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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2024 and 2023:
|  |  | December 31,
(in thousands of barrels) | Commodity |  | 2024 |  | 2023
Forwards | Crude |  | (11) |  |  | 247 |
Swaps | NYMEX Diesel Cracks (1) |  | (63) |  |  | (6,780) |
Swaps | NYMEX RBOB Cracks |  | — |  |  | (1,275) |
Swaps | NYMEX 2-1-1 Cracks |  | — |  |  | (3,030) |
Futures | ULSD |  | (80) |  |  | — |
Futures | Soybean |  | 79 |  |  | — |
(1)As of December 31, 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 2.5 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 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):
| December 31,
| 2024 |  | 2023
(in millions) | Assets |  | Liabilities |  | Assets |  | Liabilities
Other current assets | $ | 4 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |
Other long-term assets | — |  |  | — |  |  | 1 |  |  | — |
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 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):
| December 31,
| 2024 |  | 2023
(in millions) | Assets |  | Liabilities |  | Assets |  | Liabilities
Other current assets | $ | 4 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |
Other long-term assets | — |  |  | — |  |  | 1 |  |  | — |
Schedule of Gains (Losses) 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 Consolidated Statements of Operations:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Commodity derivative instruments | $ | 13 |  |  | $ | 5 |  |  | $ | (55) |

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