SUGAR LAND, Texas, April 3, 2013 /PRNewswire/ -- CVR Refining, LP
(NYSE: CVRR), a subsidiary of CVR Energy, Inc. (NYSE: CVI), today
announced that the proposed U.S. Environmental Protection Agency
Tier III sulfur regulations will have no impact on the company's
previously announced full year 2013 distribution guidance of
$5.50 to $6.50 per common unit. The
midpoint of this guidance represents a distribution yield of 19
percent based on CVR Refining's closing common unit price on
April 2, 2013, of $31.47.
(Logo: http://photos.prnewswire.com/prnh/20071203/CVRLOGO)
Further, the company also announced that estimated costs to meet
Tier III standards are less than $20
million. The full amount of this upgrade was reserved as
cash on the company's balance sheet at the close of its IPO on
Jan. 23, 2013.
CVR Refining's 70,000 barrel per day Wynnewood refinery currently has the
capability to meet Tier III standards without further investment.
The company's 115,000 barrel per day Coffeyville refinery will require an
approximate $20 million upgrade to
its ultra-low sulfur gasoline unit. This project is expected to be
completed during the refinery's next scheduled turnaround in
2016.
Operating cost increases as a result of the higher
desulfurization levels of gasoline are not expected to be material
to the company's performance.
EPA has proposed regulations that gasoline contain no more than
10 parts per million of sulfur on an annual average basis by
Jan. 1, 2017.
CVR Energy owns the general partner and a majority of the common
units representing limited partnership interests in CVR
Refining.
Forward Looking Statements
This news release contains forward-looking statements. 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 (including
statements about future distributions and potential future
distributable cash flow) 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 most recent Annual Report on Form 10-K, and any subsequently
filed Quarterly Reports on Form 10-Q. 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. CVR Energy and CVR Refining
disclaim any intention or obligation to update publicly or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land,
Texas, CVR Energy is a diversified holding company primarily
engaged in the petroleum refining and nitrogen fertilizer
manufacturing industries through its holdings in two limited
partnerships, CVR Refining, LP and CVR Partners, LP. CVR Energy
subsidiaries serve as the general partner and own a majority of the
common units representing limited partner interests of CVR Refining
and CVR Partners.
About CVR Refining, LP
Headquartered in Sugar Land,
Texas, CVR Refining, LP is an independent downstream energy
limited partnership that owns refining and related logistics assets
in the Midcontinent United States. CVR Refining's subsidiaries
operate a 115,000 barrel per day complex full coking medium-sour
crude oil refinery in Coffeyville,
Kan., and a 70,000 bpd medium complexity crude oil refinery
in Wynnewood, Okla. CVR Refining's
subsidiaries also operate supporting logistics assets including
approximately 350 miles of pipelines, more than 125 crude oil
transports, a network of strategically located crude oil gathering
tank farms, and more than six million barrels of owned and leased
crude oil storage capacity.
For further information, please contact:
Investor Relations:
Jay Finks
CVR Energy, Inc.
(281) 207-3588
InvestorRelations@CVREnergy.com
Media Relations:
Angie Dasbach
CVR Energy, Inc.
(913) 982-0482
MediaRelations@CVREnergy.com
SOURCE CVR Energy, Inc.