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 Company Overview Overview Canada MT Bakken Clearbrook ND MN Jackson WI SD WY Sioux Falls Sioux City NE IA Flanagan Salt Lake City Des Moines Omaha UT DJ Basin IL CO Phillipsburg Kansas City Denver Topeka…
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 +/- 60,000 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…
Financial Overview 10
Key Investment Highlights Q3 2014 distribution of 0.54 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 Cash…
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)…
Q3 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) Source:Company filings. (1)…
Hedging Policy Locks in Attractive Spreads Hedged an average of 18,000 bpd of production in 2015 Hedging provides protection in a downside scenario Crack spreads hedged at an average 24.61/bbl for 2015 Hedging Summary(1) Q4 14…
Capital Structure Capitalization Net Debt (Cash) ( in millions) ( in millions) As of 9/30/2014 Cash & Equivalents 359.2 Credit Facility 400 mm ABL - 150 mm Parent Revolver 31.5 Capital Lease Obligations 50.3 6.5% Unsecured Notes…
Capital Expenditures Consolidated Capital Summary 2012 2013 YTD Q3 2014 2014E Low High Environmental & Maintenance 98.4 169.6 112.3 150.0 160.0 Growth 21.8 34.9 41.9 50.0 60.0 Total Capital Spending 120.2 204.5 154.2 200.0…
Available Cash Calculation Three Months Ended September 30, 2014 (in millions, except per unit data) Reconcilation of Adjusted EBITDA to Available cash for distribtution Adjusted EBITDA 129.9 Adjustments: Less: Cash needs for…
Appendix 18
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…
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…
Non-GAAP Financial Measures (contd) ( in millions) CVR Refining, CVR Refining, LP Historical Combined LP Pro Forma Year Ended Year Ended December 31, December 31, LTM Q3 2009 2010 2011 2012 2013 2014 2011 (unaudited) Net Income…
Non-GAAP Financial Measures (contd) (a) FIFO is our basis for determining inventory value on a GAAP basis. Changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and finished…
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)…
Capital Expenditures 2014 2014 YTD Q3 Estimate Estimate Capital Expenditures by Refinery 2012 2013 2014 Low High Coffeyville refinery: Maintenance 40.4 52.6 57.9 80.0 85.0 Growth 2.0 3.6 3.5 5.0 10.0 Coffeyville refinery total…
Management Team with Proven Track Record of Success John Lipinski CEO & President Prior to the formation of CVR, Mr. Lipinski served as CEO and President of Coffeyville Resources, LLC since 2005 Mr. Lipinski has over 40 years of…
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