CVI

CVR ENERGY, INC. New York Stock Exchange
$18.94
Open: $19.5 High: $19.69 Low: $18.61 Close: $18.92
Range: 2021-06-23 - 2021-06-24
Volume: 797,294
Market: Open
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CVI
CVR ENERGY, INC. 2277 Plaza Drive Sugar Land TX, 77479 http://www.coffeyvillegroup.com
CVR Energy Inc through its subsidiaries is engaged in the petroleum refining and nitrogen fertilizer manufacturing industries. Its business segments include petroleum and nitrogen fertilizer.
  • CEO: David L. Lamp
  • Employees: 1,440
  • Sector: Energy
  • Industry: Oil & Gas - Refining & Marketing
CVI News
Latest news about the CVI
  • U.S. refiners amass over $1 bln biofuel liability as Biden admin mulls relief

    U.S. merchant refiners have amassed up to a $1.6 billion shortfall in the credits they will need to comply with U.S. biofuel laws, according to a Reuters review of corporate disclosures, an apparent bet that the Biden administration could let them off the hook or that credit prices will fall. The big liability among companies including PBF Energy Inc , CVR Energy Inc, Par Pacific Holdings and Delta Airlines comes as the administration of President Joe Biden considers granting oil refiners relief from their biofuel mandates amid soaring credit costs and economic turmoil from the coronavirus pandemic that has hurt the fuel industry.

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  • Why CVR Energy Stock Dropped 20% at the Open Today

    Shares of CVR Energy (NYSE: CVI) fell a quick 20% or so at the open of trading on Friday compared to the closing price on Thursday. CVR Energy's stock price is a real-world example of this. In May, CVR announced plans to make a special distribution of cash and stock related to its investment in Delek US Holdings (NYSE: DK).

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  • CVR Energy Finalizes Special Dividend, Determines Cash Distribution Payable to CVR Energy Stockholders

    SUGAR LAND, Texas, June 10, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced that it has determined the amount of cash per share of its common stock to which each of its stockholders is entitled in connection with the previously announced special dividend of $492 million, to be paid in a combination of cash (the “Cash Distribution”) and the common stock of Delek US Holdings, Inc. (“Delek”) held by the Company (the “Stock Distribution”). The Co

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  • CVR Energy Determines Stock Ratio for Distribution of Delek US Holdings Common Stock to CVR Energy Stockholders in Connection With Special Dividend

    SUGAR LAND, Texas, May 27, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced the final ratio for the Stock Distribution (defined below) portion of its previously announced special dividend of $492 million, which is payable in a combination of cash and the common stock of Delek US Holdings, Inc. (“Delek”) held by the Company (the “Stock Distribution”). The special dividend will be paid on June 10, 2021 (the “Distribution Date”). In the Stock Distribution, the Company will distribute 0.1048 of a share of Delek common stock for each share of the Company’s common stock outstanding as of the close of business on May 26, 2021 (the “Record Date”). The final Stock Distribution ratio was calculated by dividing the 10,539,880 shares of Delek common stock to be distributed by 100,530,599 shares of CVR Energy common stock outstanding as of the close of business on the Record Date. No fractional shares of Delek common stock will be distributed. Instead, stockholders will receive cash in lieu of any fractional share of Delek common stock that they otherwise would have received. The Company intends to announce the amount of cash per share of its common stock to which each of its stockholders will be entitled on the Distribution Date. Stockholders should consult their tax advisors with respect to U.S. federal, state, local and foreign tax consequences of the special dividend. The distribution of Delek common stock will be made in book-entry form and no physical share certificates will be issued. An information statement describing the special dividend will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”). No action is required by CVR Energy stockholders to receive the special dividend. CVR Energy stockholders do not need to pay any consideration for or surrender or exchange your shares of CVR Energy common stock. Additional information on the special dividend, including a copy of the information statement, will be posted to CVR Energy’s website at https://cvrenergy.gcs-web.com. Forward-Looking Statements and Notices 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. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future issuance and payment of a special dividend of cash and/or Delek stock (if at all) including the amount, timing, ratio, process and impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “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. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, demand for fossil fuels, price volatility of crude oil, other feedstocks and refined products (among others); the ability of the Company to pay cash dividends; costs of compliance with existing or new laws and regulations and potential liabilities therefrom; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied herein. 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 news 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, except to the extent required by law. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 36 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website. For further information, please contact: Investor Relations:Richard RobertsCVR Energy, Inc.(281) 207-3205InvestorRelations@CVREnergy.com Media Relations:Brandee StephensCVR Energy, Inc. (281) 207-3516MediaRelations@CVREnergy.com

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  • Company News for May 13, 2021

    Companies in the news are: TM, LHDX, EYES, CVI

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  • Strength Seen in CVR (CVI): Can Its 8.5% Jump Turn into More Strength?

    CVR (CVI) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions could translate into further price increase in the near term.

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  • Oil Dividends Are Roaring Back as Industry’s Recovery Accelerates

    The crisis that hit oil stocks a year ago is over. Some analysts are predicting a resurgence in payouts that could last for years.

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  • CVR Energy Announces Special Dividend and Advancement of Renewable Diesel Initiatives

    SUGAR LAND, Texas, May 11, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced that its Board of Directors (the “Board”) has determined that the Company will focus on renewable fuels and is no longer interested in acquiring another crude oil refinery. In connection therewith, the Board approved expenditures of up to $10 million to progress its renewable diesel initiatives, including: The completion of process design to convert an existing hydrotreater at the Coffeyville refinery to renewable diesel service; andThe completion of process design and the ordering of certain long-lead equipment for a feed pretreater for the Wynnewood refinery to lower carbon intensity and feed cost. The pretreater design could be expandable to also process feed for the potential Coffeyville refinery renewable diesel conversion. “For the past few years, we have explored a number of refining acquisitions in PADD 4 and elsewhere. However, given our unwillingness to overpay for assets and our belief that the industry is pivoting towards renewable fuels, we are electing to focus our capital on sustainable initiatives,” said Dave Lamp, CVR Energy’s Chief Executive Officer. Mr. Lamp stated further: “As a result of the Board’s determination to cease efforts to acquire another refinery, we have excess cash on our balance sheet. We are earning very little on this cash and, when we issued our bonds, we bargained for covenant capacity, which will be expiring shortly, to make a distribution of up to $492 million to our stockholders. Because we believe it would be a benefit to our stockholders to exercise this option before it expires, we are announcing today a special dividend consisting of cash and Delek shares.” The Board has approved a special dividend of $492 million, to be payable in a combination of cash and the outstanding stock of Delek US Holdings, Inc. (“Delek”) currently held by the Company (the “Stock Distribution Portion”), pursuant to a provision in the Company’s Indenture (defined below) under which the Company retained the right to distribute to its stockholders up to $492 million (“Excess Proceeds”) on or before July 26, 2021. This special dividend will be paid on June 10, 2021 (the “Distribution Date”), to stockholders of record as of the close of market on May 26, 2021 (the “Record Date”), subject to customary conditions. “Our Board has been laser focused not only on assessing the best uses of cash, but also on the best path forward for our Company, considering various factors,” Lamp continued. “Delek made it very clear over the past several months that it had little interest in engaging with us as its largest stockholder. This special dividend should allow us to monetize a gain on our investment in Delek – which would be nearly $116 million based on Delek’s closing stock price on May 10, 2021 – and distribute our Delek shares to our stockholders, with whom Delek may be more willing to meaningfully engage.” The Stock Distribution Portion of this special dividend will occur in the form of a pro rata common stock dividend to each CVR Energy stockholder as of the Record Date. As of May 10, 2021, CVR Energy held 10,539,880 shares of Delek stock (excluding shares underlying a forward contract). No fractional shares of Delek stock will be distributed. Instead, CVR Energy stockholders will receive cash in lieu of any fractional share of Delek stock they otherwise would have received. Following this distribution, Icahn Enterprises L.P. and its affiliates (“IEP”), who own approximately 71% of our outstanding common stock, would directly hold approximately 10.5% of Delek’s outstanding common stock. The actual amount of gain (if any) on CVR Energy’s investment in Delek stock would be determined on the Distribution Date. The cash portion of this special dividend will be determined based on the difference between $492 million and the value of the Stock Distribution Portion as of the Distribution Date, with each CVR Energy stockholder as of the Record Date receiving a pro rata portion of such difference in cash. CVR Energy intends to announce the number of Delek shares and amount of cash per share of CVR Energy common stock to which each CVR Energy stockholder as of the Record Date would be entitled at a later date. The New York Stock Exchange (“NYSE”) has determined that CVR Energy’s shares will trade with “due-bills” representing an assignment of the right to receive the special dividend through the ex-dividend date of June 11, 2021, the first business day following the Distribution Date. Stockholders who sell their shares on or before the Distribution Date will not be entitled to receive the special dividend. Due-bills obligate a seller of shares to deliver the dividend payable on such shares to the buyer. The due-bill obligations are settled customarily between the brokers representing the buyers and sellers of the shares. CVR Energy has no obligation for either the amount of the due-bill or the processing of the due-bill. Buyers and sellers of CVR Energy’s shares should consult their broker before trading to be sure they understand the effect of the NYSE’s due-bill procedures. This special dividend is permitted under the Indenture, dated as of January 27, 2020, among the Company, the subsidiary guarantors listed therein and Wells Fargo Bank, National Association, as trustee (the “Indenture”), pursuant to which the Company issued 5.250% Senior Notes due 2025 and 5.750% Senior Notes due 2028, and under which the Excess Proceeds generally represent the difference between the net cash proceeds received by the Company from such issuance and the amount that the Company paid in January 2020 to redeem the then-outstanding 6.500% Second Lien Senior Secured Notes due 2022 issued by certain of the Company’s subsidiaries in 2012. No vote or action is required by CVR Energy stockholders in order to receive the cash portion or the Stock Distribution Portion of the special dividend. The Stock Distribution Portion will be in book-entry form. CVR Energy stockholders who hold their shares through brokers or other nominees will have their shares of Delek common stock credited to their account by their nominees or brokers. CVR Energy stockholders will not be required to pay cash or other consideration for the shares of Delek common stock to be distributed to them, or surrender or exchange their shares of CVR Energy common stock to receive the distribution. Following the Record Date, CVR Energy plans to send an information statement to its stockholders of record at the close of market on the Record Date that will include details regarding the special dividend, which information will also be posted to CVR Energy’s website at such time. Forward-Looking Statements and Notices 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. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: focus on renewables; acquisition of crude oil refineries; progress of renewable diesel initiatives at Wynnewood and Coffeyville including the scope, cost, timing, elements and impacts thereof; industry pivot to renewable fuels; issuance and/or payment of a special dividend of cash and/or Delek stock (if at all) including the amount, timing, ratio, process and impact thereof; holdings by IEP of Delek stock; engagement by Delek with our stockholders; gains (if any) on our Delek investment and realization (if any) thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “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. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, demand for fossil fuels, price volatility of crude oil, other feedstocks and refined products (among others); the ability of the Company to pay cash dividends; costs of compliance with existing or new, laws and regulations and potential liabilities therefrom; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied herein. 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 news 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, except to the extent required by law. The summary of the Indenture is qualified in its entirety by the text of such document, filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K on January 27, 2020. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 36 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website. For further information, please contact: Investor Relations:Richard RobertsCVR Energy, Inc.(281) 207-3205InvestorRelations@CVREnergy.com Media Relations:Brandee StephensCVR Energy, Inc. (281) 207-3516MediaRelations@CVREnergy.com

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  • CVR Energy Inc (CVI) Q1 2021 Earnings Call Transcript

    With me today are Dave Lamp, our Chief Executive Officer; Tracy Jackson, our Chief Financial Officer; and other members of management. Prior to discussing our 2021 first quarter results, let me remind you that this conference call may contain forward-looking statements as that term is defined under federal securities laws.

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  • CVR delays renewable fuel startup at Wynnewood refinery

    A renewable diesel unit at CVR Energy's Wynnewood, Oklahoma, refinery will not be in service until the end of the third quarter due to severe weather in February and delays in equipment deliveries, the company said on Tuesday. The unit was expected to start processing renewable diesel this July. The company is selecting the technology to add pretreatment capabilities at Wynnewood to process lower carbon-intensity feedstocks like inedible corn oil, animal fats and used cooking oil, Chief Executive David Lamp said Tuesday on the company's first-quarter earnings call.

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  • CVR Energy, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / May 4, 2021 / CVR Energy, Inc. (NYSE:CVI) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 4, 2021 at 1:00 PM Eastern Time.

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  • CVR Energy (CVI) Reports Q1 Loss, Tops Revenue Estimates

    CVR (CVI) delivered earnings and revenue surprises of -8.13% and 45.99%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

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  • CVR Energy Reports First Quarter 2021 Results

    SUGAR LAND, Texas, May 03, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (“CVR Energy”) (NYSE: CVI) today announced a net loss of $39 million, or 39 cents per diluted share, on net sales of $1.5 billion for the first quarter of 2021, compared to net loss of $87 million, or 87 cents per diluted share, on net sales of $1.1 billion for the first quarter of 2020. First quarter 2021 EBITDA was less than $1 million, compared to a first quarter 2020 EBITDA loss of $38 million. “CVR Energy’s first quarter 2021 results were influenced by exorbitant Renewable Identification Number (RIN) pricing, unrealized derivative losses and impacts from Winter Storm Uri,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We were able to quickly recover from the storm-related shutdowns, and with the increase in Group 3 crack spreads, our refining business in March experienced its best results since the height of the COVID-19 pandemic despite high RIN prices. “CVR Partners was able to successfully minimize the impacts of Winter Storm Uri by reducing throughput and selling contracted natural gas at significantly higher prices at its East Dubuque facility while also maintaining operations at its Coffeyville facility,” Lamp said. “In addition, the nitrogen fertilizer industry reached an inflection point during the first quarter of 2021, where improved farmer economics translated into increased demand for nitrogen fertilizer as well as much higher pricing.” Petroleum The Petroleum Segment reported a first quarter 2021 operating loss of $115 million on net sales of $1.4 billion, compared to an operating loss of $127 million on net sales of $1.1 billion in the first quarter of 2020. Refining margin per total throughput barrel was $3.05 in the first quarter of 2021, compared to $1.52 during the same period in 2020. Increased crack spreads and an increase in throughput volumes contributed to the improvement in refining margins during the first quarter of 2021. Adding to these impacts, crude oil prices rose during the quarter, which led to a favorable inventory valuation impact of $66 million, or $3.93 per total throughout barrel, compared to an unfavorable inventory valuation impact of $136 million, including a $58 million loss on the value of inventory to reflect its net realizable value, or $9.54 per total throughput barrel during the first quarter of 2020. The Petroleum Segment also recognized a first quarter 2021 derivative loss of $32 million, or $1.90 per total throughput barrel, compared to a derivative gain of $46 million, or $3.20 per total throughput barrel, for the first quarter of 2020. Included in this derivative loss for the first quarter of 2021 was a $43 million unrealized loss, compared to an unrealized gain of $12 million for the first quarter of 2020. First quarter 2021 combined total throughput was approximately 186,000 barrels per day (bpd), compared to approximately 157,000 bpd of combined total throughput for the first quarter of 2020. This increase was primarily attributable to the turnaround at our Coffeyville refinery in 2020, which began in late February. Fertilizer The Nitrogen Fertilizer Segment reported an operating loss of $14 million on net sales of $61 million for the first quarter of 2021, compared to an operating loss of $5 million on net sales of $75 million for the first quarter of 2020. First quarter 2021 average realized gate prices for urea ammonia nitrate (UAN) showed a reduction over the prior year, down 4 percent to $159 per ton, and ammonia was up 14 percent over the prior year to $300 per ton. Average realized gate prices for UAN and ammonia were $166 per ton and $264 per ton, respectively, for the first quarter of 2020. CVR Partners’ fertilizer facilities produced a combined 188,000 tons of ammonia during the first quarter of 2021, of which 70,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 272,000 tons of UAN. During the first quarter 2020, the fertilizer facilities produced 201,000 tons of ammonia, of which 78,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 317,000 tons of UAN. Corporate The Company reported an income tax benefit of $42 million, or 43.3 percent of loss before income taxes, for the three months ended March 31, 2021, compared to an income tax benefit of $36 million, or 26.6 percent of loss before income taxes, for the three months ended March 31, 2020. The change in income tax benefit was due primarily to changes in pretax loss and an increase in the effective income tax rate. The year-over-year increase in effective income tax rate is due primarily to the relationship between pretax results, losses attributable to noncontrolling interest and state income tax credits generated. Cash, Debt and Dividend Consolidated cash and cash equivalents was $707 million at March 31, 2021, an increase of $40 million from December 31, 2020. Consolidated total debt and finance lease obligations was $1.7 billion at March 31, 2021, including $637 million held by the Nitrogen Fertilizer Segment. CVR Energy will not pay a cash dividend and CVR Partners will not pay a cash distribution for the 2021 first quarter. First Quarter 2021 Earnings Conference Call CVR Energy previously announced that it will host its first quarter 2021 Earnings Conference Call on Tuesday, May 4, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters. The first quarter 2021 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/wo6z7ooe. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13718881. Forward-Looking StatementsThis 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. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: Renewable Identification Number pricing and the impact thereof on results; derivatives activities and gains or losses associated therewith; impacts from Winter Storm Uri; ability to recover from storm-related shutdowns; crack spreads, including the increase thereof; farmer economics including improvement thereof; nitrogen fertilizer demand and pricing, including the increase thereof; throughput volumes and crude oil prices, including increases thereof; inventory valuation impacts; ammonia production, including volumes upgraded to other fertilizer products including UAN; tax benefits and rates, including impact of pretax loss, noncontrolling interest and state income tax credits thereon; balance sheet cash levels and debt and finance lease obligations; dividends and distributions, including the timing, payment and amount (if any) thereof; total throughput, direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; continued safe and reliable operations; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “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. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, demand for fossil fuels, price volatility of crude oil, other feedstocks and refined products (among others); the ability of the Company to pay cash dividends and CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing, or compliance with new, laws and regulations and potential liabilities arising therefrom; impacts of planting season on CVR Partners; general economic and business conditions; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These and other 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 news 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, except to the extent required by law. About CVR Energy, Inc.Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 36 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the company and to communicate important information about the company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the company to review the information posted on its website. For further information, please contact: Investor Relations:Richard RobertsCVR Energy, Inc.(281) 207-3205InvestorRelations@CVREnergy.com Media Relations:Brandee StephensCVR Energy, Inc. (281) 207-3516MediaRelations@CVREnergy.com Non-GAAP Measures Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below. The following are non-GAAP measures we present for the period ended March 31, 2021: EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization. Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other. Refining Margin, adjusted for Inventory Valuation Impacts - Refining Margin adjusted to exclude the impact of current period market price and volume fluctuations on crude oil and refined product inventories purchased in prior periods and lower of cost or net realizable value adjustments, if applicable. We record our commodity inventories on the first-in-first-out basis. As a result, significant current period fluctuations in market prices and the volumes we hold in inventory can have favorable or unfavorable impacts on our refining margins as compared to similar metrics used by other publicly-traded companies in the refining industry. Refining Margin and Refining Margin adjusted for Inventory Valuation Impacts, per Throughput Barrel - Refining Margin and Refining Margin adjusted for Inventory Valuation Impacts divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period. Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period. Adjusted (Loss) Earnings per Share - (Loss) Earnings per share adjusted for inventory valuation impacts and other significant non-cash items on an after-tax basis. Net Debt and Finance Lease Obligations - Net debt and finance lease obligations is total debt and finance lease obligations reduced for cash and cash equivalents. Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer - Total debt and net debt and finance lease obligations is calculated as the consolidated debt and net debt and finance lease obligations less the Nitrogen Fertilizer Segment’s debt and net debt and finance lease obligations as of the most recent period ended divided by EBITDA exclusive of the Nitrogen Fertilizer Segment for the most recent twelve-month period. Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures. We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly-traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document. Factors Affecting Comparability of Our Financial Results Our historical results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below. Petroleum Segment Coffeyville Refinery - Beginning in the first quarter of 2020, the Coffeyville Refinery had a planned, full facility turnaround, during which we capitalized $127 million. Wynnewood Refinery - The Petroleum Segment’s next planned turnaround is at the Wynnewood Refinery, where pre-planning expenditures are currently underway. During the first quarter of 2021, approximately $1 million has been capitalized related to these pre-planning activities. CVR Energy, Inc. (all information in this release is unaudited) Financial and Operational Data Three Months EndedMarch 31,(in millions, except per share data)2021 2020Consolidated Statement of Operations Data Net sales$1,463 $1,130 Operating costs and expenses: Cost of materials and other1,369 1,058 Direct operating expenses (exclusive of depreciation and amortization)136 119 Depreciation and amortization63 62 Cost of sales1,568 1,239 Selling, general and administrative expenses (exclusive of depreciation and amortization)27 24 Depreciation and amortization3 2 Operating loss(135) (135) Other (expense) income: Interest expense, net(31) (35) Investment income on marketable securities62 31 Other income, net7 2 Loss before income tax benefit(97) (137) Income tax benefit(42) (36) Net loss(55) (101) Less: Net loss attributable to noncontrolling interest(16) (14) Net loss attributable to CVR Energy stockholders$(39) $(87) Basic and diluted loss per share$(0.39) $(0.87) Dividends declared per share$— $0.80 EBITDA*$— $(38) Weighted-average common shares outstanding - basic and diluted100.5 100.5 ____________________ * See “Non-GAAP Reconciliations” section below. Selected Balance Sheet Data (in millions)March 31, 2021 December 31, 2020Cash and cash equivalents$707 $667 Working capital602 743 Total assets4,188 3,978 Total debt and finance lease obligations, including current portion1,691 1,691 Total liabilities3,024 2,759 Total CVR stockholders’ equity981 1,019 Selected Cash Flow Data Three Months EndedMarch 31,(in millions)2021 2020Net cash flow provided by (used in): Operating activities$96 $(58) Investing activities(54) (196) Financing activities(2) 407 Net increase in cash and cash equivalents$40 $153 Free cash flow*$61 $(115) ____________________ * See “Non-GAAP Reconciliations” section below. Selected Segment Data (in millions)Petroleum Nitrogen Fertilizer ConsolidatedThree Months Ended March 31, 2021 Net sales$1,404 $61 $1,463 Operating loss(115) (14) (135) Net loss(110) (25) (55) EBITDA*(61) 5 — Capital expenditures (1) Maintenance capital expenditures$10 $2 $12 Growth capital expenditures— 1 56 Total capital expenditures$10 $3 $68 (in millions)Petroleum Nitrogen Fertilizer ConsolidatedThree Months Ended March 31, 2020 Net sales$1,057 $75 $1,130 Operating loss(127) (5) (135) Net loss(130) (21) (101) EBITDA*(77) 11 (38) Capital expenditures (1) Maintenance capital expenditures$37 $4 $43 Growth capital expenditures3 2 5 Total capital expenditures$40 $6 $48 ____________________ *See “Non-GAAP Reconciliations” section below.(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures and capitalized software costs. Selected Balance Sheet Data (in millions)Petroleum Nitrogen Fertilizer ConsolidatedMarch 31, 2021 Cash and cash equivalents (1)$475 $53 $707 Total assets3,207 1,032 4,188 Total debt and finance lease obligations, including current portion (2)59 637 1,691 December 31, 2020 Cash and cash equivalents (1)$429 $31 $667 Total assets2,991 1,033 3,978 Total debt and finance lease obligations, including current portion (2)61 636 1,691 ____________________ (1)Corporate cash and cash equivalents consisted of $179 million and $207 million at March 31, 2021 and December 31, 2020, respectively.(2)Corporate total debt and finance lease obligations, including current portion consisted of $995 million and $994 million at March 31, 2021 and December 31, 2020, respectively. Petroleum Segment Key Operating Metrics per Total Throughput Barrel Three Months EndedMarch 31, 2021 2020Refining margin *$3.05 $1.52 Refining margin adjusted for inventory valuation impacts *(0.88) 11.06 Direct operating expenses *5.89 5.87 ____________________ * See “Non-GAAP Reconciliations” section below. Throughput Data by Refinery Three Months EndedMarch 31,(in bpd)2021 2020Coffeyville Regional crude29,232 38,874 WTI52,936 29,461 Condensate7,051 4,687 Heavy Canadian— 2,549 Other crude oil16,733 — Other feedstocks and blendstocks8,725 7,701 Wynnewood Regional crude55,159 51,822 WTL3,535 5,971 Midland WTI— 2,019 Condensate9,540 9,429 Other feedstocks and blendstocks3,182 4,005 Total throughput186,093 156,518 Production Data by Refinery Three Months EndedMarch 31,(in bpd)2021 2020Coffeyville Gasoline61,664 44,519Distillate46,542 33,261Other liquid products4,107 3,717Solids3,397 2,719Wynnewood Gasoline37,456 39,505Distillate29,164 28,755Other liquid products2,947 2,454Solids22 25Total production185,298 154,955 Light product yield (as % of crude throughput) (1)100.4 % 100.8%Liquid volume yield (as % of total throughput) (2)97.7 % 97.2%Distillate yield (as % of crude throughput) (3)43.5 % 42.8% ____________________ (1)Total Gasoline and Distillate divided by total Regional crude, WTI, WTL, Midland WTI, Condensate, and Heavy Canadian throughput.(2)Total Gasoline, Distillate, and Other liquid products divided by total throughput.(3)Total Distillate divided by total Regional crude, WTI, WTL, Midland WTI, Condensate, and Heavy Canadian throughput. Three Months EndedMarch 31, 2021 2020Market Indicators (dollars per barrel) West Texas Intermediate (WTI) NYMEX$58.14 $45.78 Crude Oil Differentials to WTI: Brent3.18 5.04 WCS (heavy sour)(11.82) (17.77) Condensate(0.22) (1.14) Midland Cushing0.87 (0.06) NYMEX Crack Spreads: Gasoline16.43 10.37 Heating Oil15.26 18.98 NYMEX 2-1-1 Crack Spread15.84 14.67 PADD II Group 3 Basis: Gasoline(1.22) (3.12) Ultra Low Sulfur Diesel2.20 (1.80) PADD II Group 3 Product Crack Spread: Gasoline15.20 7.25 Ultra Low Sulfur Diesel17.46 17.18 PADD II Group 3 2-1-116.33 12.21 Nitrogen Fertilizer Segment: Key Operating Data: Ammonia Utilization (3)Two Years Ended March 31,(capacity utilization)2021 2020Consolidated96 % 93%Coffeyville Facility94 % 93%East Dubuque Facility97 % 93% ____________________ (1)Reflects ammonia utilization rates on a consolidated basis and at each of the Nitrogen Fertilizer facilities. Utilization is an important measure used by management to assess operational output at each of the facilities. Utilization is calculated as actual tons produced divided by capacity. The Nitrogen Fertilizer Segment presents utilization on a two-year rolling average to take into account the impact of current turnaround cycles on any specific period. The two-year rolling average is a more useful presentation of the long-term utilization performance of our plants. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With the Nitrogen Fertilizer Segments’ efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well the facilities operate. Sales and Production Data Three Months EndedMarch 31, 2021 2020Consolidated sales (thousand tons): Ammonia32 54 UAN239 284 Consolidated product pricing at gate (dollars per ton) (1): Ammonia$300 $264 UAN159 166 Consolidated production volume (thousand tons): Ammonia (gross produced) (2)188 201 Ammonia (net available for sale) (2)70 78 UAN272 317 Feedstock: Petroleum coke used in production (thousand tons)128 125 Petroleum coke (dollars per ton)$42.91 $44.68 Natural gas used in production (thousands of MMBtu) (3)1,882 2,141 Natural gas used in production (dollars per MMBtu) (3)$3.10 $2.42 Natural gas in cost of materials and other (thousands of MMBtus) (3)940 1,418 Natural gas in cost of materials and other (dollars per MMBtu) (3)$2.94 $2.80 ____________________ (1)Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.(2)Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.(3)The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense. Key Market Indicators Three Months EndedMarch 31, 2021 2020Ammonia — Southern Plains (dollars per ton)$437 $272 Ammonia — Corn belt (dollars per ton)497 364 UAN — Corn belt (dollars per ton)256 169 Natural gas NYMEX (dollars per MMBtu)$2.72 $1.87 Q2 2021 Outlook The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2021. See “Forward-Looking Statements” above. Q2 2021 Low HighPetroleum Segment Total throughput (bpd)200,000 220,000 Direct operating expenses (1) (in millions)$75 $85 Nitrogen Fertilizer Segment Ammonia utilization rates (2) Consolidated95% 100%Coffeyville Facility95% 100%East Dubuque Facility95% 100%Direct operating expenses (1) (in millions)$35 $40 Capital Expenditures (3) (in millions) Petroleum$6 $12 Renewables (4)65 70 Nitrogen Fertilizer4 7 Other— 1 Total capital expenditures$75 $90 ____________________ (1)Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer segment, turnaround expenses and inventory valuation impacts.(2)Ammonia utilization rates exclude the impact of turnarounds.(3)Capital expenditures are disclosed on an accrual basis.(4)Renewables reflects spending on the Wynnewood RDU project. Amounts spent in 2020 were previously reported under Other. Upon completion and meeting of certain criteria under accounting rules, Renewables is expected to be a new reportable segment. As of March 31, 2021, Renewables does not the meet the definition of an operating segment as defined under ASC 280. Non-GAAP Reconciliations: Reconciliation of Net Loss to EBITDA Three Months EndedMarch 31,(in millions)2021 2020Net loss$(55) $(101) Add: Interest expense, net31 35 Income tax benefit(42) (36) Depreciation and amortization66 64 EBITDA$— $(38) Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow Three Months EndedMarch 31, 2021 2020Net cash provided by (used in) operating activities$96 $(58) Less: Capital expenditures(34) (35) Capitalized turnaround expenditures(1) (22) Free cash flow$61 $(115) Reconciliation of Petroleum Segment Net Loss to EBITDA and EBITDA Adjusted for Inventory Valuation Impacts Three Months EndedMarch 31,(in millions)2021 2020Petroleum net loss$(110) $(130) Add: Interest (income) expense, net(2) 5 Depreciation and amortization51 48 Petroleum EBITDA(61) (77) Inventory valuation impacts, (favorable) unfavorable (1) (2)(66) 136 Petroleum EBITDA adjusted for inventory valuation impacts$(127) $59 Reconciliation of Petroleum Segment Gross Loss to Refining Margin and Refining Margin Adjusted for Inventory Valuation Impacts Three Months EndedMarch 31,(in millions)2021 2020Net sales$1,404 $1,057 Cost of materials and other1,353 1,035 Direct operating expenses (exclusive of depreciation and amortization)99 84 Depreciation and amortization51 48 Gross loss(99) (110) Add: Direct operating expenses (exclusive of depreciation and amortization)99 84 Depreciation and amortization51 48 Refining margin51 22 Inventory valuation impacts, (favorable) unfavorable (1) (2)(66) 136 Refining margin adjusted for inventory valuation impacts$(15) $158 ____________________ (1)The Petroleum Segment’s basis for determining inventory value under GAAP is FIFO. Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. In order to derive the inventory valuation impact per total throughput barrel, we utilize the total dollar figures for the inventory valuation impact and divide by the number of total throughput barrels for the period.(2)Includes an inventory valuation charge of $58 million recorded in the first quarter of 2020, as inventories were reflected at the lower of cost or net realizable value. No adjustment was necessary for the first quarter of 2021. Reconciliation of Petroleum Segment Total Throughput Barrels Three Months EndedMarch 31, 2021 2020Total throughput barrels per day186,093 156,518 Days in the period90 91 Total throughput barrels16,748,383 14,263,161 Reconciliation of Petroleum Segment Refining Margin per Total Throughput Barrels Three Months EndedMarch 31,(in millions, except for per throughput barrel data)2021 2020Refining margin$51 $22 Divided by: total throughput barrels17 14 Refining margin per total throughput barrel$3.05 $1.52 Reconciliation of Petroleum Segment Refining Margin Adjusted for Inventory Valuation Impacts per Total Throughput Barrel Three Months EndedMarch 31,(in millions, except for throughput barrel data)2021 2020Refining margin adjusted for inventory valuation impacts$(15) $158 Divided by: total throughput barrels17 14 Refining margin adjusted for inventory valuation impacts per total throughput barrel$(0.88) $11.06 Reconciliation of Petroleum Segment Direct Operating Expenses per Total Throughput Barrel Three Months EndedMarch 31,(in millions, except for throughput barrel data)2021 2020Direct operating expenses (exclusive of depreciation and amortization)$99 $84 Divided by: total throughput barrels17 14 Direct operating expenses per total throughput barrel$5.89 $5.87 Reconciliation of Nitrogen Fertilizer Segment Net Loss to EBITDA Three Months EndedMarch 31,(in millions)2021 2020Nitrogen fertilizer net loss$(25) $(21) Add: Interest expense, net16 16 Depreciation and amortization14 16 Nitrogen Fertilizer EBITDA$5 $11 Reconciliation of Basic and Diluted Loss per Share to Adjusted Loss per Share Three Months EndedMarch 31, 2021 2020Basic and diluted loss per share$(0.39) $(0.87) Adjustments: Inventory valuation impacts (1)(0.48) 1.00 Unrealized gain on marketable securities (1)(0.46) (0.22) Adjusted loss per share$(1.33) $(0.09) ____________________ (1)Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period. Reconciliation of Total Debt and Net Debt and Finance Lease Obligations to EBITDA Exclusive of Nitrogen Fertilizer Twelve Months Ended March 31, 2021Total debt and finance lease obligations (1)$1,691 Less: Nitrogen Fertilizer debt and finance lease obligations (1)$637 Total debt and finance lease obligations exclusive of Nitrogen Fertilizer1,054 EBITDA exclusive of Nitrogen Fertilizer$(6) Total debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer(175.67) Consolidated cash and cash equivalents$707 Less: Nitrogen Fertilizer cash and cash equivalents53 Cash and cash equivalents exclusive of Nitrogen Fertilizer654 Net debt and finance lease obligations exclusive of Nitrogen Fertilizer (2)$400 Net debt and finance lease obligations to EBITDA exclusive of Nitrogen Fertilizer (2)(66.67) ____________________ (1)Amounts are shown inclusive of the current portion of long-term debt and finance lease obligations.(2)Net debt represents total debt and finance lease obligations exclusive of cash and cash equivalents. Three Months Ended Twelve Months EndedMarch 31, 2021 June 30,2020 September 30,2020 December 31, 2020 March 31,2021 Consolidated Net loss$(32) $(108) $(78) $(55) $(273) Add: Interest expense, net31 31 32 31 125 Income tax benefit(5) (31) (23) (42) (101) Depreciation and amortization74 69 70 66 279 EBITDA$68 $(39) $1 $— $30 Nitrogen Fertilizer Net loss$(42) $(19) $(17) $(25) (103) Add: Interest expense, net16 16 16 16 64 Depreciation and amortization24 18 19 14 75 EBITDA$(2) $15 $18 $5 $36 EBITDA exclusive of Nitrogen Fertilizer$70 $(54) $(17) $(5) $(6)

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  • Delek US Holdings, MiMedx Group See Activist Actions

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  • CVR Partners, LP -- Moody's stabilizes CVR Partners' outlook, affirms ratings

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  • Delek Pushes Back At Carl Icahn Proxy Contest: What You Need To Know

    Delek US Holdings Inc. (NYSE: DK) a Brentwood, Tennessee-based downstream energy company, is pushing back at what it describes as a proxy contest coordinated by CVR Energy, Inc. (NYSE: CVI), a competitor controlled by investor Carl Icahn. What Happened: CVR acquired a 15% stake in Delek last year and is its largest shareholder; Icahn owns 70% of CVR. In January, CVR CEO David L. Lamp sent a letter to Delek Chairman Uzi Yemin proposing the replacement of three directors with a trio of CVR nominees, to be voted upon during Delek’s shareholders meeting on May 6. “Delek desperately needs new strategic direction,” Lamp wrote. “We would like to work collaboratively with you to replace three of your nominees at Delek’s upcoming 2021 Annual Meeting.” On April 8, CVR filed a lawsuit against Delek, claiming that the CEO’s total compensation of $81 million over the last eight years was “eye-popping” and was never properly disclosed to shareholders, adding that “Yemin is a poster boy for all that is wrong with corporate governance in America.” What Else Happened: Although Lamp claimed CVR had no intention to launch a takeover, Delek insisted that is not true. The company released a new shareholder letter and a fact sheet filed with the U.S. Securities and Exchange Commission that said the Sugar Land, Texas-based company was eager acquire rival Delek. To achieve its results, Delek continued, CVR was following “Carl Icahn's decades-old playbook of nominating friends and colleagues and making a range of misleading statements and half-truths to 'see what sticks' as it seeks to get its nominees elected.” Delek refuted the lawsuit’s claims, insisting the litigation was meritless and CVR sought to “obtain information that is inappropriate to share with a competitor.” Delek’s statement also asserted that CVR claims of a badly-run company were senseless because “Delek's total shareholder return (TSR) over the past 5 years is 78% versus 6% for CVR.” The Delek shareholder letter encouraged the company’s stakeholders to stay the course with the current board membership while depicting CVR as a “competitor whose interests are not aligned with those of Delek's shareholders, is pursuing tactics from the Icahn playbook to advance their self-serving agenda.” Illustration by Joel Stralnic See more from BenzingaClick here for options trades from BenzingaBudget Carrier Startup Avelo Airlines Launches With FaresDMX, Rapper With Troubled Life, Dies At 50© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • UPDATE 1-CVR Energy sues Delek for documents to establish CEO pay

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  • CVR Energy Files Definitive Proxy Statement Relating to Delek US Holdings’ Annual Meeting

    Vote “FOR” the CVR Nominees on the GOLD Proxy Card Today!SUGAR LAND, Texas, March 30, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE: CVI) today announced that it and its affiliates (“CVR”) filed their definitive proxy statement in connection with the Annual Meeting of Stockholders of Delek US Holdings, Inc. (“Delek”), which is scheduled to take place on May 6, 2021, at 1:00 p.m., central daylight savings time, and will be held virtually. All stockholders of record of Delek at the close of business on March 18, 2021 are entitled to vote at the Annual Meeting. CVR Energy, Inc. is the largest stockholder of Delek, with ownership of approximately 14.8% of Delek’s outstanding common shares. CVR has nominated 3 candidates – Randall D. Balhorn, George J. Damiris and Robert Edward Kent, Jr. – for election to Delek’s board. CVR believes that change in Delek’s board composition is necessary and that CVR’s three highly qualified individuals with extensive operational and industrial experience will operate in the best interests of all of Delek’s stockholders. If you have already provided Delek with a proxy, you may revoke it by executing a later dated GOLD proxy card. If you have any questions, require assistance in voting your GOLD proxy card, or need additional copies of our proxy materials, please contact our proxy solicitor, Harkins Kovler, LLC, at the phone numbers listed below or by email:Harkins Kovler, LLC3 Columbus Circle, 15th FloorNew York, NY 10019Banks and Brokerage Firms Please Call Collect: (212) 468-5380All Others Call Toll Free: (800) 326-5997Email: DK@harkinskovler.com Additional Information and Where to Find it; Participants in the Solicitation CVR ENEGY, INC. AND AFFILIATES HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND MAILED TO THE STOCKHOLDERS OF DELEK US HOLDINGS, INC., A DEFINITIVE PROXY STATEMENT AND A GOLD PROXY CARD IN CONNECTION WITH THEIR SOLICITATION OF PROXIES FOR USE AT THE 2021 ANNUAL MEETING OF STOCKHOLDERS OF DELEK US HOLDINGS, INC. SECURITY HOLDERS OF DELEK US HOLDINGS, INC. ARE ADVISED TO READ THE PROXY STATEMENT AND RELATED MATERIALS CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATED TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. COPIES OF THE DEFINITIVE PROXY STATEMENT AND GOLD PROXY CARD ARE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION IS CONTAINED IN THE SCHEDULE 14A FILED BY CVR ENERGY, INC. AND AFFILIATES WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 30, 2021. IMPORTANT DISCLOSURE INFORMATION THIS LETTER CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SECURITIES OF DELEK US HOLDINGS, INC. OUR VIEWS ARE BASED ON OUR OWN ANALYSIS OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. THE ACTUAL PERFORMANCE AND RESULTS OF DELEK US HOLDINGS, INC. MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSIS. OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR LONG POSITIONS, OR INCREASE OUR LONG EXPOSURE BY PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING DELEK US HOLDINGS, INC. WITHOUT UPDATING THIS LETTER OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY APPLICABLE LAW). THE INFORMATION CONTAINED ABOVE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF DELEK US HOLDINGS, INC. MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED ABOVE SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN DECISIONS REGARDING DELEK US HOLDINGS, INC. AND THEIR PROSPECTS BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED ABOVE. NEITHER CVR ENERGY, INC. NOR ANY OF ITS AFFILIATES ACCEPTS ANY LIABILITY WHATSOEVER FOR ANY DIRECT OR CONSEQUENTIAL LOSS HOWSOEVER ARISING, DIRECTLY OR INDIRECTLY, FROM ANY USE OF THE INFORMATION CONTAINED ABOVE. FORWARD-LOOKING STATEMENTS Certain statements contained in this letter are forward-looking statements including, but not limited to, statements that are predictions of or indications of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance or activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward- looking statements can be identified by the use of the future tense or other forward-looking words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “should,” “may,” “will,” “objective,” “projection,” “forecast,” “continue,” “strategy,” “position” or the negative of those terms or other variations of them or by comparable terminology. Important factors that could cause actual results to differ materially from the expectations set forth in this letter include, among other things, the factors identified under the sections entitled “Risk Factors” in Delek US Holdings, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020 as well as the factors identified in Delek US Holdings, Inc.’s other public filings. Such forward-looking statements should therefore be considered in light of such factors, and we are under no obligation, and expressly disclaim any intention or 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. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 36 percent of the common units of CVR Partners.

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  • CVR Energy Releases Open Letter to Uzi Yemin, Chairman of the Board of Delek US Holdings, lnc.

    SUGAR LAND, Texas, March 19, 2021 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE: CVI) today released the following open letter to Uzi Yemen, Chairman of the Board of Delek US Holdings, Inc. (NYSE: DK): March 19, 2021 Via Email Uzi YeminChairman of the BoardDelek US Holdings, Inc.7102 Commerce WayBrentwood, TN 37027 Re:An Open Letter to Uzi (Mr. 5%) Yemin: You Can Run But You Can’t Hide (from Your Stockholders) Dear Uzi: On March 1, 2021, we sent Delek US Holdings, Inc. (“Delek” or the “Company”) a letter asking for information relating to your compensation from Delek and its subsidiary, Delek Logistics Partners (“Logistics”). We did so because in our opinion the publicly available information on your compensation is—to put it mildly—both highly unsettling and murky. Delek’s public filings indicate that you received total compensation of nearly $54 million from 2013 to 2020. We believe that is an enormous amount of compensation for the Chief Executive of a company that has made as many apparent blunders as Delek has made over those years. But what makes that number even more incredible in our view is that it apparently does not include the approximate $27 million you received (apparently in cash) from the 5% general partnership stake in Logistics that was somehow given to you. Since you were paid extremely well by Delek, it seems impossible to understand why you also received an ultimate 5% general partner interest in Logistics—a subsidiary of Delek. Obviously, you wanted more than you were already being paid by the Company, but since part of your responsibilities to the Company was to manage Logistics as well, why should you have been paid additional sums for that? Moreover, not only did you receive yearly partnership distributions for your 5% stake, but when the Company and Logistics fixed some of the more egregious aspects of their relationship, you apparently ended up pocketing over $21 million for your stake. As we noted in our March 1st and prior letters, while the stockholders of Delek have suffered through a series of poor management decisions, you personally have done extremely well. Particularly troublesome are decisions to drop down assets to Logistics at what seem to us to be very low valuations. Such drop downs are not in the interest of Delek’s stockholders. They were, however, in your personal economic interest because they swelled the coffers of Logistics’ general partner—of which you held 5%. And it appears that they also served to spike the value of that interest in the months before the Company repurchased it for over $21 million. Delaware law allows stockholders to inspect the books and records of corporations so that they can better understand whether their company is being managed properly. We followed that law to ask Delek to produce a reasonable number of documents that would allow us to better understand why you were paid so much and why you received, and so greatly benefited from, the 5% interest. Among other things, we thought these documents would allow us—and our fellow stockholders—to better assess whether Delek’s supposedly independent directors are doing their jobs well, or whether, as we believe is likely, you tend to steamroll over them, almost inevitably getting your way. If the latter is the case, then the Company clearly needs directors with far more backbone; directors who are willing to tell you “no” no matter how much pressure you apply to them. We understand that you claim this is all nonsense—that you are actually underpaid; that the independent directors are fully willing to challenge your pay demands; that the Company is well managed and that its economic failings are the fault of market conditions or the mistakes of others or other problems totally unrelated to your actions. But if that is the case, what do you have to hide? Why not simply produce the documents if they should back your position? Why hire legions of lawyers billing at close to $2,000 per hour to fight our request? Why not show us the documents—we agreed up front not to share any documents you think are confidential without permission from the Company or the approval by a court? Yet, as of right now, the Company is refusing to produce even the most innocuous documents to us. For example, it will not even produce documents showing us the Company’s calculations of your total compensation over this period. That can’t be secret, can it? But for some reason you are saying “No.” That response, Mr. Yemin, causes us—and we suspect other stockholders—to ask, “what is he hiding?” It also raises other questions. For example, have the “independent” directors on your board agreed to this? Have you even asked them? Do they know about the large legal bills that Delek is now incurring to keep from producing even one document? Do they really think that this information is too secret for stockholders to know? Or perhaps do all of you view it as being simply too embarrassing? Or is it perhaps the case that you are unilaterally making these decisions without seeking input? We cannot know what the answers to these and similar questions are. All we can do is to note that none of the documents we’ve requested seems particularly confidential or is likely to hurt the Company if the information becomes public. Thus, we have to ask: Why the secrecy? Why all the expensive lawyers? Calouste Gulbenkian, the original Mr. 5%, was able to refuse to answer questions about the sources of his income. If he found questions to be offensive, he could simply board his yacht and steam away to some friendlier jurisdiction. But Delek is a Delaware corporation; its stockholders have rights and even the most imperial chief executives are subject to having their stockholders recall them to their duty. You might believe that legions of lawyers will protect you but you should keep in mind, it’s not the lawyers—no matter how overpaid—who vote in corporate elections. It is the stockholders. The immortal Joe Louis famously said about an opponent, “he can run but he can’t hide.” And Mr. Yemin, you can’t hide here. You are going to have to face your stockholders whether you like it or not. In addition, while we have no desire to enrich your Praetorian Guard of white-shoe lawyers (especially given our 15% ownership of the Company’s stock which means that we will be effectively paying 15% of their bills), if you continue to refuse to discuss this matter with us reasonably we will have no choice but to pursue it in court. So, we suggest that you pick up the phone, give us a call and rationally discuss our list of requested documents with us. We also continue to be willing to try to resolve the pending proxy contest in a reasonable way that is stockholder friendly if you want to talk about that. It’s up to you, Mr. Yemin. The stockholders will be watching. Sincerely, CVR ENERGY, INC. /s/ David L. Lamp David L. Lamp President and Chief Executive Officer Additional Information and Where to Find it; Participants in the Solicitation SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY CVR ENERGY, INC. AND AFFILIATES FROM THE STOCKHOLDERS OF DELEK US HOLDINGS, INC. FOR USE AT THE 2021 ANNUAL MEETING OF STOCKHOLDERS OF DELEK US HOLDINGS, INC. WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF DELEK US HOLDINGS, INC. AND WILL ALSO BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION IS CONTAINED IN THE PRELIMINARY PROXY STATEMENT FILED BY CVR ENERGY, INC. AND AFFILIATES WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 9, 2021. IMPORTANT DISCLOSURE INFORMATION THIS LETTER CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SECURITIES OF DELEK US HOLDINGS, INC. OUR VIEWS ARE BASED ON OUR OWN ANALYSIS OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. THE ACTUAL PERFORMANCE AND RESULTS OF DELEK US HOLDINGS, INC. MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSIS. OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR LONG POSITIONS, OR INCREASE OUR LONG EXPOSURE BY PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING DELEK US HOLDINGS, INC. WITHOUT UPDATING THIS LETTER OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY APPLICABLE LAW). THE INFORMATION CONTAINED ABOVE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF DELEK US HOLDINGS, INC. MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED ABOVE SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN DECISIONS REGARDING DELEK US HOLDINGS, INC. AND THEIR PROSPECTS BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED ABOVE. NEITHER CVR ENERGY, INC. NOR ANY OF ITS AFFILIATES ACCEPTS ANY LIABILITY WHATSOEVER FOR ANY DIRECT OR CONSEQUENTIAL LOSS HOWSOEVER ARISING, DIRECTLY OR INDIRECTLY, FROM ANY USE OF THE INFORMATION CONTAINED ABOVE. FORWARD-LOOKING STATEMENTS Certain statements contained in this letter are forward-looking statements including, but not limited to, statements that are predictions of or indications of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance or activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward- looking statements can be identified by the use of the future tense or other forward-looking words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “should,” “may,” “will,” “objective,” “projection,” “forecast,” “continue,” “strategy,” “position” or the negative of those terms or other variations of them or by comparable terminology. Important factors that could cause actual results to differ materially from the expectations set forth in this letter include, among other things, the factors identified under the sections entitled “Risk Factors” in Delek US Holdings, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, filed by Delek US Holdings, Inc. with the Securities and Exchange Commission on March 1, 2021, as well as the factors identified in Delek US Holdings, Inc.’s other public filings, including the Preliminary Proxy Statement filed by Delek US Holdings, Inc. with the Securities and Exchange Commission on March 3, 2021 with respect to its 2021 Annual Meeting of Stockholders. Such forward-looking statements should therefore be considered in light of such factors, and we are under no obligation, and expressly disclaim any intention or 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. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its interest in CVR Refining and the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 36 percent of the common units of CVR Partners. For further information, please contact: Investor Contact:Richard RobertsCVR Energy, Inc.(281) 207-3205InvestorRelations@CVREnergy.com Media Relations:Brandee StephensCVR Energy, Inc.(281) 207-3516MediaRelations@CVREnergy.com

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