SUGAR LAND, Texas, Feb. 13, 2012 /PRNewswire/ -- CVR Energy,
Inc. (NYSE: CVI), a refiner and marketer of petroleum fuels and a
majority owner of CVR Partners, LP (NYSE:UAN), a nitrogen
fertilizer producer, announced today that its Board of Directors
has approved a regular quarterly cash dividend of $0.08 per common share, the first of which will
be paid following the end of the company's first quarter on a date
to be set by the Board. The Board reached its decision to
initiate a regular quarterly dividend after an extensive review of
the company's financial performance and confidence in its future
prospects and believes it is consistent with its continuing
commitment to deliver long-term value for shareholders.
(Logo: http://photos.prnewswire.com/prnh/20071203/CVRLOGO)
As part of that commitment, the Board also intends to sell a
portion of the company's investment in CVR Partners to pay for a
special dividend to shareholders and strengthen the company's
balance sheet. The Board believes that a sale of a portion of
the company's interest offers the best opportunity to deliver
significant value to shareholders in a reasonable time frame with
minimal execution risk or structural impediments. The size,
time and manner of the sale will be disclosed when the transaction
is implemented.
"Given the projected cash generation of our refining business,
the distributions we receive from our ownership in CVR Partners and
our strong financial position, our Board determined after careful
review of all its strategic options that it was appropriate to
return a meaningful amount of cash to our shareholders. We intend
to introduce a regular quarterly cash dividend that is in-line with
our refining peers and a special dividend funded from the sale of a
portion of our interest in CVR Partners," said Jack Lipinski, chief executive officer of CVR
Energy. "We are proud of our performance, confident in our
prospects and look forward to continuing our long-term strategy of
providing outstanding returns for our shareholders."
Forward Looking Statements
This news release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, 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,"
"explore," "evaluate," "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 Annual Report on Form
10-K for the year ended Dec. 31,
2010, 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 disclaims any intention or obligation
to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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 than185,000
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:
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Investor
Relations:
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Media
Relations:
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Ed
Morgan
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Steve
Eames
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CVR
Energy,
Inc.
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CVR
Energy, Inc.
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281-207-3388
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281-207-3550
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or
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MediaRelations@CVREnergy.com
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Jay
Finks
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or
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CVR
Energy,
Inc.
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Tom
Johnson or Chuck Burgess
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281-207-3588
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Abernathy
MacGregor Group
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InvestorRelations@CVREnergy.com
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212-371-5999
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SOURCE CVR Energy, Inc.