This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
CVR Energy operates petroleum refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma, with a combined crude oil processing capacity of 206,000 barrels per day. The company’s primary business is the refining and marketing of petroleum products, including gasoline, diesel, and other refined fuels, which constitute the vast majority of its revenue. In 2025, the company reported net sales of $7.3 billion from these operations.
The company is vertically integrated through its ownership of crude oil gathering pipelines and a crude oil supply and trading business. This structure is designed to secure feedstock for its refining operations. While CVR Energy has a renewable fuels segment, its core business and financial results remain dominated by the refining and sale of conventional fossil fuels, with no announced plan to phase out or significantly transition away from these petroleum-based operations.
CVR Energy operates petroleum refineries and a nitrogen fertilizer manufacturing business, deriving its revenue from processing and selling fossil fuel products. Its Coffeyville, Kansas refinery was the subject of a 2023 settlement where the company agreed to pay more than $23 million for emitting excess sulfur dioxide. The company also invalidly generated over 2.2 million renewable identification numbers (RINs), resulting in a separate $1.1 million civil penalty admitted by its subsidiary. CVR Energy’s operations are directly covered by EPA regulations targeting greenhouse gas emissions from existing fossil fuel-fired generating units. The company’s activities in fossil gas are recognized as compliant with the EU Taxonomy for sustainable activities, indicating ongoing investment and operation within the fossil fuel sector.
CVR Energy is an integrated petroleum refiner and marketer, deriving the majority of its revenue from its downstream fossil fuel operations. The company operates refineries in Coffeyville, Kansas and Wynnewood, Oklahoma, processing crude oil into gasoline, diesel, and other petroleum products. Its business model is firmly anchored in the fossil fuel value chain.
The company has a documented pattern of regulatory violations related to its core refining operations. In November 2023, CVR Energy agreed to pay more than $23 million to settle allegations it emitted excess sulfur dioxide from its Coffeyville refinery. This settlement addressed violations of the Clean Air Act. A separate enforcement action by the U.S. Department of Transportation resulted in a civil penalty of $74,700 for violations related to the transportation of hazardous materials. The SEC has also cited the company for inadequate disclosures in its regulatory filings.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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