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Business Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segments
(15) Business Segments

Effective with this Report and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, the Company has revised its reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery located in Wynnewood, Oklahoma. Results of the Renewables Segment were not previously included within our reportable segments, rather included within “Other”. Prior period segment information has been retrospectively adjusted to reflect the current segment presentation.

As a result, CVR Energy has three reportable segments: Petroleum, Renewables, and Nitrogen Fertilizer, which were determined based on the management approach, reflecting the internal reporting used by the Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, to evaluate performance and make strategic decisions.
•Petroleum includes the refining and marketing of high value transportation fuels which consist of gasoline, diesel, jet fuel, and distillates. The Petroleum Segment also includes activities related to crude gathering and logistics that support the refinery operations.
•Renewables includes the refining of renewable feedstocks, such as soybean oil, corn oil, and other renewable feedstocks, into renewable diesel and marketing of renewables products.
•Nitrogen Fertilizer includes the production and sales of nitrogen fertilizer products, primarily in the form of ammonia and UAN, for the farming industry.
The CODM evaluates the performance of each reportable segment and decides how to allocate resources based on segment operating income (loss) which includes the revenue and expenses that are directly attributable to management of each segment, as well as the total assets per segment. The CODM uses segment operating income (loss) and segment total assets to assess the income generated by each reportable segment and to decide which reportable segment to reinvest profits, if at all, or pay dividends. Segment operating income (loss) is also used to analyze performance against the budget and the Company’s competitors.

The other amounts reflect 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 present the operating results and capital expenditures information by segment, the reconciliations to the consolidated net profit (loss), and other required disclosures:
Year Ended December 31, 2024
(in millions)Petroleum SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Third-party sales$6,909 $177 $524 $— $7,610 
Inter-segment fees and sales11 112 1 (124)— 
Net sales6,920 289 525 (124)7,610 
Less:
Cost of materials and other6,236 245 104 (137)6,448 
Direct operating expenses (exclusive of depreciation and amortization)421 31 214 1 667 
Selling, general and administrative expenses (exclusive of depreciation and amortization)77 10 29 23 139 
Depreciation and amortization174 25 88 11 298 
Segment operating income (loss)$12 $(22)$90 $(22)$58 
Reconciliation of Segment operating income (loss) to Net income:
Interest expense, net$(77)
Other income, net38 
Income tax benefit26 
Net income$45 
Other segment disclosures:
Interest income$22 $1 $4 $11 $38 
Interest expense(1)— (34)(80)(115)
Capital expenditures (1)
128 11 37 5 181 
Year Ended December 31, 2023
(in millions)Petroleum SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Net sales$8,267 $299 $681 $— $9,247 
Inter-segment fees and sales20 260 — (280)— 
Total sales8,287 559 681 (280)9,247 
Less:
Cost of materials and other6,629 537 134 (287)7,013 
Direct operating expenses (exclusive of depreciation and amortization)406 28 235 1 670 
Selling, general and administrative expenses (exclusive of depreciation and amortization)81 11 30 19 141 
Depreciation and amortization189 20 80 9 298 
Loss on asset disposals— — 1 1 2 
Segment operating income (loss)$982 $(37)$201 $(23)$1,123 
Reconciliation of Segment operating income (loss) to Net income:
Interest expense, net$(52)
Other income, net14 
Income tax expense(207)
Net income$878 
Other segment disclosures:
Interest income$75 $2 $6 $(45)$38 
Interest expense— (1)(35)(54)(90)
Capital expenditures (1)
108 56 29 4 197 
Year Ended December 31, 2022
(in millions)Petroleum SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Net sales$9,902 $158 $836 $— $10,896 
Inter-segment fees and sales17 180 — (197)— 
Total sales9,919 338 836 (197)10,896 
Less:
Cost of materials and other8,488 342 133 (197)8,766 
Direct operating expenses (exclusive of depreciation and amortization)426 24 269 — 719 
Selling, general and administrative expenses (exclusive of depreciation and amortization)88 3 32 26 149 
Depreciation and amortization187 16 82 3 288 
Loss on asset disposals11 — — — 11 
Segment operating income (loss)$719 $(47)$320 $(29)$963 
Reconciliation of Segment operating income (loss) to Net income:
Interest expense, net$(85)
Other expense, net(77)
Income tax expense(157)
Net income$644 
Other segment disclosures:
Interest income$43 $— $2 $(37)$8 
Interest expense(2)— (36)(55)(93)
Capital expenditures (1)
86 69 41 7 203 

The following table summarizes the reconciliation of total assets by segment to consolidated total assets:
December 31,
(in millions)20242023
Petroleum$3,288 $2,978 
Renewables420 344 
Nitrogen Fertilizer1,019 975 
Other, including inter-segment eliminations(464)410 
Total assets$4,263 $4,707 
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.