CVR Energy Reports 2013 First Quarter Results and Announces Quarterly Cash Dividend of 75 Cents

  CVR Energy Reports 2013 First Quarter Results and Announces Quarterly Cash
                             Dividend of 75 Cents

- 2013 first quarter cash dividend of 75 cents per share, bringing 2013
cumulative cash dividends paid to $6.25 per share

- CVR Energy petroleum subsidiary, CVR Refining, LP, announced post IPO 2013
first quarter cash distribution of $1.58 per common unit, compared to previous
distribution outlook of $1.10 - $1.35 per common unit

- CVR Energy fertilizer subsidiary, CVR Partners, LP, announced 2013 first
quarter record cash distribution of 61 cents per common unit

- Petroleum and fertilizer business segments post record operational results

PR Newswire

SUGAR LAND, Texas, May 2, 2013

SUGAR LAND, Texas, May 2, 2013 /PRNewswire/ --CVR Energy, Inc. (NYSE: CVI)
today announced first quarter 2013 net income of $165.0 million, or $1.90 per
diluted share, on net sales of $2,352.4 million, compared to a net loss of
$25.2 million, or 29 cents per diluted share, on net sales of $1,968.6 million
for the first quarter of 2012. Operating income for the first quarter of 2013
was $367.7 million, up from $140.5 million in the same quarter of 2012.

(Logo: http://photos.prnewswire.com/prnh/20071203/CVRLOGO)

The company also announced a first quarter 2013 cash dividend of 75 cents per
share. The dividend, as declared by CVR Energy's Board of Directors, will be
paid on May 17, 2013, to stockholders of record on  May 10, 2013.

The first quarter dividend brings cumulative 2013 cash dividends paid to $6.25
per share. On Jan. 24, 2013, CVR Energy declared a special dividend of $5.50
per share, which was paid on Feb. 19, 2013, to shareholders of record on Feb.
5, 2013.

In addition, CVR Energy petroleum subsidiary, CVR Refining, announced its
first-ever quarterly cash distribution of $1.58 per common unit. On April 26,
CVR Partners, CVR Energy's fertilizer subsidiary, announced a first quarter
record cash distribution of 61 cents per common unit.

"CVR Energy's solid first quarter results reflect the strong operational
performance of both of our business segments," said Jack Lipinski, CVR
Energy's chief executive officer. "In our petroleum segment, CVR Refining's
Coffeyville and Wynnewood refineries posted record crude throughput rates for
the quarter. In our fertilizer segment, CVR Partners completed construction
of its expanded UAN plant and also reported record UAN production and high
on-stream rates for the quarter.

"We are pleased to return cash to our stockholders through CVR Energy's
newly-established, regular quarterly cash dividend of 75 cents per share,"
Lipinski said.

Petroleum Business
The petroleum business, which is operated by CVR Refining and includes the
Coffeyville and Wynnewood refineries, reported first quarter 2013 operating
income of $335.6 million, and adjusted EBITDA, a non-GAAP financial measure,
of $309.9 million, on net sales of $2,274.0 million, compared to operating
income in the same quarter a year earlier of $134.9 million, and adjusted
EBITDA of $144.9 million, on net sales of $1,898.5 million.

First quarter 2013 throughput of crude oil and all other feedstocks and
blendstocks totaled 204,590 barrels per day (bpd), compared to 155,385 bpd for
the same period in 2012. Crude oil throughput for the first quarter 2013
averaged 194,816 bpd, compared with 146,658 bpd for the same period in 2012.

Refining margin adjusted for FIFO impact per crude oil throughput barrel, a
non-GAAP financial measure, was $26.44 in the first quarter 2013 compared to
$18.62 during the same period in 2012. Direct operating expenses per barrel
sold, exclusive of depreciation and amortization, for the first quarter 2013
was $4.64, down from $6.51 in the first quarter of 2012.

Coffeyville Refinery
The Coffeyville refinery reported first quarter 2013 gross profit of $227.8
million, compared to $78.2 million of gross profit for the first quarter of
2012. First quarter 2013 crude oil throughput totaled 123,639 bpd, compared to
88,403 bpd in the first quarter of 2012. Refining margin adjusted for FIFO
impact per crude oil throughput barrel for the first quarter of 2013 was
$26.12, compared to $17.94 for the same period in 2012. Direct operating
expenses per barrel sold for the 2013 first quarter was $4.33, compared to
direct operating expenses, including turnaround expenses, per barrel sold of
$8.02 for the 2012 first quarter.

Wynnewood Refinery
The Wynnewood refinery had a first quarter 2013 gross profit of $126.9 million
compared to a gross profit of $70.9 million for the first quarter of 2012.
First quarter of 2013 crude oil throughput totaled a record 71,177 bpd,
compared to 58,255 bpd for the first quarter of 2012. Refining margin adjusted
for FIFO impact per crude oil throughput barrel for the first quarter of 2013
was $26.87, compared to $19.57 for the 2012 first quarter. Direct operating
expenses per barrel sold for the first quarter of 2013 was $5.22, compared to
$4.59 for the 2012 first quarter.

Nitrogen Fertilizers Business
The fertilizer business operated by CVR Partners, LP reported first quarter
2013 operating income of $36.8 million, and adjusted EBITDA, a non-GAAP
financial measure, of $43.8 million, on net sales of $81.4 million, compared
to operating income of $31.4 million, and adjusted EBITDA of $38.0 million, on
net sales of $78.3 million for the 2012 first quarter.

CVR Partners produced 111,400 tons of ammonia during the first quarter of
2013, of which 30,700 net tons were available for sale while the rest was
upgraded to a record 196,200 tons of more profitable UAN. In the 2012 first
quarter, the plant produced 89,300 tons of ammonia with 25,000 net tons
available for sale with the remainder upgraded to 154,600 tons of UAN.

For the first quarter 2013, average realized plant gate prices for ammonia and
UAN were $663 per ton and $295 per ton, respectively, compared to $613 per ton
and $313 per ton, respectively, for the same period in 2012.

Cash and Debt
Consolidated cash and cash equivalents, which included $525.1 million for CVR
Refining and $153.2 million for CVR Partners, increased to $1,040.8 million at
the end of the 2013 first quarter compared to $896.0 million at the end of
2012, primarily due to increased operating cash flows from the petroleum
business as well as net proceeds from CVR Refining's initial public offering
(IPO), which were partially offset by approximately $477.6 million in
dividends paid to CVR Energy stockholders.

Consolidated total debt at the end of the 2013 first quarter, which included
$552.0 million for CVR Refining and $125.0 million for CVR Partners, decreased
to $677.0 million compared to $898.2 million at the end of 2012, largely due
to the repayment of second lien notes using proceeds from CVR Refining's IPO.

CVR Energy First Quarter 2013 Earnings Conference Call Information
CVR Energy previously announced that it will host its first quarter 2013
Earnings Conference Call for analysts and investors on Thursday, May 2, at 2
p.m. Eastern.

The Earnings Conference Call will be broadcast live over the Internet at

http://www.videonewswire.com/event.asp?id=93184. For investors or analysts who
want to participate during the call, the dial-in number is (877) 407-8291.

For those unable to listen live, the Webcast will be archived and available
for 14 days at

http://www.videonewswire.com/event.asp?id=93184. A repeat of the conference
call can be accessed by dialing (877) 660-6853, conference ID 411724.

Forward Looking Statements
This news release may contain forward-looking statements within the meaning of
Section27A of the Securities Act of 1933, as amended, and Section21E 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
most recent Annual Report on Form10-K, and any subsequently filed Quarterly
Reports on Form10-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, 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 nitrogen fertilizer
manufacturing industries through its holdings in two limited partnerships, CVR
Refining, LP and CVR Partners, LP. CVR Energy subsidiaries serve as the
general partner and own a majority of the common units representing limited
partner interests of CVR Refining and CVR Partners.

For further information, please contact:

Investor Relations:
Jay Finks
CVR Energy, Inc.
281-207-3588
InvestorRelations@CVREnergy.com 

Media Relations:
Angie Dasbach
CVR Energy, Inc.
913-982-0482
MediaRelations@CVREnergy.com





CVR Energy, Inc.
Financial and Operational Data (all information in this release is unaudited
unless noted otherwise).
                               Three Months Ended
                                                          Change from 2012
                               March 31,
                               2013         2012          Change       Percent
                               (in millions, except per share data)
Consolidated Statement of
Operations Data:
Net sales                      $ 2,352.4   $ 1,968.6     $   383.8  19.5%
Cost of product sold           1,813.6      1,635.2       178.4        10.9
Direct operating expenses      108.5        115.5         (7.0)        (6.1)
Selling, general and           28.4         45.3          (16.9)       (37.3)
administrative expenses
Depreciation and amortization  34.2         32.1          2.1          6.5
Operating income               367.7        140.5         227.2        161.7
Interest expense and other     (15.4)       (19.2)        3.8          (19.8)
financing costs
Interest income                0.3          —             0.3          —
Gain (loss) on derivatives,
net
Realized                       (52.5)       (19.1)        (33.4)       174.9
Unrealized                     32.5         (128.1)       160.6        (125.4)
Loss on extinguishment of      (26.1)       —             (26.1)       —
debt
Other income, net              —            0.1           (0.1)        (100.0)
Income (loss) before income    306.5        (25.8)        332.3        1,288.0
tax expense (benefit)
Income tax expense (benefit)   93.8         (9.8)         103.6        1,057.1
Net income (loss)              212.7        (16.0)        228.7        1,429.4
Net income attributable to     47.7         9.2           38.5         418.5
noncontrolling interest
Net income (loss)
attributable to CVR Energy     $   165.0  $   (25.2)  $   190.2  754.8%
stockholders
Basic earnings (loss) per      $    1.90 $   (0.29) $    2.19 755.2%
share
Diluted earnings (loss)per     $    1.90 $   (0.29) $    2.19 755.2%
share
Adjusted EBITDA*               $   286.6  $   166.1   $   120.5  72.5%
Adjusted net income*           $   156.8  $    67.1  $    89.7 133.7%
Adjusted net income, per       $    1.81 $    0.76  $    1.05 138.2%
diluted share*
Weighted-average common
shares outstanding:
 Basic                      86,831,050   86,808,150    22,900       —
 Diluted                    86,831,050   86,808,150    22,900       —

                                  March 31,   December 31, 
                                  2013                 2012
                                                       (audited)
                                  (in millions)
Balance Sheet Data:
Cash and cash equivalents         $     1,040.8   $   896.0
Working capital                   1,283.2              1,135.4
Total assets                      3,772.1              3,610.9
Total debt, including current     677.0                898.2
portion
Total CVR stockholders' equity    1,441.7              1,525.2

                                                       Three Months Ended

                                                       March 31,
                                                       2013       2012
                                                       (in millions)
Cash Flow Data:
Net cash flow provided by (used in):
Operating activities                                   $  278.3  $ 186.3
Investing activities                                   (63.7)     (59.4)
Financing activities                                   (69.8)     (14.4)
 Net cash flow                                     $  144.8  $ 112.5
Other Financial Data:
Capital expenditures for property, plant and equipment $ 63.7     $ 59.5

Segment Information
Our operations are organized into two reportable segments, Petroleum and
Nitrogen Fertilizer. Our operations that are not included in the Petroleum and
Nitrogen Fertilizer segments are included in Corporate and Other segment
(along with elimination of intersegment transactions). The Petroleum segment
includes the operations of our Coffeyville, Kansas and Wynnewood, Oklahoma
refineries along with our crude oil gathering and pipeline systems. Effective
with its initial public offering on January 23, 2013, our Petroleum segment is
operated by CVR Refining, LP ("CVR Refining"), in which we own a majority
interest as well as the general partner. Detailed operating results for the
Petroleum segment for the quarter ended March 31, 2013 are included in CVR
Refining's press release dated May 2, 2013. The Nitrogen Fertilizer segment is
operated by CVR Partners, LP, ("CVR Partners") in which we own a majority
interest as well as the general partner. It consists of a nitrogen fertilizer
manufacturing facility that utilizes a pet coke gasification process in
producing nitrogen fertilizer. Detailed operating results for the Nitrogen
Fertilizer segment for the quarter ended March 31, 2013 are included in CVR
Partners' press release dated May 1, 2013.

The Petroleum segment, as reported herein for the three months ended March 31,
2012, is not reflective of the full and actual financial statements of CVR
Refining as certain allocations that were charged to CVR Refining were not
made at the Petroleum segment. Beginning in 2013, the financial statements of
the Petroleum segment are the same as CVR Refining's financial statements.

                                     Nitrogen       Corporate
                         Petroleum   Fertilizer                 Consolidated
                                                    and Other
                                     (CVR Partners)
                         (in millions)
Three months ended March
31, 2013
Net sales                $         $         $      $   2,352.4
                         2,274.0    81.4           (3.0)
Cost of product sold     1,805.8     10.6           (2.8)       1,813.6
Direct operating         86.0        22.6           (0.1)       108.5
expenses (1)
Major scheduled          —           —              —           —
turnaround expense
Selling, general &       18.6        5.6            4.2         28.4
administrative
Depreciation and         28.0        5.8            0.4         34.2
amortization
Operating income (loss)  $       $         $      $    
                         335.6      36.8           (4.7)     367.7
Capital expenditures     $      $         $      $     
                         44.6       18.1           1.0      63.7
Three months ended March
31, 2012
Net sales                $         $        $      $   1,968.6
                         1,898.5    78.3            (8.2)
Cost of product sold     1,630.7     12.6           (8.1)       1,635.2
Direct operating         71.7        22.9           (0.1)       94.5
expenses (1)
Major scheduled          21.0        —              —           21.0
turnaround expense
Selling, general &       13.9        6.0            25.4        45.3
administrative
Depreciation and         26.3        5.4            0.4         32.1
amortization
Operating income (loss)  $       $        $      $    
                         134.9      31.4           (25.8)      140.5
Capital expenditures     $      $        $      $     
                         35.4       22.3            1.8      59.5

(1) Excluding turnaround expenses.

                                       Nitrogen       Corporate
                        Petroleum      Fertilizer               Consolidated
                                                      and Other
                                       (CVR Partners)
                        (in millions)
March 31, 2013
Cash and cash           $          $          $      $   1,040.8
equivalents             525.1          153.2         362.5
Total assets            2,693.3        660.1          418.7     3,772.1
Total debt, including   552.0          125.0          —         677.0
current portion
December 31, 2012
Cash and cash           $    148.1 $          $      $    896.0
equivalents                            127.8         620.1
Total assets            2,258.5        623.0          729.4     3,610.9
Total debt, including   552.3          125.0          220.9     898.2
current portion

Petroleum Segment Operating Data
The following tables set forth information about our consolidated Petroleum
segment operations and our Coffeyville and Wynnewood refineries operated by
CVR Refining. Reconciliations of certain non-GAAP financial measures are
provided under "Use of Non-GAAP Financial Measures" below. Additional
discussion of operating results for the Petroleum segment for the quarter
ended March 31, 2013 are included in CVR Refining's press release dated May 2,
2013.

                                              Three Months Ended

                                              March 31,
                                              2013             2012
                                              (in millions, except operating
                                              statistics)
Petroleum Segment Summary Financial Results:
Net sales                                     $   2,274.0    $   1,898.5
Cost of product sold                          1,805.8          1,630.7
Refining margin*                              468.2            267.8
Direct operating expenses                     86.0             71.7
Major scheduled turnaround expense            —                21.0
Depreciation and amortization                 28.0             26.3
Gross profit                                  354.2            148.8
Selling, general and administrative expenses  18.6             13.9
Operating income                              $    335.6   $     134.9
Refining margin adjusted for FIFO impact*     $    463.5   $     248.5
Adjusted Petroleum EBITDA*                    $    309.9   $     144.9
Petroleum Segment Key Operating Statistics:
Per crude oil throughput barrel:
Refining margin*                              $     26.71  $    20.07
FIFO impact (favorable) unfavorable           (0.27)           (1.45)
Refining margin adjusted for FIFO impact*     26.44            18.62
Gross profit                                  20.20            11.15
Direct operating expenses and major scheduled 4.91             6.95
turnaround expenses
Direct operating expenses and major scheduled $      4.64 $     6.51
turnaround expenses per barrel sold
Barrels sold (barrels per day)                205,875          156,573

                                                 Three Months Ended

                                                 March 31,
                                                 2013           2012
Petroleum Segment Summary Refining Throughput
and Production Data:
(barrels per day)
Throughput:
Sweet                                            156,725 76.6%  110,636 71.2%
Medium                                           14,757  7.2%   24,982  16.1%
Heavy sour                                       23,334  11.4%  11,040  7.1%
Total crude oil throughput                       194,816 95.2%  146,658 94.4%
All other feedstocks and blendstocks             9,774   4.8%   8,727   5.6%
Total throughput                                 204,590 100.0% 155,385 100.0%
Production:
Gasoline                                         98,184  47.8%  81,291  52.6%
Distillate                                       83,841  40.8%  62,329  40.4%
Other (excluding internally produced fuel)       23,543  11.4%  10,879  7.0%
Total refining production (excluding internally  205,568 100.0% 154,499 100.0%
produced fuel)
Product price (dollars per gallon):
Gasoline                                         $ 2.82         $ 2.87
Distillate                                       3.11           3.12

                                        Three Months Ended

                                        March 31,
                                        2013        2012
Market Indicators (dollars per barrel):
West Texas Intermediate (WTI) NYMEX     $   94.36 $   103.03
Crude Oil Differentials:
WTI less WTS (light/medium sour)        6.33        3.67
WTI less WCS (heavy sour)               27.26       27.12
NYMEX Crack Spreads:
Gasoline                                31.24       25.44
Heating Oil                             33.43       29.61
NYMEX 2-1-1 Crack Spread                32.33       27.53
PADD II Group 3 Basis:
Gasoline                                (7.57)      (6.78)
Ultra Low Sulfur Diesel                 2.09        (1.64)
PADD II Group 3 Product Crack:
Gasoline                                23.66       18.66
Ultra Low Sulfur Diesel                 35.52       27.98
PADD II Group 3 2-1-1                   29.59       23.32

                                             Three Months Ended

                                             March 31,
                                             2013             2012
                                             (in millions, except operating
                                             statistics)
Coffeyville Refinery Financial Results:
Net sales                                    $   1,492.6   $   1,132.5
Cost of product sold                         1,195.1          973.1
Refining margin*                             297.5            159.4
Direct operating expenses                    52.2             43.8
Major scheduled turnaround expense           —                20.1
Depreciation and amortization                17.5             17.3
Gross profit                                 $     227.8  $      78.2
Refining margin adjusted for FIFO impact*    $     290.7  $     144.3
Coffeyville Refinery Key Operating
Statistics:
Per crude oil throughput barrel:
Refining margin*                             $     26.73  $     19.82
FIFO impact (favorable) unfavorable          (0.61)           (1.88)
Refining margin adjusted for FIFO impact*    26.12            17.94
Gross profit                                 20.47            9.73
Direct operating expenses and major          4.69             7.94
scheduled turnaround expense
Direct operating expenses and major          $      4.33 $      8.02
scheduled turnaround expense perbarrel sold
Barrels sold (barrels per day)               133,746          87,534

                                                  Three Months Ended

                                                  March 31,
                                                  2013           2012
Coffeyville Refinery Throughput and Production
Data:
(barrels per day)
Throughput:
Sweet                                             99,793  76.0%  71,916 76.7%
Medium                                            512     0.4%   5,447  5.8%
Heavy sour                                        23,334  17.8%  11,040 11.8%
Total crude oil throughput                        123,639 94.2%  88,403 94.3%
All other feedstocks and blendstocks              7,570   5.8%   5,367  5.7%
Total throughput                                  131,209 100.0% 93,770 100.0%
Production:
 Gasoline                                     62,414  46.7%  50,269 53.0%
 Distillate                                   55,602  41.6%  41,075 43.3%
 Other (excluding internally produced fuel)   15,717  11.7%  3,492  3.7%
Total refining production (excluding internally   133,733 100.0% 94,836 100.0%
produced fuel)

                                                Three Months Ended

                                                March 31,
                                                2013            2012
                                                (in millions, except operating
                                                statistics)
Wynnewood Refinery Financial Results:
Net sales                                       $    780.4   $    766.0
Cost of product sold                            610.4           658.0
Refining margin*                                170.0           108.0
Direct operating expenses                       33.8            27.9
Major scheduled turnaround expense              —               0.9
Depreciation and amortization                   9.3             8.3
Gross profit                                    $    126.9   $     70.9
Refining margin adjusted for FIFO impact*       $    172.1   $    103.8
Wynnewood Refinery Key Operating Statistics:
Per crude oil throughput barrel:
Refining margin*                                $    26.55   $    20.36
FIFO impact (favorable) unfavorable             0.32            (0.79)
Refining margin adjusted for FIFO impact*       26.87           19.57
Gross profit                                    19.80           13.36
Direct operating expenses and major scheduled   5.29            5.43
turnaround expense
Direct operating expenses and major scheduled   $     5.22  $     4.59
turnaround expense perbarrel sold
Barrels sold (barrels per day)                  72,129          69,039

                                                   Three Months Ended

                                                   March 31,
                                                   2013          2012
Wynnewood Refinery Throughput and Production Data:
(barrels per day)
Throughput:
Sweet                                              56,932 77.6%  38,720 62.8%
Medium                                             14,245 19.4%  19,535 31.7%
Heavy sour                                         —      —%     —      —%
Total crude oil throughput                         71,177 97.0%  58,255 94.5%
All other feedstocks and blendstocks               2,204  3.0%   3,360  5.5%
Total throughput                                   73,381 100.0% 61,615 100.0%
Production:
 Gasoline                                      35,770 49.8%  31,022 52.0%
 Distillate                                    28,239 39.3%  21,254 35.6%
 Other (excluding internally produced fuel)    7,826  10.9%  7,387  12.4%
Total refining production (excluding internally    71,835 100.0% 59,663 100.0%
produced fuel)

Nitrogen Fertilizer Segment Operating Data
The following tables set forth information about the Nitrogen Fertilizer
segment operated by CVR Partners. Reconciliations of certain non-GAAP
financial measures are provided under "Use of Non-GAAP Financial Measures"
below. Additional discussion of operating results for the Nitrogen Fertilizer
segment for the quarter ended March 31, 2013 are included in CVR Partners'
press release dated May 1, 2013.

                                               Three Months Ended

                                               March 31,
                                               2013           2012
                                               (in millions, except as noted)
Nitrogen Fertilizer Segment Financial Results:
Net sales                                      $  81.4       $   78.3
Cost of product sold                           10.6           12.6
Direct operating expenses                      22.6           22.9
Major scheduled turnaround expense             —              —
Selling, general and administrative expenses   5.6            6.0
Depreciation and amortization                  5.8            5.4
Operating income                               $  36.8       $   31.4
Adjusted Nitrogen Fertilizer EBITDA*           $  43.8       $   38.0

                                                Three Months Ended
                                                March 31,
                                                2013           2012
                                                (in millions, except as noted)
Nitrogen Fertilizer Segment Key Operating
Statistics:
Production (thousand tons):
Ammonia (gross produced) (1)                    111.4          89.3
Ammonia (net available for sale) (1)            30.7           25.0
UAN                                             196.2          154.6
Petroleum coke consumed (thousand tons)         129.8          120.5
Petroleum coke (cost per ton)                   $  31        $    42
Sales (thousand tons):
Ammonia                                         27.6           29.9
UAN                                             194.1          158.3
Product pricing (plant gate) (dollars per ton)
(2):
Ammonia                                         $ 663          $    613
UAN                                             $ 295         $    313
On-stream factors (3):
Gasification                                    99.5%          93.3%
Ammonia                                         98.8%          91.5%
UAN                                             92.8%          83.6%
Market Indicators:
Ammonia — Southern Plains (dollars per ton)     $ 696         $    586
UAN — Mid Corn belt (dollars per ton)           $ 378         $    343

Cost of product sold, direct operating expenses and selling, general and
administrative expenses are all reflected exclusive of depreciation and
amortization.
* See Use of Non-GAAP Financial Measures below.
    Gross tons produced for ammonia represent total ammonia, including ammonia
    produced that was upgraded into UAN. As a result of the recently completed
(1) UAN expansion project, we expect to upgrade substantially all of the
    ammonia we produce into UAN. The net tons available for sale represent
    ammonia available for sale that was not upgraded into UAN.
    Plant gate sales per ton represent net sales less freight and hydrogen
(2) revenue divided by product sales volume in tons in the reporting period
    and is shown in order to provide a pricing measure that is comparable
    across the fertilizer industry.
    On-stream factor is the total number of hours operated divided by the
    total number of hours in the reporting period and is included as a measure
(3) of operating efficiency. Excluding the impact of the downtime associated
    with the UAN expansion coming on-line, the on-stream factors for the three
    months ended March 31, 2013 would have been 99.5% for gasifier, 98.8% for
    ammonia and 98.3% for UAN.

Use of Non-GAAP Financial Measures

To supplement our actual results in accordance with GAAP for the applicable
periods, the Company also uses the non-GAAP measures discussed below, which
are reconciled to our GAAP-based results below. These non-GAAP financial
measures should not be considered an alternative for GAAP results. The
adjustments are provided to enhance an overall understanding of the Company's
financial performance for the applicable periods and are indicators management
believes are relevant and useful for planning and forecasting future periods.

Adjusted net income is not a recognized term under GAAP and should not be
substituted for net income (loss)as a measure of our performance but rather
should be utilized as a supplemental measure of financial performance in
evaluating our business. Management believes that adjusted net income provides
relevant and useful information that enables external users of our financial
statements, such as industry analysts, investors, lenders and rating agencies
to better understand and evaluate our ongoing operating results and allow for
greater transparency in the review of our overall financial, operational and
economic performance.

                                                Three Months Ended

                                                March 31,
                                                2013           2012
                                                (in millions, except per share
                                                data)
Reconciliation of Net Income (Loss) to Adjusted
Net Income:
Income (loss) before income tax expense         $   306.5    $   (25.8)
(benefit)
Adjustments:
FIFO impact (favorable) unfavorable             (4.7)          (19.3)
Share-based compensation                        6.0            4.0
Loss on extinguishment of debt                  26.1           —
Major scheduled turnaround expense              —              21.0
Unrealized (gain) loss on derivatives, net      (32.5)         128.1
Expenses associated with proxy matters          —              14.8
Expenses associated with the acquisition of     —              3.7
Gary-Williams (1)
Adjusted income before income tax expense       301.4          126.5
(benefit) and noncontrollinginterest
Adjusted net income attributable to             (56.1)         (9.6)
noncontrolling interest
Income tax expense, as adjusted                 (88.5)         (49.8)
Adjusted net income attributable to CVR Energy  $   156.8    $    67.1
stockholders
Adjusted net income per diluted share           $    1.81   $    0.76

(1) Legal, professional and integration expenses related to the December 2011
    acquisition of Gary-Williams.

Refining margin per crude oil throughput barrel is a measurement calculated as
the difference between net sales and cost of product sold (exclusive of
depreciation and amortization). Refining margin is a non-GAAP measure that we
believe is important to investors in evaluating our refineries' performance as
a general indication of the amount above our cost of product sold that we are
able to sell refined products. Each of the components used in this calculation
(net sales and cost of product sold exclusive of depreciation and
amortization) can be taken directly from our Statement of Operations. Our
calculation of refining margin may differ from similar calculations of other
companies in our industry, thereby limiting its usefulness as a comparative
measure. In order to derive the refining margin per crude oil throughput
barrel, we utilize the total dollar figures for refining margin as derived
above and divide by the applicable number of crude oil throughput barrels for
the period. We believe that refining margin is important to enable investors
to better understand and evaluate our ongoing operating results and allow for
greater transparency in the review of our overall financial, operational and
economic performance.

Refining margin per crude oil throughput barrel adjusted for FIFO impact is a
measurement calculated as the difference between net sales and cost of product
sold (exclusive of depreciation and amortization) adjusted for FIFO impacts.
Refining margin adjusted for FIFO impact is a non-GAAP measure that we believe
is important to investors in evaluating our refineries' performance as a
general indication of the amount above our cost of product sold (taking into
account the impact of our utilization of FIFO) that we are able to sell
refined products. Our calculation of refining margin adjusted for FIFO impact
may differ from calculations of other companies in our industry, thereby
limiting its usefulness as a comparative measure. Under our FIFO accounting
method, changes in crude oil prices can cause fluctuations in the inventory
valuation of our crude oil, work in process and finished goods, thereby
resulting in favorable FIFO impacts when crude oil prices increase and
unfavorable FIFO impacts when crude oil prices decrease.

EBITDA and Adjusted EBITDA. EBITDA represents net income before (i) interest
expense and other financing costs, net of interest income, (ii) income tax
expense and (iii) depreciation and amortization. Adjusted EBITDA represents
EBITDA adjusted for FIFO impacts (favorable) unfavorable, share-based
compensation, major scheduled turnaround expenses, loss on disposition of
fixed assets, unrealized (gain) loss on derivatives, net, loss on
extinguishment of debt and expenses associated with the Gary-Williams
acquisition. EBITDA and Adjusted EBITDA are not recognized terms under GAAP
and should not be substituted for net income or cash flow from operations.
Management believes that EBITDA and Adjusted EBITDA enables investors to
better understand and evaluate our ongoing operating results and allows for
greater transparency in reviewing our overall financial, operational and
economic performance. EBTIDA and Adjusted EBITDA presented by other companies
may not be comparable to our presentation, since each company may define these
terms differently. Below is a reconciliation of net income to EBITDA and
EBITDA to Adjusted EBITDA for the three months ended March31, 2013 and 2012:

                                                       Three Months Ended

                                                       March 31,
                                                       2013      2012
                                                       (in millions)
 Net income (loss) attributable to CVR Energy       $  165.0 $   (25.2)
 stockholders
 Add:
 Interest expense and other financing costs, net of    15.1      19.2
 interest income
 Income tax expense                                    93.8      (9.8)
 Depreciation and amortization                         34.2      32.1
 EBITDA adjustments included in noncontrolling         (8.0)     (2.0)
 interest
 EBITDA                                                300.1     14.3
 Add:
 FIFO impacts (favorable) unfavorable                  (4.7)     (19.3)
 Share-based compensation                              6.0       4.0
 Major scheduled turnaround expense                    —         21.0
 Unrealized (gain) loss on derivatives, net            (32.5)    128.1
 Loss on extinguishment of debt                        26.1      —
 Expenses associated with proxy matter                 —         14.8
 Expenses associated with Gary-Williams acquisition    —         3.7
 Adjustments included in noncontrolling interest       (8.4)     (0.5)
 Adjusted EBITDA                                       $  286.6 $   166.1

Adjusted Petroleum and Nitrogen Fertilizer EBITDA represents operating income
adjusted for FIFO impacts (favorable) unfavorable; share-based compensation,
non-cash; major scheduled turnaround expenses; realized gain (loss) on
derivatives, net; loss on disposition of fixed assets; depreciation and
amortization and other income (expense). We present Adjusted EBITDA by
operating segment because it is the starting point for CVR Refining's and CVR
Partner's available cash for distribution. Adjusted EBITDA by operating
segment is not a recognized term under GAAP and should not be substituted for
operating income as a measure of performance. Management believes that
Adjusted EBITDA by operating segment enables investors to better understand
CVR Refining's and CVR Partner's ability to make distributions to their common
unitholders, evaluate our ongoing operating results and allows for greater
transparency in reviewing our overall financial, operational and economic
performance. Adjusted EBITDA presented by other companies may not be
comparable to our presentation, since each company may define these terms
differently. Below is a reconciliation of operating income to adjusted EBITDA
for the petroleum and nitrogen fertilizer segments for the three months ended
March 31, 2013 and 2012:

                                         Three Months Ended

                                         March 31,
                                         2013        2012
                                         (in millions)
Petroleum:
Petroleum operating income               $   335.6 $   134.9
FIFO impacts (favorable) unfavorable     (4.7)       (19.3)
Share-based compensation, non-cash       3.5         1.0
Major scheduled turnaround expenses      —           21.0
Loss on disposition of fixed assets      —           —
Realized gain (loss) on derivatives, net (52.5)      (19.1)
Depreciation and amortization            28.0        26.3
Other income                             —           0.1
Adjusted Petroleum EBITDA                $   309.9 $   144.9

                                     Three Months Ended

                                     March 31,
                                     2013         2012
                                     (in millions)
Nitrogen Fertilizer:
Nitrogen Fertilizer operating income $    36.8 $    31.4
Share-based compensation, non-cash   1.2          1.2
Depreciation and amortization        5.8          5.4
Major scheduled turnaround expense   —            —
Other income (expense), net          —            —
Adjusted Nitrogen Fertilizer EBITDA  $    43.8 $    38.0

Derivatives Summary. To reduce the basis risk between the price of products
for Group 3 and that of the NYMEX associated with selling forward derivative
contracts for NYMEX crack spreads, we may enter into basis swap positions to
lock the price difference. If the difference between the price of products on
the NYMEX and Group 3 (or some other price benchmark as we may deem
appropriate) is different than the value contracted in the swap, then we will
receive from or owe to the counterparty the difference on each unit of product
contracted in the swap, thereby completing the locking of our margin. From
time to time our Petroleum segment holds various NYMEX positions through a
third-party clearing house. In addition, the Petroleum segment enters into
commodity swap contracts. The physical volumes are not exchanged and these
contracts are net settled with cash.

The table below summarizes our open commodity derivatives positions as of
March 31, 2013. The positions are primarily in the form of 'crack spread'
swap agreements with financial counterparties, wherein the Company will
receive the fixed prices noted below.

Commodity Swaps     Barrels    Fixed Price^(1)
Second Quarter 2013 7,650,000  27.69
Third Quarter 2013  5,775,000  25.92
Fourth Quarter 2013 4,875,000  26.98
First Quarter 2014  3,000,000  33.50
Second Quarter 2014 1,350,000  32.18
Third Quarter 2014  75,000     32.00
Fourth Quarter 2014 75,000     32.00
Total               22,800,000 $   28.15

(1) Weighted-average price of all positions for period indicated.

SOURCE CVR Energy, Inc.

Website: http://www.cvrenergy.com