SUGAR LAND, Texas, March 14, 2012 /PRNewswire/ -- CVR Energy,
Inc. (NYSE: CVI), a refiner and marketer of petroleum fuels and a
majority owner of CVR Partners, LP (NYSE:UAN), a nitrogen
fertilizer producer, today issued the following statement in
response to Carl Icahn's letter to
CVR Energy stockholders issued on March 14,
2012:
(Logo: http://photos.prnewswire.com/prnh/20071203/CVRLOGO)
"Mr. Icahn's actions and statements continue to surprise
us. By his own admission today, CVR Energy is an unlikely
target for Mr. Icahn. Mr. Icahn states that he targets
'companies where managements have repeatedly failed to deliver,'
yet CVR Energy has delivered total returns to stockholders over the
past three years of 588 percent, far exceeding both the S&P 500
and the average total return of our peer group. The same
leadership team is still in place, and CVR Energy's Board and
management continue to aggressively position the company for growth
and are confident in the company's prospects.
Furthermore, it is absurd for Mr. Icahn to suggest, as he does
in his letter, that a reputable news organization such as Reuters
Breakingviews would compromise its standards and allow a public
relations agency to plant stories. In fact, the Reuters
Breakingviews article he references ("Icahn Targets Given Red Alert
by Dynegy Debacle" -- March 12, 2012)
is primarily about another company altogether. However, we
note with particular attention the following quote from the
article: 'Companies on the receiving end of his tactics, like CVR
Energy, have all the more reason to spurn Icahn.'
Reuters Breakingviews is not alone in its assessment of Mr.
Icahn. Several major news outlets have also looked closely at
Mr. Icahn's behavior, including The New York Times[1], The Wall
Street Journal[2] and Institutional Investor[3]. We encourage
shareholders to read these and other press articles and form their
own conclusions about Mr. Icahn, his track record and his
intentions with respect to CVR Energy. We believe that Mr.
Icahn's record with other companies where he has obtained a
controlling influence serves as an important cautionary tale.
Mr. Icahn's volatile and disruptive tactics are a distraction
from the fundamental strength of our business and the performance
of our assets. We strongly urge shareholders to reject Mr. Icahn's
tender offer and encourage him to end his campaign."
Forward Looking Statements
This news release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. You can generally identify forward-looking statements by
our use of forward-looking terminology such as "anticipate,"
"believe," "continue," "could," "estimate," "expect," "explore,"
"evaluate," "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 Annual Report on Form 10-K for the year ended Dec. 31, 2011. 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 Energy disclaims any intention or obligation to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Important Additional Information
This communication does not constitute an offer to buy or
solicitation of an offer to sell any securities. In response to the
tender offer commenced by IEP Energy LLC and Icahn Enterprises
Holdings L.P., as well as other entities affiliated with
Carl C. Icahn, CVR Energy, Inc.
("CVR Energy") has filed with the SEC a Solicitation/Recommendation
Statement on Schedule 14D-9. CVR ENERGY STOCKHOLDERS ARE STRONGLY
ENCOURAGED TO READ THE COMPANY'S SOLICITATION/RECOMMENDATION
STATEMENT ON SCHEDULE 14D-9 BECAUSE IT CONTAINS IMPORTANT
INFORMATION. Stockholders may obtain a free copy of the
Solicitation/Recommendation Statement on Schedule 14D-9, as well as
any other documents filed by CVR Energy, for no charge at the SEC's
website at www.sec.gov. Copies will also be available at no
charge in the "Investor Relations" section of the Company's website
or by writing to CVR Energy at 2277 Plaza Drive, Suite 500,
Sugar Land, Texas, 77479, Attn:
Senior Vice President, General Counsel and Secretary.
In addition, CVR Energy will file a proxy statement with the
SEC. The definitive proxy statement will be mailed to stockholders
of CVR Energy. CVR ENERGY STOCKHOLDERS ARE URGED TO READ THESE AND
OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain free copies of these documents
(when available) and other documents filed with the SEC by CVR
Energy through the web site maintained by the SEC at
www.sec.gov and in the "Investor Relations" section of the
Company's website.
Certain Information Regarding Participants
CVR Energy, its directors and certain of its executive officers
may be deemed to be participants under the rules of the SEC.
Security holders may obtain information regarding the names,
affiliations and interests of CVR Energy's directors and executive
officers in CVR Energy's Annual Report on Form 10-K for the year
ended December 31, 2011, filed with
the SEC on February 29, 2012, and its
proxy statement for the 2011 Annual Meeting, which was filed with
the SEC on April 20, 2011. These
documents can be obtained free of charge from the sources indicated
above. Additional information regarding the interests of these
participants in any proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
will also be included in any proxy statement and other relevant
materials to be filed with the SEC if and when they become
available.
About CVR Energy
Headquartered in Sugar Land,
Texas, CVR Energy, Inc.'s subsidiary and affiliated
businesses operate independent refining assets in Coffeyville, Kan., and Wynnewood, Okla., with more than 185,000
barrels per day of processing capacity, a marketing network for
supplying high value transportation fuels to customers through
tanker trucks and pipeline terminals, and a crude oil gathering
system serving central Kansas,
Oklahoma, western Missouri, southwest Nebraska and Texas. In addition, CVR Energy subsidiaries
own a majority interest in and serve as the general partner of CVR
Partners, LP, a producer of ammonia and urea ammonium nitrate, or
UAN, fertilizers.
For further information, please contact:
Investor
Relations:
|
Media Relations:
|
|
|
Ed
Morgan
|
Steve
Eames
|
CVR
Energy,
Inc.
|
CVR
Energy, Inc.
|
281-207-3388
|
281-207-3550
|
Or
|
MediaRelations@CVREnergy.com
|
Jay
Finks
|
Or
|
CVR
Energy,
Inc.
|
Tom
Johnson or Chuck Burgess
|
281-207-3588
|
Abernathy
MacGregor Group
|
InvestorRelations@CVREnergy.com
|
212-371-5999
|
[1] "Shareholders Cry Foul Over Icahn's Tactics" – The
New York Times, August 20, 2008
[2] "Dynegy Asset Shuffle Called 'Fraudulent'" – Wall Street
Journal, March 9, 2012
[3] "Fact Checking Lions Gate's Claims Against Icahn" –
Institutional Investor, December 9,
2010
SOURCE CVR Energy, Inc.