We look for company commentary on hedging impacts for the quarter and potential impacts to capture rates in 4Q. For UAN, we assume reduced EBITDA QoQ given lower margins and seasonality impacts. On the call, we expect investors to be focused on (a) product demand outlook, (b) management discussion on capital returns, (c) renewable diesel outlook, (d) UAN earnings expectations, and (e) Brent-WTI outlook. Valuation & Key Risks We are and our 6-month SOTP and P/E-based price target is unchanged at $31 . Our 2023-2025 EPS estimates are now $5.97/$4.25/$3.08 from $6.14/$4.31/$3.08 prior reflect 3Q actual commodity prices and refining margins and tweaks to refining capture rates and RD earnings. Key risks relate to refining margins, operational execution, and UAN earnings. CV I 6 m Pr i ce T ar g e t : $31. 00 Pr i ce : $32. 94 Do w n si de: 5. 9% CVR Energy Inc.