CVI On Other Exchanges
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Company Description

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2277 Plaza Drive

Suite 500

Sugar Land, TX 77479

United States

Phone: 281-207-3200

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CVR Energy, Inc., through its subsidiaries, engages in the petroleum refining and nitrogen fertilizer manufacturing activities. The company’s subsidiaries include CVR Refining, LP (‘CVR Refining’ or the ‘Refining Partnership’) and CVR Partners, LP (‘CVR Partners’ or the ‘Nitrogen Fertilizer Partnership’). The Refining Partnership is an independent petroleum refiner and marketer of transportation fuels. The Nitrogen Fertilizer Partnership produces and markets nitrogen fertilizers in the form of UAN (an aqueous solution of urea and ammonium nitrate used as a fertilizer) and ammonia. The company owns the general partner and a majority of the common units representing limited partner interests in each of the Refining Partnership and the Nitrogen Fertilizer Partnership. Segments The company operates through two segments, Petroleum and Nitrogen Fertilizer. Petroleum segment This segment, operated by the Refining Partnership, includes a full coking medium-sour crude oil refinery in Coffeyville, Kansas with a rated capacity of 115,000 barrels per calendar day (bpcd) and a crude oil refinery in Wynnewood, Oklahoma with a rated capacity of 70,000 bpcd capable of processing 20,000 bpcd of light sour crude oil (within its rated capacity of 70,000 bpcd). The Coffeyville refinery located in southeast Kansas is approximately 100 miles from Cushing, Oklahoma, a major crude oil trading and storage hub. The Wynnewood refinery is located approximately 65 miles south of Oklahoma City, Oklahoma and approximately 130 miles from Cushing, Oklahoma. For the year ended December 31, 2015, the Coffeyville refinery's product yield included gasoline (46%), diesel fuel (primarily ultra-low sulfur diesel) (43%), and pet coke and other refined products, such as natural gas liquids (propane and butane), slurry, sulfur and gas oil (11%). The Wynnewood refinery's product yield included gasoline (52%), diesel fuel (primarily ultra-low sulfur diesel) (36%), asphalt (5%), jet fuel (4%) and other products (3%). This segment also includes the following auxiliary operating assets: Crude Oil Gathering System This segment owns and operates a crude oil gathering system serving Kansas, Nebraska, Oklahoma, Missouri, Colorado and Texas. The system has field offices in Bartlesville and Pauls Valley, Oklahoma and Plainville, Winfield and Iola, Kansas. The gathering system includes approximately 336 miles of active owned and leased pipelines and approximately 150 crude oil transports and associated storage facilities, which allows it to gather crude oils from independent crude oil producers. The crude oil gathering system has a gathering capacity of approximately 65,000 barrels per day (bpd). Gathered crude oil provides a base supply of crude oil for the Coffeyville and Wynnewood refineries. During 2015, this segment gathered an average of approximately 69,000 bpd. The petroleum business also has 35,000 bpd of contracted capacity on the Keystone and Spearhead pipelines that allow it to supply price-advantaged Canadian and Bakken crudes to its refineries. It also has contracted capacity on the Pony Express and White Cliffs pipelines, which both became in-service during 2015. Both the Pony Express and White Cliffs pipelines originate in Colorado and extend to Cushing, Oklahoma. Pipelines and Storage Tanks This segment owns a proprietary pipeline system capable of transporting approximately 170,000 bpd of crude oil from its Broome Station facility located near Caney, Kansas to its Coffeyville refinery. Crude oils sourced outside of the proprietary gathering system are delivered by common carrier pipelines into various terminals in Cushing, Oklahoma, where they are blended and then delivered to the Broome Station tank farm through a pipeline owned by Plains Pipeline L.P. This segment owns approximately 1.5 million barrels of crude oil storage capacity that supports the gathering system and the Coffeyville refinery; 0.9 million barrels of crude oil storage capacity at the Wynnewood refinery; and 1.5 million barrels of crude oil storage capacity in Cushing, Oklahoma. This segment also leases additional crude oil storage capacity of approximat

 

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Valuation CVI Industry Range
Price/Earnings 12.3x
Price/Sales 0.2x
Price/Book 1.3x
Price/Cash Flow 4.7x
TEV/Sales NM Not Meaningful
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