CVR Refining Announces Intent to Sell Cushing Tank Farm Assets
September 17 2018 - 8:30AM
CVR Refining, LP (NYSE: CVRR), a refiner and marketer of petroleum
fuels, today announced that it intends to sell its Cushing,
Oklahoma, crude oil tank farm and currently is entertaining bids
from potential purchasers. The 1.5-million-barrel crude oil storage
facility sits on approximately 130 acres and includes six storage
tanks, each with the capacity to hold 250,000 barrels of crude oil.
The property has sufficient acreage for approximately 12 additional
tanks of similar size. The assets for sale include a truck
unloading facility with one Lease Automatic Custody Transfer unit
and four 400-barrel tanks.
CVR Refining’s Cushing tank farm provides ample connectivity to
other Cushing terminals and pipelines. Located in central Oklahoma,
Cushing is a major trading hub for crude oil and the delivery point
for West Texas Intermediate crude oil, which is traded on the New
York Mercantile Exchange.
For more information, please contact Tim Kirwin, Vice President
of Commercial Development, at (281) 207-3293 or
tkirwin@CVREnergy.com. CVR Refining would like to close a sale of
these assets by the end of the year.
Forward-Looking Statements
This news release contains forward-looking statements.
Statements concerning current estimates, expectations and
projections about future results, performance, prospects,
opportunities, plans, actions and events and other statements,
concerns or matters that are not historical facts are
“forward-looking statements,” as that term is defined under the
federal securities laws. These forward-looking statements include,
but are not limited to, statements regarding future: sale of our
Cushing tank farm assets including the timing thereof. These
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond our
control. Investors are cautioned that various factors may affect
these forward-looking statements. The forward-looking statements
included in this release are made only as of the date hereof. CVR
Refining disclaims any intention or obligation to update publicly
or revise its forward-looking statements, whether as a result of
new information, future events or otherwise, except to the extent
required by law.
About CVR Refining, LP
Headquartered in Sugar Land, Texas, CVR Refining, LP is an
independent downstream energy limited partnership that owns
refining and related logistics assets in the Midcontinent United
States. CVR Refining’s subsidiaries operate a complex full coking
medium-sour crude oil refinery with a capacity of 132,000 barrels
per calendar day (bpcd) in Coffeyville, Kansas, and a complex crude
oil refinery with a capacity of 74,500 bpcd in Wynnewood, Oklahoma.
CVR Refining’s subsidiaries also operate and invest in supporting
logistics assets, including approximately 570 miles of owned,
leased and joint venture pipelines, approximately 130 crude oil
transports, a network of strategically located crude oil gathering
tank farms, and approximately 6.4 million barrels of owned and
leased crude oil storage capacity.
For further information, please contact:
Investor Contact: Jay Finks CVR Refining, LP
(281) 207-3588 IR@CVRRefining.com
Media Relations: Brandee Stephens CVR Refining,
LP (281) 207-3516 MediaRelations@CVRRefining.com
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