CVR Partners MLP Offering Postponed Indefinitely
14 Juin 2008 - 12:03AM
PR Newswire (US)
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withdrawn.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/
Copyright
CVR Energy (NYSE:CVI)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
CVR Energy (NYSE:CVI)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024