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Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments
(15) Business Segments

CVR Energy’s revenues are primarily derived from two reportable segments: Petroleum and Nitrogen Fertilizer. The Company evaluates the performance of its segments based primarily on segment operating income (loss) and Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). For the purposes of the business segments disclosure, the Company presents operating income (loss) as it is the most comparable measure to the amounts presented on the Consolidated Statements of Operations. The other amounts reflect renewable fuels activities, intercompany eliminations, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments.
The following tables summarize operating results and capital expenditures information by segment:
Year Ended December 31, 2023
(in millions)Petroleum SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Net sales$8,267 $681 $299 $9,247 
Inter-segment fees and sales20 — (20)— 
Total sales8,287 681 279 9,247 
Operating income (loss)$982 $201 $(60)$1,123 
Interest income (expense)75 (29)(98)(52)
Other income, net14 
Income before income tax expense$1,085 
Depreciation and amortization$189 $80 $29 $298 
Capital expenditures (1)
108 29 60 197 

Year Ended December 31, 2022
(in millions)Petroleum SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Net sales$9,902 $836 $158 $10,896 
Inter-segment fees and sales17 — (17)— 
Total sales9,919 836 141 10,896 
Operating income (loss)$719 $320 $(76)$963 
Interest income (expense)41 (34)(92)(85)
Other expense, net(77)
Income before income tax expense$801 
Depreciation and amortization$187 $82 $19 $288 
Capital expenditures (1)
86 41 76 203 

Year Ended December 31, 2021
(in millions)Petroleum SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Net sales$6,710 $533 $(1)$7,242 
Inter-segment fees and sales11 — (11)— 
Total sales6,721 533 (12)7,242 
Operating (loss) income$(27)$134 $(20)$87 
Interest income (expense)21 (61)(77)(117)
Investment income on marketable securities81 
Other income, net15 
Income before income tax benefit$66 
Depreciation and amortization$203 $73 $3 $279 
Capital expenditures (1)
50 26 150 226 
The following table summarizes total assets by segment:
December 31,
(in millions)20232022
Petroleum$2,978 $4,354 
Nitrogen Fertilizer975 1,100 
Other, including inter-segment eliminations (2)
754 (1,335)
Total assets$4,707 $4,119 
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.
(2)Other includes amounts for the Wynnewood renewable diesel unit project and renewable feedstock pretreater project.