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 Key Metrics 2005 2014 Number of Refineries 1 2 MT Bakken Clearbrook ND Total Crude Throughput bpd 91,100 196,545 MN Complexity 10.3 13.0 Jackson WI SD WY Distillate Yield 38.7% 41.9%…
High Quality Assets CVR Refining 185,000 bpcd of rated crude throughput capacity 13.0 blended complexity Located in Group 3 of the PADD II region Coffeyville Refinery Wynnewood Refinery 115,000 bpcd of rated crude throughput…
High Quality Assets (continued) Top quartile consolidated asset profile (1) Favorable high distillate yield (2) Median Rated Capacity 185.0 Low cost operator (operating expenses in /bbl) (2) (3) Source:EIA and publicly…
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 Q4 2014 distribution of 0.37 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 38,600 bpd of production in 2015 Hedging provides protection in a downside scenario Crack spreads hedged at an average 22.00/bbl for 2015 Hedging Summary(1) Q1 15…
Capital Structure Capitalization Net Debt ( in millions) ( in millions) As of 12/31/2014 Cash & Equivalents 370.2 Credit Facility 400 mm ABL - 250 mm Parent Revolver 31.5 Capital Lease Obligations 49.9 6.5% Unsecured Notes due…
Capital Expenditures Consolidated Capital Summary 2012 2013 2014 2015E 2015E Low High Environmental & Maintenance Growth 98.4 169.6 140.3 150.0 170.0 21.8 34.9 51.0 100.0 115.0 Total Capital Spending 120.2 204.5 191.3 250.0…
Available Cash Calculation Three Months Ended December 31, 2014 (in millions, except per unit data) Reconcilation of Adjusted EBITDA to Available cash for distribtution Adjusted EBITDA 104.6 Adjustments: Less: Cash needs for…
Appendix 18
Non-GAAP Financial Measures EBITDA represents net income (loss) before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted 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…
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, 2010 2011 2012 2013 2014 2011 (unaudited) Net Income 38.2 480.3…
Non-GAAP Financial Measures (contd) ( in millions) CVR Refining, LP Three Months Ended 12/31/2014 12/31/2013 Net Loss (108.5) (110.2) Add: Interest expense and other financing costs, net of interest income 9.6 9.2 Depreciation…
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, 2010 2011 2012 2013 2014 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, 2010 2011 2012 2013 2014 2011 (unaudited)…
Capital Expenditures Low 2015 High 2015 Capital Expenditures by Refinery 2010 2011 2012 2013 2014 Estimate Estimate Coffeyville refinery: Maintenance 18.2 49.5 40.4 52.6 74.8 88.0 98.0 Growth 1.6 6.8 2.0 3.6 5.5 82.0 92.0…
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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