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| 8-K - 8-K - CVR Refining, LP | cvrr8-kxjanuary2017investo.htm |
Investor Presentation
January 2017
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 forward-looking statements are inherently uncertain and,
although considered reasonable as of the date of preparation by the management team of our
general partner, 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 we will achieve the
future results we expect or that actual results will not differ materially from expectations. 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 CVR Refining, LP’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and any other filings CVR Refining, LP makes with the Securities and Exchange
Commission. CVR Refining, LP assumes 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.
2
Forward-Looking Statements
High-Quality
Assets
• Scale and no single-asset risk
• Complementary logistics
assets
• High-complexity refineries
Strategically
Located
• Access to price-advantaged
crudes
• 100% of crude purchased is
priced with reference to WTI
Strong Financial
Profile
• Debt service is priority and
paid before distributions
• Provides flexibility to
capitalize on mergers and
acquisitions
Growth
Opportunities
• Organic growth opportunities
in logistical business
• Large & small “quick hit”
refinery optimization projects
Experienced
Management
Team
• Successful track record of
acquiring and expanding
assets
3
Key Investment Highlights
Company Overview
4
Company Overview
• 185,000 bpcd of crude distillation
• 13.0 blended complexity
• Located in Group 3 of PADDII
Refining
• Our refineries are strategically located.
Each are approximately 100 miles to 130
miles from Cushing, OK
• Access to domestic inland, locally
gathered and Canadian crudes
Cushing Centric
• Crude supply pipeline system of 170,000
bpd
• Crude oil gathering system with a capacity
over 70,000 bpd serving Kansas,
Nebraska, Oklahoma, Missouri, Colorado
and Texas
Logistics
Gasoline
52.6%
Distillate
39.4%
Other
8.0%
Sweet
84.7%
Medium
1.1%
Heavy Sour
14.2%
Wynnewood Refinery
~70,000 bpcd crude throughput & 12.6 complexity
Crude oil throughput (1) (6) Production (1) (6) Crude oil throughput (1) Production (1)
119,633
bpd
110,312
bpd
77,019
bpd
75,845
bpd
(1) For the last twelve months ended September 30, 2016.
(2) Operating expenses calculated on a per barrel of crude throughput excluding SG&A and direct turnaround expenses.
(3) Other includes pet coke, NGLs, slurry, sulfur and gas oil, excludes internally produced fuel.
(4) Other includes asphalt, NGL’s, slurry, sulfur, gas oil and specialty products, such as propylene and solvents; excludes internally produced fuel.
(5) Includes 5.0% by volume used as blendstock.
(6) Includes the impact of the 2015 Fall and 2016 Spring major scheduled turnarounds.
5
(5)
(3)
Consolidated Product Slate
Consolidated Low-Cost Operator
(operating expenses in $/bbl) (1) (2)
High-Quality Refining Assets
(4)
Gasoline
49.8%
Distillate
41.4%
Other
8.8%
Sweet
99.3%
Medium
0.7%
Coffeyville Refinery
~115,000 bpcd crude throughput & 13.3 complexity
Supply Network – Crude Sourcing Marketing Network
Strategically Located Mid-Con
Refineries
6
Logistics Overview
~6.4 MMbbls of total storage capacity, including 3.8 MMbbls of owned
and leased crude oil storage at Cushing
35,000 bpd of contracted capacity on the Keystone and Spearhead
pipelines
Crude oil gathering system with a capacity over 70,000 bpd serving
Kansas, Nebraska, Oklahoma, Missouri, Colorado and Texas
o 170,000 bpd pipeline system supported by approximately 340 miles
of owned and leased pipelines
o Approximately 150 crude oil transports
Crude Storage Owned / Leased Total Consumed Crude Premium (discount) to WTI
Complementary Logistics Assets
(MMbbls)
7
Crude Sourcing
(1) Crude gathered during Q3 2016
bpcd
Keystone Pipeline 25,000
Enbridge Pipeline 10,000
Pony Express Pipeline 5,000
Whitecliffs Pipeline 1,700
Basin Pipeline 40,000
Gathering (1) 73,000
Cushing 30,300
Total Rated Capacity of Crude 185,000
($6.00)
($4.00)
($2.00)
$0.00
$2.00
$4.00
3Q
'1
1
4Q
'1
1
1Q
'1
2
2Q
'1
2
3Q
'1
2
4Q
'1
2
1Q
'1
3
2Q
'1
3
3Q
'1
3
4Q
'1
3
1Q
'1
4
2Q
'1
4
3Q
'1
4
4Q
'1
4
1Q
'1
5
2Q
'1
5
3Q
'1
5
4Q
'1
5
1Q
'1
6
2Q
'1
6
3Q
'1
6
$
/bb
l
CVR Refining Gathering Network
2005 2010 2015
• Our crude oil gathering system has grown from 7,000 bpd in 2005 to over 70,000 bpd
currently.
Complementary Logistics Assets
(cont’d)
8
Q3 2016 LTM
Financial Overview
Cash is reserved for environmental and maintenance capital, anticipated turnaround costs associated
with both refineries and future cash needs as determined by the board.
Key Investment Highlights
Variable distribution with no MQD and no IDRs – 100% of available cash to be distributed
Debt service is priority and paid before distributions
$250.0 million senior unsecured credit facility with CVR Energy to fund growth capex program
Debt covenants allow for distributions when fixed-charge coverage ratio is 2.5x or higher
The $500.0 million of Notes are unsecured
As of September 30, 2016, the cash balance at CVRR was $285.9 million
Strong liquidity through committed credit facilities
Intermediation arrangement with Vitol reduces working capital requirements
Liquidity
Management
Distributions
Capital
Structure
10
Capital Structure
Capitalization Net Debt
11
$727.2
$620.1
$302.9
$211.2
$392.7
$292.9
2011 2012 2013 2014 2015 Q3 2016 LTM
Q3 2016
2011 2012 2013 2014 2015 LTM
Debt to Capital 42% 44% 28% 29% 31% 31%
Debt to Adjusted EBITDA 1.3 0.7 0.8 0.9 1.0 2.7
Net Debt to Adjusted EBITDA 1.3 0.5 0.4 0.3 0.7 1.4
($ in millions)
As of 9/30/2016
Cash and Equivalents 285.9$
Credit Facilities
$400 mm ABL -
$250 mm Parent revolver 31.5
Capital lease obligations, including current portion 47.3
6.5% Unsecured Notes due 2022 500.0
Total Debt 578.8$
Partners' Equity 1,307.4$
Total Capitalization 1,886.2$
LTM Q3 2016 Adjusted EBITDA 211.5$
LTM Q3 2016 Interest Expense & Other Financing Costs, net 42.1$
Key Credit Statistics As of 9/30/2016
Total Debt / LTM Q3 2016 Adjusted EBITDA 2.7x
LTM Q3 2016 Adjusted EBITDA / LTM Q3 2016 Interest Expense, net 5.0x
Total Debt / Capitalization 30.7%
Liquidity As of 9/30/2016
Cash & Equivalents 285.9$
ABL Availability 351.7
Less: Letters of Credit (28.3)
Parent Revolver 250.0
Less: Drawn Amount (31.5)
Total Liquidity 827.8$
Coffeyville Wynnewood
Note: As of September 30, 2016
Capital Expenditures
12
Consolidated Capital Summary
2012 2013 2014 2015 Q3 2016 2016E
Environmental & Maintenance 98.4$ 169.6$ 140.3$ 103.4$ 50.1$ 79.0$
Growth 21.8 34.9 51.0 91.3 33.3 41.0
Total Capital Spending 120.2$ 204.5$ 191.3$ 194.7$ 83.4$ 120.0$
Appendix
Refinery Crude Throughput Refining Gross Margin (1)
Pro forma for
Wynnewood
acquisition
NYMEX 2-1-1 Crack Spread Adjusted EBITDA (2)
Pro forma for
Wynnewood
acquisition
Source: Company filings.
(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 impact.
(2) Represents EBITDA adjusted for FIFO impact, non-cash 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 gains and losses on derivatives not settled.
Note: Coffeyville’s major scheduled bifurcated turnarounds occurred in 2011 , 2012 and 2015. Wynnewood’s major scheduled turnaround occurred in 2012.
(mbpd) ($/bbl)
($ in millions)
Pro forma for
Wynnewood
acquisition
Historical Financial Summary
($/bbl)
14
Pro forma for
Wynnewood
acquisition
Source: Company filings.
(1) Refining margin per crude oil throughput barrel adjusted for FIFO impact. Calculated as the difference between net sales and cost of product sold (exclusive of depreciation and amortization) adjusted for
FIFO impact.
(2) Represents EBITDA adjusted for FIFO impact, non-cash share-based compensation, major scheduled turnaround expenses, and gains and losses on derivatives not settled.
Refinery Crude Throughput Refining Gross Margin (1)
NYMEX 2-1-1 Crack Spread
(mbpd) ($/bbl)
($ in millions) ($/bbl)
Adjusted EBITDA (2) and Available Cash for Distribution
Q3 Financial Summary
15
$21.14
$14.03
Q3 2015 Q3 2016
Available Cash Calculation
16
Three Months Ended
September 30, 2016
(in millions, except per unit data)
Reconcilation of Adjusted EBITDA to Available cash for distribtution
Adjusted EBITDA 75.3$
Adjustments:
Less:
Cash needs for debt service (10.0)
Reserves for environmental and maintenance capital expenditures (40.0)
Reserves for major scheduled turnaround expenses (25.0)
Reserves for future operating needs -
Available cash for distribution 0.3$
Available cash for distribution, per unit -$
Common Units oustanding (in thousands) 147,600
Non-GAAP Financial Measures
EBITDA represents net income before (i) interest expense and other financing costs, net of interest
income, (ii) income tax expense and (iii) depreciation and amortization.
Adjusted EBITDA represents EBITDA adjusted for (i) FIFO impact (favorable) unfavorable, (ii)
share-based compensation, non-cash, (iii) loss on disposition of assets, (iv) loss on extinguishment
of debt, (v) major scheduled turnaround expenses, (vi) (gain) loss on derivatives, net, (vii) current
period settlements on derivative contracts and (viii) Wynnewood acquisition transaction fees
and integration expenses and (ix) flood insurance recovery. We present Adjusted EBITDA
because it is the starting point for our available cash for distribution. EBITDA and Adjusted EBITDA
are not recognized terms under GAAP and should not be substituted for net income or cash flow
from operations. Management believes that EBITDA and Adjusted EBITDA enable investors to
better understand our ability to make distributions to our common unitholders, help investors
evaluate our ongoing operating results and allow for greater transparency in reviewing our
overall financial, operational and economic performance. EBTIDA and Adjusted EBITDA
presented by other companies may not be comparable to our presentation, since each
company may define these terms differently.
17
Non-GAAP Financial Measures
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.
Gross Profit (Excluding Major Scheduled Turnaround Expenses and Adjusted for FIFO Impact) 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 impact, 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
impact is a non-GAAP measure that should not be substituted for 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 impact per crude oil throughput may differ from
similar calculations of other companies in our industry, thereby limiting its usefulness as a
comparative measure. 18
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).
Refining margin 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 at
which we are able to sell refined products. Each of the components used in this calculation (net
sales and cost of product sold exclusive of depreciation and amortization) can be taken directly
from our Statements of Operations. Our calculation of refining margin may differ from similar
calculations of other companies in our industry, thereby limiting its usefulness as a comparative
measure. In order to derive the refining margin per crude oil throughput barrel, we utilize the total
dollar figures for refining margin as derived above and divide by the applicable number of crude
oil throughput barrels for the period. We believe that refining margin is important to enable
investors to better understand and evaluate our ongoing operating results and allow for greater
transparency in the review of our overall financial, operational and economic performance.
19
(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 impact when crude oil prices increase and unfavorable FIFO impact 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.
(b) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at
the inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts.
(cont’d)
Non-GAAP Financial Measures
20
($ in millions)
CVR Refining,
LP Pro Forma
Year Ended
December 31,
2010 2011 2012 2013 2014 2015 Q3 2016 LTM 2011
(unaudited)
Net Income 38.2$ 480.3$ 595.3$ 590.4$ 358.7$ 291.2$ (96.2)$ 749.0$
Add:
Interest expense and other financing costs, net of interest income 49.7 53.0 76.2 43.7 33.9 42.2 42.1 41.7
Depreciation and amortization 66.4 69.8 107.6 114.3 122.5 130.2 127.7 98.9
EBITDA 154.3 603.1 779.1 748.4 515.1 463.6 73.6 889.6
Add:
FIFO impact (favorable) / unfavorable (a) (31.7) (25.6) 58.4 (21.3) 160.8 60.3 (3.1) (46.6)
Share-based compensation, non-cash 11.5 8.9 18.5 9.5 2.3 0.6 0.1 8.9
Loss on disposition of assets 1.3 2.5 - - - - - 2.5
Loss on extinguishment of debt 16.6 2.1 37.5 26.1 - - - 2.1
Wynnewood acquisition transaction fees and integration expenses - 5.2 11.0 - - - - 5.2
Major scheduled turnaround expenses 1.2 66.4 123.7 - 6.8 102.2 116.4 66.4
(Gain) loss on derivatives, net 1.5 (78.1) 285.6 (57.1) (185.6) 28.6 (18.8) (36.4)
Current period settlements on derivative contracts (b) (2.1) (7.2) (137.6) 6.4 122.2 (26.0) 43.3 (49.0)
Flood Insurance Recovery - - - - - (27.3) - -
Adjusted EBITDA 152.6$ 577.3$ 1,176.2$ 712.0$ 621.6$ 602.0$ 211.5$ 842.7$
Year Ended December 31,
CVR Refining, LP Historical Consolidated & Combined
(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 impact when crude oil prices increase and unfavorable FIFO impact 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.
(b) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or
received at the inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts.
(cont’d)
Non-GAAP Financial Measures
21
($ in millions)
9/30/2016 9/30/2015
Net Income (Loss) 15.9$ 138.9$
Add:
Interest expense and other financing costs, net of interest income 10.8 10.3
Income tax expense - -
Depreciation and amortization 32.5 29.9
EBITDA 59.2 179.1
Add:
FIFO impact (favorable)/unfavorable (a) 7.7 45.6
Share-based compensation, non-cash - 0.3
Major scheduled turnaround expenses - 15.6
(Gain) loss on derivatives, net 1.7 (11.8)
Current period settlements on derivative contracts (b) 6.7 0.8
Flood unsurance recovery - -
Adjusted EBITDA 75.3$ 229.6$
($ in millions, except per barrel data)
9/30/21016 9/30/2015
Net sales 1,163.5$ 1,361.6$
Less: cost of product sold 987.5 1,063.7
Refining margin 176.0 297.9
Add: FIFO impact (favorable)/unfavorable 7.7 45.6
Refining margin adjusted for FIFO impact 183.7 343.5
Crude oil throughput (bpd) 197,955 200,156
Refining margin per crude oil throughput barrel 9.66$ 16.17$
Refining margin per crude oil throughput barrel adjusted for FIFO impact 10.09$ 18.65$
Three Months Ended
Three Months Ended
CVR Refining, LP
CVR Refining, LP
(cont’d)
Non-GAAP Financial Measures
22
($ in millions, except per barrel data)
CVR Refining,
LP Pro Forma
Year Ended
December 31,
2010 2011 2012 2013 2014 2015 Q3 2016 LTM 2011
(unaudited)
Direct operating expenses 153.1$ 247.7$ 426.5$ 361.7$ 416.0$ 478.5$ 487.4$ 345.0$
Less: major scheduled turnaround expenses (1.2) (66.4) (123.7) - (6.8) (102.2) (116.4) (66.4)
Direct operating expenses excluding major scheduled turnaround
expenses 151.9 181.3 302.8 361.7 409.2 376.3 371.0 278.6
Crude oil throughput (bpd) 113,365 103,702 169,356 187,568 196,545 193,077 186,157 162,437
Direct operating expenses excluding major scheduled turnaround
expenses per crude oil throughput barrel 3.67$ 4.79$ 4.89$ 5.28$ 5.70$ 5.34$ 5.43$ 4.70$
CVR Refining, LP Historical Consolidated & Combined
Year Ended December 31,
(cont’d)
Non-GAAP Financial Measures
23
($ in millions, except per barrel data)
CVR Refining,
LP Pro Forma
Year Ended
December 31,
2010 2011 2012 2013 2014 2015 2011
(unaudited)
Net sales 3,905.6$ 4,752.8$ 8,281.7$ 8,683.5$ 8,829.7$ 5,161.9$ 7,398.3$
Cost of product sold 3,539.8 3,927.6 6,667.5 7,526.7 8,013.4 4,143.6 6,126.0
Direct operating expenses 153.1 247.7 426.5 361.7 416.0 451.2 345.0
Depreciation and amortization 66.4 69.8 107.6 114.3 122.5 130.2 98.9
Gross profit 146.3 507.7 1,080.1 680.8 277.8 436.9 828.4
Add:
Major scheduled turnaround expenses 1.2 66.4 123.7 - 6.8 102.2 66.4
FIFO impact (favorable)/unfavorable (31.7) (25.6) 58.4 (21.3) 160.8 60.3 (46.6)
Gross profit excluding major scheduled turnaround expenses and 115.8 548.5 1,262.2 659.5 445.4 599.4 848.2
adjusted for FIFO impact
Crude oil throughput (bpd) 113,365 103,702 169,356 187,568 196,545 193,077 162,437
Gross profit excluding major scheduled turnaround expenses and 2.80$ 14.49$ 20.36$ 9.63$ 6.21$ 8.51$ 14.31$
adjusted for FIFO impact per barrel
($ in millions, except per barrel data)
CVR Refining,
LP Pro Forma
Year Ended
December 31,
2010 2011 2012 2013 2014 2015 2011
(unaudited)
Net sales 3,905.6$ 4,752.8$ 8,281.7$ 8,683.5$ 8,829.7$ 5,161.9$ 7,398.3$
Less: cost of product sold 3,539.8 3,927.6 6,667.5 7,526.7 8,013.4 4,143.6 6,126.0
Refining margin 365.8 825.2 1,614.2 1,156.8 816.3 1,018.3 1,272.3
Add: FIFO impact (favorable)/unfavorable (31.7) (25.6) 58.4 (21.3) 160.8 60.3 (46.6)
Refining margin adjusted for FIFO impact 334.1 799.6 1,672.6 1,135.5 977.1 1,078.6 1,225.7
Crude oil throughput (bpd) 113,365 103,702 169,356 187,568 196,545 193,077 162,437
Refining margin per crude oil throughput barrel 8.84$ 21.80$ 26.04$ 16.90$ 11.38$ 14.45$ 21.46$
Refining margin per crude oil throughput barrel adjusted for FIFO impact 8.07$ 21.12$ 26.98$ 16.59$ 13.62$ 15.31$ 20.67$
CVR Refining, LP Historical Consolidated & Combined
Year Ended December 31,
CVR Refining, LP Historical Consolidated & Combined
Year Ended December 31,
Capital Expenditures
Note: As of September 30, 2016 24
YTD 2016
Capital Expenditures by Refinery 2012 2013 2014 2015 Q3 2016 Estimate
Coffeyville refinery:
Environmental & Maintenance 40.4$ 52.6$ 74.8$ 69.7$ 31.0$ 48.0$
Growth 2.0 3.6 5.5 73.2 31.9 39.0
Coffeyville refinery total capital 42.4 56.2 80.3 142.9 62.9 87.0
Wynnewood refinery:
Environmental & Maintenance 51.6 105.3 58.5 25.6 14.5 24.0
Growth 0.8 24.9 38.9 6.4 0.4 1.0
Wynnewood refinery total capital 52.4 130.2 97.4 32.0 14.9 25.0
Other Petroleum:
Environmental & Maintenance 6.4 11.7 7.0 8.1 4.6 7.0
Growth 19.0 6.4 6.6 11.7 1.0 1.0
Other petroleum total capital 25.4 18.1 13.6 19.8 5.6 8.0
Total capital spending 120.2$ 204.5$ 191.3$ 194.7$ 83.4$ 120.0$
Management Team with Proven
Track Record of Success
John Lipinski
CEO & President
John Walter
SVP, General Counsel & Secretary
Prior to the formation of CVR, Mr. Lipinski served as CEO and President of Coffeyville Resources, LLC since 2005
Mr. Lipinski has more than 40 years of experience in the petroleum refining industry
Prior to appointment, Mr. Walter served as Vice President, Associate General Counsel and Assistant Secretary to CVR and its
subsidiaries
Mr. Walter was previously an associate with Stinson Leonard Street, LLP and Seigfreid Bingham, P.C.
Susan Ball
Chief Financial Officer & Treasurer
Prior to joining CVR, Ms. Ball served as a Tax Managing Director with KPMG LLP
Ms. Ball has over 30 years of experience in the accounting industry
David Landreth
SVP, Economics & Planning
Prior to the formation of CVR, Mr. Landreth served as VP, Economics and Planning of Coffeyville Resources, LLC
Mr. Landreth has more than 30 years of experience in refining and petrochemicals
Robert Haugen
EVP, Refining Operations
Prior to the formation of CVR, Mr. Haugen served as EVP – Engineering & Construction at Coffeyville Resources, LLC
Mr. Haugen has more than 30 years of experience in the refining, petrochemical and nitrogen fertilizer industries
25
Martin Power
Chief Commercial Officer
Prior to joining CVR, Mr. Power served as Manager of Business and Development and Trading Manager for Koch Supply & Trading, LP
Mr. Power has more than 35 years of experience in crude oil and petroleum product trading, marketing, logistics and business
development
Petroleum Refining and
Logistics Operating
Subsidiaries (4)
CVR Refining, LLC
CVR Refining, LP
(CVRR)
Coffeyville Finance Inc.
CVR Refining Holdings, LLC
100% 100%
100%
CVR Partners, LP
(UAN)
100%
Public
Public
66%
100%
66% CVR Refining GP, LLC
IEP
30%
CVR GP, LLC
100%
CVR Energy, Inc. (CVI)
Coffeyville Resources, LLC
34%
IEP
82% 18%
100%
Coffeyville Resources
Nitrogen Fertilizers,
LLC(2)
Holding Companies (1)
100%
(1) Includes 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 CVR Partners Fertilizer Business.
(3) Includes East Dubuque Facility.
(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.
Public
3.9%
Organizational Structure
As of September 30, 2016
26
CVR Nitrogen, LP
East Dubuque Nitrogen
Fertilizers, LLC(3)