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8-K - FORM 8-K - CVR Refining, LPd480862d8k.htm
Investor Presentation
February 6-7, 2013
Exhibit 99.1


Forward Looking Statements
1
The following presentation contains forward-looking statements based on management’s current
expectations and beliefs, as well as a number of assumptions concerning future events. The
assumptions and estimates underlying the financial information are inherently uncertain and,
although considered reasonable as of the date of preparation by the management team of our
general partner, all of whom are employed by CVR Energy, Inc., are subject to a wide variety of
significant business, economic, and competitive risks and uncertainties that could cause actual
results to differ materially from those contained in the prospective information. Accordingly, there
can be no assurance that the prospective results are indicative of our future performance or that
actual results will not differ materially from those presented in the prospective information. You are
cautioned not to put undue reliance on such forward-looking statements (including forecasts and
projections regarding our future performance) because actual results may vary materially from
those expressed or implied as a result of various factors, including, but not limited to those set
forth under “Risk Factors” in the Prospectus (File no. 333-184200), as amended, of CVR Refining, LP
(the “Company”).  CVR Energy, Inc. and the Company assume no obligation to, and expressly
disclaims any obligation to, update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.


Today’s presenters
2
Jack Lipinski
Chief Executive Officer & President
Susan Ball
Chief Financial Officer & Treasurer
Jay Finks
Director of Finance & Head of Investor Relations


The Offering
3
Issuer:
CVR Refining, LP (“CVR Refining,” “CVRR,” the “Company” or the “Issuer”)
NYSE Ticker:
CVRR
Security:
Common units representing limited partner interests
Common units offered:
24 million
Underwriters’ option to purchase additional units:
3.6 million common units (15%)
Units offered as a % of units outstanding after offering:
16.2% (18.7% including full exercise of the underwriters’ option to purchase additional units)
Offering Price:
$25 per common unit
MLP structure:
Variable distribution MLP; no distribution coverage, MQD or IDRs
Quarterly distribution policy:
An amount equal to 100% of available cash generated each quarter
Estimated Distribution for the 12 Months Ending 
December 31,  2013:
$4.7215 per unit (to be prorated from the closing of the Offering)
Implied Yield at Offering Price:
18.89%
Joint Bookrunners:
Credit Suisse, Citi, Barclays, UBS, Jefferies
Co-Managers:
JP Morgan, Macquarie, Simmons and Company
Pricing Date/IPO Close Date:
January 16, 2013 / January 23, 2013
Intent to purchase:
Icahn Enterprises, LP (“IEP”) purchased  $100 million of units in this offering
CEO Jack Lipinski purchased $5 million of units in this offering


Gasoline
49.7%
Distillate
40.8%
Other
9.5%
Owns two of only seven refineries in the underserved Group 3 of
the
PADD
II
region
refining
capacity
of
185
thousand
barrels per
day (“Mbpd”) and a weighted average complexity of 11.5 between
the two refineries
Represents ~22% of regional refining capacity
Strategic location and logistics assets provide access to price-
advantaged mid-continent, Bakken and Canadian crude oils
100% of processed crude is priced by reference to WTI
WTI
currently
(1)
trading
at
$19.93
discount
to
Brent 
EIA
estimates
2013E
Brent-WTI
differential
of
$15.37
(2)
Average realized discount to WTI on purchased crudes of
$3.52/bbl
over
2007
Q3
2012
Favorable products demand / supply dynamics, with local demand
on average 16.9% higher than local fuel production over 2007-
2011
(3)
Company Overview
(1)
Bloomberg data as of 1/7/2013.
(2)
As per the EIA’s Short-term Energy Outlook dated December 11, 2012
(3)
Based on EIA data, including  gasoline and ultra-low sulfur diesel (ULSD) demand and production in the states of Kansas, Oklahoma, Missouri, Nebraska, and Iowa.
(4)
Data for nine months ended September 30, 2012.
(5)
Other includes pet coke, asphalt, natural gas liquids (“NGLs”), slurry, sulfur, gas oil and specialty products such as propylene and solvents, excludes internally produced fuel.
Leading independent mid-con refiner with world class strategically located refineries and supporting logistics assets
4
Wynnewood Refinery
CVR Refining Crude Transportation
CVR Refining Crude Oil Pipeline
Third-Party Crude Oil Pipeline
CVR Refining Headquarters
Other PADD II Group 3 refineries
Coffeyville Refinery
Key operational data
(4)
:
Sweet
77.3%
Medium
12.3%
Heavy sour
10.4%
Crude throughput
(176,589 bpd)
Production
(185,270 bpd)
(5)
Refinery
Capacity
Complexity
(Mbpd)
Coffeyville
115
12.9
Wynnewood
70
9.3
CVR Refining
185
11.5


115,000 bpd of crude throughput capacity
12.9 complexity
Located in Kansas in Group 3 of the PADD II
region
Access to cost-advantaged, WTI price-linked
crude oils (100% of crude slate) –
local and
Canadian
~100 miles from Cushing, Oklahoma
High complexity refinery with last nine months ended
September 30, 2012 product yield including gasoline
(49.2%), distillate (42.4%), and pet coke and other
specialty products (8.4%)
Sales and distribution primarily to the central mid-
continent
~35% of FY 2011 products sold through the rack
system directly to retail and wholesale customers
~65% of remaining FY 2011 products sold
through pipelines (Magellan, Enterprise, and
NuStar) via bulk spot and term contracts
Over $700 million invested since 2005 to modernize
the refinery and meet more stringent environmental,
health, and safety requirements
Two-phase turnaround completed in early 2012 at a
total cost of ~$89 million
High Quality Refineries: Coffeyville
2005 (Acquisition year)
Current
Operational
Upgrades
Invested $700 million
since 2005
Now, one of the most
flexible Mid-Con
refineries
Crude
throughput
capacity (bpsd)
(4)
<90,000
~125,000
Feedstock
flexibility
No heavy sour
Up to 25,000 bpd
Complexity
10.3
12.9
Gathered Barrels
Capacity (bpd)
~7,000
~50,000
Summary
Crude oil & product mix
(1)
Management’s proven track record
(1)
For nine months ended September 30, 2012.
(2)
Other includes pet coke, asphalt, NGLs, slurry, sulfur, gas oil and specialty products such as propylene and solvents, excludes internally produced fuel.
(3)
Includes 5.0% by volume used as blendstock.
(4)
Barrels per stream day (“bpsd”).
5
Crude oil throughput
Production
111,505
bpd
119,669
bpd
Heavy sour
16.5%
Light/medium
sour
2.0%
Sweet
81.5%
Other
(2)
8.4%
Distillate
42.4%
Gasoline
49.2%
(3)


High Quality Refineries: Wynnewood
70,000 bpd of crude throughput capacity
-
9.3 complexity
-
Located in Oklahoma in Group 3 of the PADD II
region
-
Access to local cost-advantaged, WTI price-
linked crude oils (100% of crude slate)
For the last nine months ended September 30, 2012
product yield includes gasoline (50.7%), distillate
(37.8%), asphalt and other products (11.5%)
Sales and distributions primarily to Oklahoma market
(~60%)
-
~12,000 bpd of gasoline and ULSD sold via the
truck rack located at the refinery
-
Non-Oklahoma gasoline and ULSD distributed in
the mid-con region via Magellan pipeline
Turnaround was completed in Q4 2012 for a total
expected cost of ~$105 million
Since acquisition in December 2011, utilization has
increased from ~88% to approximately ~93%
Project
Opportunity
Logistics
Opportunity to share feedstocks based on unit
economics
Crude slate
Optimize crudes to improve consumed crude
differentials and improve realized refining margin
Rail options
Wynnewood connected to a BNSF main line
Property can accommodate new track and
off-take infrastructure
Storage options
Currently 500,000 barrels of storage
Sufficient land for significant additional
storage  / blending tanks
Summary
Asset improvement opportunities
6
Light/medium
sour
29.9%
Production
65,084
bpd
65,601
bpd
Crude oil throughput
Sweet
70.1%
(1)
For nine months ended September 30, 2012.
(2)
Other includes asphalt, NGL’s, slurry, sulfur, gas oil and specialty products such as propylene and solvents, excludes internally produced fuel.
(2)
Other
11.5%
Gasoline
50.7%
Distillate
37.8%
Crude oil & product mix
(1)


Source:EIA and Wall Street research.
(1)
PADD II consolidated refinery statistics.
(2)
For the nine months ended September 30, 2012.
(3)
Operating expenses calculated on a per barrel of crude throughput and excluding SG&A and direct turnaround expenses.
(4)
CVR Refining EBITDA margin calculated as Adjusted EBITDA of $988.9 million for nine months ended September 30, 2012 divided by total crude throughput of 48.39 MMbbls
for nine months ended September 30, 2012.
High Quality Assets
Favorable high distillate yield
(2)
“Top quartile”
consolidated asset profile
(1)
Low cost operator (operating expenses in $/bbl)
(2) (3)
7
Median
Capacity:
185.0
Median
Complexity
9.7
CMC
SR
Capacity: 185 kbpd (Coffeyville & Wynnewood)
Complexity: 11.5 (blended average)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
Crude Unit Processing Capacity (000's bpd)
Strong EBITDA margins ($/bbl)
(2)
Operating expenses for CVR Refining: $4.52/bbl
(4)
41.7%
40.8%
39.0%
36.8%
36.2%
32.1%
WNR
CVR
Refining
HFC
PBF
TSO
NTI
$4.08 
$4.23 
$4.41 
$4.69 
$5.32 
$6.27 
$6.33 
NTI
PBF
Coffeyville
Refinery
Wynnewood
Refinery
HFC
WNR
TSO
$26.28 
$20.74 
$20.44 
$19.47 
$10.45 
$5.76 
NTI
WNR
CVR
Refining
HFC
TSO
PBF
NCRA


Strategically Located Mid-con Refineries
Source: EIA and Wall Street research.
Located in the Group 3 of the PADD II region which
currently has access to lower cost mid-continent
domestic sweet and sour crude oils
Located near the current crude export bottleneck at
Cushing
Near emerging mid-continent shale plays such as the
Niobrara in the DJ basin and the Mississippian Lime
in Northern Oklahoma and Southwestern Kansas
Near major pipelines (Keystone, Spearhead) with
access to various light and heavy grade Canadian
crude oils
Close proximity to, and substantial storage capacity
at, Cushing minimizes the likelihood of a supply
interruption
Supply-constrained products market with
transportation and crude cost advantage relative to
Gulf Coast refineries
8
CVR Refining asset locations
Strategically located refineries
Coffeyville Refinery
Wynnewood Refinery
Other PADD II Group 3 refineries
CVR Refining  Crude Transportation
CVR Refining crude Oil Pipeline
Third-Party Crude Oil Pipeline
CVR Refining Headquarters
Legend


Historical    Forecast
(MMbpd)
Crude Advantage Sustainable Long Term
We expect WTI to continue to trade at a discount to Brent over the long term, but anticipate that this discount will vary
over time
Canadian production exceeds existing transportation capacity south to the U.S.
Increasing domestic and Canadian crude oil production
Regional Play Oil and NGL Forecasts
Western Canada Crude Oil Forecasts
Source: Investment Technology Group.
Note:
Anadarko Basin includes Mississippian Lime, Granite Wash, Cleveland Tonkawa,
Marmaton; DJ Niobrara includes horizontal wells only.
Source:
Canadian Association of Petroleum Refiners, “Crude Oil Forecast, Markets &
Pipelines, June 2012.”
Note:
Oil sands includes upgraded conventional, imported condensate, manufactured
diluent from upgraders and upgraded heavy volumes coming from upgraders.
(MMbpd)
9
Historical    Forecast


Crude Advantage Sustainable Long Term 
(cont’d)
Both
refineries
benefit
from
the
current
WTI-Brent
WTI price-linked crudes are currently trading at a historically wide discount to waterborne foreign crudes, such as
Brent
Ever-increasing
mid-continent
domestic
and
Canadian
crude
oil
production,
decreasing
North
Sea
production,
transportation infrastructure limitations and geopolitical factors are contributing to maintain this differential
Currently capable of gathering ~50,000 bpd of crudes from our gathering area at a discount to WTI
Volumes
are
expected
to
increase
further
with
the
growth
in
the
logistics
infrastructure
targeting
~10%
growth
per
annum
2013E Brent-WTI differential of $15.37, according to EIA’s Short-term Energy Outlook dated December 11, 2012
Favorable crude differentials
Spot crude differentials
($/bbl)
10
Source:  Bloomberg as of 2/4/2013.
$(70.00)
$(50.00)
$(30.00)
$(10.00)
$10.00
$30.00
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Historical
Forward
Current         
as of 
2/4/13:
Average
(1/1/2005 –
2/4/2013):
($31.50)
($16.69)
WCS -
WTI
($20.56)
($4.31)
WTI -
Brent
NTM
average:
($14.32)
($27.72)
($52.06)
($24.49)
WCS -
Brent
($42.04)
($2.35)
($0.72)
WTI at Midland -
WTI
NA
differential – 100% of crude input priced with reference to WTI


Complementary Logistics Assets
Logistics overview
~6.0MMbbls of total storage capacity,
including ~6% of total crude oil storage
capacity at Cushing
35,000 bpd of contracted capacity on the
Keystone and Spearhead pipelines
Currently gathering ~50,000 bpd of price-
advantaged crudes from Kansas, Nebraska,
Oklahoma, Missouri and Texas
CVR Refining gathering network
Crude storage owned / leased
Total purchased crude discount to WTI
1.7
3.3
1.0
Cushing owned
Wynnewood, Coffeyville,
and gathering system
Cushing leased
6.0
(MMbbls)
11
Greater than 3,000 bpd
1,000 to 3,000 bpd
500 to 999 bpd
100 to 499 bpd
0 to 99 bpd
Coffeyville Refinery
Wynnewood Refinery
CVR Refining Headquarters
Volumes gathered:
Mississippian Lime
350 miles of owned pipelines and over 125
crude oil transports and associated storage
facilities
Grown from ~7,000 bpd in 2005 to
~50,000 bpd currently and
targeting growth of ~10% per year
Legend


Since the mid-1990s, demand for gasoline and distillates in our key supply area has exceeded production, resulting in a
need for imports from other regions, specifically from the U.S. Gulf Coast
Group 3 market prices typically include a premium equivalent to the logistics cost for U.S. Gulf Coast suppliers to ship
products into the region but this may vary
Favorable Local End Product Supply-Demand
12
Regional supply and demand for distillates
(1)
(Mbpd)
Regional supply and demand for gasoline
(1)
(Mbpd)
Source:  EIA; Distillates include jet fuel, kerosene and distillate fuel oil.
(1)          Based on data for the following states: Kansas, Oklahoma, Missouri, Nebraska and Iowa.
PADD II Group 3 product pricing advantage
CVR
Refining
benefits
from
the
favorable
supply
demand
dynamics
for
gasoline
and
distillates
in
its
key
supply
area
(Kansas, Oklahoma, Missouri, Nebraska, and Iowa)
PADD
II
Group
3
2-1-1
benchmark
was
on
average
$1.54/bbl
above
NYMEX
2-1-1
over
2007
2011
421
440
461
465
472 
565
549
543
559
545
2007
2008
2009
2010
2011
Gasoline production
Total gasoline sales
274
306
297
318
311 
354
360
328
367
362
2007
2008
2009
2010
2011
Distillate production
Total distillate sales
Over the five-year period ended December 31 2011, local gasoline and distillate demand exceeded
production by an average of 16.9%


Strong Operating Track Record
Utilization rate
(1)
High
average
annual
refining
utilization
rate
of
94.3%
over
2009
2011
Source:
Company data and peer group filings.
(1)
Refinery
utilization
defined
as
crude
throughput
divided
by
the
capacity
of
the
refinery.
(2)
2009 and 2010 utilization rate is not pro forma for the Wynnewood acquisition.
(3)
2011 utilization rate is pro forma for Wynnewood acquisition.
94.3%
94.1%
98.6%
92.4%
93.1%
2009 - 2011 average
2009
2010
2011
Nine months ended
Sept 30, 2012
13
(2)
(2)
(3)


How CVR Refining Makes Money
CVRR historical crack spread
(1)
14
CVR
Refining
makes
money
by
buying
crude
oil
and
selling
refined
products
(primarily
gasoline
and
diesel)
The crack spread for mid-continent suppliers includes the Brent-WTI differential
The Company enjoys some advantages that enhance this spread
Has access to and can process price-advantaged mid-continent local and Canadian crude oils
Markets its products in a supply-constrained products market with transportation and crude cost advantage
Costs include
Direct and variable operating costs
Volumetric loss
Product mix variance
Long-term PADD II Group 3  
2-1-1 crack premium versus
NYMEX:
(2)
$1.54 per barrel
CVRR long-term average crude cost
discount
versus
NYMEX
WTI:
(4)
$3.52 per barrel of crude
Average NYMEX 2-1-1 crack
spread,
2009
-
2011
(3)
:
$14.97/bbl
Crack spread for nine months
ended 9/30/2012 : $29.87/bbl
Implied CVRR 2-1-1 crack spread
$62 
$80 
$95 
$96 
$13 
$13 
$31 
$30 
$75 
$93 
$126 
$126 
2009
2010
2011
Nine months
ended
Sept 30, 2012
WTI
CVRR realized crack spread
Product prices
Note:
2009, 2010 and 2011 data includes Coffeyville refinery only.
(1)
CVRR 2-1-1 crack spread. The 2-1-1 crack spread is not a full representation of the realized refining gross margin as it does not include asphalt and other lower margin products.
(2)
Based on historical five year period ended December 31, 2011.
(3)
Based on historical annual data from 2009 to 2011.
(4)
Based on historical Company data from 1Q 2007 to 3Q 2012.
NYMEX
2-1-1
crack
spread
Group 3 product premium
CVRR crude discount


Financial Overview


CVRR unit holders own units of CVR
Refining, LP
Liquidity supported by $400 million ABL
and $150 million inter-company credit
facility
Second Lien Notes due 2022 became
unsecured Notes upon IPO
Organizational Structure
16
Petroleum Refining and
Logistics Operating
Subsidiaries
(4)
CVR Refining, LLC
CVR Refining, LP (MLP)
(CVRR)
Coffeyville Finance Inc.
CVR Refining Holdings, LLC
100%
100%
100%
CVR Partners, LP
100%
Public
Public
30.3%
100%
Common
Units
Public
Offering
CVR GP, LLC
100%
CVR Energy, Inc. (CVI)
Coffeyville Resources, LLC
(CRLLC)
69.7%
IEP
82.0%
18.0%
100%
Existing entities
New entities created in conjunction with the MLP IPO
(1)
Includes Wynnewood Insurance Corporation, Coffeyville Nitrogen Fertilizers, Inc., CL JV Holdings, LLC, Coffeyville Refining & Marketing Holdings, Inc., Coffeyville Refining & Marketing, Inc., Coffeyville
Terminal, Inc., Coffeyville Crude Transportation, Inc., and Coffeyville Pipeline, Inc.
(2)
Includes 12,000 common units issued to its wholly-owned subsidiary, CVR Refining Holdings Sub, LLC.
(3)
Includes Coffeyville Resources Nitrogen Fertilizers, LLC.
(4)
Includes Wynnewood Energy Company, LLC, Wynnewood Refining Company, LLC, Coffeyville Resources Refining & Marketing, LLC, Coffeyville Resources Crude Transportation, LLC, Coffeyville
Resources Terminal, LLC, and Coffeyville Resources Pipeline, LLC.
Key structuring considerations
Fertilizer Operating
Subsidiaries
(3)
Holding Companies
(1)
100%
81.3%
Common
Units
18.7%
CVR Refining GP, LLC
(2)


Historical Financial Summary
Refinery crude throughput
Refining gross margin
(1)
Capital expenditures
17
Adjusted EBITDA
(2)
(mbpd)
($ in millions)
($/bbl)
($ in millions)
Pro forma for Wynnewood acquisition
Pro forma for Wynnewood acquisition
Pro forma for Wynnewood acquisition
Pro forma for Wynnewood acquisition
$8.93 
$8.07 
$20.67
$27.46 
2009
2010
2011
Nine months
ended
Sept 30, 2012
108.2 
113.4 
162.4 
176.6 
2009
2010
2011
Nine months
ended
Sept 30, 2012
$34.0 
$21.2 
$87.6 
$82.8 
2009
2010
2011
Nine months
ended
Sept 30, 2012
$147 
$153 
$843 
$989 
2009
2010
2011
Nine months
ended
Sept 30, 2012
Source:
Company filings.
Note:
2009 and 2010 numbers for Coffeyville only. 2011 carve-out values shown.
(1)
Refining margin per crude oil throughput barrel adjusted for FIFO impact. Calculated as the difference between net sales and cost of product sold (exclusive of depreciation and
amortization) adjusted for FIFO impacts.
(2)
Represents EBITDA adjusted for FIFO impacts, share-based compensation, loss on extinguishment of debt, major scheduled turnaround expenses, Wynnewood acquisition transaction
fees and integration expenses, loss on disposition of assets and net unrealized gain (loss) on derivatives.


Hedging Policy Locks in Attractive Spreads
Hedged an average of ~52,000 bpd of production for 2012 and ~62,000 bpd in 2013
Crack spreads hedged at an average $24.47/bbl for 2012 and $26.13/bbl for 2013
Hedging provides protection in a downside scenario
Ability to cover costs in a severe downside scenario
18
(1)
Hedged
crack
spreads
represent
weighted-average
price
of
all
positions
for
respective
quarters.
2.9 
5.3 
5.0 
5.9 
6.5 
5.8 
5.6 
4.8 
$23.87 
$26.67 
$23.62 
$23.50 
$24.94 
$27.18 
$25.80 
$26.88 
$15.00
$17.00
$19.00
$21.00
$23.00
$25.00
$27.00
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Q1 '12
Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Q3 '13
Q4 '13
Hedged bbls (millions)
Hedged crack spread ($/bbl)
Historical
refining
margin
(1)


Ample Liquidity, Sufficient to Sustain a         
2009-style Downturn
Current local crude supply demand dynamics expected to be sustainable over longer term and should support Brent –
WTI differential
Average
refining
margin
over
Q3
2009
to
Q2
2010
(lowest
four
quarters
over
2009
Q3
2012)
of
$6.20/bbl
for
Coffeyville
refinery
versus
operating
expenses
(excl.
turnaround
expenses)
of
$4.52/bbl
over
nine
months
ended
September 30, 2012
Total liquidity of ~$863 million post-IPO; total debt of ~$553 million post-IPO
($/bbl)
Historical refining margin
Source:
Company data.
19
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
1Q '09
2Q '09
3Q '09
4Q '09
1Q '10
2Q '10
3Q '10
4Q '10
1Q '11
2Q '11
3Q '11
4Q '11
1Q '12
2Q '12
3Q '12
Wynnewood
Coffeyville
Combined
Lowest four quarters
over
Q3 '09 -
Q2 '10
Avg. refining margin:
$6.20/bbl


Financial Strategy
On the closing of the MLP IPO, the cash balance at CVRR was ~$340 million, which includes
amounts for unpaid Wynnewood turnaround expenses incurred in Q4 2012
Strong liquidity through committed credit facilities ($400 million ABL)
$150 million senior unsecured credit facility to fund future capex program
Intermediation arrangement with Vitol reduces working capital requirements
The New Notes are unsecured
Debt covenants allow for distributions when fixed charge coverage ratio is 2.5x or higher (2013E
forecast is 23.1x)
Variable
distribution
with
no
MQD
and
no
IDRs
100%
of
available
cash
to
be
distributed
Wynnewood turnaround expense in Q4 2012  to be paid and near term environmental capex to
be prefunded with IPO proceeds
Going forward, cash to be reserved for turnaround costs associated with both refineries
20
Distributions
Capital structure
Liquidity
management


Appendix


Partnership Distribution Policy
22
CVR Refining intends to make distributions within 60 days after the end of each quarter, beginning with
the quarter ending March 31, 2013
Distributions
for
each
quarter
will
be
in
an
amount
equal
to
the
available
cash
generated
in
such
quarter
Available cash for each quarter will generally equal Adjusted EBITDA, less:
Maintenance and environmental capex reserves
Reserves for turnaround and related expenses
Debt service and other contractual obligations
Distributions per unit declared using available cash for each quarter divided by total common units
outstanding
CVRR does not intend to maintain excess distribution coverage for the purpose of maintaining stability
or growth in its quarterly distributions nor does it intend to incur debt to pay quarterly distributions


Adjustments to reconcile Adjusted EBITDA to
estimated cash available for distribution
23
($ in millions)
2013E
Adjusted EBITDA
$900.8
Less:
Incremental general and administrative expenses
$5.0
Cash interest expense (net)
38.9
Maintenance capital expenditures
89.5
Environmental capital expenditures
94.7
Growth capital expenditures
47.5
Increase in reserves for environmental
and maintenance capital expenditures
125.0
Increase in reserves for future turnarounds
35.0
Plus:
Use of cash on hand to fund environmental
and maintenance capital expenditures
$184.2
Draw on $150mm senior unsecured credit facility
to fund growth capital expenditures
47.5
Total adjustments
$696.9


24
Non-GAAP Financial Measures (cont’d)
EBITDA.
EBITDA
is
defined
as
net
income
before
income
tax
expense,
net
interest
(income)
expense
and
depreciation and amortization expense. EBITDA is not a recognized term under GAAP and should not be
substituted for net income as a measure of performance but should be utilized as a supplemental measure
of performance in evaluating our business. Management believes that EBITDA provides relevant and
useful information that enables external users of our financial statements, such as industry analysts,
investors, lenders and rating agencies to better understand and evaluate our ongoing operating results
and
allows
for
greater
transparency
in
the
review
of
our
overall
financial,
operational
and
economic
performance.


25
Non-GAAP Financial Measures (cont’d)
Adjusted EBITDA.
Adjusted EBITDA represents EBITDA adjusted for FIFO impacts (favorable)
unfavorable (as described below), share-based compensation, and where applicable, loss on
extinguishment of debt, major scheduled turnaround expenses, Wynnewood acquisition transaction fees
and integration expense, loss on disposition of assets and unrealized gain (loss) on derivatives, net.
Adjusted EBITDA is a supplemental measure of our performance that is not required by, nor presented 
in accordance with, GAAP. Management believes that Adjusted EBITDA provides relevant and useful
information that enables investors to better understand and evaluate our ongoing operating results and
allows for greater transparency in the reviewing of our overall financial, operational and economic
performance.


Direct Operating Expenses (Excluding Major Scheduled Turnaround Expenses) Per Crude Oil
Throughput
Barrel.
Direct
operating
expenses
excluding
major
scheduled
turnaround
expenses
per
crude oil throughput barrel is a measurement calculated by excluding major scheduled turnaround
expenses from direct operating expenses (exclusive of depreciation and amortization) divided by our
refineries’
crude oil throughput volumes for the respective periods presented. Direct operating expenses
excluding major scheduled turnaround expenses per crude oil throughput barrel is a supplemental
measure of our performance that is not required by, nor presented in accordance with, GAAP.
Management believes direct operating expenses excluding major scheduled turnaround expenses per
crude oil throughput most directly represents ongoing direct operating expenses at our refineries.
26
Non-GAAP Financial Measures (cont’d)


Gross Profit (Excluding Major Scheduled Turnaround Expenses and Adjusted for FIFO Impacts)
Per
Crude
Oil
Throughput
Barrel.
Gross
profit
excluding
major
scheduled
turnaround
expenses
and
adjusted for FIFO impacts per crude oil throughput barrel is calculated as the difference between net
sales, cost of product sold (exclusive of depreciation and amortization) adjusted for FIFO impacts, direct
operating expenses (exclusive of depreciation and amortization) excluding scheduled turnaround
expenses
divided
by
our
refineries’
crude
oil
throughput
volumes
for
the
respective
periods
presented.
Gross profit excluding major scheduled turnaround expenses and adjusted for FIFO impacts is a non-
GAAP measure that should not be substituted for gross profit or operating income. Management believes
it is
important
to
investors
in
evaluating
our
refineries’
performance
and
our
ongoing
operating
results.
Our
calculation
of
gross
profit
excluding
major
scheduled
turnaround
expenses
and
adjusted
for
FIFO
impacts
per
crude
oil
throughput
may
differ
from
similar
calculations
of
other
companies
in
our
industry,
thereby
limiting its usefulness as a comparative measure.
27
Non-GAAP Financial Measures (cont’d)


28
Non-GAAP Financial Measures
Refining margin per crude oil throughput barrel is a
measurement calculated as the difference between net sales and cost of product sold (exclusive of
depreciation and amortization) divided by our refineries’ crude oil throughput volumes for the respective
periods presented. Refining margin per crude oil throughput barrel is a non-GAAP measure that should
not be substituted for gross profit or operating income. Management believes this measure is important
to investors in evaluating our refineries’ performance as a general indication of the amount above our
cost of product sold that we are able to sell refined products. Our calculation of refining margin per crude
oil throughput barrel may differ from similar calculations of other companies in our industry, thereby
limiting its usefulness as a comparative measure. We use refining margin per crude oil throughput barrel
as the most direct and comparable metric to a crack spread which is an observable market indication of
industry profitability.
Refining Margin Per Crude Oil Throughput Barrel.


Refining
Margin
Per
Crude
Oil
Throughput
Barrel
Adjusted
for
FIFO
Impact.
Refining
margin
per
crude oil throughput barrel adjusted for FIFO impact is a measurement calculated as the difference
between net sales and cost of product sold (exclusive of depreciation and amortization) adjusted for FIFO
impacts
divided
by
our
refineries’
crude
oil
throughput
volumes
for
the
respective
periods
presented.
Refining margin adjusted for FIFO impact is a non-GAAP measure that we believe is important to investors
in evaluating our refineries’
performance as a general indication of the amount above our cost of product
sold
(taking
into
account
the
impact
of
our
utilization
of
FIFO)
that
we
are
able
to
sell
refined
products.
Our
calculation of refining margin adjusted for FIFO impact may differ from calculations of other companies in
our industry, thereby limiting its usefulness as a comparative measure. Under our FIFO accounting
method, changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work
in process and finished goods, thereby resulting in favorable FIFO impacts when crude oil prices increase
and unfavorable FIFO impacts when crude oil prices decrease.
29
Non-GAAP Financial Measures (cont’d)


($ in millions)
CVR Refining, LP Historical Combined
CVR Refining LP
Combined Pro Forma
Year Ended
December 31,
Nine Months Ended
September 30,
Year Ended
December 31,
Nine Months Ended
September 30,
2009
2010
2011
2011
2012
2011
2012
(unaudited)
(unaudited)
Net income                  
$64.6
$38.2
$480.3
$402.8
$540.7
$749.0
$565.1
Add:
Interest expense and other financing costs 
43.8
49.7
53.0
39.2
56.0
41.7
31.6
Depreciation and amortization 
64.4
66.4
69.8
50.9
80.4
98.9
80.4
EBITDA                    
$172.8
$154.3
$603.1
$492.9
$677.1
$889.6
$677.1
Add:
FIFO impacts (favorable), unfavorable 
(a)        
(67.9)
(31.7)
(25.6)
1.5
54.3
(46.6)
54.3
Share-based compensation
2.5
11.5
8.9
8.0
15.6
8.9
15.6
Loss on disposition of assets
1.3
2.5
1.5
2.5
Loss on extinguishment of debt
2.1
16.6
2.1
2.1
2.1
Wynnewood acquisition transaction fees and integration expense
5.2
10.3
5.2
10.3
Major scheduled turnaround expenses
1.2
66.4
12.2
34.6
66.4
34.6
Unrealized (gain) loss on derivatives, net
37.8
(0.6)
(85.3)
6.8
197.0
(85.4)
197.0
Adjusted EBITDA          
$147.3
$152.6
$577.3
$525.0
$988.9
$842.7
$988.9
Non-GAAP Financial Measures (cont’d)
30
(a)
FIFO is our basis for determining inventory value on a GAAP basis. Changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and finished goods
thereby resulting in favorable FIFO impacts when crude oil prices increase and unfavorable FIFO impacts when crude oil prices decrease. The FIFO impact is calculated based upon inventory
values at the beginning of the accounting period and at the end of the accounting period.


($ in millions, except per barrel data)
CVR Refining, LP Historical Combined
CVR Refining LP
Combined Pro Forma
Year Ended
December 31,
Nine Months Ended
September 30,
Year Ended
December 31,
Nine Months Ended
September 30,
2009
2010
2011
2011
2012
2011
2012
(unaudited)
(unaudited)
Direct operating expenses
$142.2
$153.1
$247.7
$144.0
$253.1
$345.0
$253.1
Less: Major scheduled turnaround expense
(1.2)
(66.4)
(12.2)
(34.6)
(66.4)
(34.6)
Direct operating expenses excluding
    major scheduled turnaround expenses
142.2
151.9
181.3
131.8
218.5
278.6
218.5
Crude oil throughput(bpd)
108,226
113,365
103,702
107,070
176,589
162,437
176,589
Direct operating expenses excluding major
    scheduled turnaround expenses per crude oil throughput barrel
$3.60
$3.67
$4.79
$4.51
$4.52
$4.70
$4.52
Non-GAAP Financial Measures (cont’d)
31


($ in millions, except per barrel data)
CVR Refining, LP Historical Combined
CVR Refining LP
Combined Pro Forma
Year Ended
December 31,
Nine Months Ended
September 30,
Year Ended
December 31,
Nine Months Ended
September 30,
2009
2010
2011
2011
2012
2011
2012
(unaudited)
(unaudited)
Net sales
$2,936.5
$3,905.6
$4,752.8
$3,773.3
$6,465.5
$7,398.3
$6,465.5
Cost of product sold
2,515.9
3,539.8
3,927.6
3,078.5
5,191.0
6,126.0
5,191.0
Direct operating expenses
142.2
153.1
247.7
144.0
253.1
345.0
253.1
Depreciation and amortization
64.4
66.4
69.8
50.9
80.4
98.9
80.4
Gross profit
214.0
146.3
507.7
499.9
941.0
828.4
941.0
Add:
Major scheduled turnaround expense
1.2
66.4
12.2
34.6
66.4
34.6
FIFO impacts (favorable)/unfavorable
(67.9)
(31.7)
(25.6)
1.5
54.3
(46.6)
54.3
Gross profit excluding major scheduled turnaround expenses
and adjusted for FIFO impacts
146.1
115.8
548.5
513.6
1,029.9
848.2
1,029.9
Crude oil throughput(bpd)
108,226
113,365
103,702
107,070
176,589
162,437
176,589
Gross profit excluding major scheduled turnaround expenses
and adjusted for FIFO impact per crude oil throughput barrel
$3.70
$2.80
$14.49
$17.57
$21.29
$14.31
$21.29
Non-GAAP Financial Measures (cont’d)
32


($ in millions, except per barrel data)
CVR Refining, LP Historical Combined
CVR Refining LP
Combined Pro Forma
Year Ended
December 31,
Nine Months Ended
September 30,
Year Ended
December 31,
Nine Months Ended
September 30,
2009
2010
2011
2011
2012
2011
2012
(unaudited)
(unaudited)
Net sales
$2,936.5
$3,905.6
$4,752.8
$3,773.3
$6,465.5
$7,398.3
$6,465.5
Less: cost of product sold (exclusive of depreciation and amortization)
2,515.9
3,539.8
3,927.6
3,078.5
5,191.0
6,126.0
5,191.0
Refining margin
420.6
365.8
825.2
694.8
1,274.5
1,272.3
1,274.5
FIFO impacts (favorable), unfavorable
(67.9)
(31.7)
(25.6)
1.5
54.3
(46.6)
54.3
Refining margin adjusted for FIFO impact
352.7
334.1
799.6
696.3
1,328.8
1,225.7
1,328.8
Crude oil throughput(bpd)
108,226
113,365
103,702
107,070
176,589
162,437
176,589
Refining margin per crude oil throughput barrel
$10.65
$8.84
$21.80
$23.77
$26.34
$21.46
$26.34
Refining margin per crude oil throughput barrel adjusted for FIFO impact
$8.93
$8.07
$21.12
$23.82
$27.46
$20.67
$27.46
Non-GAAP Financial Measures (cont’d)
33