduled from 2023 to spring 2024.
• The Nitrogen Fertilizer Segment's turnaround expenses for 2023 decreased from $33 million to $2 million.
• Net income for the Nitrogen Fertilizer Segment decreased by $6 million to $172 million.
• The Stock Repurchase Program, which authorized repurchasing up to $300 million of common stock, expired on October 22, 2023.
• Total liquidity increased to $869 million, excluding reserved funds for the repayment of the 2025 Notes.