Refined Oil and Fertilizer Combo Stock Loses 260 Billion Won in One Day

CVR Energy Inc. (NYSE: CVI) tumbled 6.39% on March 31, closing at $31.50 and leaving it with a market capitalization of roughly $3.1 billion (about KRW 4.3 trillion). During that session alone, the company erased approximately $190 million (around KRW 260 billion) in market value, and trading volume topped 1.01 million shares—well above the average.

In its fourth-quarter 2025 earnings release on February 18, the company reported a net loss of about $110 million (roughly KRW 150 billion) due to depreciation charges associated with scaling back its renewable fuels business. Nevertheless, EBITDA in its refining and fertilizer segments remained strong. With Mark Pytosh taking the helm as CEO on January 1 of this year, local media on March 30 highlighted CVI as an undervalued energy stock, citing expectations for cost reductions and a turnaround in results under the new leadership.

CVR Energy is a mid-sized, integrated energy company operating refineries in Kansas and Oklahoma and producing nitrogen fertilizer through its publicly traded subsidiary, CVR Partners. Its performance is closely tied to refining and fertilizer prices. Activist investor Carl Icahn’s Icahn Enterprises holds about 70% of the company, making the major shareholder’s strategic direction and any shifts in dividend or capital policy key considerations for investors.