XML 62 R23.htm IDEA: XBRL DOCUMENT v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
(16) Related Party Transactions

Activity associated with the Company’s related party arrangements for the three and nine months ended September 30, 2024 and 2023 is summarized below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Sales to related parties:
CVRP JV CO Contract (1)
$1 $1 $2 $3 
Purchases from related parties:
Enable Joint Venture Transportation Agreement3 3 9 9 
Midway Joint Venture Agreement (2)
6 6 20 17 
Payments:
Dividends (3)
33 107 100 178 
(1)Sales to related parties, included in Net sales in our Condensed Consolidated Statements of Operations, consists of CO sales to a CVRP JV subsidiary.
(2)Purchases from related parties, included in Cost of materials and other in our Condensed Consolidated Statements of Operations, represents reimbursements for crude oil transportation services incurred on the Midway JV through the intermediary purchasing agent.
(3)See below for a summary of the dividends paid to IEP during the nine months ended September 30, 2024 and year ended December 31, 2023.

Dividends to CVR Energy Stockholders

Dividends, if any, including the payment, amount and timing thereof, are determined at the discretion of the board of directors of the Company (the “Board”). IEP, through its ownership of the Company’s common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2024 and 2023 (amounts presented in table below may not add to totals presented due to rounding):
Quarterly Dividends Paid (in millions)
Related PeriodDate PaidQuarterly Dividends
Per Share		Public StockholdersIEPTotal
2023 - 4th Quarter
March 11, 2024$0.50 $17 $33 $50 
2024 - 1st Quarter
May 20, 20240.50 17 33 50 
2024 - 2nd Quarter
August 19, 20240.50 17 33 50 
Total 2024 quarterly dividends
$1.50 $51 $100 $151 

Quarterly Dividends Paid (in millions)
Related PeriodDate PaidQuarterly Dividends
Per Share		Public StockholdersIEPTotal
2022 - 4th Quarter
March 13, 2023$0.50 $15 $36 $50 
2023 - 1st Quarter
May 22, 20230.50 15 36 50 
2023 - 2nd Quarter
August 21, 20230.50 15 36 50 
2023 - 3rd Quarter
November 20, 20230.50 17 33 50 
Total 2023 quarterly dividends
$2.00 $61 $140 $201 

Special Dividends Paid (in millions)
Related PeriodDate PaidSpecial Dividends
Per Share		Public StockholdersIEPTotal
2023 - 2nd Quarter
August 21, 2023$1.00 $29 $71 $101 
2023 - 3rd Quarter
November 20, 20231.50 51 100 151 
Total 2023 special dividends
$2.50 $80 $171 $251 

No dividends were declared for the third quarter of 2024.

Distributions to CVR Partners’ Unitholders

Distributions, if any, including the payment, amount and timing thereof, and the board of directors of CVR Partners’ general partner’s (the “UAN GP Board”) distribution policy, including the definition of available cash, are subject to change at the discretion of the UAN GP Board. The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company, during 2024 and 2023 (amounts presented in tables below may not add to totals presented due to rounding):
Quarterly Distributions Paid (in millions)
Related PeriodDate PaidQuarterly Distributions
Per Common Unit		Public
Unitholders		CVR EnergyTotal
2023 - 4th Quarter
March 11, 2024$1.68 $11 $7 $18 
2024 - 1st Quarter
May 20, 20241.92 13 7 20 
2024 - 2nd Quarter
August 19, 20241.90 13 7 20 
Total 2024 quarterly distributions
$5.50 $37 $21 $58 
Quarterly Distributions Paid (in millions)
Related PeriodDate PaidQuarterly Distributions
 Per Common Unit		Public
Unitholders		CVR EnergyTotal
2022 - 4th Quarter
March 13, 2023$10.50 $70 $41 $111 
2023 - 1st Quarter
May 22, 202310.43 70 41 110 
2023 - 2nd Quarter
August 21, 20234.14 28 16 44 
2023 - 3rd Quarter
November 20, 20231.55 10 6 16 
Total 2023 quarterly distributions
$26.62 $178 $104 $281 

For the third quarter of 2024, CVR Partners, upon approval by the UAN GP Board on October 28, 2024, declared a distribution of $1.19 per common unit, or $13 million, which is payable November 18, 2024 to unitholders of record as of November 8, 2024. Of this amount, CVR Energy will receive approximately $5 million, with the remaining amount payable to public unitholders.