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Equity Method Investments
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
(5) Equity Method Investments

We have variable interest in certain entities for which we have applied the VIE model under FASB ASC Topic 810, Consolidation and determined that these entities are variable interest entities. While we concluded we are not the primary beneficiary of these entities, we do have significant influence over their operating and financial policies and, therefore, applied the equity method of accounting for the respective investments. These investments are presented within Other long-term assets on our condensed consolidating financial statements:
•CVR-CapturePoint Parent LLC (“CVRP JV”) - As part of a series of agreements entered into by our subsidiaries with unaffiliated parties with the objective to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (“45Q Transaction”), we received a 50% interest in CVRP JV in connection with a modification to a carbon oxide contract (“CO Contract”) with a customer. The Company has elected to record its share of the earnings or loss of CVRP JV one quarter in arrears.
•Enable South Central Pipeline, LLC (“Enable JV”) - Through our subsidiaries, we own a 40% interest in Enable JV, which operates a 12-inch 26-mile crude oil pipeline with a capacity of approximately 80,000 barrels per day that is connected to the Wynnewood Refinery. The remaining interest in Enable JV is owned by Energy Transfer LP. The Company has elected to record its share of the earnings or loss of Enable JV one month in arrears.
•Midway Pipeline, LLC (“Midway JV”) - On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interest in Midway JV (the “Membership Interests”) to Plains Pipeline, L.P. (“Plains”), pursuant to an Assignment and Assumption of Units, in exchange for cash consideration of approximately $90 million, resulting in a gain of $24 million included within Other income (expense), net. Midway Pipeline LLC operates a 16-inch 99-mile crude oil pipeline with a capacity of approximately 131,000 barrels per day, which connects the Coffeyville Refinery to the Cushing, Oklahoma oil hub (the “Midway Pipeline”). Prior to divesting its Membership Interests, the Company elected to record its share of the earnings or loss of Midway JV one month in arrears.
(in millions)CVRP JVEnable JVMidway JVTotal
Balance at December 31, 2022$— $5 $71 $76 
CVRP JV inception46 — — 46 
Cash distributions (21)(4)(9)(34)
Equity (loss) income— 4 8 12 
Balance at December 31, 202325 5 70 100 
Cash distributions (1)
(6)(4)(13)(23)
Equity income— 4 9 13 
Midway JV disposition— — (66)(66)
Balance at December 31, 2024$19 $5 $— $24 
(1)Includes a $2 million distribution to CVR Partners subsidiaries related to CVRP JV exceeding certain carbon oxide capture and sequestration milestones during 2023.