In my mind the share price of CVR does not really bear too much on the outcome of IEP unless the share price goes way up or down. The reason IEP owned CVR is for the dividend income.
So CVR has made strides toward getting its financials right to potentially restart the dividend.
The price of Oil does help or hurt CVR accordingly. However, one of the big factors hurting CVR is the Wynnewood refinery and it not having a small refinery exemption from the EPA to produce other products besides oil. It previously had an exemption under the last Trump administration. It is currently trying to get the exemption again but it is partially locked up in legal cases and the Trump administration has allowed the Biofuel industry and the small refineries to mediate themselves to come up with a negotiated solution. At this point the refinery is not making as much money as it could with the exemption.
So higher oil prices would help CVR...a small refinery exemption would be even better. However, as previously stated CVR has been making headway on their financials so they are already in a turn around status. The question is more of when versus if CVR turns around.
I expect the next earnings call to show progress but I do not think we will see a major earnings pop at this point caused by CVR unless there is a sudden resolution of small refinery exemption.
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