Icahn Enterprises LP (IEP)

[ItsMyOption]

Why IEP should be strong buy$ CVI just reported strong earnings plus a $4.02 cash distribution per common unit IEP holds close to 18 million shares

CVR Energy Reports Third Quarter 2025 Results
•Net income attributable to CVR Energy stockholders of $374 million compared to a net loss attributable to CVR Energy stockholders of $124 million in the third quarter 2024
•EBITDA of $625 million compared to EBITDA loss of $35 million in the third quarter 2024
•Adjusted EBITDA of $180 million compared to $63 million in the third quarter 2024
•$488 million liability removed from balance sheet due to the EPA’s August 2025 decision granting full or partial waivers for Wynnewood Refining Company, LLC for certain historical periods
•Prepaid $20 million in principal of the Term Loan in July 2025
•CVR Partners announced a cash distribution of $4.02 per common unit
SUGAR LAND, Texas (October 29, 2025) – CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced its third quarter 2025 results including earnings per diluted share of $3.72 and adjusted earnings per diluted share of 40 cents, compared to a loss per diluted share of $1.24 and an adjusted loss per diluted share of 50 cents for the prior year period.
“During the third quarter of 2025 we recognized a $488 million benefit from the August 2025 decision of the EPA in clearing years of undue RIN strain on our balance sheet, in addition to 97% crude utilization, higher cracks and an increased capture rate all contributing to third quarter 2025 EBITDA of $625 million. While the EPA’s August decision was not perfect, we appreciate the Trump Administration recognizing the critical role small refineries like ours play in Unleashing American Energy. Of course, we will continue to fight for the full waivers Wynnewood Refining Company, LLC deserves,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “With continued geopolitical tensions, the exorbitant replacement costs for refineries, steady global demand and declining supply as refinery closures are expected to outpace additions over the next 5 years, we should be well positioned into the future.
“CVR Partners achieved strong results for the third quarter of 2025, with a combined ammonia production rate of 95 percent coupled with a supportive market environment for nitrogen fertilizers,” Lamp said. “CVR Partners also was pleased to declare a third quarter 2025 cash distribution of $4.02 per common unit.”

On December 6, 2024, Icahn Enterprises L.P. (IEP) and Icahn Enterprises Holdings L.P. (IEH) announced a cash tender offer for up to 17,753,322 shares of CVR Energy (CVI) at $18.25 per share, representing a premium over the then-current market price.