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CVR Energy, Inc. (NYSE: CVI) is a diversified holding company with a primary focus on petroleum refining and nitrogen fertilizer manufacturing. Headquartered in Sugar Land, Texas, the company conducts its operations through its subsidiaries, CVR Refining, LP, and CVR Partners, LP. As the general partner and majority owner of these subsidiaries, CVR Energy manages complex full-coking crude oil refineries, an extensive crude oil gathering system, pipelines, storage tanks, and a marketing and supply network.
CVR Energy's refineries are capable of processing various types of crude oil, from heavy sour to light sweet. The crude oil is supplied through the company’s own gathering system and pipeline, ensuring a steady and reliable feedstock. The refined products are distributed to customers, including retailers, railroads, and farm cooperatives, via tanker trucks and throughput terminals.
The company’s dedication to operational excellence is evident in its commitment to safe, reliable, and environmentally responsible practices. Recent significant achievements include a notable position as No. 2 on the 2013 Houston Chronicle Top 100 Public Companies list and generating $8.6 billion in net sales revenue in 2012. Furthermore, CVR Energy employs approximately 1,200 people, all of whom contribute to its robust performance and value creation for stockholders.
In the nitrogen fertilizer segment, CVR Partners, LP, leverages state-of-the-art facilities to produce high-quality nitrogen fertilizer products. This segment is integral to the agriculture industry, providing essential nutrients to enhance crop yields.
CVR Energy maintains strong financial health, demonstrated by its strategic investments and sustainable growth initiatives. The company’s financial statements reflect a balanced approach to debt management and capital allocation, ensuring long-term stability and profitability.
For more information, please visit the Investor Relations section of CVR Energy's website or contact their media and investor relations teams.
CVR Energy has announced a special dividend totaling $492 million, effective on June 10, 2021. This includes a Cash Distribution of approximately $242 million, translating to $2.40 per share for its common stockholders, alongside a Stock Distribution of 10,539,880 shares of Delek US Holdings, representing about 14.3% of Delek's outstanding shares. The ex-dividend date is set for June 11, 2021. Stockholders on the Record Date of May 26, 2021, will receive a pro rata distribution, while fractional shares will be compensated in cash.
CVR Energy announced a special dividend of $492 million, payable on June 10, 2021. Shareholders will receive a distribution of 0.1048 of a share of Delek US Holdings, Inc. stock for each share of CVR Energy held as of May 26, 2021. The company will provide cash for any fractional shares not issued. No action is required from shareholders to receive this dividend, and tax implications should be discussed with advisors. Further details will be available on CVR Energy's website.
CVR Energy announced a strategic shift towards renewable fuels, discontinuing efforts to acquire another crude oil refinery. The Board approved up to $10 million for renewable diesel projects at its Coffeyville and Wynnewood refineries. A significant special dividend of $492 million will be distributed to shareholders on June 10, 2021, as stockholders of record on May 26, 2021. This dividend aims to enhance shareholder value by monetizing gains from Delek US Holdings. The focus on sustainability and shareholder returns indicates a proactive management approach.
CVR Energy reported a net loss of $39 million, or 39 cents per share, on net sales of $1.5 billion for Q1 2021, improving from a $87 million loss in Q1 2020. EBITDA was less than $1 million, compared to a loss of $38 million last year. The Petroleum Segment saw an operating loss of $115 million despite increased refining margins and throughput. The Nitrogen Fertilizer Segment faced a $14 million loss, with mixed pricing trends. CVR's cash reserves grew to $707 million, but no dividends will be paid this quarter.
CVR Energy (NYSE: CVI) will release its Q1 2021 earnings results on May 3, post-market close. A conference call to discuss the results is scheduled for May 4 at 1 p.m. Eastern, accessible via the Investor Relations section of CVR Energy's website. This call will include forward-looking information and will be archived for 14 days. CVR Energy, headquartered in Sugar Land, Texas, operates in petroleum refining and nitrogen fertilizer manufacturing, with interests in CVR Refining and CVR Partners, LP.
CVR Energy, Inc. announced its definitive proxy statement for the Annual Meeting of Delek US Holdings, Inc., scheduled for May 6, 2021. As the largest shareholder of Delek with a 14.8% stake, CVR has nominated three candidates for election to Delek's board: Randall D. Balhorn, George J. Damiris, and Robert Edward Kent, Jr.. CVR believes a change in board composition is necessary to operate in the best interests of all Delek stockholders. Stockholders can revoke their previous proxies by submitting a new GOLD proxy card.
CVR Energy, Inc. has sent an open letter to Uzi Yemin, Chairman of Delek US Holdings, regarding concerns over his compensation, which totals nearly $54 million from 2013 to 2020, plus an additional $27 million from a 5% stake in Delek's subsidiary. The letter criticizes perceived management blunders at Delek while Yemin's compensation continues to rise. CVR Energy is demanding transparency and access to documents to understand the rationale behind these payments, expressing concerns over the effectiveness of Delek's independent directors. The company threatens legal action if demands are not met.
CVR Energy reported a fourth quarter 2020 net loss of $67 million and an annual net loss of $256 million, significantly impacted by the COVID-19 pandemic and the Renewable Fuel Standard program. The company achieved $50 million in targeted operating and SG&A expense reductions. The Petroleum Segment posted a fourth quarter operating loss of $120 million amid declining refining margins, down to $1.32 per barrel. The Nitrogen Fertilizer Segment saw an operating loss of $1 million despite record ammonia production. Cash and equivalents stood at $667 million.
CVR Energy, Inc. (NYSE: CVI) will release its fourth quarter and full-year 2020 earnings on February 22, post-market close. A teleconference is scheduled for February 23 at 1 p.m. Eastern to discuss the results, which will be available live on the company's website. Investors can access the earnings release via GlobeNewswire and the company's official site. CVR Energy focuses on petroleum refining and nitrogen fertilizer manufacturing, holding significant interests in CVR Refining and CVR Partners.
CVR Energy (NYSE: CVI) has received Board approval for its Wynnewood renewable diesel project, which will convert a hydrocracker unit to produce nearly 100 million gallons of renewable diesel and over 6 million gallons of renewable naphtha annually. The project, estimated to cost $110 million, aims to reduce RIN exposure under the Renewable Fuel Standard. Completion is anticipated by mid-2021, with expected RIN generation of 170-180 million annually, lowering net RIN purchases to under 80 million.
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