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CVR Refining Reports Record 2013 First Quarter Results And Announces Initial Cash Distribution of $1.58 per Common Unit

 CVR Refining Reports Record 2013 First Quarter Results And Announces Initial
                  Cash Distribution of $1.58 per Common Unit

- 2013 full quarter calculated distribution of $1.76 per common unit exceeds
IPO full quarter outlook of $1.21 per common unit

- 2013 post IPO first quarter cash distribution of $1.58 per common unit
exceeds previous post IPO first quarter distribution outlook of $1.10 - $1.35
per common unit

- Adjusted EBITDA of $309.9 million compared to adjusted EBITDA of $143.0
million for the first quarter of 2012

- Record quarterly crude oil throughput of 194,816 barrels per day

- Record quarterly crude oil gathering of 50,429 barrels per day

PR Newswire

SUGAR LAND, Texas, May 2, 2013

SUGAR LAND, Texas, May 2, 2013 /PRNewswire/ --CVR Refining, LP (NYSE: CVRR),
a refiner and marketer of petroleum fuels, today announced first quarter 2013
net income of $275.4 million on net sales of $2,274.0 million, compared to a
net loss of $37.4 million on net sales of $1,898.5 million for the 2012 first
quarter.

(Logo: http://photos.prnewswire.com/prnh/20130128/MM49874LOGO)

Adjusted EBITDA, a non-GAAP financial measure, for the 2013 first quarter was
$309.9 million compared to adjusted EBITDA of $143.0 million for the first
quarter of 2012.

Net income for the time period between the closing of the CVR Refining initial
public offering (IPO) on Jan. 23, 2013, and the end of the first quarter of
2013 was $197.5 million, or $1.34 per common unit. Adjusted EBITDA for the
same time period was $271.9 million.

Operating income for the first quarter of 2013 was $335.6 million compared to
operating income of $128.6 million in the same quarter of 2012.

"CVR Refining's exceptional results were driven by record operational
performance that allowed us to take advantage of favorable market conditions
during the first quarter," said Jack Lipinski, chief executive officer. "The
Coffeyville and Wynnewood refineries operated at a combined crude throughput
rate of 194,816 barrels per day for the quarter. We continue to grow our crude
gathering business as well, achieving a record of 50,429 barrels per day
gathered for the quarter."

Consolidated Operations

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.

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 2013 first quarter
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.

Distributions

CVR Refining also announced today a post IPO first quarter 2013 cash
distribution of $1.58 per common unit, which exceeds the previous post IPO
first quarter distribution outlook of $1.10 to $1.35 per common unit. The
first quarter 2013 distribution reflects available cash for the period from
Jan. 23, 2013, the closing date of CVR Refining's IPO, through March 31, 2013.

On a full quarter basis, the cash distribution would have been $1.76 per
common unit, which exceeds the full first quarter distribution outlook at the
time of CVR Refining's IPO of $1.21 per common unit.

The distribution, as declared by the board of CVR Refining GP, LLC, the
general partner of CVR Refining, will be paid on May 17, 2013, to unitholders
of record on  May 10, 2013.

CVR Refining First Quarter 2013 Earnings Conference Call Information

CVR Refining previously announced that it will host its first quarter 2013
Earnings Conference Call for analysts and investors on Thursday, May 2, at 10
a.m. Eastern.

The Earnings Conference Call will be broadcast live over the Internet at
http://www.videonewswire.com/event.asp?id=93183. For investors or analysts who
want to participate during the call, the dial-in number is (877) 407-8289.

For those unable to listen live, the Webcast will be archived and available
for 14 days at http://www.videonewswire.com/event.asp?id=93183. A repeat of
the conference call can be accessed by dialing (877) 660-6853, conference ID
411728.

Forward Looking Statements
This news release contains forward-looking statements. You can generally
identify forward-looking statements by our use of forward-looking terminology
such as "anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "potential," "predict," "seek," "should," or
"will," or the negative thereof or other variations thereon or comparable
terminology. These forward-looking statements are only predictions and involve
known and unknown risks and uncertainties, many of which are beyond our
control. For a discussion of risk factors which may affect our results, please
see the risk factors and other disclosures included in our most recent Annual
Report on Form 10-K, and any subsequently filed quarterly reports on Form
10-Q. These risks may cause our actual results, performance or achievements to
differ materially from any future results, performance or achievements
expressed or implied by these forward-looking statements. Given these risks
and uncertainties, you are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included in this
press release are made only as of the date hereof. CVR Refining undertakes no
duty to update its forward-looking statements.

About CVR Refining, LP
Headquartered in Sugar Land, Texas, CVR Refining, LP is an independent
downstream energy limited partnership that owns refining and related logistics
assets in the Midcontinent United States. CVR Refining's subsidiaries operate
a 115,000 barrel per day complex full coking medium-sour crude oil refinery in
Coffeyville, Kan., and a 70,000 bpd medium complexity crude oil refinery in
Wynnewood, Okla. CVR Refining's subsidiaries also operate supporting logistics
assets including approximately 350 miles of pipelines, more than 125 crude oil
transports, a network of strategically located crude oil gathering tank farms,
and more than six million barrels of owned and leased crude oil storage
capacity.

For further information, please contact:

Investor Relations:
Jay Finks CVR Refining, LP
281-207-3588
IR@CVRRefining.com

Media Relations:
Angie Dasbach
CVR Refining, LP
913-982-0482
MediaRelations@CVRRefining.com





CVR Refining, LP
Financial and Operational Data (all information in this release is unaudited
except as otherwise noted).
                                           Three Months Ended
                                                              Change from 2012
                                           March 31,
                                           2013      2012     Change  Percent
                                           (in millions, except per unit data)
Statement of Operations Data:
Net sales                                  $        $       $      19.8%
                                           2,274.0   1,898.5  375.5
Cost of product sold                       1,805.8   1,630.7  175.1    10.7
Direct operating expenses                  86.0      92.7     (6.7)    (7.2)
Selling, general and administrative        18.6      20.2     (1.6)    (7.9)
expenses
Depreciation and amortization              28.0      26.3     1.7      6.5
Operating income                           335.6     128.6    207.0    161.0
Interest expense and other financing costs (14.2)    (18.8)   4.6      (24.5)
Interest income                            0.1       —        0.1      —
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 debt             (26.1)    —        (26.1)   —
Income (loss) before income tax expense    275.4     (37.4)   312.8    836.4
Income tax expense (benefit)               —         —        —        —
Net income (loss)                          $       $       $      836.4%
                                           275.4     (37.4)  312.8
_______________
Net income subsequent to initial public
offering
 (January 23, 2013 – March 31,     $  
2013)**                                    197.5
Net income per common unit – basic**       $   
                                           1.34
Net income per common unit – diluted**     $   
                                           1.34
Weighted average, number of common units
outstanding (in thousands):
Basic                                      147,600
Diluted                                    147,600

   Reflective of net income per common unit since closing the Partnership's
   initial public offering ("Offering") on January 23, 2013. The Partnership
   has omitted net income per unit for 2012 because the Partnership operated
** under a different capital structure prior to the closing of the Offering
   and, as a result, the per unit data would not be meaningful to investors.
   Based upon the full quarter's net income, net income per common unit would
   have been $1.87 per common unit.

                               March 31,  December, 31, 
                               2013                   2012
                                                      (audited)
                               (in millions)
Balance Sheet Data:
Cash and cash equivalents      $   525.1            $   153.1
Working capital                866.2                  382.6
Total assets                   2,693.3                2,258.5
Total debt, including current  552.0                  773.2
portion
Total partners' capital        1,678.3                980.8

                                                Three Months Ended

                                                March 31,
                                                2013          2012
                                                (in millions)
Cash Flow Data:
Net cash flow provided by (used in):
Operating activities                            $    239.5 $     145.0
Investing activities                            (44.6)        (35.4)
Financing activities                            177.0         (70.1)
Net cash flow                                   $    371.9 $      39.5
Other Financial Data:
Capital expenditures for property, plant and    44.6          35.5
equipment

Operating Data
The following tables set forth information about our consolidated operations
and our Coffeyville and Wynnewood refineries. Reconciliations of certain
non-GAAP financial measures are provided under "Use of Non-GAAP Financial
Measures" below.

                                                    Three Months Ended

                                                    March 31,
                                                    2013          2012
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
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        205,568   100.0% 154,499    100.0%
internally producedfuel)
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   $   290.7       $   144.3
impact*
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   26.12             17.94
impact*
Gross profit                        20.47             9.73
Direct operating expenses and major 4.69              7.94
scheduled turnaround expense
Direct operating expenses and major
scheduled turnaround expense per    $  4.33         $   8.02
barrel 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              133,733 100.0% 94,836 100.0%
internally producedfuel)

                                                       Three Months Ended

                                                       March 31,
                                                       2013       2012
                                                       (in millions, except
                                                       operating statistics)
Wynnewood Refinery Financial Results:
Net sales                                              $        $   766.0
                                                       780.4
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                                           $        $    70.9
                                                       126.9
Refining margin adjusted for FIFO impact*              $        $   103.8
                                                       172.1
Wynnewood Refinery Key Operating Statistics:
Per crude oil throughput barrel:
Refining margin*                                       $        $   20.36
                                                       26.55
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          $       $   4.59
turnaround expenseper barrel sold                     5.22
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     7,826     10.9%    7,387  12.4%
fuel)
Total refining production (excluding          71,835    100.0%   59,663 100.0%
internallyproducedfuel)
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.

Use of Non-GAAP Financial Measures

To supplement our actual results in accordance with GAAP for the applicable
periods, the Partnership 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
Partnership's financial performance for the applicable periods and are
indicators management believes are relevant and useful for planning and
forecasting future periods.

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, non-cash; 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. We present Adjusted EBITDA because it is the starting point for
our available cash for distribution. 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 our ability to make distributions to
our common unitholders, 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 March 31, 2013 and 2012:

                                             Three Months Ended

                                             March 31,
                                             2013          2012
                                             (in millions)
 Net income (loss)                           $    275.4 $      (37.4)
 Add:
 Interest expense and other financing costs, 14.1          18.8
 net of interest income
 Income tax expense                          —             —
 Depreciation and amortization               28.0          26.3
 EBITDA                                      317.5         7.7
 Add:
 FIFO impacts (favorable) unfavorable        (4.7)         (19.3)
 Share-based compensation, non-cash          3.5           1.8
 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 Gary-Williams      —             3.7
 acquisition
 Adjusted EBITDA                             $    309.9 $      143.0

Available cash for distribution is not a recognized term under GAAP. Available
cash should not be considered in isolation or as an alternative to net income
or operating income, as a measure of operating performance. In addition,
available cash for distribution is not presented as, and should not be
considered an alternative to cash flows from operations or as a measure of
liquidity. Available cash as reported by the Partnership may not be comparable
to similarly title measures of other entities; thereby limiting its usefulness
as a comparative measure.

The Partnership announced a cash distribution of $1.58 per common unit for
first quarter of 2013 adjusted to exclude the period from January1, 2013 to
January22, 2013 prior to our Initial Public Offering. The distribution was
based on the Partnership's available cash, which equaled Adjusted EBITDA
reduced for cash needed for (i)debt service; (ii) reserves for environmental
and maintenance capital expenditures; (iii) reserves for future major
scheduled turnaround expenses and, to the extent applicable, (iv) reserves for
future operating or capital needs that the board of directors of our general
partner deems necessary or appropriate, if any. Available cash for
distributions may be increased by previously established cash reserves, if
any, at the discretion of the board of directors of our general partner.
Actual distributions are set by the board of directors of our general
partner. The board of directors of our general partner may modify our cash
distribution policy at any time, and our partnership agreement does not
require us to make distributions at all.

                                                 Three Months Ended

                                                 March 31, 2013
                                                 (in millions, except per unit
                                                 data)
Reconciliation of Adjusted EBITDA to Available
cash for distribution
Adjusted EBITDA (full quarter)                   $        309.9
Adjustments:
Less:
Cash needs for debt service                      10.0
Reserves for environmental and maintenance       31.2
capital expenditures
Reserves for future turnarounds                  8.7
Available cash for distribution                  $        260.0
Less: Available cash – Prior to IPO (January 1,  $         25.9
2013 to January 22, 2013)
Available cash for distribution – Subsequent to  $        234.1
IPO (January 23 to March 31)
Available cash for distribution, per unit –      $         1.58
Subsequent to IPO
Common units outstanding (in thousands)          147,600

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 the Partnership holds various NYMEX positions through a
third-party clearing house. In addition, the Partnership 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 Partnership 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 Refining, LP