v3.26.1
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
(8) Derivative Financial Instruments
The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of June 30, 2026 and December 31, 2025:
(in thousands of barrels)CommodityJune 30, 2026December 31, 2025
Forwards
Crude (1)
324 736 
Swaps
NYMEX Diesel Cracks (1)
(7,455)(3,120)
SwapsNYMEX RBOB Cracks(400)— 
SwapsGroup 3 Diesel Cracks(300)— 
FuturesCrude— (75)
(1)As of June 30, 2026, the Company held offsetting forward Crude and NYMEX Diesel Crack commodity buy and sell positions of approximately 1.4 million and 0.5 million barrels, respectively.
The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Condensed Consolidated Balance Sheets. Refer to Note 9 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):
June 30, 2026December 31, 2025
(in millions)AssetsLiabilitiesAssetsLiabilities
Other current assets
$— $— $7 $— 
Other current liabilities
— 81 — — 
Other long-term liabilities
— 22 — — 
The following table represents CVR Energy’s incurred realized and unrealized net (losses) gains from derivative activities, recorded in Cost of materials and other on the Condensed Consolidated Statements of Operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Commodity derivative instruments$(75)$4 $(257)$19 
CVR Energy has certain derivative instruments that contain credit risk-related contingent provisions associated with the Company’s credit ratings. If the Company’s credit rating were to be downgraded below specified levels, counterparties could require the Company to post additional collateral or request immediate settlement of derivative instruments in a liability position. As of June 30, 2026, the aggregate fair value of derivative instruments in a gross liability position subject to these provisions was $159 million, for which the Company has posted collateral of $47 million.
Certain derivative contracts are entered into with counterparties that qualify as secured hedging providers under the Company’s asset-based lending facility. Under the terms of the applicable derivative contracts, the counterparty’s exposure is secured by the collateral package supporting the asset-based lending facility. As a result, the Company generally is not required to post cash collateral or margin with respect to these derivative contracts, although collateral requirements may arise under certain circumstances specified in the applicable agreements.
Based on the Company’s derivative positions and collateral posted as of June 30, 2026, the Company would not have been required to post additional collateral or settle its derivative liabilities if the credit‑risk‑related contingent provisions had been triggered at that date.