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# CVR Energy Adjusted EBITDA Hits $582 Million As It Agrees To Buy Two Marathon Refineries
- URL: https://www.bullished.co/cvr-energy-adjusted-ebitda-hits-582-million-as-it-agrees-to-buy-two-marathon-refineries-358cad14/
- Published: 2026-11-03T13:36:55.000Z
- Updated: 2026-11-03T13:36:55.000Z
- Description: The refiner's third-quarter net income hit $570 million, and the CEO called it the best quarter in company history.
- Author: Matteo Parrino
- Tags: Deals, CVI, Industry: Energy

[CVR Energy](https://www.bullished.co/tag/cvi/), a holding company that refines petroleum and makes nitrogen fertilizer, said third-quarter adjusted EBITDA reached [$582 million](https://markets.ft.com/data/announce/detail?dockey=600-202611030658BIZWIRE%5FUSPRX%5F%5F%5F%5F20261102%5FBW010240-1&ref=bullished.co), up from $180 million a year earlier. It also agreed to acquire two Marathon Petroleum refineries, St. Paul Park and Mandan, plus a marketing operation, it said Tuesday in an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed with the SEC.

## Profit nearly doubles the year-earlier base

Net income attributable to CVR Energy stockholders was [$570 million](https://markets.ft.com/data/announce/detail?dockey=600-202611030658BIZWIRE%5FUSPRX%5F%5F%5F%5F20261102%5FBW010240-1&ref=bullished.co), or $5.67 per diluted share, against $374 million, or $3.72 per share, in the third quarter of 2025\. Adjusted earnings per share rose to $4.00 from 40 cents. Adjusted EBITDA is the company's own measure of operating earnings, stripped of certain non-cash and unusual items.

CEO Dane Neumann called it "the best quarterly results in the Company's history on both a consolidated basis and in the Petroleum segment, driven by strong operations across our system and record crack spreads." A crack spread is the gap between the cost of crude and the price of refined products. The heating-oil crack spread averaged $95.72 a barrel in the quarter, versus $33.54 a year earlier.

Separately, an August 2026 EPA decision gave the company's Wynnewood Refining subsidiary a full waiver of its 2025 renewable fuel obligation, removing a liability of about $253 million. Net sales were $3,281 million, compared with $1,944 million a year earlier.

## Refining carried the quarter, fertilizer slipped

The Petroleum segment posted adjusted EBITDA of $565 million, against $120 million a year earlier. Throughput averaged 227,637 barrels a day, and crude utilization was 104.9%.

The Nitrogen Fertilizer segment lost $11 million, against a $43 million profit a year earlier, as a planned turnaround at the East Dubuque plant cut ammonia utilization to 80% from 95%. Neumann said the turnaround finished in mid-October as scheduled. CVR Partners, the fertilizer partnership in which CVR Energy's subsidiaries own about 37% of the common units, declared a distribution of $1.79 per unit.

CVR Energy ended September with $1.3 billion in cash and $1.8 billion in total debt and finance lease obligations, $570 million of it in the fertilizer segment. Operating cash flow was $655 million for the quarter.

## Marathon deal targeted for year-end

Neumann said the company seeks to close the Marathon transaction by the end of the year, calling it "transformative." Bloomberg Law [reported the price](https://news.bloomberglaw.com/environment-and-energy/icahns-cvr-to-buy-marathon-refineries-for-4-2-billion?ref=bullished.co) at $4.2 billion in a headline.

The board declared a 10-cent dividend, payable November 23 to holders of record November 16\. The fourth-quarter outlook calls for throughput of 210,000 to 225,000 barrels a day.

The company's earnings call was set for 10 a.m. Eastern Tuesday.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CVR ENERGY INC (CVI)](https://www.sec.gov/Archives/edgar/data/0001376139/000119312526444434/d897437d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d897437dex991.htm — CVR ENERGY INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001376139/000119312526444434/d897437dex991.htm?ref=bullished.co) — SEC EDGAR
- [CVR Energy Reports Third Quarter 2026 Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202611030658BIZWIRE%5FUSPRX%5F%5F%5F%5F20261102%5FBW010240-1&ref=bullished.co) — Financial Times
- [Marathon beats third-quarter estimates](https://www.bnnbloomberg.ca/markets/oil/2026/11/03/marathon-beats-third-quarter-estimates-to-sell-two-refineries-to-cvr-energy/?ref=bullished.co) — Bloomberg
- [Carl Icahn’s CVR Energy reportedly nears $4B deal to acquire Marathon refineries | Seeking Alpha](https://seekingalpha.com/news/4663145-carl-icahns-cvr-energy-reportedly-nears-4b-deal-to-acquire-marathon-refineries?ref=bullished.co) — seekingalpha.com
- [Icahn’s CVR to Buy Marathon Refineries for $4.2 Billion (1)](https://news.bloomberglaw.com/environment-and-energy/icahns-cvr-to-buy-marathon-refineries-for-4-2-billion?ref=bullished.co) — news.bloomberglaw.com
- [CVR Energy Announces Transformative Transaction to Acquire 2 Refineries and Marketing Platform From Marathon Petroleum](https://www.businesswire.com/news/home/20261102533425/en/CVR-Energy-Announces-Transformative-Transaction-to-Acquire-2-Refineries-and-Marketing-Platform-From-Marathon-Petroleum?ref=bullished.co) — businesswire.com

### More on CVR Energy

- [CVR Energy Plans About $2.5 Billion Of Secured Debt To Fund Marathon Refinery Purchase](https://www.bullished.co/cvr-energy-plans-about-2-5-billion-of-secured-debt-to-fund-marathon-refinery-purchase-5a7eed3f/)

[All CVR Energy (CVI) coverage →](https://www.bullished.co/tag/cvi/)