Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CVR ENERGY INC | y93739ae8vk.htm |
| EX-2.1 - EX-2.1 - CVR ENERGY INC | y93739aexv2w1.htm |
| EX-99.2 - EX-99.2 - CVR ENERGY INC | y93739aexv99w2.htm |
| EX-10.1 - EX-10.1 - CVR ENERGY INC | y93739aexv10w1.htm |
Exhibit 99.1
CVR Energy Completes Acquisition
Of WYNNEWOOD, OKLA., REFINERY
Of WYNNEWOOD, OKLA., REFINERY
SUGAR LAND, Texas (Dec. 15, 2011) — CVR Energy, Inc. (NYSE: CVI) today announced that it has
completed its acquisition of Gary-Williams Energy Corporation and its Wynnewood, Okla., refinery
and related assets.
With 70,000 bpd in crude throughput capacity and a complexity rating of 9.3, the Wynnewood
refinery provides an immediate and meaningful increase in the scale and diversity of CVR
Energy’s refining operations. With this acquisition, CVR Energy now has more than 185,000 bpd of
processing capacity at two locations in the attractive and
historically underserved PADD II, Group 3 region.
“This
acquisition is accretive to our shareholders, provides the company
with diversity of cash flows, and creates an opportunity to improve
both Coffeyville and Wynnewood earnings due to anticipated
synergies,” said Chief Executive Officer Jack Lipinski.
“Adding the Wynnewood Refinery to our portfolio removes the
single asset issue raised by analysts and shareholders. This view is
supported by Moody’s recent upgrading of the ratings on both the
company and its debt.”
In connection with the transaction, CVR Energy said its wholly-owned subsidiaries, Coffeyville
Resources, LLC and Coffeyville Finance Inc., have also completed an offering of $200 million
aggregate principal amount of 9 percent first lien senior secured notes due 2015 to partially fund
the acquisition of Gary Williams Energy Corporation and pay estimated fees and
expenses. In addition, the company increased the size of its ABL
Credit Facility by $150 million from $250 million to
$400 million to support larger working capital demands
associated with operating the second refinery.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy, Inc.’s subsidiary and affiliated businesses operate
independent refining assets in Coffeyville, Kan. and Wynnewood, Okla. with more than 185,000 barrels
per day of processing capacity, a marketing network for supplying high value transportation fuels
to customers through tanker trucks and pipeline terminals, and a crude oil gathering system serving
central Kansas, Oklahoma, western Missouri and southwest Nebraska. In addition, CVR Energy
subsidiaries own a majority interest in and serve as the general partner of CVR Partners, LP, a
producer of ammonia and urea ammonium nitrate, or UAN, fertilizers.
For further information, please contact:
Investor Relations:
Jay Finks
CVR Energy, Inc.
281-207-3588
InvestorRelations@CVREnergy.com
Jay Finks
CVR Energy, Inc.
281-207-3588
InvestorRelations@CVREnergy.com
Media Relations:
Steve Eames
CVR Energy, Inc.
281-207-3550
MediaRelations@CVREnergy.com
CVR Energy, Inc.
281-207-3550
MediaRelations@CVREnergy.com