Key Investment Highlights High Quality Assets Scale and no single asset risk Complementary logistics assets High complexity refineries Strategically Located Access to price-advantaged crudes 100% of crude purchased is priced with…
Company Overview Key Metrics 2005 2013 Canada Number of Refineries 1 2 MT Bakken Clearbrook Total Crude Throughput bpd 91,100 187,568 ND MN Complexity 10.3 11.5 WI Jackson SD Distillate Yield 38.7% 41.4% WY Sioux Falls…
High Quality Assets CVR Refining 185,000 bpcd of rated crude throughput capacity 11.5 complexity Located in Group 3 of the PADD II region Coffeyville Refinery Wynnewood Refinery 115,000 bpcd of rated crude throughput capacity…
High Quality Assets (continued) Top quartile consolidated asset profile (1) Favorable high distillate yield (2) Median Rated Capacity 185.0 16 NCRA Rated Capacity: 185 Mbpd (Coffeyville & Wynnewood) Complexity: 11.5 (blended…
Strategically Located Mid-Con Refineries Supply Network Marketing Network 7
Crude Advantage Sustainable Long Term Increasing domestic and Canadian crude oil production Canadian production currently exceeds existing transportation capacity south to the U.S. Currently capable of gathering +/- 55,000 bpd of…
Complementary Logistics Assets Logistics overview CVR Refining gathering network 6.0MMbbls of total storage capacity, including 6% of total crude oil storage capacity at Cushing 35,000 bpd of contracted capacity on the Keystone and…
Financial Overview
Financial Strategy 2014 first quarter distribution of 0.98 per common unit Variable distribution with no MQD and no IDRs 100% of available cash to be distributed Distributions Debt service is priority and paid before distributions…
Historical Financial Summary Refinery crude throughput Refining gross margin (1) (mbpd) (/bbl) Pro forma for Pro forma for Wynnewood Wynnewood acquisition acquisition Adjusted EBITDA (2) NYMEX 2-1-1 Crack Spread ( in millions)…
Q1 Financial Summary Refinery crude throughput Refining gross margin (1) (mbpd) (/bbl) Adjusted EBITDA (2) and Available Cash for Distribution NYMEX 2-1-1 Crack Spread ( in millions) (/bbl) (3) Source:Company filings. (1)…
Hedging Policy Locks in Attractive Spreads Hedged an average of 59,000 bpd of production in 2014 Hedging provides protection in a downside scenario Crack spreads hedged at an average 28.03/bbl for 2014 Hedging Summary(1) Q2 14…
Capital Structure Capitalization Net Debt (Cash) ( in millions) ( in millions) As of 3/31/2014 Cash & Equivalents 413.4 Credit Facility 400 mm ABL - 150 mm Parent Revolver 31.5 Capital Lease Obligations 50.9 6.5% Unsecured Notes…
Capital Expenditures (1) Capital Summary 2011 2012 2013 2014E Low High 2010 2011 2012 2013 Environmental & Maintenance 50.6 98.4 169.6 235.0 245.0 Growth 18.2 21.8 34.9 105.0 105.0 Total Capital Spending 68.8 120.2…
Available Cash Calculations Three Months Ended March 31, 2014 (in millions, except per unit data) Reconcilation of Adjusted EBITDA to Available cash for distribtution Adjusted EBITDA 194.1 Adjustments: Less: Cash needs for debt…
Appendix
Non-GAAP Financial Measures 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…
Non-GAAP Financial Measures (contd) Direct Operating Expenses (Excluding Major Scheduled Turnaround Expenses) Per Crude Oil Throughput Barrel is a measurement calculated by excluding major scheduled turnaround expenses from direct…
Non-GAAP Financial Measures (contd) 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…
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.…
( in millions) CVR Refining, CVR Refining, LP Historical Combined LP Pro Forma Year Ended Year Ended December 31, December 31, 2009 2010 2011 2012 2013 2011 (unaudited) Net Income 64.6 38.2 480.3 595.3 590.4 749.0 Add: Interest…
( in millions) CVR Refining, LP Three Months Ended 3/31/2014 3/31/2013 Net Income 265.4 275.4 Add: Interest expense and other financing costs, net of interest income 8.6 14.1 Depreciation and amortization 29.5 28.0 EBITDA 303.5…
Non-GAAP Financial Measures (contd) ( in millions, except per barrel data) CVR Refining, CVR Refining, LP Historical Combined LP Pro Forma Year Ended Year Ended December 31, December 31, 2009 2010 2011 2012 2013 2011 (unaudited)…
Non-GAAP Financial Measures (contd) ( in millions, except per barrel data) CVR Refining, CVR Refining, LP Historical Combined LP Pro Forma Year Ended Year Ended December 31, December 31, 2009 2010 2011 2012 2013 2011 (unaudited)…
Management Team with Proven Track Record of Success Prior to the formation of CVR, Mr. Lipinski Prior to the formation of CVR, Mr. Haugen served as CEO and President of Coffeyville served as EVP Engineering & Construction at…
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