The Q1 earnings report of merchant refiner CVR Energy (CVI) was released last week. The report was dominated by the company's substantial beat of the consensus on both lines, its response to the COVID-19 pandemic's refined fuels demand disruption, and its new 15% stake in fellow merchant refiner Delek US Holdings (DK). The quote from CEO Dave Lamp that led the report was especially instructive with regard to the current operating environment:
We have revised our business plan to protect our balance sheet by reducing costs, capital spending and refining runs