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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Positions Held

The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of September 30, 2024 and December 31, 2023:

(in thousands of barrels)			Commodity						September 30, 2024						December 31, 2023
Forwards			Crude						193						247
Swaps			NYMEX Diesel Cracks (1)						—						(6,780)
Swaps			NYMEX RBOB Cracks						—						(1,275)
Swaps			NYMEX 2-1-1 Cracks						—						(3,030)
Futures			Soybean Oil						(63)						—

(1)As of September 30, 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 4 million barrels.

Schedule of Derivative Offsetting Assets

The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Condensed Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):

			September 30, 2024												December 31, 2023
(in millions)			Assets						Liabilities						Assets						Liabilities
Other current assets			$	15					$	—					$	24					$	—
Other long-term assets			1						—						1						—
Other current liabilities			—						7						—						—

Schedule of Derivative Offsetting Liabilities

The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Condensed Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):

			September 30, 2024												December 31, 2023
(in millions)			Assets						Liabilities						Assets						Liabilities
Other current assets			$	15					$	—					$	24					$	—
Other long-term assets			1						—						1						—
Other current liabilities			—						7						—						—

Schedule of Net (Losses) Gains on Derivatives

The following table represents CVR Energy’s incurred realized and unrealized net gains (losses) from derivative activities, recorded in Cost of materials and other on the Condensed Consolidated Statements of Operations:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Commodity derivative instruments			$	2					$	(106)					$	7					$	(65)

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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