CVI CVR Energy Inc

SUGAR LAND, Texas, June 13 /PRNewswire-FirstCall/ -- CVR Energy, Inc. (NYSE:CVI), an independent refiner and through CVR Partners, LP a nitrogen fertilizer producer, announced today that the managing general partner of CVR Partners has decided to postpone indefinitely the initial public offering of CVR Partners. (Logo: http://www.newscom.com/cgi-bin/prnh/20071203/CVRLOGO) Based upon a review of public offering alternatives for CVR Partners, the managing general partner has determined that current Master Limited Partnership (MLP) market conditions do not support the offering, which had been aimed at maximizing the value of the fertilizer business. The company believes maintaining the fertilizer business within CVR Energy provides greater value for its shareholders. The partnership's managing general partner will continue to evaluate options for the fertilizer business, including public market alternatives. The previously filed registration statement will be withdrawn. "The decision to withdraw the initial public offering of CVR Partners is based on MLP market conditions and is unrelated to the fundamentals and outlook for the fertilizer business, both of which continue to be strong," said Jack Lipinski, chief executive officer of CVR Energy and the managing general partner of CVR Partners. "Given the positive environment in the agricultural sector and its related market performance, we believe more value is created for CVR Energy shareholders in our current form than in a publicly traded MLP at this time. "We will continue to evaluate alternatives, including those in the public markets for maintaining and maximizing shareholder value for CVR's fertilizer business," he added. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by our use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. For a discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our SEC filings, including our Form 10-K/A for the year ended December 31, 2007. These risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no duty to update its forward looking statements. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy, Inc.'s subsidiary and affiliated businesses include an independent refiner that operates a 115,000 barrel per day refinery in Coffeyville, Kan., and markets high-value transportation fuels supplied to customers through tanker trucks and pipeline terminals; a crude oil gathering system serving central Kansas, northern Oklahoma and southwestern Nebraska; an asphalt and refined fuels storage and terminal business in Phillipsburg, Kan.; and through a limited partnership, an ammonia and urea ammonium nitrate fertilizer business located in Coffeyville, Kan. For further information, please contact: Investor Relations: Media Relations: Stirling Pack, Jr. Steve Eames CVR Energy, Inc. CVR Energy, Inc. 281-207-3464 281-207-3550 http://www.newscom.com/cgi-bin/prnh/20071203/CVRLOGO http://photoarchive.ap.org/ DATASOURCE: CVR Energy, Inc. CONTACT: Investors, Stirling Pack, Jr., +1-281-207-3464, , or Media, Steve Eames, +1-281-207-3550, , both of CVR Energy, Inc. Web site: http://www.cvrenergy.com/

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